Madison Square Garden Entertainment Corp.’s board of directors on Thursday approved the spinoff of a company that will oversee the MSG Sphere at The Venetian, MSG Networks and its Tao Group Hospitality businesses.

The new company, to be known as Sphere Entertainment Co., is expected to be formally in play April 20 and will be traded on the New York Stock Exchange with the symbol “SPHR.”

“With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders,” Executive Chairman and CEO James Dolan said in a release.

Company executives first began considering a corporate spinoff last year.

The newly-formed live entertainment company will keep the name Madison Square Garden Entertainment Corp., will keep the MSGE symbol on the New York Stock Exchange and will include a collection of performance venues, an entertainment and sports bookings business, and the “Christmas Spectacular Starring the Radio City Rockettes” production.

MSGE’s lineup of venues include New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre and The Chicago Theatre.

The company also is building the $2.2 billion, 17,500-seat MSG Sphere at The Venetian, which is scheduled to open in September. It’s located just east of The Venetian Expo Center.

The spinoff must also be approved by the NBA because its New York Knicks franchise plays in Madison Square Garden.

The MSG board authorized a $250 million share repurchase program for the new live entertainment company’s Class A common stock following completion of the spinoff.

The Class B common stock shares of both companies won’t be traded on any exchange.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.