Hank Ratner is being replaced as president and chief executive officer of Madison Square Garden Co. (MSG), the owner of the New York Knicks and Rangers and Radio City Music Hall by Cablevision's president of local media, Tad Smith, according to Newsday.

Ratner has held the CEO post since 2009. Smith joined Cablevision that same year to oversee the newly-created local media group.

MSG shares fell to $57.89 by 1:45 p.m. Friday.

Cablevision owns amNewYork.