RPT-UPDATE 3-Cablevision looks to spin off MSG, posts profit

* Q1 EPS 7 cents vs loss of 11 cents a year ago

* Q1 rev up 10.6 pct to $1.903 bln

* Basic video subscribers down by 6,300

* Board to explore spin-off of Madison Square Garden

* Shares up 1 pct in mid-day trading (Repeating to additional subscribers) (Adds investor comment; background)

By Yinka Adegoke

NEW YORK, May 7 (Reuters) - Cablevision Systems Corp (CVC.N: Quote, Profile, Research) floated a plan to spin off of its Madison Square Garden business, which includes its New York Knicks basketball team and Radio City Music Hall, and it posted a first-quarter profit.

Shares jumped as much as 18 percent on Thursday on the prospect of an imminent spin-off but fell back after management declined to give any details of its spin-off plans on a conference call with analysts.

The company's management also said they are not currently looking to spin off other assets like its Newsday newspaper slightly dampening speculation that a break-up of the company is in the works.