Madison Square Garden President and CEO Hank Ratner is out, according to an unconfirmed report.

Ratner is being replaced by Tad Smith, president of local media for Cablevision Systems, according to Bloomberg, which cited two sources with direct knowledge of the matter.

MSG spokeswoman Kim Kerns declined to comment to Bloomberg.

Ratner, who had been CEO of MSG since 2009, will remain with MSG as vice chairman and will join its board, the report said.