Sphere Entertainment Co.
67.97-0.10 (-0.15%)
Oct 29, 4:00:02 PM EDT · NYSE · SPHR · USD
Key Stats
Market Cap
2.45BP/E (TTM)
-Basic EPS (TTM)
-9.79Dividend Yield
0%Recent Filings
8-K
Leadership transition announced
Sphere Entertainment Co. announced the resignation of Senior Vice President, Controller, and Principal Accounting Officer Gregory Brunner, effective October 17, 2025, with no disagreements on accounting matters. Executive Vice President and CFO Robert Langer steps in as interim principal accounting officer until a permanent replacement is appointed. This smooth transition maintains financial oversight continuity amid routine leadership shifts.
8-K
MSG Networks CEO departs
Sphere Entertainment's subsidiary MSG Networks saw President and CEO Andrea Greenberg depart on September 2, 2025, after her employment agreement expired the prior day. In exchange for a release, she receives full vesting of restricted and performance stock units due September 15, her 2025 target bonus, and a waiver of her non-compete clause. This smooth transition avoids disruption while freeing Greenberg for new pursuits. Leadership continuity remains intact.
8-K
Q2 revenues rise 3%
Sphere Entertainment reported Q2 revenues of $282.7 million, up 3% year-over-year, driven by a 16% surge in Sphere segment sales to $175.6 million from more concerts and corporate events, though MSG Networks dipped 12% on subscriber losses. Operating loss narrowed to $50.2 million, boosted by a $346.1 million debt extinguishment gain from MSG's June 27 restructuring that slashed rights fees. Adjusted operating income jumped 140% to $61.5 million. Expansion beckons, yet rights cuts signal media headwinds.
10-Q
Q2 FY2025 results
Sphere Entertainment swung to a $151.8M net profit in Q2 FY2025 ended June 30, 2025, fueled by a $346.1M gain from restructuring MSG Networks' debt, which cut principal from $829.1M to $210M under a new term loan maturing 2029 at 9.42% (derived). Revenues edged up 3% y/y to $282.7M, with Sphere's event-related sales climbing 20% y/y on 9 extra concert residencies, though MSG Networks dipped 12% y/y amid 13% subscriber erosion and Altice blackout. Operating loss narrowed 30% y/y to $50.2M, but net cash from operations turned negative at $52.7M (FCF not disclosed in the 10-Q), leaving $369M in cash after $105M repayments. Debt stands at $889M, with $356M cash cushioning liquidity. MSG Networks' rights fees fell 28% for Knicks and 18% for Rangers post-amendment. Subscriber declines persist as a drag.
8-K
Sphere Abu Dhabi deal finalized
Sphere Entertainment finalized agreements with Abu Dhabi's Department of Culture and Tourism on July 25, 2025, to develop and operate the world's second Sphere venue in the UAE, granting exclusive franchise rights for the Middle East and North Africa region for at least 10 years post-opening. The 25-year deal secures a franchise initiation fee in installments tied to milestones and ongoing royalties based on revenues and ticket sales, with minimum annual payments. Pre-opening services will generate additional fees. Yet regulatory approvals remain a key risk.
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