NEW YORK, Aug. 12, 2024 /PRNewswire/ -- Sphere Entertainment Co. (NYSE: SPHR) will host a conference call to discuss results for its fiscal fourth quarter and full-year ended June 30, 2024 on Wednesday, August 14, 2024 at 10:00 a.m. Eastern Time. The Company will issue a press release reporting its results prior to the market opening. To participate via telephone, please dial 888-800-3155 with the conference ID number 8089430 approximately 10 minutes prior to the call. The call will also be available via we ...

Investment Activity - Citadel has increased its stake in Sphere Entertainment from 1.6% to 5.3%, acquiring approximately 900,000 additional shares since April 1, bringing its total to around 1.5 million shares [7][14] - Steve Cohen's Point72 Asset Management disclosed a 5.5% stake in Sphere Entertainment earlier this month [8][12] Company Overview - Sphere Entertainment owns and operates the Sphere, a $2.3 billion concert venue in Las Vegas, which opened a year ago and has gained attention for its immersive shows and concerts [10][4] - The Dolan family retains voting control of Sphere Entertainment, holding 8.5 million shares [5][14] Financial Performance - Sphere generated $100.5 million in total revenue during its most recent quarter [11] - Sphere's shares were trading at $43.45, with a slight decrease of less than 1% on Thursday, but the stock has increased by approximately 30% since January 1 [2][17] Recent Developments - Negotiations for a residency agreement between Sphere and Beyoncé reportedly broke down due to her demand for a two-week rehearsal period [9][15] - The venue has hosted notable performances, including 40 shows by U2, and has upcoming bookings with Dead & Company and the Eagles [16]

Madeleine Deaton/iStock Editorial via Getty Images Investment Thesis Sphere Entertainment Co. (NYSE:SPHR) is a premier live entertainment and media company. Recently, the company opened a new and highly anticipated Madison Square Garden (MSG) Entertainment Sphere in Las Vegas. The groundbreaking venue is set to leverage and boost the entertainment industry in Las Vegas by offering the audience an unparalleled and immersive experience. The rationale for investment is simple: 1) The company has two distinguis ...

Group 1 - Sphere Entertainment (NYSE:SPHR) has attracted investor interest following billionaire Steve Cohen's acquisition of a significant stake in the company [1][4] - The company is recognized for The Sphere, a large dome in Los Angeles with an 18,600-seat auditorium and prominent LED displays [2] - Steve Cohen's Point72 Asset Management has acquired a 5.5% stake in SPHR, amounting to 1,560,170 shares, including 582,400 shares from warrants [4] Group 2 - Following the news of Cohen's investment, SPHR stock experienced volatility, initially dipping before recovering during the trading session [6] - As of the latest update, SPHR stock has seen a modest increase of 4.2% since the beginning of the year, with 148,000 shares traded compared to an average of 692,000 shares [3]

"Throughout my career, I have focused on creative and business innovation in the entertainment industry, as well as the pursuit of production excellence, and this is a tremendous opportunity to be part of the cutting-edge work at Sphere," said Ms. Blackwood. "I am excited to join the talented and passionate creative and production technology teams at Sphere Studios as we continue reinventing and reimagining the experiences and content that make Sphere the leader in immersive entertainment." SOURCE Sphere En ...

In this expanded role, Ms. Koester will continue working together with executive leadership, and across the broader Sphere team, to grow the business and optimize its operations. Ms. Koester will now also provide strategic oversight for Sphere Studios – the immersive content studio in Burbank dedicated to developing multisensory experiences exclusively for Sphere – including further developing the Studios' capabilities as a fullservice production studio. She will continue to focus on maximizing venue utiliz ...

Venue and Event Operations - Sphere Entertainment's first venue opened in Las Vegas in September 2023, accommodating up to 20,000 guests and hosting various events year-round[193]. - The Sphere segment's operating results depend on attracting audiences, advertisers, and artists for events[201]. - The company expects continued growth in revenues driven by The Sphere Experience and event-related activities in the upcoming quarters[223]. - The Sphere Experience contributed $100,505 to revenue for the three months and $194,635 for the nine months ended March 31, 2024, with 257 and 449 performances respectively[223]. - The Company opened Sphere in Las Vegas in September 2023, which is expected to generate substantial revenue and adjusted operating income over time[261]. Financial Performance - Revenues for the three months ended March 31, 2024, increased by 98% to $321,330 compared to $162,062 in the same period of 2023[206]. - For the nine months ended March 31, 2024, revenues increased by 69% to $753,494 compared to $444,732 in the same period of 2023[207]. - Net loss attributable to Sphere Entertainment Co.'s stockholders decreased by 17% to $47,240 for the three months ended March 31, 2024, from $56,847 in the prior year[206]. - Adjusted operating income for the three months ended March 31, 2024 increased by $80,239 to $61,521, while for the nine months it increased by $117,759 to $55,074[219]. - Operating income for the three months ended March 31, 2024, increased by $32,661, or NM, compared to the prior year period, primarily due to decreased selling, general, and administrative expenses[247]. Expenses and Costs - Direct operating expenses decreased by 64% to $154,040 for the three months ended March 31, 2024, down from $93,665 in the prior year[206]. - Selling, general, and administrative expenses rose by $25,595 for the three months and $55,599 for the nine months ended March 31, 2024, mainly due to higher employee compensation and related benefits[229]. - Direct operating expenses increased by $57,880 for the three months and $133,023 for the nine months ended March 31, 2024, primarily due to expenses associated with The Sphere Experience[225]. - Restructuring charges for the three months ended March 31, 2024, were $4,667, a decrease of 75% from $18,670 in the same period of 2023[211]. - Interest expense increased by $27,119 for the three months ended March 31, 2024, due to the discontinuation of capitalization of interest expense[213]. Debt and Financing - The company faces risks related to substantial debt, including the need to refinance MSG Networks' existing debt before its maturity in October 2024[187]. - The principal balance of the company's total debt outstanding as of March 31, 2024, was $1,404,125, including $870,375 classified as short-term[250]. - The Company is in advanced stages of negotiating a refinancing of the MSG Networks Credit Facilities, which includes a reduction in the existing term loan and an extension of the maturity date to October 10, 2025[255]. - The Company anticipates making required quarterly amortization payments of $41,250 on the MSG Networks Credit Facilities prior to maturity in October 2024[254]. - The minimum liquidity level for Sphere Entertainment Group is set at $50,000, with $25,000 required to be held in cash or cash equivalents[271]. Impairment and Losses - The company recognized impairment and other losses, net of $115,738 for the nine months ended March 31, 2024, compared to gains of $3,000 in the prior year[210]. - An impairment loss of $116,541 was taken due to the decision to no longer pursue the development of a Sphere in the United Kingdom[262]. - The company recognized an impairment loss of $115,738 for the nine months ended March 31, 2024, compared to a gain of $3,000 in the prior year period[232]. - The Company performed its annual goodwill impairment tests and determined no impairments were identified for any reporting units as of the impairment test date[293]. Cash Flow and Liquidity - As of March 31, 2024, cash, cash equivalents, and restricted cash totaled $693,946, an increase from $429,114 as of June 30, 2023[285]. - Net cash provided by operating activities for the nine months ended March 31, 2024 was $52,780, a decrease of $85,044 compared to the prior year period[286]. - Net cash used in investing activities for the nine months ended March 31, 2024 decreased by $805,244 compared to the prior year period, primarily due to reduced capital expenditures for Sphere in Las Vegas[287]. - Net cash provided by financing activities for the nine months ended March 31, 2024 increased by $32,525, driven by proceeds of $251,634 from the issuance of 3.50% Convertible Senior Notes[288]. Market and Economic Conditions - Economic conditions may impact demand for entertainment offerings, affecting advertising, sponsorship, and merchandise sales[202]. - The MSG Networks segment typically earns a higher share of its annual revenues in the second and third quarters due to advertising revenue from live NBA and NHL programming[289]. - The company is exploring additional opportunities to expand its presence in the entertainment industry, although new investments may not initially contribute to operating income[203]. Stock and Shareholder Information - The company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. to its stockholders on April 20, 2023[197]. - The Company has not repurchased any shares under the $350,000 share repurchase program authorized by the Board of Directors[259]. - The Company completed a private offering of $258,750 in aggregate principal amount of its 3.50% convertible senior notes due 2028, with net proceeds designated for general corporate purposes and Sphere-related growth initiatives[272]. - The 3.50% Convertible Senior Notes bear interest at a rate of 3.50% per year, payable semi-annually, and will mature on December 1, 2028[275].

Sphere Entertainment Co. (NYSE:SPHR) Q3 2024 Earnings Conference Call May 10, 2024 10:00 AM ET Company Participants Ari Danes - Investor Relations James Dolan - Executive Chairman and Chief Executive Officer David Byrnes - Executive Vice President, Chief Financial Officer and Treasurer Andrea Greenberg - President and Chief Executive Officer, MSG Networks Conference Call Participants Brandon Ross - LightShed Peter Henderson - Bank of America Benjamin Swinburne - Morgan Stanley David Karnovsky - JPMorgan Log ...

SPHERE ENTERTAINMENT CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS Executive Chairman and CEO James L. Dolan said, "With the second consecutive quarter of robust revenues and positive adjusted operating income at the Sphere segment, our early results continue to demonstrate Sphere's potential to disrupt the traditional venue model. We are encouraged by the demand for this new medium and remain confident in our future growth opportunities." Segment Results for the Three and Nine Months Ended March 31, 2024 a ...

Sphere Entertainment Co. (NYSE:SPHR) Q2 2024 Earnings Call Transcript February 5, 2024 10:00 AM ET Company Participants Ari Danes - IR Jim Dolan - Executive Chairman and CEO Andrea Greenberg - President and CEO, MSG Networks Dave Byrnes - EVP and CFO Conference Call Participants Brandon Ross - LightShed Partners Paul Golding - Macquarie Capital Ben Swinburne - Morgan Stanley David Karnovsky - JPMorgan Logan Angress - Wolfe Research David Joyce - Seaport Research Partners Operator Good morning, and thank you ...