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'''Sphere Entertainment Co.''' is an American entertainment ] based in ]. The company was established in 2024 as a ] from ], and owns the ] event venue in Las Vegas, Nevada, and New York-based ] chain ]. '''Sphere Entertainment Co.''' is an American entertainment ] based in ]. The company was established in 2024 after the ] of ]'s live events business (thus making Sphere the its legal successor), and owns the ] event venue in Las Vegas, Nevada, and New York-based ] chain ].


== History == == History ==
] was formed in 2020 as a spin-off of the non-sports assets of the ], which was in turn renamed Madison Square Garden Sports.<ref>{{cite web |last=Miller |first=Ben |date=April 20, 2020 |title=Madison Square Garden Entertainment spin-off is complete |url=https://www.bizjournals.com/newyork/news/2020/04/20/madison-square-garden-entertainment-spin-off-is.html |access-date=July 22, 2020 |website=New York Business Journal}}</ref><ref>{{cite web |last=Chin |first=Kimberly |date=November 7, 2019 |title=Madison Square Garden to Spin Off Entertainment Unit |url=https://www.wsj.com/articles/madison-square-garden-to-spin-off-entertainment-unit-11573172346 |access-date=July 22, 2020 |website=The Wall Street Journal}}</ref> ] was formed in 2020 as a spin-off of the non-sports assets of the ], which was in turn renamed Madison Square Garden Sports.<ref>{{cite web |last=Miller |first=Ben |date=April 20, 2020 |title=Madison Square Garden Entertainment spin-off is complete |url=https://www.bizjournals.com/newyork/news/2020/04/20/madison-square-garden-entertainment-spin-off-is.html |access-date=July 22, 2020 |website=New York Business Journal}}</ref><ref>{{cite web |last=Chin |first=Kimberly |date=November 7, 2019 |title=Madison Square Garden to Spin Off Entertainment Unit |url=https://www.wsj.com/articles/madison-square-garden-to-spin-off-entertainment-unit-11573172346 |access-date=July 22, 2020 |website=The Wall Street Journal}}</ref>


In March 2023, MSG Entertainment's board approved a move to spin off its "traditional" live entertainment business, to insulate them from its ] and its forthcoming ] venue in Las Vegas, and rename the remainder of the company Sphere Entertainment. Executive chairman and CEO ] stated that the spin-off would result in two companies "well positioned to generate long-term value for our shareholders." Sphere Entertainment would hold a 33% stake in the event company's outstanding shares. The spin-off was to be completed on April 20, 2023.<ref>{{Cite web |last=Vlessing |first=Etan |date=2023-03-30 |title=Madison Square Garden Board Approves Spinoff Plans |url=https://www.hollywoodreporter.com/business/business-news/madison-square-garden-spinoff-approved-2-1235363828/ |access-date=2024-07-27 |website=The Hollywood Reporter |language=en-US}}</ref><ref>{{cite news |last=Jones |first=Finn-Olaf |date=October 1, 2023 |title=Las Vegas and Its Big, Big Ambitions |url=https://www.nytimes.com/2023/09/27/travel/las-vegas-sphere-grand-prix-sports.html |access-date=October 11, 2023 |work=The New York Times |quote=Earlier this year, New York-based MSG Entertainment, which owns the Sphere, split in two, renaming the venue's holding company Sphere Entertainment Company in order to insulate MSG Entertainment’s core holdings and protect existing shareholders.}}</ref> In March 2023, MSG Entertainment's board approved a plan to spin off its "traditional" live entertainment business. The remainder of the surviving entity would be renamed Sphere Entertainment, and consist of its ] and its forthcoming ] venue in Las Vegas. Executive chairman and CEO ] stated that the spin-off would result in two companies "well positioned to generate long-term value for our shareholders." Sphere Entertainment shareholders would receive one share in the events company for each share they own. Sphere would in turn hold a 33% stake in the events company's outstanding shares. The spin-off was completed on April 20, 2023, with the live events business being spun off and retaining the Madison Square Garden Entertainment name.<ref>{{Cite web |last=Vlessing |first=Etan |date=2023-03-30 |title=Madison Square Garden Board Approves Spinoff Plans |url=https://www.hollywoodreporter.com/business/business-news/madison-square-garden-spinoff-approved-2-1235363828/ |access-date=2024-07-27 |website=The Hollywood Reporter |language=en-US}}</ref><ref>{{cite news |last=Jones |first=Finn-Olaf |date=October 1, 2023 |title=Las Vegas and Its Big, Big Ambitions |url=https://www.nytimes.com/2023/09/27/travel/las-vegas-sphere-grand-prix-sports.html |access-date=October 11, 2023 |work=The New York Times |quote=Earlier this year, New York-based MSG Entertainment, which owns the Sphere, split in two, renaming the venue's holding company Sphere Entertainment Company in order to insulate MSG Entertainment’s core holdings and protect existing shareholders.}}</ref><ref>{{Cite web |last=Bary |first=Andrew |date=2023-04-25 |title=MSG Split Offers Plays on Vegas, Knicks Arena. What to Do With the Stocks. |url=https://www.barrons.com/articles/msg-entertainment-sphere-stock-split-vegas-a32db89c |access-date=2024-07-27 |website=Barron's}}</ref>


Sphere was also expected to include MSG's stake in hospitality company ], but on April 18 the company announced that it would sell the stake to ].<ref>{{Cite news |date=February 1, 2017 |title=MSG Pays $181M For Controlling Stake In Nightlife Company Tao Group |url=https://deadline.com/2017/02/james-dolan-msg-buys-controlling-stake-tao-group-1201899581/ |access-date=February 4, 2020}}</ref><ref>{{Cite web |last=Donnelly |first=Matt |date=2023-04-18 |title=Tao Group, Creator of Nightlife and Dining for Glitterati, Sells to Mohari for $550 Million |url=https://variety.com/2023/film/news/tao-group-sold-mohari-1235587653/ |access-date=2024-07-27 |website=Variety |language=en-US}}</ref> Sphere was also expected to include MSG's stake in hospitality company ], but on April 18, 2023, the company announced that it would sell the stake to ]<nowiki/>for $300 million.<ref>{{Cite news |date=February 1, 2017 |title=MSG Pays $181M For Controlling Stake In Nightlife Company Tao Group |url=https://deadline.com/2017/02/james-dolan-msg-buys-controlling-stake-tao-group-1201899581/ |access-date=February 4, 2020}}</ref><ref>{{Cite web |last=Donnelly |first=Matt |date=2023-04-18 |title=Tao Group, Creator of Nightlife and Dining for Glitterati, Sells to Mohari for $550 Million |url=https://variety.com/2023/film/news/tao-group-sold-mohari-1235587653/ |access-date=2024-07-27 |website=Variety |language=en-US}}</ref>


In November 2023, CFO Gautam Ranji resigned.<ref>{{Cite web |last=Brewer |first=Ray |date=2023-11-08 |title=Las Vegas Sphere reports $98.4 million loss; CFO quits |url=https://lasvegassun.com/news/2023/nov/08/las-vegas-sphere-reports-984-million-loss-cfo-quit/ |access-date=2024-07-27 |website=Las Vegas Sun |language=en}}</ref> In June 2024, Sphere executive Jennifer Koester was promoted to president and chief operating officer.<ref>{{Cite web |last=Weprin |first=Alex |date=2024-06-12 |title=Sphere Entertainment Ups Jennifer Koester to President and COO |url=https://www.hollywoodreporter.com/business/business-news/sphere-entertainment-jennifer-koester-president-coo-1235920854/ |access-date=2024-07-27 |website=The Hollywood Reporter |language=en-US}}</ref> In November 2023, CFO Gautam Ranji resigned.<ref>{{Cite web |last=Brewer |first=Ray |date=2023-11-08 |title=Las Vegas Sphere reports $98.4 million loss; CFO quits |url=https://lasvegassun.com/news/2023/nov/08/las-vegas-sphere-reports-984-million-loss-cfo-quit/ |access-date=2024-07-27 |website=Las Vegas Sun |language=en}}</ref> In June 2024, Sphere executive Jennifer Koester was promoted to president and chief operating officer.<ref>{{Cite web |last=Weprin |first=Alex |date=2024-06-12 |title=Sphere Entertainment Ups Jennifer Koester to President and COO |url=https://www.hollywoodreporter.com/business/business-news/sphere-entertainment-jennifer-koester-president-coo-1235920854/ |access-date=2024-07-27 |website=The Hollywood Reporter |language=en-US}}</ref>

Revision as of 20:19, 27 July 2024

American holding company in New York City
Sphere Entertainment Co.
Company typePublic
Traded asNYSE: SPHR (Class A)
Industryentertainment
real estate
FoundedApril 20, 2023; 20 months ago (2023-04-20)
FounderJames L. Dolan
HeadquartersNew York City, New York, U.S.
Key peopleJames L. Dolan
(Executive chairman and CEO)
Jennifer Koester
(President and COO)
OwnerDolan family
Subsidiaries

Sphere Entertainment Co. is an American entertainment holding company based in New York City. The company was established in 2024 after the spin off of Madison Square Garden Entertainment's live events business (thus making Sphere the its legal successor), and owns the Sphere event venue in Las Vegas, Nevada, and New York-based regional sports network chain MSG Networks.

History

Madison Square Garden Entertainment was formed in 2020 as a spin-off of the non-sports assets of the Madison Square Garden Company, which was in turn renamed Madison Square Garden Sports.

In March 2023, MSG Entertainment's board approved a plan to spin off its "traditional" live entertainment business. The remainder of the surviving entity would be renamed Sphere Entertainment, and consist of its regional sports networks and its forthcoming Sphere venue in Las Vegas. Executive chairman and CEO James L. Dolan stated that the spin-off would result in two companies "well positioned to generate long-term value for our shareholders." Sphere Entertainment shareholders would receive one share in the events company for each share they own. Sphere would in turn hold a 33% stake in the events company's outstanding shares. The spin-off was completed on April 20, 2023, with the live events business being spun off and retaining the Madison Square Garden Entertainment name.

Sphere was also expected to include MSG's stake in hospitality company Tao Group, but on April 18, 2023, the company announced that it would sell the stake to Mark Scheinbergfor $300 million.

In November 2023, CFO Gautam Ranji resigned. In June 2024, Sphere executive Jennifer Koester was promoted to president and chief operating officer.

References

  1. Miller, Ben (April 20, 2020). "Madison Square Garden Entertainment spin-off is complete". New York Business Journal. Retrieved July 22, 2020.
  2. Chin, Kimberly (November 7, 2019). "Madison Square Garden to Spin Off Entertainment Unit". The Wall Street Journal. Retrieved July 22, 2020.
  3. Vlessing, Etan (2023-03-30). "Madison Square Garden Board Approves Spinoff Plans". The Hollywood Reporter. Retrieved 2024-07-27.
  4. Jones, Finn-Olaf (October 1, 2023). "Las Vegas and Its Big, Big Ambitions". The New York Times. Retrieved October 11, 2023. Earlier this year, New York-based MSG Entertainment, which owns the Sphere, split in two, renaming the venue's holding company Sphere Entertainment Company in order to insulate MSG Entertainment's core holdings and protect existing shareholders.
  5. Bary, Andrew (2023-04-25). "MSG Split Offers Plays on Vegas, Knicks Arena. What to Do With the Stocks". Barron's. Retrieved 2024-07-27.
  6. "MSG Pays $181M For Controlling Stake In Nightlife Company Tao Group". February 1, 2017. Retrieved February 4, 2020.
  7. Donnelly, Matt (2023-04-18). "Tao Group, Creator of Nightlife and Dining for Glitterati, Sells to Mohari for $550 Million". Variety. Retrieved 2024-07-27.
  8. Brewer, Ray (2023-11-08). "Las Vegas Sphere reports $98.4 million loss; CFO quits". Las Vegas Sun. Retrieved 2024-07-27.
  9. Weprin, Alex (2024-06-12). "Sphere Entertainment Ups Jennifer Koester to President and COO". The Hollywood Reporter. Retrieved 2024-07-27.