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Revision as of 20:19, 27 July 2024 by ViperSnake151 (talk | contribs)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff) American holding company in New York City| Company type | Public |
|---|---|
| Traded as | NYSE: SPHR (Class A) |
| Industry | entertainment real estate |
| Founded | April 20, 2023; 20 months ago (2023-04-20) |
| Founder | James L. Dolan |
| Headquarters | New York City, New York, U.S. |
| Key people | James L. Dolan (Executive chairman and CEO) Jennifer Koester (President and COO) |
| Owner | Dolan family |
| Subsidiaries |
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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
- Miller, Ben (April 20, 2020). "Madison Square Garden Entertainment spin-off is complete". New York Business Journal. Retrieved July 22, 2020.
- Chin, Kimberly (November 7, 2019). "Madison Square Garden to Spin Off Entertainment Unit". The Wall Street Journal. Retrieved July 22, 2020.
- Vlessing, Etan (2023-03-30). "Madison Square Garden Board Approves Spinoff Plans". The Hollywood Reporter. Retrieved 2024-07-27.
- 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.
- 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.
- "MSG Pays $181M For Controlling Stake In Nightlife Company Tao Group". February 1, 2017. Retrieved February 4, 2020.
- 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.
- Brewer, Ray (2023-11-08). "Las Vegas Sphere reports $98.4 million loss; CFO quits". Las Vegas Sun. Retrieved 2024-07-27.
- Weprin, Alex (2024-06-12). "Sphere Entertainment Ups Jennifer Koester to President and COO". The Hollywood Reporter. Retrieved 2024-07-27.