Every material Form 8-K Sphere Entertainment has filed with the SEC since April 02, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sphere Entertainment reported third-quarter 2026 revenue of $274.3 million, up 4% from the prior year quarter, with Sphere segment revenue up 14% and MSG Networks revenue down 15%. The operating loss widened to $240.6 million, driven by a $177.6 million non-cash goodwill impairment at MSG Networks, and the net loss was $176.0 million, or $4.84 per share, compared with a $3.47 per share loss a year earlier.
Revenue: $274.3 million, up $11.7 million or 4%; Sphere segment $198.9 million (up 14%), MSG Networks $75.4 million (down 15%)
Operating loss: $240.6 million, versus $163.1 million a year earlier, including a $177.6 million goodwill impairment at MSG Networks
Adjusted operating income: $39.2 million, up $2.8 million or 8%
Net loss: $176.0 million, or $4.84 per share, versus $125.7 million or $3.47 per share a year earlier
Sphere Entertainment disclosed that its officers and directors overlap with several affiliated companies following the MSG Rangers distribution, including CEO James Dolan serving as chief executive of MSG Entertainment, MSG Knickerbockers and MSG Rangers. The filing states these overlaps could create conflicts of interest over acquisitions, commercial arrangements and stock ownership, and that the board adopted an overlap policy to extend existing protections to MSG Rangers roles.
James L. Dolan is Executive Chairman and CEO of Sphere, MSG Entertainment, MSG Knickerbockers and MSG Rangers, and Non-Executive Chairman of AMC Global Media.
Eight Sphere directors also serve on MSG Entertainment's board, nine on MSG Knickerbockers', five on MSG Rangers' and six on AMC Global Media's.
Existing Overlap Provisions in Sphere's articles limit liability for overlapping directors and officers, and the board adopted an overlap policy extending these to MSG Rangers roles.
Sphere Entertainment reported second-quarter 2026 revenue of $313.6 million, up 11% from a year earlier, driven by the Sphere segment. The company posted an operating loss of $61.3 million, wider than the $50.2 million loss a year earlier, and adjusted operating income fell 17% to $50.9 million, so revenue growth did not carry through to profit for shareholders.
Revenue rose $31.0 million, or 11%, to $313.6 million; Sphere segment revenue rose 29% to $226.4 million while MSG Networks revenue fell 18% to $87.3 million.
Operating loss was $61.3 million versus $50.2 million a year earlier; adjusted operating income fell $10.5 million, or 17%, to $50.9 million.
Net loss attributable to stockholders was $38.8 million, or $1.07 per diluted share, compared with net income of $151.8 million in the prior-year quarter, which included a $346.1 million gain on extinguishment of debt.
Sphere Entertainment reported first quarter 2026 revenue of $386.4 million, up 38% from a year earlier, and operating income of $7.2 million compared with an operating loss of $78.6 million in the prior-year quarter. The Sphere segment drove the gain, while MSG Networks revenue fell 2%. Diluted loss per share narrowed to $0.04 from $2.27.
Total revenue was $386.4 million, up $105.8 million or 38% from the prior-year quarter.
Operating income was $7.2 million versus an operating loss of $78.6 million a year earlier; adjusted operating income was $110.0 million, up $74.0 million.
Diluted loss per share attributable to stockholders was $(0.04) versus $(2.27) a year earlier.
Sphere segment revenue rose 69% to $266.0 million, while MSG Networks revenue declined 2% to $120.4 million.
Sphere Entertainment reported fourth-quarter 2025 revenue of $394.3 million, up 28% from a year earlier, and operating income of $28.9 million, compared with a $142.9 million loss in the prior-year quarter. Sphere segment revenue rose 62%, driven by The Wizard of Oz at Sphere, while MSG Networks revenue fell 14%. Fourth-quarter diluted earnings were $1.23 per share, compared with a loss of $3.49 per share a year earlier.
Q4 2025 revenue was $394.3 million, up $86.0 million (28%); Sphere segment revenue was $274.2 million, up 62%.
Q4 2025 operating income was $28.9 million versus a $142.9 million loss a year earlier; adjusted operating income was $128.0 million.
Full-year 2025 revenue was $1.22 billion, up 8%; the operating loss was $229.6 million, an improvement of $142.8 million.
MSG Networks Q4 revenue was $120.1 million, down 14%, with total subscribers down about 14.5%.
On January 29, 2026, MSG Las Vegas, LLC, an indirect subsidiary of Sphere Entertainment Co., entered a credit agreement with JPMorgan Chase Bank providing a $275 million term loan to refinance an existing term loan and a $275 million revolving credit facility. The facilities are secured by the subsidiary's assets, including its leasehold interest in the land under the Las Vegas Sphere, and are guaranteed by Sphere Entertainment Group, so shareholders should note the new secured, floating-rate debt and its covenants. The filing does not report any effect on earnings.
$275 million senior secured term loan to refinance an existing term loan, plus a $275 million senior secured revolving credit facility, dated January 29, 2026
Facilities mature January 29, 2031; term loan amortizes at 5% per year in quarterly installments beginning after the second anniversary of closing
Floating interest: Term SOFR plus 2.50% to 3.00%, or Alternative Base Rate plus 1.50% to 2.00%, based on total leverage ratio
Covenants tested quarterly: minimum debt service coverage ratio of 2.50:1.00 and maximum total leverage ratio of 3.50:1.00
Sphere Entertainment Co. named Christopher Winters Senior Vice President, Controller and Principal Accounting Officer, effective November 24, 2025. He has worked in accounting roles at the company's predecessor and related entities since 2016, and his employment agreement sets a base salary of not less than $400,000 with a target bonus of not less than 40% of salary. The change concerns the company's senior accounting leadership and does not report any financial results.
Christopher Winters, 45, becomes Senior Vice President, Controller and Principal Accounting Officer effective November 24, 2025
Employment agreement dated November 19, 2025 sets base salary of not less than $400,000 and target bonus of not less than 40% of base salary
Long-term award target value of not less than $330,000, with $287,500 for fiscal 2026
Severance if terminated without cause or for good reason within three years is at least base salary plus target bonus
Sphere Entertainment reported third-quarter 2025 revenue of $262.5 million, up 15% from a year earlier, driven by the Sphere segment, which rose 37% to $174.1 million. The operating loss widened to $129.7 million, including $65.5 million of impairments and other losses, while the net loss narrowed to $101.2 million, or $2.80 per share, from $105.3 million, or $2.95 per share, a year earlier.
Total revenue was $262.5 million, up $34.6 million, or 15%; MSG Networks revenue fell 12% to $88.4 million.
Operating loss was $129.7 million, compared with $117.6 million a year earlier, including $65.5 million in impairments and other losses.
Net loss was $101.2 million, or $2.80 per share, versus $105.3 million, or $2.95 per share, in the prior-year quarter.
The company repurchased about $50 million of Class A common stock in the quarter and has about $300 million remaining under its authorization.
Sphere Entertainment Co. said its Senior Vice President, Controller and Principal Accounting Officer, Gregory Brunner, resigned on September 22, 2025, effective October 17, 2025. The company said the resignation does not involve any disagreement with its auditors or management on accounting, financial disclosure or internal controls, and that CFO Robert Langer will serve as interim principal accounting officer until a replacement is named.
Gregory Brunner resigned on September 22, 2025, effective October 17, 2025.
The filing states the resignation was not due to any disagreement on accounting, disclosure or internal controls.
Robert Langer, EVP, CFO and Treasurer, will serve as interim principal accounting officer from October 17, 2025.
Andrea Greenberg, President and Chief Executive Officer of MSG Networks, a Sphere Entertainment subsidiary, left the role on September 2, 2025, after her employment agreement expired on September 1, 2025. The company agreed to departure benefits, subject to her signing and not revoking a release, including accelerated vesting of certain equity awards and a payment equal to her 2025 target bonus.
Departure date: September 2, 2025, after employment agreement expired September 1, 2025
Equity awards scheduled to vest September 15, 2025 will vest in full
Payment equal to 2025 target bonus in place of Management Performance Incentive Plan amount
Company and MSG Networks waived Greenberg's non-compete covenant
Sphere Entertainment reported second-quarter 2025 revenue of $282.7 million, up 3% from the prior year, and an operating loss of $50.2 million, an improvement of $21.2 million. Net income was $151.8 million, or $3.39 per diluted share, helped by a $346.1 million gain on extinguishment of debt tied to the MSG Networks credit facility restructuring. The company still posted an operating loss, so the gain drove the net result rather than core operations.
Q2 2025 revenue of $282.7 million, up $9.3 million or 3%; Sphere segment revenue rose 16% to $175.6 million while MSG Networks fell 12% to $107.1 million
Operating loss of $50.2 million versus $71.4 million a year earlier; adjusted operating income of $61.5 million, up $35.8 million
Net income of $151.8 million, or $3.39 per diluted share, includes a $346.1 million gain on extinguishment of debt from the June 27, 2025 MSG Networks credit facility restructuring
MSG Networks, a subsidiary of Sphere Entertainment, replaced its existing credit facility with a new $210 million term loan maturing December 2029, priced at SOFR plus 5.00%. The filing states that Sphere Entertainment and its other subsidiaries are not legally obligated to repay the loan, and that the lenders receive contingent interest units tied to MSG Networks' excess cash and certain sale proceeds, along with reduced media rights fees for the New York Knicks and Rangers.
New $210 million term loan matures December 2029 and bears interest at SOFR plus 5.00%.
Borrower made an $80 million cash payment to lenders, including a $15 million capital contribution from Sphere Entertainment Co.
Fixed amortization of $10 million per quarter starts with the quarter ending September 30, 2025, plus a 100% excess cash sweep.
Knicks annual rights fee cut 28% and Rangers cut 18%, effective January 1, 2025.
Sphere Entertainment reported first-quarter 2025 revenue of $280.6 million, down $40.8 million from the prior-year quarter, and an operating loss of $78.6 million, up $38.2 million. Net loss was $82.0 million, or $2.27 per share, versus $1.33 per share a year earlier. The company also disclosed a April 24, 2025 Transaction Support Agreement with MSG Networks' lenders to restructure about $804 million of term loan debt, which matters to shareholders because it is expected to close by June 27, 2025, subject to definitive documentation.
Revenue $280.6 million, down $40.8 million (13%); MSG Networks revenue fell $27.9 million, mainly from the Altice non-carriage period
Operating loss $78.6 million vs. $40.4 million a year earlier; adjusted operating income $36.0 million, down $25.6 million
Net loss $82.0 million, or $2.27 per share, vs. $1.33 per share in the prior-year quarter
Proposed MSG Networks deal would replace an $804 million term loan with a $210 million facility, with an $80 million minimum cash payment
Sphere Entertainment and its subsidiary MSG Networks signed a Transaction Support Agreement with lenders and the New York Knicks and Rangers to restructure MSG Networks' debt and amend the teams' media rights agreements. The filing says the transactions are to be implemented by June 27, 2025, and that the Company and its non-credit subsidiaries will not be obligated to fund the new term loan. The deal would lower the teams' rights fees but also grant MSG Sports penny warrants for 19.9% of MSG Networks' equity.
Sphere will make a $15 million capital contribution, and the borrower will make a minimum cash payment of $80 million to lenders at closing.
Existing credit facilities would be replaced by a new $210 million term loan maturing December 2029, bearing SOFR plus 5.00%, with $10 million quarterly amortization.
Annual rights fees would fall 28% for the Knicks and 18% for the Rangers, effective January 1, 2025, with contracts extended to the end of the 2028-29 season.
MSG Networks would issue penny warrants to MSG Sports exercisable for 19.9% of its equity interests.
Sphere Entertainment's subsidiary MSGN Holdings L.P. agreed by email on April 21, 2025 to a three-day extension of a forbearance agreement with its lenders, which pauses lender remedies over a missed term loan payment and a budget delivery requirement. The forbearance period now runs until 11:59 p.m. E.T. on April 24, 2025, or an earlier termination event, unless extended further. The filing shows the lenders have not yet been paid and the arrangement remains short-term, which matters to shareholders because the financing situation is still unresolved.
Forbearance period extended by three days to 11:59 p.m. E.T. on April 24, 2025
Extension agreed by email on April 21, 2025, with the forbearance originally set to expire November 8, 2024
Underlying issue: MSGN L.P. did not pay term loan principal at its October 11, 2024 maturity
Separate condition: failure to deliver MSG Networks' budget by March 31, 2025 would be an event of default if not cured by April 30, 2025
Sphere Entertainment's subsidiary MSGN Holdings L.P. extended its forbearance arrangement with JPMorgan-led lenders, pushing the forbearance period to April 21, 2025 from April 7, 2025. The lenders have agreed not to exercise certain remedies tied to a missed term loan payment due October 11, 2024 and a budget delivery requirement. The filing shows the debt issue remains unresolved and dependent on short, repeated extensions.
Forbearance period extended to 11:59 p.m. E.T. on April 21, 2025, or a later date agreed by a majority of term loan lenders.
Forbearance covers MSGN L.P.'s failure to pay term loan principal at the October 11, 2024 maturity date.
Forbearance also covers failure to deliver the MSG Networks budget by March 31, 2025; if not cured by April 30, 2025, it would trigger an event of default.
Extension was first agreed by email on April 4, 2025, then formalized in the Sixth Amended and Restated Forbearance Agreement.
Sphere Entertainment subsidiary MSGN Holdings L.P. has had its lender forbearance extended by two days, through the earlier of 11:59 p.m. E.T. on April 4, 2025 or a termination event. The forbearance covers a missed term loan principal payment due at the October 11, 2024 maturity and a possible future default tied to the MSG Networks budget deadline, so the lenders' remedies remain on hold only for a short period.
MSGN L.P. did not make the term loan principal payment due at the October 11, 2024 maturity; the forbearance period was first set to end November 8, 2024, then extended to April 2, 2025.
On April 2, 2025, lenders agreed by email to extend the forbearance period to the earlier of April 4, 2025 at 11:59 p.m. E.T. or a Termination Event.
The forbearance also covers failure to deliver the MSG Networks budget for the next fiscal year by March 31, 2025, which would be an event of default if not cured within 30 days.
The email amendment is filed as Exhibit 10.1 and is dated April 2, 2025.
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