Sphere Entertainment Q1 revenue falls 13% to $280.6 million; operating loss widens to $78.6 million
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.
Key points
- 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
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 08, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.