Sphere Entertainment (SPHR)
Operates the Sphere immersive venue and New York regional sports networks.
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Operates the Sphere immersive venue in Las Vegas and New York regional sports networks, earning from original productions, concerts, events, advertising, sponsorships, media distribution and streaming. In-house content production supports Sphere’s venue model, while MSG Networks depends on distributor carriage and local team media rights.
Operates Sphere in Las Vegas and MSG Networks in the New York region. The Sphere segment earns from The Sphere Experience, concert residencies, sports and brand events, Exosphere advertising, sponsorships, suites, food and merchandise. In-house Sphere Studios develops immersive productions and proprietary display, sound and multisensory tools, combining content ownership with event operations.
Distributes live local Knicks, Rangers, Islanders, Devils and Sabres games through MSG Network, MSG Sportsnet and the MSG+ streaming service. The media business earns mainly from distributor carriage, direct subscriptions and advertising.
Planned expansion seeks partner-backed models in Abu Dhabi and National Harbor, but current venue operations remain concentrated in Las Vegas. MSG Networks depends on affiliation agreements with major distributors and exclusive local team media rights.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 2, 2026 | Guggenheim | Reiterate | Rating: —Target: $193 | Target: $208 |
| Aug 20, 2026 | Piper Sandler | Initiate | Rating: —Target: — | Target: $185 |
| Aug 13, 2026 | Seaport Global | Reiterate | Rating: —Target: $173 | Target: $191 |
| Jul 31, 2026 | Guggenheim | Reiterate | Rating: —Target: $188 | Target: $193 |
| Jul 14, 2026 | New Street | Target | Target: $110 | Target: $188 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $521.3M · Total debt $961.5M · Total assets $4.43B · Shareholders' equity $2.23B
- Revenue
- $313.6M
- Operating income
- −$60.9M
- Net income
- −$38.3M
No dividends on record.
| Institutions | 103.39% | 37.13M shares | |
|---|---|---|---|
| 440 holders · as of Jun 30, 2026 | |||
| Insiders | 20.66% | 7.42M shares | |
| 11 holders · as of Sep 17, 2026 | |||
| Strategic holders | 5.47% | 1.96M shares | |
| 6 holders · as of Sep 10, 2025 | |||
| Adds to | 129.52% | ||
35.91M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 129.52%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
James Lawrence Dolan1Insiderdirector, 10 percent owner, officer, other: Executive Chairman and CEO | 12.07% | 4.28M A | filed Sep 17, 2026 |
BlackRock, Inc.Institution | 11.36% | 4.08M A | as of Jun 30, 2026 |
Kathleen Margaret DolanInsider10 percent owner, other: Member of 13(d) Group | 7.82% | 2.81M B | filed Sep 10, 2025 |
Jericho Capital Asset Management L.P.Institution | 7.26% | 2.61M A | as of Jun 30, 2026 |
Morgan StanleyInstitution | 6.89% | 2.47M A | as of Jun 30, 2026 |
- James Lawrence Dolan's transaction reports restate only vehicles that traded; the 2026 ownership statement (4.28M) plus the 52.7K net shares acquired since is used instead.
Insider tradesForm 4
No open-market trades in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sphere Entertainment | $142.35 | −1.92% | $5.22B | — | — | 3.8 | −20.5% |
| Live Nation Entertainment | $169.92 | +0.44% | $39.37B | — | 141.7 | 1.5 | +9.4% |
| Madison Square Garden Entertainment | $80.22 | −1.21% | $3.84B | 58.8 | 33.0 | 3.6 | +27.4% |
| MGM Resorts International | $38.56 | −0.44% | $9.74B | 23.5 | 23.5 | 0.5 | +1.1% |
| Walt Disney | $103.46 | −0.74% | $180.96B | 21.5 | 13.8 | 1.8 | +7.1% |
| IMAX | $53.33 | −1.32% | $2.96B | 74.4 | 26.9 | 7.1 | +12.1% |
| Warner Bros. Discovery | $30.80 | −0.00% | $77.22B | — | — | 2.1 | −11.2% |
| Median | 41.2 | 26.9 | 2.0 | +8.3% |