Sphere Entertainment Co. - SPHR STOCK NEWS

Sphere Entertainment Co. (NYSE: SPHR) and the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) have announced plans to bring the world's second Sphere venue to Abu Dhabi, UAE. This next-generation entertainment medium is expected to be a landmark addition to the city, elevating entertainment offerings for residents and visitors. The Abu Dhabi Sphere will echo the scale of the 20,000-capacity Las Vegas venue, which opened in September 2023.

Under the partnership, DCT Abu Dhabi will pay Sphere Entertainment a franchise initiation fee for the right to build the venue, utilizing Sphere's proprietary designs, technology, and intellectual property. Construction will be funded by DCT Abu Dhabi, with Sphere Entertainment providing development, construction, and pre-opening services. After opening, Sphere Entertainment plans to maintain ongoing arrangements with DCT Abu Dhabi, including annual fees for content, brand use, and operational services.

Sphere Entertainment Co. (NYSE: SPHR) and the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) have announced plans to bring the world's second Sphere venue to Abu Dhabi, United Arab Emirates. This next-generation entertainment medium is expected to be a landmark addition to the city, elevating entertainment offerings for residents and visitors. The Abu Dhabi Sphere will echo the scale of the 20,000-capacity Sphere in Las Vegas, which opened in September 2023.

Under the partnership, DCT Abu Dhabi will pay Sphere Entertainment a franchise initiation fee for the right to build the venue, utilizing Sphere's proprietary designs, technology, and intellectual property. Construction will be funded by DCT Abu Dhabi, with Sphere Entertainment providing development, construction, and pre-opening services. After opening, Sphere Entertainment plans to maintain ongoing arrangements with DCT Abu Dhabi, including fees for content, brand use, and operational services.

Sphere Entertainment Co. (NYSE: SPHR) has announced that David F. Byrnes, the company's Executive Vice President, Chief Financial Officer, and Treasurer, will be leaving the company. Byrnes will continue in his current role for an interim period to ensure a smooth transition while the company searches for a new CFO and Treasurer.

Byrnes has been in his current position since December 2023, following his role as Executive Vice President and CFO of Madison Square Garden Entertainment Corp. from January 2022 to December 2023. During his tenure, he played a important role in several strategic transactions, including:

• The spin-off of MSG Entertainment from Sphere Entertainment in April 2023
• The sale of Sphere Entertainment's majority interest in Tao Group Hospitality in May 2023
• Two secondary stock offerings in June and September 2023, where Sphere Entertainment sold its remaining shares in MSG Entertainment

UFC 306 at RIYADH SEASON NOCHE UFC, held on September 14 at Sphere in Las Vegas, set multiple records, including the highest-grossing UFC event ever with a $22 million gate and a sold-out crowd of 16,024. The event also marked the highest-grossing single event at Sphere.

Notable achievements include:

• Highest-grossing sponsorship sales for a UFC event
• First UFC event with a title partner (Riyadh Season)
• Record merchandise sales and per-cap for both UFC and Sphere
• 89% of ticket buyers from outside Nevada

The event featured innovative technology, including live fighter heart rate tracking, novel Octagon lighting, and haptic seats. It also showcased a premiere film, 'For Mexico, For All Time', celebrating Mexican culture and history.

Gotham Advanced Media and Entertainment (GAME), a joint venture between MSG Networks and YES Network, is set to launch The Gotham Sports App this fall before the NBA and NHL regular seasons. The app will be the exclusive streaming platform for MSG+ and YES App content, featuring teams like the New York Knicks, Rangers, Yankees, and Brooklyn Nets.

Authenticated subscribers within the regional coverage areas will access the app at no additional cost. The app will offer enhanced features such as advanced live stats, free-to-play games, and a loyalty program. For non-traditional TV subscribers, various subscription options will be available, including individual services and a combined Gotham Package.

The app aims to provide a unified, convenient platform for New York area sports fans, addressing the increasing fragmentation of sports programming outlets.

Sphere Entertainment Co. announced a groundbreaking cinematic experience, V-U2 An Immersive Concert Film, to be shown exclusively at Sphere Las Vegas starting September 5, 2024. Directed by Morleigh Steinberg and The Edge, the film showcases U2's history-making U2:UV show that played to over 700,000 fans across 40 sold-out dates from September 2023 to March 2024.

V-U2 is the first film shot entirely with Big Sky, Sphere's ultra-high-resolution camera system. It utilizes Sphere's immersive technologies, including the world's highest-resolution LED screen, Sphere Immersive Sound, and haptic seats, to create a larger-than-life concert experience. The film aims to transport audiences back to U2's groundbreaking live Sphere shows, making them feel like they are there.

Sphere Entertainment Co. (NYSE: SPHR) reported fiscal 2024 fourth quarter and full-year results. Key highlights include:

- Revenues of $1,026.9 million for fiscal 2024, up $453.1 million from prior year

- Operating loss of $341.2 million, increased by $68.2 million

- Adjusted operating income of $80.7 million, improved by $203.3 million

- Q4 revenues of $273.4 million, up $144.3 million year-over-year

- Sphere segment reported Q4 revenues of $151.2 million, including $74.5 million from The Sphere Experience

- MSG Networks segment Q4 revenues decreased 5% to $122.2 million

- MSG Networks facing debt refinancing challenges, pursuing work-out with lenders

Sphere Entertainment Co. (NYSE: SPHR) has announced it will host a conference call on August 14, 2024 at 10:00 a.m. Eastern Time to discuss its fiscal fourth quarter and full-year results for the period ended June 30, 2024. The company will release its financial results before the market opens on the same day. Interested parties can participate via telephone by dialing 888-800-3155 with the conference ID 8089430, or through a webcast available on the company's investor relations website. For those unable to join live, a replay will be accessible by phone until August 21, 2024, and the webcast recording will be available on the website for the same duration.

Sphere Entertainment will mark the one-year anniversary of the Exosphere's first illumination with a special Fourth of July show and the launch of 'XO Stream' and 'XO Audio' presented by Verizon. The show will feature immersive content, including a tribute to America in six acts, and highlight Sphere's architectural impact. 'XO Stream,' a 24/7 livestream of the Exosphere, will be accessible via thesphere.com and YouTube, while 'XO Audio' will provide synced audio experiences online and onsite. A pre-show ceremony will honor student artists from Las Vegas.