Morgan Stanley discloses 7.0% stake in Sphere Entertainment (SPHR)

Rhea-AI Filing Summary

Sphere Entertainment Co. Schedule 13G/A shows Morgan Stanley entities reporting shared voting and dispositive power over Class A common stock totaling 2,011,246 shares, representing 7.0% of the class as stated on the cover. The filing lists Morgan Stanley Capital Services LLC with 1,907,925 shares (6.7%).

The filing is an amendment and includes joint filing exhibits and an Item 7 exhibit describing subsidiary reporting units. Signatures by an authorized Morgan Stanley signatory are dated 05/12/2026.

Insights

Corporate Governance Analyst

MS reports a mid-single-digit stake and shared control metrics.

The filing lists 2,011,246 shares with shared voting power and shared dispositive power for Morgan Stanley entities, labeled as 7.0% of Class A common stock. It also shows Morgan Stanley Capital Services LLC holding 1,907,925 shares (6.7%).

The filing is an amended Schedule 13G/A with exhibits for joint filing and Item 7 subsidiary identification. Timing and cash‑flow treatment are not stated in the excerpt; subsequent filings may provide additional disposition details.

Key Figures

Reported shares (Morgan Stanley aggregate): 2,011,246 shares Percent of class (Morgan Stanley aggregate): 7.0% Reported shares (Morgan Stanley Capital Services LLC): 1,907,925 shares +3 more

6 metrics

Reported shares (Morgan Stanley aggregate) 2,011,246 shares cover page shared dispositive power

Percent of class (Morgan Stanley aggregate) 7.0% Item 4(b) percent of class

Reported shares (Morgan Stanley Capital Services LLC) 1,907,925 shares cover page shared dispositive power

Percent of class (MS Capital Services LLC) 6.7% cover page percent of class

Cover date 03/31/2026 cover page date

Signature date 05/12/2026 authorized signatory signature date

Key Terms

Schedule 13G/A, beneficially owned, MS Reporting Units, shared dispositive power

4 terms

Schedule 13G/A regulatory

"Amendment No. 1 ) Sphere Entertainment Co. Class A Common Stock"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned regulatory

"this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

MS Reporting Units other

"beneficially owned by certain operating units (collectively, the "MS Reporting Units")"

shared dispositive power financial

"Shared Dispositive Power 2,011,246.00"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sphere Entertainment Co.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

55826T102

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 55826T102

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,956,981.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,011,246.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,011,246.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 55826T102

1

Names of Reporting Persons

Morgan Stanley Capital Services LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,907,925.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,907,925.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,907,925.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

BD, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sphere Entertainment Co.
(b)	Address of issuer's principal executive offices: TWO PENNSYLVANIA PLAZA, NEW YORK, NY, 10121
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Capital Services LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 55826T102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 7.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	05/12/2026

Morgan Stanley Capital Services LLC

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	05/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake does Morgan Stanley report in SPHR?

Morgan Stanley reports beneficial ownership of 2,011,246 shares, equal to 7.0%. The Schedule 13G/A cover shows shared voting and dispositive power tied to that 2,011,246 figure as of the cover information in the filing.

How many shares does Morgan Stanley Capital Services LLC report in SPHR?

Morgan Stanley Capital Services LLC reports 1,907,925 shares, equal to 6.7%. That amount is shown on the cover page rows listing shared voting and shared dispositive power for that entity.

What documents accompany this Schedule 13G/A amendment?

The filing attaches Exhibit 99.1 (Joint Filing Agreement) and Exhibit 99.2 (Item 7 information). Exhibit 99.2 is noted to identify the subsidiary reporting units referenced under Item 7 of the form.

When was the Schedule 13G/A signed for SPHR?

The signatures are dated 05/12/2026. The cover page lists an effective or cover date of 03/31/2026 and the authorized signatory signed the amendment on 05/12/2026.