Sphere Entertainment Co Stock Price, News & Analysis

Sphere Entertainment Co. (NYSE: SPHR) has appointed Glenn Derry as Executive Vice President of MSG Ventures. Derry, an Academy Award-winning technologist with over 30 years of experience, will oversee technology initiatives for the subsidiary focused on developing advanced technologies for live entertainment.

Derry will support Sphere Studios, the immersive content studio creating multi-sensory experiences for Sphere venues, including the first location opened in Las Vegas in September 2023. He joins from AGBO, where he served as President of Production Technology, and previously led Technoprops, developing innovative visual production technology including an award-winning head-mounted camera system.

His extensive experience includes work on major films like Avatar, Star Wars: Rogue One, and The Jungle Book. Based at Sphere Studios in Burbank, Derry will report to Jim Dolan, Executive Chairman and CEO.

MSG Networks has responded to their ongoing carriage dispute with Altice USA, highlighting that New Jersey Attorney General Matt Platkin has joined his counterparts from New York and Connecticut in urging both parties to resolve their disagreement. The dispute has left more than 1 million Optimum subscribers in the tri-state area without access to local sports programming, including Knicks, Rangers, Islanders, and Devils games.

MSG Networks has proposed submitting the matter to binding arbitration, which would allow for the immediate restoration of games to Optimum subscribers while negotiations continue. The company expressed its willingness to restore programming immediately if Altice USA agrees to the arbitration proposal.

MSG Networks has issued a statement regarding their ongoing carriage dispute with Altice USA. The dispute has resulted in Optimum's more than 1 million subscribers losing access to local Knicks, Rangers, Islanders and Devils games in the tri-state area. Both New York Attorney General Letitia James and Connecticut Attorney General William Tong, along with bipartisan elected officials, are urging both parties to reach an agreement.

MSG Networks has offered to enter binding arbitration with Altice USA before a neutral third party. However, Altice USA has dismissed this offer as a publicity stunt. MSG Networks maintains they are not seeking publicity and encourages Altice to accept the arbitration offer to restore game broadcasts to subscribers.

MSG Networks has proposed a solution to its ongoing dispute with Altice USA by offering binding arbitration through a neutral third party. The company aims to prevent Optimum subscribers from missing more Knicks, Rangers, Devils, and Islanders games. MSG Networks has suggested a short-term extension of their current agreement while the arbitration process takes place, which would allow viewers to continue watching sports programming during the dispute resolution.

MSG Networks has issued a direct response to Altice USA regarding their ongoing dispute. The company demands that Altice either match the deal previously given to YES Networks, reinstate MSG's previous agreement, or provide refunds to subscribers. Specifically, MSG Networks is calling for a $10 monthly refund to subscribers, noting that $5 is already owed for programming not delivered in early January.

MSG Networks, part of Sphere Entertainment Co. (NYSE: SPHR), announced that Altice USA has withdrawn from negotiations to restore MSG Networks to Optimum subscribers. The dispute affects over 1 million customers who have been paying for local sports programming without receiving the service. MSG Networks suggests affected customers should receive at least a $10 monthly credit.

The company is actively directing customers to alternative providers, including Verizon Fios, which is offering special deals for Optimum subscribers. Other viewing options include DirecTV, DirecTV Stream, Fubo, and The Gotham Sports App. MSG Networks operates two regional sports networks (MSG and MSG Sportsnet) and MSG+, providing coverage of major New York sports teams including the Knicks, Rangers, Islanders, Devils, and Buffalo Sabres.

Sphere Entertainment Co. (NYSE: SPHR) has appointed Robert Langer as Executive Vice President, Chief Financial Officer and Treasurer, effective January 13. Langer brings over 30 years of experience and will be based in Burbank, reporting to Executive Chairman and CEO James L. Dolan.

Langer joins from The Walt Disney Company, where he most recently served as Global Leader of Enterprise-Wide Financial Planning and Corporate Strategy. During his 25-year tenure at Disney, he held various CFO positions across divisions including Disney ABC Television Group, Consumer Products, Disneyland Resort, and Global Toys. He also served as Country Manager for Germany, Switzerland, and Austria.

In his new role, Langer will provide strategic financial insight, oversee financial planning and analysis, and support strategy and business development initiatives.

MSG Networks has been dropped from Altice USA's Optimum channel lineup in the tri-state area, affecting coverage of Knicks, Rangers, Islanders, and Devils games. Despite MSG Networks offering multiple proposals, including terms to pay less than last year and maintaining service during negotiations, Altice rejected all offers.

Altice has significantly increased its pricing, with current Optimum subscribers facing a nearly 50% price increase (from $95 to $140/month) for the Core TV package, while new subscribers face up to 70% higher rates ($160/month) for packages that previously included MSG Networks. MSG Networks claims they offered Altice the same terms accepted by other major providers.

Sphere Entertainment reported Q1 FY2025 financial results with revenues of $227.9 million, up $109.9 million year-over-year. The company posted an operating loss of $117.6 million, increasing by $47.8 million. The Sphere segment generated revenues of $127.1 million, including $71.5 million from The Sphere Experience across 207 performances. MSG Networks segment reported revenues of $100.8 million, down 9% due to a 13% decrease in subscribers. Notable developments include plans for a second Sphere in Abu Dhabi, new partnerships with Verizon and DCT Abu Dhabi, and successful events including U2 concerts and UFC 306.