SPHERE ENTERTAINMENT ANNOUNCES EVP, CFO AND TREASURER, DAVID BYRNES, WILL BE LEAVING THE COMPANY

Rhea-AI Summary

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

Positive

• Smooth transition planned with Byrnes continuing in his role during the search for a new CFO
• Successful completion of strategic transactions under Byrnes' leadership, including spin-offs and stock offerings

Negative

• Departure of a key executive (CFO) who played a critical role in recent strategic transactions
• Potential disruption in financial leadership during the transition period

NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Sphere Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment" or the "Company") announced today that Mr. David F. Byrnes, the Company's Executive Vice President, Chief Financial Officer and Treasurer, will be leaving the Company. The Company will commence a search for a new Chief Financial Officer and Treasurer. Mr. Byrnes will continue in his current role for an interim period to facilitate a smooth transition.

Mr. Byrnes has served as Executive Vice President, Chief Financial Officer and Treasurer of the Company since December 2023. Prior to that, he served as Executive Vice President and Chief Financial Officer of Madison Square Garden Entertainment Corp. ("MSG Entertainment") from January 2022 to December 2023. In these roles, Mr. Byrnes played a critical role in many strategic transactions, including the spin-off of MSG Entertainment from the Company in April 2023, the sale of the Company's majority interest in Tao Group Hospitality in May 2023, and two secondary stock offerings in June 2023 and September 2023, whereby the Company sold its remaining shares in MSG Entertainment.

About Sphere Entertainment Co.

Sphere Entertainment Co. is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue opened in Las Vegas in September 2023. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at sphereentertainmentco.com.

Contacts:

Mikyl Cordova
Communications & Marketing
(212) 631-4337

Ari Danes, CFA
Investor Relations & Financial Communications
(212) 465-6072

Justin Blaber
Financial Communications
(212) 465-6109

View original content to download multimedia:https://www.prnewswire.com/news-releases/sphere-entertainment-announces-evp-cfo-and-treasurer-david-byrnes-will-be-leaving-the-company-302269406.html

SOURCE Sphere Entertainment Co.

FAQ

Why is David Byrnes leaving Sphere Entertainment Co. (SPHR)?

The press release does not provide a specific reason for David Byrnes' departure from Sphere Entertainment Co. (SPHR). It only states that he will be leaving the company, and a search for a new CFO and Treasurer will commence.

When did David Byrnes join Sphere Entertainment Co. (SPHR) as CFO?

David Byrnes has served as Executive Vice President, Chief Financial Officer, and Treasurer of Sphere Entertainment Co. (SPHR) since December 2023.

What major transactions did David Byrnes oversee at Sphere Entertainment Co. (SPHR)?

David Byrnes played a critical role in several strategic transactions, including the spin-off of MSG Entertainment in April 2023, the sale of Sphere Entertainment's majority interest in Tao Group Hospitality in May 2023, and two secondary stock offerings in June and September 2023.

Will David Byrnes continue working at Sphere Entertainment Co. (SPHR) during the transition?

Yes, David Byrnes will continue in his current role at Sphere Entertainment Co. (SPHR) for an interim period to facilitate a smooth transition while the company searches for a new CFO and Treasurer.