Insider Trust Adds 46,697 SPHR Shares via Debt Repayment; Ownership 511,089

Rhea-AI Filing Summary

Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney reported receiving 46,697 shares of Sphere Entertainment Co. Class B Common Stock on 09/08/2025 as partial repayment of a promissory note. The Form 4 states the Class B shares are convertible on a one-for-one basis into Class A Common Stock and were valued for the repayment at $52.2025 per share, the mean of the high and low trading price for Class A on that date.

Following this transaction the reporting person beneficially owns 511,089 shares of Class A Common Stock (reported as direct ownership). The filing was signed by an attorney-in-fact on 09/10/2025 and uses transaction code J to reflect receipt in repayment of indebtedness.

Insights

Financial Analyst

TL;DR: Insider ownership increased by 46,697 shares via note repayment, raising direct beneficial holdings to 511,089 shares.

The transaction records a non-cash settlement: Class B shares were issued/received in partial repayment of a promissory note and priced at $52.2025 per share based on the Class A trading midpoint on 09/08/2025. Because Class B shares convert 1:1 into Class A, the effective economic exposure aligns with Class A equity. The filing discloses a clear mechanism of debt settlement rather than an open-market purchase, which affects how ownership changes should be interpreted when analyzing insider alignment with shareholders.

Corporate Governance Expert

TL;DR: Transfer reflects repayment of indebtedness to an insider trust and increases direct beneficial ownership disclosed on Form 4.

The Form 4 uses transaction code J, indicating receipt of securities in repayment of a debt obligation. The reporting structure shows the Charles F. Dolan Children Trust as the holder and an attorney-in-fact signed the filing. The conversion feature (Class B convertible 1-for-1 into Class A) is explicitly stated, clarifying voting/economic rights post-conversion. Documentation appears procedural and compliant with Section 16 reporting requirements based on the information provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CHARLES F. DOLAN CHILDREN TRUST FBO DEBORAH DOLAN-SWEENEY

(Last) (First) (Middle)

PO BOX 509

(Street)

OYSTER BAY NY 11771

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sphere Entertainment Co. [ SPHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 13(d) Group

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	09/08/2025		J(2)		46,697		(1)	(1)	Class A Common Stock	46,697	(2)	511,089	D

Explanation of Responses:

1. Sphere Entertainment Co. Class B Common Stock ("Class B Common Stock") is convertible at the option of the holder on a share for share basis into Sphere Entertainment Co. Class A Common Stock ("Class A Common Stock").

2. On September 8, 2025, the Reporting Person received the shares of Class B Common Stock in partial repayment of a promissory note. For purposes of the repayment, the shares were valued at $52.2025 per share, the mean of the high and low trading price for the Class A Common Stock on September 8, 2025.

	CHARLES F. DOLAN CHILDREN TRUST FBO DEBORAH DOLAN-SWEENEY By: /s/ Brian G. Sweeney, Attorney-in-fact	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transaction did the Charles F. Dolan Children Trust report on Form 4 for SPHR?

The trust reported receiving 46,697 Class B Common Stock shares on 09/08/2025 as partial repayment of a promissory note (transaction code J).

How were the shares valued in the Form 4 filing for SPHR?

The shares were valued at $52.2025 per share, the mean of the high and low trading price for Class A Common Stock on 09/08/2025.

What is the conversion feature of the reported Class B shares for SPHR?

The filing states Class B Common Stock is convertible at the holder's option on a one-for-one basis into Class A Common Stock.

How many shares does the reporting person beneficially own after the transaction?

Following the transaction the reporting person beneficially owns 511,089 shares of Class A Common Stock (reported as direct ownership).

Who signed the Form 4 filing for the reporting person?

The Form 4 was signed by /s/ Brian G. Sweeney, Attorney-in-fact on 09/10/2025.