[Form 4] Sphere Entertainment Co. Insider Trading Activity

Rhea-AI Filing Summary

Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan reported receiving 56,947 shares of Sphere Entertainment Co. Class B Common Stock on September 8, 2025. The filing states these shares were received in partial repayment of a promissory note and were valued for the repayment at $52.2025 per share, the mean of the high and low trading price for Sphere's Class A Common Stock on that date.

The Class B shares are convertible at the holder's option on a one-for-one basis into Class A Common Stock. After the transaction the reporting person beneficially owned 56,947 shares of Class A Common Stock equivalently. The Form 4 was signed by an attorney-in-fact on behalf of the trust on September 10, 2025.

Positive

• Reporting person acquired 56,947 shares of Sphere Entertainment Co. Class B Common Stock on 09/08/2025
• Valuation method disclosed: shares valued at $52.2025 per share (midpoint of Class A trading high/low on 09/08/2025)
• Class B shares are convertible one-for-one into Class A Common Stock, preserving economic equivalence

Negative

• None.

Insights

Financial Analyst

TL;DR Insider received 56,947 Class B shares via promissory note repayment; value disclosed at $52.2025 per share, a routine non-market purchase method.

The transaction increases the reporting person's beneficial ownership by 56,947 shares through conversion-eligible Class B stock received as repayment of debt. The filing discloses an explicit valuation method tied to the Class A trading midpoint on the transaction date, which clarifies fair-value treatment for the repayment. This is a financing/debt settlement event rather than an open-market acquisition or sale, so near-term market impact is likely limited absent further sales or conversions.

Corporate Governance Expert

TL;DR Debt repayment settled in Class B shares; convertible status maintains voting/economic alignment but warrants monitoring of future conversions or dispositions.

The Form 4 clearly states the securities are Class B Common Stock convertible one-for-one into Class A Common Stock, and the transfer resulted from partial repayment of a promissory note. From a governance perspective, use of equity to settle debt can affect insider ownership structure and potential voting dynamics if conversion or further transfers occur. The filing is properly executed by an attorney-in-fact and contains the required explanatory disclosure about valuation.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 2009 FAMILY TRUST FBO PATRICK F. DOLAN

(Last) (First) (Middle)

C/O DOLAN FAMILY OFFICE

340 CROSSWAYS PARK DRIVE

(Street)

WOODBURY NY 11797

(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)		56,947		(1)	(1)	Class A Common Stock	56,947	(2)	56,947	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 2009 FAMILY TRUST FBO PATRICK F. DOLAN 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.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did the Form 4 for SPHR report?

The Form 4 reports that the Charles F. Dolan 2009 Family Trust received 56,947 shares of Sphere Entertainment Co. Class B Common Stock on September 8, 2025 in partial repayment of a promissory note.

At what price were the shares valued for 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.

Are the Class B shares convertible into Class A shares?

Yes. The filing states Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.

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

Following the reported transaction the reporting person beneficially owned 56,947 shares (reported as Class A Common Stock equivalent in the filing).

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Brian G. Sweeney, Attorney-in-fact for the reporting person on September 10, 2025.