Ariel discloses 11.1% passive stake in Sphere Entertainment (NYSE: SPHR)

Rhea-AI Filing Summary

Ariel Investments, LLC has disclosed a significant passive stake in Sphere Entertainment Co. As of 12/31/2025, Ariel reports beneficial ownership of 3,168,534 shares of Class A common stock, representing 11.1% of the class. Ariel has sole voting power over 2,780,058 shares and sole dispositive power over 3,168,534 shares, with no shared voting or dispositive power.

The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Sphere Entertainment. Ariel’s adviser clients are entitled to dividends and sale proceeds from these shares, but no single client holds more than 5% of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 14)

Sphere Entertainment Co

(Name of Issuer)

Common Stock SH CL A

(Title of Class of Securities)

55826T102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 55826T102

1

Names of Reporting Persons

Ariel Investments, 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 2,780,058.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,168,534.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,168,534.00

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)

11.1 %

12

Type of Reporting Person (See Instructions)

IA

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, US
Item 2.
(a)	Name of person filing: Ariel Investments, LLC
(b)	Address or principal business office or, if none, residence: 200 E. Randolph Street, Suite 2900, Chicago, 60601, United States
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock SH CL A
(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: 3,168,534
(b)	Percent of class: 11.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,780,058
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,168,534
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Ariel Investments, LLC's adviser clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, all securities reported upon this Schedule. None of Ariel Investments, LLC's clients have an economic interest in more than 5% of the subject securities reported upon this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

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.

Ariel Investments, LLC

Signature:	James Prescott
Name/Title:	Vice President, Compliance
Date:	02/13/2026

FAQ

What stake does Ariel Investments hold in Sphere Entertainment Co (SPHR)?

Ariel Investments beneficially owns 3,168,534 shares of Sphere Entertainment Co Class A common stock, representing 11.1% of the outstanding class as of 12/31/2025. This makes Ariel a significant institutional holder under Schedule 13G reporting rules.

Does Ariel Investments seek control of Sphere Entertainment Co (SPHR)?

No. Ariel certifies the shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Sphere Entertainment. The position is reported on a Schedule 13G/A, typically used for passive investors.

How many SPHR shares can Ariel Investments vote and dispose of?

Ariel Investments reports sole voting power over 2,780,058 shares and sole dispositive power over 3,168,534 shares of Sphere Entertainment Class A common stock. It reports zero shared voting and zero shared dispositive power over these securities.

Who ultimately benefits from Ariel Investments’ SPHR holdings?

Ariel states its adviser clients have the right to receive dividends and sale proceeds from all reported Sphere Entertainment securities. However, none of Ariel’s clients has an economic interest in more than 5% of the class of SPHR shares.

Why did Ariel Investments file an Amendment No. 14 Schedule 13G/A for SPHR?

The Amendment No. 14 Schedule 13G/A updates Ariel’s beneficial ownership in Sphere Entertainment as of 12/31/2025. Because Ariel holds more than 5% of the class, it must periodically amend its filing to reflect current ownership levels and control intentions.

What type of security in SPHR does Ariel Investments own?

Ariel Investments holds Common Stock SH CL A of Sphere Entertainment Co, identified by CUSIP 55826T102. These are the company’s Class A common shares, which carry the voting and economic rights described in the ownership section of the filing.