Ariel's 7.1M Shares Represent 24.4% of SPHR Class A Stock

Rhea-AI Filing Summary

Sphere Entertainment Co Schedule 13G/A filed by Ariel Investments, LLC reports beneficial ownership of 7,100,237 shares of Class A common stock, representing 24.4% of the class. Ariel reports sole voting power over 6,345,811 shares and sole dispositive power over 7,100,237 shares. The filing identifies Ariel as an investment adviser organized in Delaware and cites CUSIP 55826T102 and Amendment No. 11.

Ariel states these securities are held in the ordinary course of business and were not acquired to change or influence control. Ariel Fund 2,876,586 shares, an economic interest exceeding 5% of the reported securities.

Positive

• Substantial institutional stake disclosed: Ariel beneficially owns 7,100,237 shares (24.4% of Class A).
• Clear voting/dispositive detail: Sole voting power on 6,345,811 shares and sole dispositive power on 7,100,237 shares are reported.
• Passive intent certified: The filer states the securities are held in the ordinary course of business and not to change control.
• Identified affiliated holding: Ariel Fund holds 2,876,586 shares 5%).

Negative

• None.

Insights

Financial Analyst

TL;DR: Ariel reports a substantial 24.4% passive stake in SPHR with sole dispositive control of 7.1M shares.

The Schedule 13G/A discloses Ariel Investments' beneficial ownership of 7,100,237 Class A shares (24.4% of the class). The filing shows Ariel holds sole voting power for 6,345,811 shares and sole dispositive power for the full 7,100,237 shares. The filer classifies itself as an investment adviser and certifies the holdings are held in the ordinary course of business and not for the purpose of changing control. Ariel Fund holds 2,876,586 shares as a separately identified economic interest.

Corporate Governance Expert

TL;DR: Disclosure reflects concentrated institutional ownership but the filer affirms passive intent under Schedule 13G.

The report provides clear ownership detail: 24.4% of the Class A shares with specified sole voting and dispositive powers. The filing is a Schedule 13G/A

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Sphere Entertainment Co

(Name of Issuer)

Common Stock SH CL A

(Title of Class of Securities)

55826T102

(CUSIP Number)

06/30/2025

(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 6,345,811.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,100,237.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,100,237.00

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)

24.4 %

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 Penn Plaza, New York, US-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 LIMITED LIABILITY COMPANY
(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: 7,100,237
(b)	Percent of class: 24.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,345,811
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,100,237
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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. Ariel Fund, a series of Ariel Investment Trust, an open-end management investment company, owns 2,876,586 shares of the Issuer which represents 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:	08/13/2025

FAQ

How many SPHR shares does Ariel Investments report owning?

Ariel Investments reports beneficial ownership of 7,100,237 Class A shares of Sphere Entertainment (SPHR).

What percentage of SPHR does Ariel Investments own?

The filing states Ariel's holdings represent 24.4% of the Class A shares reported on this Schedule.

How much voting power does Ariel report for SPHR?

Ariel reports sole voting power over 6,345,811 shares and shared voting power of 0 shares.

Does Ariel claim the stake is passive or activist?

Ariel certifies the securities are held in the ordinary course of business and were not acquired to change or influence control, consistent with a Schedule 13G passive filing.

Does any Ariel-affiliated fund hold SPHR shares?

Yes. Ariel Fund, a series of Ariel Investment Trust, owns 2,876,586 shares, representing an economic interest in excess of 5% of the reported securities.