Sphere Entertainment Co. (SPHR) Business

Item 1. Business

Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to “we,” “us,” “our,” “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K (this “Form 10-K”) through Sphere Entertainment Group, LLC (“Sphere Entertainment Group”) and MSG Networks Inc. (together with its subsidiaries, “MSG Networks”), and each of their direct and indirect subsidiaries.

The Company (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. (“MSG Sports”). On April 17, 2020 (the “2020 Entertainment Distribution Date”), MSG Sports distributed all outstanding common stock of the Company to MSG Sports’ stockholders (the “2020 Entertainment Distribution”). On July 9, 2021, MSG Networks Inc. merged with a subsidiary of the Company and became a wholly-owned subsidiary of the Company (the “Networks Merger”). On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of MSGE Spinco, Inc. (now known as Madison Square Garden Entertainment Corp. and referred to herein as “MSG Entertainment”) to its stockholders (the “MSGE Distribution”), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the “MSGE Retained Interest”). Following the dispositions of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. In connection with the MSGE Distribution, the Company changed its name to Sphere Entertainment Co.

The Company was originally organized under the laws of the State of Delaware and, on June 4, 2025, redomesticated to the State of Nevada by conversion.

Change in Fiscal Year-End

The Company historically reported on a fiscal year basis ending on June 30th. On June 26, 2024, the Board of Directors approved a change in the Company’s fiscal year-end from June 30 to December 31, effective December 31, 2024, resulting in a six-month transition period from July 1, 2024 to December 31, 2024 (the “Transition Period”). In this Form 10-K, the fiscal years ended June 30, 2024 and 2023 are referred to as “Fiscal Year 2024,” and “Fiscal Year 2023,” respectively, and reflect financial results for the respective twelve-month periods from July 1 to June 30. Unless otherwise noted, all references to “fiscal years” in this Form 10-K refer to the twelve month fiscal years that prior to the Transition Period ended on June 30 and after the Transition Period end on December 31. See Note 3. Change in Fiscal Year-End to the consolidated financial statements included in Item 8 of this Form 10-K for more information.

Overview

The Company is a leader in immersive experiences, technology and media and is comprised of two reportable segments, Sphere and MSG Networks. Sphere® is an experiential medium powered by advanced technologies, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer (“DTC”) and authenticated streaming product.

Sphere: This segment reflects Sphere, an experiential medium powered by advanced technologies that bring storytelling to a new level. The Company’s first Sphere venue opened in Las Vegas on September 29, 2023. The entire exterior surface of Sphere, referred to as the Exosphere®, is covered with nearly 580,000 square feet of fully programmable LED lighting, creating the largest LED screen in the world and an impactful display for artistic and branded content. Inside, the venue features a 16K x 16K interior display plane – the world’s highest-resolution LED screen that wraps up, over, and around the audience creating a fully immersive visual environment. In addition, Sphere’s advanced technologies include Sphere Immersive SoundTM – Sphere’s proprietary audio system – as well as haptic seating and 4D environmental effects. The venue can accommodate up to 20,000 guests and hosts a wide variety of events year-round, including The Sphere ExperienceTM, which features original immersive productions, as well as concerts and residencies from renowned artists, and marquee sports and brand events (formerly referred to as corporate events). Production efforts for Sphere events are supported by Sphere StudiosTM, an immersive content studio dedicated to creating multi-sensory experiences exclusively for Sphere, using proprietary technology, tools and production facilities. Sphere Studios is home to a team of creative, production, technology and software engineering experts who provide full in-house creative and production services. The studio campus in Burbank includes a 68,000-square-foot development facility, as well as Big Dome, a 28,000-square-foot, 100-foot high custom dome, with a quarter-sized version of the interior display plane at Sphere in Las Vegas, that serves as a specialized screening, production facility, and lab for content at Sphere.

The Company is focused on creating a global network of Spheres. We are working with the Department of Culture and Tourism – Abu Dhabi (“DCT Abu Dhabi”) to bring Sphere to Abu Dhabi, United Arab Emirates. In January 2026, the Company, the State of Maryland, Prince George’s County, and Peterson Companies announced the Company’s intent to develop a new Sphere venue at National Harbor, Maryland.

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MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its DTC and authenticated streaming offering, MSG+ (which is included in the Gotham Sports streaming product). MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania and features a wide range of sports content, including exclusive live local games and other programming of the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”), New York Islanders (the “Islanders”), New Jersey Devils (the “Devils”) and Buffalo Sabres (the “Sabres”) of the National Hockey League (the “NHL”), as well as significant coverage of the New York Giants (the “Giants”) and the Buffalo Bills (the “Bills”) of the National Football League (the “NFL”).

Our Strengths

•Leader in immersive experiences and technology, with an experiential medium powered by advanced technologies;

•Two award-winning regional sports and entertainment networks as well as a DTC and authenticated streaming service;

•Established presence in both Las Vegas, a market which attracts more than 40 million visitors each year and has over 2 million local residents, and the New York Designated Market Area – the nation’s largest media market;

•Deep industry relationships across music, entertainment, brands, and sports that drive events to Sphere;

•Focus on world-class guest experience, backed by decades of experience in venue management;

•In-house interdisciplinary team of creative, production, technology and software engineering experts who provide full creative and production services, including strategy and concept, capture, post-production and show production;

•Proven history of successfully planning and executing comprehensive venue design and construction projects;

•Expansive portfolio of patents issued in the U.S. and internationally, and other intellectual property spanning across areas including Sphere venue design, audio delivery, video capture and display, and 4D technologies;

•Exclusive local media rights to live games of five professional New York-area NBA and NHL teams, including agreements with the Knicks and Rangers; and

•A strong and seasoned management team.

Our Strategy

Our strategy is to leverage our Company’s unique assets and brands – which includes an experiential medium powered by advanced technologies, Sphere, and regional sports and entertainment networks – to create world-class experiences for all key stakeholders, including artists, athletes, creatives, guests, viewers, advertisers and marketing partners. Coupled with our continued commitment to innovation, we believe the Company is positioned to generate long-term value for our stockholders.

Key components of our strategy include:

An Experiential Medium Powered by Advanced Technologies: Sphere combines advanced technologies with multi-sensory storytelling to deliver unparalleled immersive experiences. Sphere represents an innovative business model for entertainment venues, with new and expanded revenue opportunities that span across original immersive productions, concerts and residencies, marquee sports and brand events, advertising and sponsorship, and premium hospitality, as well as food, beverage and merchandise.

The Company’s first Sphere opened in September 2023 and is located one block from the Las Vegas Strip.

Sphere in Las Vegas is the world’s largest spherical structure standing at 366 feet tall and 516 feet wide, with a fully-programmable LED exterior – the Exosphere – that offers a powerful global platform for advertisers and marketing partners, as well as artistic content. Inside, the venue’s spaces include the Atrium, food and beverage locations, expo spaces, 23 premium hospitality suites, and more.

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Once inside Sphere’s main venue bowl, guests can experience the full range of the venue’s advanced immersive technologies, including:

•A 16K x 16K LED screen – a 160,000-square foot high-resolution interior display plane that surrounds the audience, creating a fully immersive visual environment.

•Sphere Immersive Sound – an advanced audio system that delivers crystal-clear sound to every seat in Sphere through beamforming and wave field synthesis technology.

•4D multi-sensory technologies – which enable guests to feel experiences such as vibrations, wind, scent and changing temperatures that enhance storytelling.

The Company owns and has strategic investments in key technology component providers to Sphere and has a portfolio of over 60 patents in the U.S. spanning across areas including Sphere venue design, audio delivery, video capture and display, and 4D technologies, and continues to secure international patents to protect our innovations around the world. We have also deployed certain technology outside of Sphere. As an example, in November 2025 we introduced our advanced audio system – Sphere Immersive Sound – at Radio City Music Hall in New York, after previously introducing a version of the system at the Beacon Theatre in New York in July 2022.

Leveraging Sphere’s Unique Capabilities to Drive Venue Utilization: Sphere in Las Vegas was designed and engineered from the ground up to be one of the most highly utilized venues of its size. The venue’s advanced technologies and design enable it to seamlessly accommodate a variety of different event types, with fast turnover between events, and accommodate multiple events per-day, year-round. We believe this allows for Sphere to be more efficiently utilized than traditional large-scale venues.

Developing Original Content: Sphere Studios is dedicated to the development of immersive experiences exclusively for Sphere. Sphere Studios features technology and proprietary tools developed specifically for Sphere that make content creation for this platform seamless. Sphere Studios is home to an interdisciplinary team of creative, production, technology and software engineering experts who provide full in-house creative and production services, including strategy and concept, capture, post-production and show production, and Exosphere content creation. The Company is developing its own content ranging from original immersive productions, purpose-built for Sphere, to a dynamic library of content that can be used by artists or third parties to bring their experiences to life at Sphere – whether for concerts, residencies or marquee and brand events.

Original content that the Company owns is a key aspect of our business model as it allows for the Company’s economic participation as both venue operator and content owner. It also allows the Company to better control event scheduling and reduces the reliance on third-party events. In addition, the Company plans to expand its network of Sphere venues around the world, which would create additional monetization opportunities for the Company’s original content.

•The Sphere Experience. A core content category at Sphere is The Sphere Experience, which takes full advantage of Sphere’s experiential technologies. The Sphere Experience can run multiple times a day, year-round and begins when guests enter the venue’s Atrium, where they can engage with a variety of immersive experiences.

•The experience then continues to the main venue bowl to view an original immersive production. Our productions library currently includes:

◦The Wizard of Oz at Sphere, a fully immersive experience that uses all of Sphere’s advanced technologies to make audiences feel like they have stepped inside The Wizard of Oz. The Wizard of Oz at Sphere showcases Sphere’s storytelling capabilities as a new experiential medium.

◦Postcard from Earth, directed by Academy Award nominee, Darren Aronofsky. This original experience earned critical acclaim for its captivating visuals and use of the venue’s immersive technologies, and brings audiences on a voyage spanning all seven continents; and

◦V-U2, An Immersive Concert Film, directed by Morleigh Steinberg and U2’s The Edge. The film showcases U2’s concert run at Sphere in Las Vegas and allows audiences to feel like they are at the live shows. This is also the first film ever to be shot entirely with Big Sky, the ultra-high-resolution proprietary camera system developed by Sphere Entertainment.

Venue of Choice for Third-Party Events. Sphere in Las Vegas has hosted a wide variety of events, including concerts and residencies from renowned artists, marquee sporting events and premier brand events. On September 29, 2023, global rock band U2 opened the venue, playing a total of 40 sold-out shows. Since then, several other premier acts have played at Sphere, including Phish, Dead &

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Company, Eagles, Anyma, Kenny Chesney, Backstreet Boys, UNITY, and Zac Brown Band. In addition, the Company has hosted Formula 1 annually for a full multi-day takeover of Sphere, since the inaugural Las Vegas Grand Prix in November 2023. In June 2024, Sphere hosted Hewlett Packard Enterprise for the venue’s first corporate keynote event, which showcased how Sphere’s technology and offerings provide a compelling platform for brands to educate and demonstrate. Since then, the Company has hosted high-profile events with premier brands including Delta Air Lines, Google and Lenovo. In June 2024, Sphere hosted the NHL Draft, which became the first live televised event from Sphere. The Company hosted Ultimate Fighting Championship ® (“UFC”) in September 2024 for UFC 306, the first live sports event to take place at Sphere. The Company plans to continue to leverage Sphere’s unique platform, as well as the Company’s deep relationships across music, entertainment, brands and sports, to attract a wide range of events to Sphere in Las Vegas.

Unique Platform for Advertising and Sponsorship: We believe Sphere’s unique platform and technological capabilities offer powerful and premium opportunities for advertisers and marketing partners to engage with audiences. Sphere in Las Vegas can deliver significant exposure to not only the guests that attend events at the venue, but also to the approximately 40 million annual visitors to Las Vegas, the over 2 million local residents, and audiences around the world on social media. Sphere offers bespoke advertising and sponsorship opportunities, including externally with the Exosphere and internally. Sphere runs numerous unique advertising and marketing campaigns for a variety of brands and has entered into multi-year marketing partnership agreements with premier brands, demonstrating the appeal of Sphere’s unique and valuable inventory that is not available in traditional large-scale entertainment venues. As an example, in January 2026, the Company announced Delta Air Lines as the Official Airline of Sphere, and as part of the multi-faceted partnership, the Delta SKY360° Club became Sphere’s first branded hospitality space.

•The Exosphere – The exterior of Sphere in Las Vegas, the Exosphere – the world’s largest LED screen – is covered in 580,000 square feet of fully programmable LED paneling, consisting of approximately 1.2 million LED pucks, spaced eight inches apart. Each puck contains 48 individual LED diodes, with each diode capable of displaying more than 1 billion different colors. With the Exosphere, we have created an impactful digital canvas for brands, events, and advertising and marketing partners to showcase content to audiences around the world. Sphere Studios collaborates with global brands and third-party creators on their Exosphere creatives. Activations on the Exosphere captivate audiences both in Las Vegas and around the world through social media. The Company regularly displays high-impact advertising campaigns with some of the most globally recognized brands, in addition to leveraging new technologies such as audio and interactive gaming to enhance Exosphere offerings.

Pursuing a Global Network and Brand. We believe there are other markets — both domestic and international — where Sphere can be successful and the Company is focused on creating a global network of Spheres. The design of Sphere can accommodate a wide range of sizes and capacities – from large to smaller-scale – based on the needs of the individual market. Leveraging the Sphere brand and creating a network of Sphere venues would allow the Company to pursue several avenues for potential growth, including driving increased bookings and greater advertising and sponsorship opportunities. Furthermore, the Company would have the opportunity to leverage its in-house expertise – including across venue management, design and construction, operations and technology – to drive new revenue streams. An increasing number of Sphere venues would also create additional monetization opportunities for the Company’s original content library. As we explore selectively extending Sphere’s network to additional markets around the world, we intend to utilize several options, such as joint ventures, equity partners, a managed venue or franchise model, sale-leaseback arrangements and debt financing. The Company is working with DCT Abu Dhabi to bring Sphere to Abu Dhabi, United Arab Emirates. We believe that Sphere Abu Dhabi™ – which will echo the scale of Sphere in Las Vegas – will be a landmark addition to this premier international capital city, elevating the entertainment offerings for residents and visitors. In January 2026, the Company, the State of Maryland, Prince George’s County, and Peterson Companies announced our intent to develop a new Sphere venue – which would be the second in the U.S. and first to utilize a smaller-scale design model – at National Harbor, Maryland. We believe the addition of Sphere would drive significant economic, cultural and community benefits for the County, State, and region, and would provide unparalleled immersive experiences powered by advanced technologies.

A Continued Commitment to Innovation in Media. For more than 50 years, MSG Networks has been at the forefront of the industry, pushing the boundaries of regional sports coverage. We continually seek to enhance the value that our networks provide to viewers, advertisers, and distributors by utilizing state-of-the-art technology to deliver high-quality, best-in-class content and live viewing experiences. In June 2023, MSG Networks introduced MSG+, a DTC streaming product (replacing MSG GO), which allows subscribers to access MSG Network and MSG Sportsnet as well as on demand content on smartphones, tablets, computers and other devices. MSG+ is included in the Gotham Sports streaming product, as described below. MSG+ is available on a free, authenticated basis to subscribers of participating Distributors (as defined below) (including all of MSG Networks’ major Distributors), as well as for purchase on a DTC basis. In addition to monthly and annual DTC subscription options, MSG+ also offers single game purchases of MSG Networks’ NBA and NHL teams.

In January 2024, MSG Networks and YES Network (“YES”) announced the formation of Gotham Advanced Media and Entertainment, LLC (“GAME”), a 50/50 joint venture to capitalize on technical and operational synergies associated with YES’ and MSG Networks’ streaming services. GAME combines the streaming expertise of two of the largest regional sports networks in the country, and seeks to combine the collective insight, expertise and best-in-class technology not only to enhance MSG Networks’ and YES’ own streaming products, but also to offer other networks, teams and sports properties an efficient way to launch a state-of-the-art streaming service. In October 2024, through the GAME joint venture, the Gotham Sports streaming product was launched, which

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houses both MSG+ and the YES App, and which is currently available on various digital platforms, including web, mobile and connected TV platforms.

Our Business

Sphere

Sphere is an experiential medium powered by advanced technologies uniquely built for immersive experiences. The first Sphere venue opened in Las Vegas in September 2023. Key design features include:

•A 580,000 square foot, fully-programmable LED Exosphere – the world’s largest LED screen, which consists of approximately 1.2 million LED pucks, spaced eight inches apart. Each puck contains 48 individual LED diodes, with each diode capable of displaying more than 1 billion different colors.

•The main venue bowl featuring a 16K x 16K LED screen – a 160,000-square foot high-resolution interior display plane that surrounds the audience, creating a fully immersive visual environment.

•Sphere Immersive Sound – an advanced audio system that delivers crystal-clear, sound to every seat in Sphere through beamforming and wave field synthesis technology.

•4D multi-sensory technologies – which enable guests to feel experiences such as vibrations, wind, scent and changing temperatures that enhance storytelling.

These technologies come together to create a powerful platform, which we believe makes Sphere the venue of choice for a wide variety of content – including original immersive productions; concerts and residencies from the world’s biggest artists; and marquee sports and brand events. We have also deployed certain technology outside of Sphere. As an example, in November 2025 we introduced our advanced audio system – Sphere Immersive Sound – at Radio City Music Hall in New York, after previously introducing a version of the system at the Beacon Theatre in New York in July 2022.

Sphere in Las Vegas is a 17,600-seat venue with capacity to hold up to 20,000 guests located on land adjacent to The Venetian Resort leased from Venetian Venue Propco, LLC (“The Venetian”). The ground lease has no fixed rent; however, if certain return objectives are achieved, The Venetian will receive 25% of the after-tax cash flow in excess of such objectives. The lease is for a term of 50 years.

Because of the transformative nature of Sphere, we believe there could be other markets — both domestic and international – where Sphere can be successful. The design of future Sphere venues will be flexible to accommodate a range of sizes and capacities – from large to smaller-scale – based on the needs of any individual market.

The Company and DCT Abu Dhabi are working together to bring Sphere to Abu Dhabi, United Arab Emirates. The venue is expected to be located in a prime location in Abu Dhabi and echo the scale of the 20,000-capacity Sphere in Las Vegas. Under the terms of the partnership, the Company receives a franchise initiation fee (a portion of which has been received) in connection with providing DCT Abu Dhabi the right to utilize our proprietary designs, technology, and intellectual property in building the venue. Construction will be funded by DCT Abu Dhabi, with our team of experts providing services related to development, construction, and pre-opening of the venue. Following the venue’s opening, we plan to maintain ongoing arrangements with DCT Abu Dhabi that are expected to include annual fees for creative and artistic content licensed by us, such as Sphere Experiences; use of Sphere’s brand, patents, proprietary technology, and intellectual property; and operational services related to venue operations and technology, as well as commercial and strategic advisory support.

In January 2026, the Company, the State of Maryland, Prince George’s County, and Peterson Companies announced our intent to develop a new Sphere venue – which would be the second in the U.S. and first to utilize a smaller-scale design model with 6,000 seats – at National Harbor, a premier destination in the Washington, D.C. metropolitan area. Any construction, development, financing and operation of a Sphere venue at National Harbor is contingent upon, among other things, negotiation and execution of definitive agreements, as well as receipt of certain governmental incentives and approvals from Prince George’s County and the State of Maryland.

As we continue to explore selectively extending the Sphere network to additional markets around the world, the Company’s intention is to utilize several options, such as joint ventures, equity partners, a managed venue or franchise model, sale-leaseback arrangements and debt financing.

See “Part II — Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Sphere.”

Our Events

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The Sphere Experience. A core content category at Sphere in Las Vegas is The Sphere Experience, which takes full advantage of Sphere’s experiential, technologies to engage the senses and transport audiences. The Sphere Experience can run multiple times a day, year-round and begins when guests enter the venue’s Atrium, where they can engage with a variety of immersive experiences.

The experience then continues to the main venue bowl to view an original immersive production. We are currently showing The Wizard of Oz at Sphere, which debuted in August 2025. The Wizard of Oz at Sphere is a fully immersive experience that uses all of Sphere’s advanced technologies to make audiences feel like they have stepped inside The Wizard of Oz, and showcases Sphere’s storytelling capabilities as an experiential medium. The experience uses technologies, including artificial intelligence and visual effects, to bring The Wizard of Oz to Sphere’s 160,000 square foot interior display plane and takes advantage of Sphere Immersive Sound’s 167,000 programmable speakers to direct sound around the venue. Multi-sensory 4D elements such as high-velocity wind arrays, atmospheric fog, towering fire bursts, and infrasound haptic seats, are leveraged to make audiences feel like they are in the experience alongside the characters. The Wizard of Oz at Sphere has earned both critical and commercial acclaim since opening, including being recognized by industry awards organizations for its technological innovation.

Prior to debuting The Wizard of Oz at Sphere, the venue had already launched two award-winning original productions. The first being Postcard from Earth, directed by Academy Award nominee, Darren Aronofsky. This original film earned critical acclaim for its captivating visuals and use of the venue’s immersive technologies, and offered a unique perspective on the beauty of life on earth. A second production, V-U2 An Immersive Concert Film, was directed by Morleigh Steinberg and U2’s The Edge and captured U2’s concert run at Sphere, allowing audiences to feel like they were at the live shows. This was also the first film ever to be shot entirely with Big Sky, the ultra-high-resolution proprietary camera system developed by Sphere Entertainment.

Live Entertainment: Our Company has deep industry relationships that drive the world’s biggest artists to Sphere in Las Vegas. Global rock band U2 opened Sphere in Las Vegas on September 29, 2023 and performed 40 shows through March 2024. After U2, multi-night runs from artists have included Phish; Dead & Company, which completed 48 shows at Sphere that spanned both 2024 and 2025; and Eagles, which began a multi-month residency at Sphere in September 2024 that is currently Sphere’s longest residency with 58 total shows scheduled through April 2026. The venue has also featured a wide range of artists and genres, including EDM, with Anyma and UNITY both playing multi-show runs; country, with Kenny Chesney and Zac Brown Band playing multi-show runs; and pop, with an extended residency from the Backstreet Boys spanning shows in 2025 and 2026. Upcoming artists scheduled to play the venue in 2026 cover a similarly wide range of genres, and include Illenium, Phish, No Doubt, and Kenny Chesney, in addition to the venue’s first Latin artist, Carin León.

Marquee Sporting and Brand Events: Sphere has hosted a broad array of live events, including the Formula 1 Las Vegas Grand Prix in November 2023, 2024 and 2025, as well as the 2024 NHL Draft, and bespoke brand events with premier companies. In September 2024, Sphere hosted UFC for the first-ever live sports event at Sphere. UFC 306, held at Sphere in Las Vegas on September 14, 2024, set a number of records, including highest-grossing UFC event of all time and highest-grossing single event at Sphere to-date.

Our Advertising, Sponsorship, and Premium Hospitality Partner Offerings

We believe Sphere’s unique platform and technological capabilities offer powerful and premium opportunities for advertisers and marketing partners to engage with audiences. Sphere in Las Vegas can deliver significant exposure not only to the guests that attend events at the venue and the more than 40 million annual visitors to Las Vegas, and the over 2 million local residents, but also around the world on social media. Sphere offers bespoke advertising and sponsorship opportunities, including externally with the Exosphere and internally with immersive galleries, interactive installations, the Atrium, and suites. We believe Sphere in Las Vegas offers advertising and marketing partners unique and valuable inventory that is not available in traditional large-scale entertainment venues.

Sphere also offers premium hospitality products that include 23 suites that are available for annual and multi-year license or single-event use, as well as additional hospitality spaces.

MSG Networks

MSG Networks is an industry leader in sports production, content development and distribution. It includes two award-winning regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its DTC authenticated streaming product, MSG+ (which is included in the Gotham Sports streaming product).

Debuting as the first regional sports network in the country on October 15, 1969, MSG Networks has been a pioneer in regional sports programming for more than 50 years, setting a standard of excellence, creativity and technological innovation. Today, MSG Networks’ exclusive, award-winning programming continues to be a valuable differentiator for viewers, advertisers and the cable, satellite, fiber-optic and other platforms (“Distributors”) that distribute its networks. MSG Network and MSG Sportsnet are distributed throughout all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania, and are also carried nationally by certain Distributors on sports tiers or in similar packages.

In June 2023, MSG Networks introduced MSG+, a DTC and authenticated streaming product (replacing MSG GO), which allows subscribers to access MSG Network and MSG Sportsnet and on demand content across devices. MSG+ is available on a free,

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authenticated basis to subscribers of participating Distributors (including all of MSG Networks’ major Distributors), as well as for purchase by viewers on a DTC basis. In addition to monthly and annual DTC subscription options, MSG+ also offers single game purchases of MSG Networks’ NBA and NHL game telecasts.

MSG Network and MSG Sportsnet had an average combined reach of approximately 2.9 million viewing subscribers (as of November 2025, the most recent available monthly information) in our Regional Territory, inclusive of annual and monthly subscribers to MSG+.

Throughout its history, MSG Networks has been at the forefront of the industry, pushing the boundaries of regional sports coverage. In the process, its networks have become a powerful platform for some of the world’s greatest athletes and entertainers. MSG Networks’ commitment to programming excellence has earned it a reputation for best-in-class programming, production, marketing, and technical innovation. It has won more New York Emmy Awards for live sports and original programming over the past 10 years than any other regional sports network in the region.

The foundation of MSG Networks’ programming is its professional sports coverage. MSG Network and MSG Sportsnet feature a wide range of compelling sports content, including exclusive live local games and other programming of the Knicks, Rangers, Islanders, Devils and Sabres, as well as significant coverage of the NFL’s Giants and Bills. MSG Networks also showcases a wide array of other sports and entertainment programming, which includes Westchester Knicks basketball, NY/NJ Gotham FC of the National Women’s Soccer League, the New York Sirens of the Professional Women’s Hockey League (PWHL), college sporting events, as well as horse racing, soccer, poker, tennis, pickleball and boxing programs.

MSG Network and MSG Sportsnet collectively air hundreds of live professional games each year, along with a comprehensive lineup of other sporting events and original programming designed to give fans behind-the-scenes access and insight into the teams and players they love. This content includes pre- and post-game coverage throughout the seasons, along with team-related programming that features coaches and players, all of which capitalizes on the enthusiasm for the teams featured on MSG Network and MSG Sportsnet.

MSG Networks is also positioned as a premium destination for sports gaming content. MSG Networks produces original sports betting shows and segments featuring a mix of sports gaming experts and former New York athletes covering betting-related topics across the sports world.

In January 2024 MSG Networks and YES announced the formation of GAME, a 50/50 joint venture aimed at capitalizing on technical and operational synergies associated with MSG Networks’ and YES’ streaming services. GAME combines the streaming expertise of two of the largest regional sports networks in the country, and seeks to combine the collective insight, expertise and best-in-class technology not only to enhance MSG Networks’ and YES’ streaming products, but also to offer other networks, teams and sports properties an efficient way to launch a state-of-the-art streaming service. In October 2024, through the GAME joint venture, the Gotham Sports streaming product was launched, which houses both MSG+ and the YES App, and which is currently available on various digital platforms, including web, mobile and connected TV platforms.

Intellectual Property

We create, own and license intellectual property in the countries in which we operate, have operated or intend to operate, and it is our practice to protect our trademarks, brands, copyrights, inventions and other original and acquired works. We have filed applications for many, and have registered some, of our trademarks in the United States and certain other countries in which we operate or intend to operate and/or promote Sphere. Additionally, we have filed and continue to file for patent protection in the countries where we operate or plan to operate, and we have been issued patents for key elements of Sphere. Our registrations and applications relate to trademarks and inventions associated with, among other of our brands, Sphere, The Sphere Experience, Exosphere, Sphere Studios, Sphere Immersive Sound and MSG Networks. We believe our ability to maintain and monetize our intellectual property rights, including the technology and content developed for Sphere, The Sphere Experience, MSG Networks (including our DTC and authenticated streaming product, MSG+, which is included in the Gotham Sports streaming product), and our brand logos, are important to our business, our brand-building efforts and the marketing of our products and services. We cannot predict, however, whether steps taken by us to protect our proprietary rights will be adequate to allow for registration, prevent misappropriation of these rights or protect against vulnerability to oppositions or cancellation actions due to non-use. See “— Item 1A. Risk Factors — Risks Related to Cybersecurity and Intellectual Property — We Have in the Past and May in the Future Become Subject to Infringement or Other Claims Relating to Our Content or Technology. ” and “— Theft of Our Intellectual Property May Have a Material Negative Effect on Our Business and Results of Operations.”

Other Investments

Our Company explores investment opportunities that strengthen its existing position within the entertainment landscape and/or allow

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us to exploit our assets and core competencies for growth.

In Fiscal Year 2019, the Company acquired a 30% interest in SACO Technologies Inc. (“SACO”), a global provider of high-performance LED video lighting and media solutions. The Company utilized SACO as a preferred display technology provider for Sphere in Las Vegas. In addition, the Company also has other investments in various entertainment and related technology companies, accounted for under the equity method.

See Note 8. Investments, to the consolidated financial statements included in Item 8 of this Form 10-K for further details.

Our Community

Each year, the Company invites thousands of public-school students to Sphere for showings of The Sphere Experience. The Company also supports programs focused on STEAM (Science, Technology, Engineering, Arts, and Mathematics) education for young people in the community.

In 2024, Sphere launched the inaugural XO Student Design Challenge, an annual community collaboration between Sphere, the Clark County School District (“CCSD”), and the University of Nevada, Las Vegas (“UNLV”). The Student Design Challenge invites more than 100,000 Clark County, Nevada-based students – from elementary school to graduate school – to create art for the Exosphere, Sphere’s LED exterior, with eight students winning the opportunity to have their artwork displayed on the Exosphere. In addition, the four winners from CCSD high schools and the four winners from UNLV each receive a $10,000 educational scholarship from the Company. The four winners from CCSD elementary and middle schools each earn a $10,000 donation from the Company to their school’s art program, along with tickets for their entire school to attend The Sphere Experience. The Company announced the winners of the first annual challenge in July 2024, with the second annual Student Design Challenge winners announced in April 2025. The third annual Challenge is currently ongoing, with the winners expected to be announced in March 2026.

The Company is also dedicated to effecting positive change through other social impact and cause-related initiatives in the community, including distributing food to those in need, giving back-to-school supplies to young people, and other in-kind donations such as ticket donations to local non-profit organizations.

Regulation

The rules, regulations, policies and procedures affecting our business are subject to change. The following paragraphs describe the existing legal and regulatory requirements that are most significant to our business today; they do not purport to describe all present and proposed laws and regulations affecting our business.

Our business is subject to the general powers of federal, state and local government, as well as foreign governmental authorities, to deal with matters of health, public safety and operations.

Venue Licenses

Sphere, like all public spaces, is subject to building and health codes and fire regulations imposed by state and local government, as well as zoning and outdoor advertising and signage regulations. Sphere requires a number of licenses to operate, including, but not limited to, occupancy permits, exhibition licenses, food and beverage permits, liquor licenses, signage entitlements and other authorizations. We are also subject to statutes that generally provide that serving alcohol to a visibly intoxicated or minor guest is a violation of the law and may provide for strict liability for certain damages arising out of such violations. In addition, we are subject to the federal Americans with Disabilities Act (and related state and local statutes), which requires us to maintain certain accessibility features at our facilities. We are also subject to environmental laws and regulations. See “ Item 1A. Risk Factors — Operational and Economic Risks — We Are Subject to Extensive Governmental Regulation and Changes in These Regulations and Our Failure to Comply with Them May Have a Material Negative Effect on Our Business and Results of Operations.”

Labor

Our business is also subject to regulation regarding working conditions, overtime and minimum wage requirements. See “Item 1A. Risk Factors — Operational and Economic Risks —Labor Matters May Have a Material Negative Effect on Our Business and Results of Operations.”

Ticket Sales

Our business is subject to legislation governing the sale and resale of tickets and consumer protection statutes generally.

Data and Privacy

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We are subject to data privacy and protection laws, regulations, policies and contractual obligations that apply to the collection, transmission, storage, processing and use of personal information or personal data, which among other things, impose certain requirements relating to the privacy and security of personal information. The variety of laws and regulations governing data privacy and protection, and the use of the internet as a commercial medium are rapidly evolving, extensive and complex, and may include provisions and obligations that are inconsistent with one another or uncertain in their scope or application.

The data protection landscape continues to evolve in the United States. For example, California passed a comprehensive data privacy law, the California Consumer Privacy Act of 2018 (the “CCPA”), and numerous other states including New Jersey, Virginia, Colorado, Utah and Connecticut have also passed similar laws, and various additional states may do so in the near future. Additionally, the California Privacy Rights Act (the “CPRA”) imposes additional data protection obligations on covered businesses, including additional consumer rights procedures and obligations, limitations on data uses, new audit requirements for higher risk data, and constraints on certain uses of sensitive data. The majority of the CPRA provisions went into effect on January 1, 2023. Outside of the United States, the European Union’s General Data Protection Regulations (“GDPR”) impose data security and security breach obligations in the European Union. Additionally, at the federal level, our MSG Networks’ video content delivered via the Internet may in some cases be subject to the privacy requirements of the Video Privacy Protection Act (“VPPA”). Further, there are several legislative proposals in the United States, at both the federal and state level, that could impose new privacy and security obligations.

In addition, governmental authorities and private litigants continue to bring actions against companies for online collection, use, dissemination and security practices that are unfair or deceptive.

International Operations

Our international operations are subject to laws and regulations of the countries in which they operate, as well as international bodies, such as the European Union. We are subject to laws and regulations relating to, among other things, foreign privacy and data protection, such as the E.U. GDPR, currency and repatriation of funds, anti-money laundering, anti-bribery and anti-corruption, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, export controls and sanctions. These laws and regulations apply to the activities of the Company and, in some cases, to individual directors, officers and employees of the Company and agents acting on our behalf. Certain of these laws impose stringent requirements on how we can conduct our foreign operations and could place restrictions on our business and partnering activities.

FCC Regulations

Our MSG Networks business is also subject to regulation by the Federal Communications Commission (the “FCC”). The FCC imposes regulations directly on programming networks and also on certain Distributors in a manner that affects programming networks indirectly.

Accessibility

Under FCC rules, our programming networks, websites and mobile applications must meet certain requirements for access by persons with disabilities. Most notably, our programming networks must provide closed captioning of video programming for the hearing impaired and meet certain captioning quality standards. The FCC and certain of our affiliation agreements require us to certify compliance with such standards. We are also required to provide closed captioning on certain video content delivered via the Internet, and ensure that our website and applications offering video content comply with certain captioning functionality and other requirements.

Commercial Loudness

FCC rules require multichannel video programming distributors (“MVPDs”) to ensure that all commercials comply with specified volume standards, and certain of our affiliation agreements require us to certify compliance with such standards. Certain states have adopted, or are contemplating adopting, similar volume standards applicable to certain video content delivered via the Internet.

Advertising Restrictions on Children’s Programming

Any programming intended primarily for children 12 years of age and under and associated Internet websites that we may offer must comply with certain limits on commercial matter and certain of our affiliation agreements require us to certify compliance with such standards.

Obscenity Restrictions

Distributors are prohibited from transmitting obscene programming, and certain of our affiliation agreements require us to refrain from including such programming on our networks.

Program Carriage

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The FCC’s program carriage rules prohibit Distributors from favoring their affiliated programming networks over unaffiliated similarly situated programming networks in the rates, terms and conditions of carriage agreements between programming networks and cable operators or other MVPDs. FCC interpretations of these rules, however, have made it more difficult for our programming networks to challenge a Distributor’s decision to decline to carry one of our programming networks or to discriminate against one of our programming networks.

Packaging and Pricing

The FCC periodically considers examining whether to adopt rules regulating how programmers package and price their networks, such as whether programming networks require Distributors to purchase and carry undesired programming in return for the right to carry desired programming and, if so, whether such arrangements should be prohibited.

Effect of “Must-Carry” and Retransmission Consent Requirements

The FCC’s implementation of the statutory “must-carry” obligations requires cable and satellite Distributors to give broadcasters preferential access to channel space, and the implementation of “retransmission consent” requirements allow broadcasters to extract compensation, whether monetary or mandated carriage of affiliated content, in return for permission to carry their networks. These rules may reduce the amount of channel space that is available for carriage of our programming networks and the amount of funds that Distributors have to pay us for our networks.

Website and Application Requirements

Our Sphere and MSG Networks businesses are also subject to certain regulations applicable to our Internet websites and applications. We maintain various websites and applications that provide information and content regarding our business, offer merchandise and tickets for sale, offer live and on-demand streaming content, make available sweepstakes and/or contests and offer hospitality services. The operation of these websites and applications may be subject to third-party application store requirements, as well as a range of federal, state and local laws including those related to privacy and protection of personal information, accessibility for persons with disabilities and consumer protection regulations. In addition, to the extent any of our websites seek to collect information from children under 13 years of age, they may be subject to the Children’s Online Privacy Protection Act, which places restrictions on websites’ and online services’ collection and use of personally identifiable information online from children under age 13 without parental consent.

Competition

Competition in Our Sphere Business

Our Sphere business competes, in certain respects and to varying degrees, for guests, advertisers and marketing partners with other leisure-time activities and entertainment options such as other live performances, sporting events, music festivals, television, radio, motion pictures, restaurants and nightlife venues, the Internet, social media and social networking platforms, online and mobile services, and the large number of other entertainment and public attraction options available to members of the public, advertisers and marketing partners. While Sphere offers first-of-its-kind immersive opportunities, our Sphere business typically represents a competing use for the public’s entertainment dollars, as well as corporate advertising and sponsorship dollars. The primary geographic area in which we operate, Las Vegas, is a highly competitive entertainment destination, with numerous showrooms, stadiums and arenas, performance residencies, museums, galleries and other attractions available to the public. We compete with these other entertainment and advertising options on the basis of the quality and pricing of our offerings and the public’s interest in our content and advertising and marketing partnership offerings.

We compete for bookings with a large number of other venues, both in Las Vegas where Sphere is located and in alternative locations capable of booking traditional productions and events, which venues may be more familiar to performers who may not be willing to take advantage of the immersive experiences and next generation technologies that Sphere offers (which generally cannot be re-used in other venues). Generally, we compete for bookings on the basis of the size, quality, expense and nature of the venue required for the booking. Some of our competitors may have a larger network of venues and/or greater financial resources. See “Item 1A. Risk Factors — Operational and Economic Risks — Our Businesses Face Intense and Wide-Ranging Competition That May Have a Material Negative Effect on Our Business and Results of Operations.”

Competition in Our MSG Networks Business

Distribution of Programming Networks

The business of distributing programming networks is highly competitive. Our programming networks face competition from other programming networks, including national networks and other regional sports and entertainment networks, for the right to be carried by a particular Distributor, and for the right to be carried in a manner that will attract the most subscribers, including on particular tiers. Once a programming network of ours is carried by a Distributor, that network competes for viewers not only with the other

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programming networks available through the Distributor, but also with other content offerings such as: pay-per-view programming; video on demand offerings; Internet and online streaming services (e.g., DTC and on demand services, free advertiser-supported streaming television (“FAST”) channels, etc.); mobile, connected TV and other applications; social media and social networking platforms; radio; print media; motion picture theaters; home video; and other sources of information, sporting events and entertainment. Each of the following competitive factors is important to our networks: the prices we charge for our programming networks; the variety, quantity and quality (in particular, the performance of the sports teams whose media rights we control), of the programming offered on our networks; and the effectiveness of our marketing efforts.

Our ability to successfully compete with other programming networks for distribution may be hampered because the Distributors may be affiliated with those other programming networks. In addition, because such affiliated Distributors may have a substantial number of subscribers, the ability of such competing programming networks to obtain distribution on affiliated Distributors may lead to increased subscriber and advertising revenue for such networks because of their increased penetration compared to our programming networks. Even if such affiliated Distributors carry our programming networks, there is no assurance that such Distributors will not place their affiliated programming network on more desirable tier(s) or otherwise favor their affiliated programming network, thereby giving the affiliated programming network a competitive advantage over our own.

New or existing programming networks that are owned by, affiliated or otherwise partnered with, broadcast networks such as NBC, ABC, CBS or Fox, or broadcast station owners such as Sinclair, may have a competitive advantage over our networks in obtaining distribution through the “bundling” of agreements to carry those programming networks with the agreement giving the Distributor the right to carry a broadcast station, or group of other programming networks, owned by, affiliated or otherwise partnered with, the network.

In addition, content providers (such as certain broadcast and cable networks) and new content developers, Distributors and syndicators are distributing programming directly to consumers on a DTC basis. In addition to existing DTC streaming services such as Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max and Peacock, additional services have launched and more will likely launch in the near term, which may include sports-focused services that may compete with our networks for viewers and advertising revenue. For example, each of Fox (including Fox sports content) and ESPN launched their own DTC subscription streaming products in 2025 and similar offerings could be launched in the future that compete with our networks. Such DTC distribution of content has contributed to consumers eliminating or downgrading their pay television subscription, which results in certain consumers not receiving our programming networks. We introduced our own DTC product, MSG+, in June 2023 (which is included in the Gotham Sports streaming product), which provides consumers an alternative to accessing our programming through our Distributors, but there can be no assurance that we will successfully execute our strategy for such offering. In addition, the success of our DTC product depends on a number of factors, including competition from other DTC products, such as offerings from other regional sports networks. See “Item 1A. Risk Factors — Operational and Economic Risks — Our Businesses Face Intense and Wide-Ranging Competition That May Have a Material Negative Effect on Our Business and Results of Operations.” and “ Item 1A. Risk Factors — Risks Related to Our MSG Networks Business — We May Not Be Able to Adapt to New Content Distribution Platforms or to Changes in Consumer Behavior Resulting From Emerging Technologies, Which May Have a Material Negative Effect on Our Business and Results of Operations.”

Sources of Programming

We also compete with other networks and other distribution outlets to secure desired programming, including sports-related programming. Competition for programming increases as the number of programming networks and distribution outlets, including, but not limited to, streaming outlets, increases. Other programming networks, or distribution outlets, that are affiliated with or otherwise have larger relationships with programming sources such as sports teams or leagues, movie or television studios, or film libraries may have a competitive advantage over us in this area.

Competition for Sports Programming Sources

Because the loyalty of the sports viewing audience to a sports programming network is primarily driven by loyalty to a particular team or teams, access to adequate sources of sports programming is particularly critical to our networks. In connection with the spinoff of MSG Sports from MSG Networks in September 2015 (the “2015 Sports Distribution”), MSG Networks entered into media rights agreements with the Knicks and Rangers providing MSG Networks with the exclusive live local media rights to their games. MSG Networks also has multi-year media rights agreements with the Islanders, Devils and Sabres. Our rights with respect to these professional teams may be limited in certain circumstances due to rules imposed by the leagues in which they compete. Our programming networks compete for telecast rights for teams or events principally with national or regional programming networks that specialize in, or carry, sports programming, local and national commercial broadcast television networks, independent syndicators that acquire and resell such rights nationally, regionally and locally, streaming outlets and other Internet and mobile-based distributors of programming. Some of our competitors may own or control, or are owned or controlled by, or otherwise affiliated with, sports teams, leagues or sports promoters, which gives them an advantage in obtaining telecast rights for such teams or sports. For example,

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the New York Yankees have an ownership interest in YES. Distributors may also contract directly with the sports teams in their local service areas for the right to distribute games on their platforms.

The increasing amount of sports programming available on a national basis, including pursuant to national media rights arrangements (e.g., NBA on ABC, ESPN, ESPN+, NBC, Peacock and Amazon, and NHL on ABC, ESPN, Hulu, ESPN+, TNT and HBO Max), as part of league-controlled sports programming networks (e.g., NBA TV and NHL Network), in out-of-market packages (e.g., NBA League Pass and NHL Center Ice/ESPN+), league and other websites, mobile applications and streaming outlets, may have an adverse impact on our competitive position as our programming networks compete for distribution and for viewers. For example, in July 2024, the NBA finalized new national media rights arrangements with Disney/ESPN, NBC Universal/Peacock, and Amazon, which beginning with the 2025-26 NBA season, increased the total number of NBA (and each team’s) games that can be selected for distribution by national broadcasters (which, for the 2025-26 NBA season, is expected to result in a reduction in the number of NBA games available for exclusive exhibition by our networks as compared to the 2024-25 NBA season).

Competition for Advertising Revenue

The level of our advertising revenue depends in part upon unpredictable and volatile factors beyond our control, such as viewer preferences, traditional linear viewing versus digital streaming trends, ad-supported streaming services, the performance of the sports teams whose media rights we control, the quality and appeal of the competing programming and the availability of other entertainment activities. See “ Item 1A. Risk Factors — Risks Related to Our MSG Networks Business — We Derive Substantial Revenues From the Sale of Advertising and Those Revenues Are Subject to a Number of Factors, Many of Which Are Beyond Our Control.”

Human Capital Resources

We believe the strength of our workforce is one of the significant contributors to our success. Our key human capital management objectives are to invest in and support our employees in order to attract, develop and retain a high performing workforce.

Talent

As of December 31, 2025, we had approximately 1,100 full-time union and non-union employees and approximately 2,200 part-time union and non-union employees.

As of December 31, 2025, approximately 16% of our employees were subject to collective bargaining agreements (“CBAs”). Approximately 0% of those union employees are subject to CBAs that expired as of December 31, 2025 and approximately 14% are subject to CBAs that will expire by December 31, 2026 if they are not extended prior thereto. Labor relations can be volatile, though our current relationships with our unions taken as a whole are positive. We have from time to time faced labor action or had to make contingency plans because of threatened or potential labor actions.

We are committed to fostering a strong, inclusive workplace community where all employees feel supported, valued and empowered to grow. Our approach includes:

A culture of accountability

Our performance management practices promote transparency, accountability and alignment with our business goals. Through ongoing, actionable feedback and development-focused conversations, we support individual growth and recognize contributions at every level. Continuous learning is also promoted and supported through an online learning platform and tuition assistance.

Supporting total well-being

Our benefit offerings are designed to meet the range of needs of our diverse workforce and include: domestic partner coverage; medical, dental and vision plan options; life insurance benefits for the employee and their dependents; a 401k plan with employer match; an employee assistance program which also provides assistance with child and elder care resources; legal support; pet insurance; wellness programs and financial planning seminars. These resources are intended to support the physical, emotional and financial well-being of our employees.

Meaningful employee engagement programs

We invest in meaningful programming that builds connections, recognition and a sense of belonging across our workforce. From culture-focused campaigns and milestone celebrations to our employee resource groups and employee recognition, these efforts reinforce our shared purpose of bringing wonder to the world.

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Financial Information about Segments and Geographic Areas

Substantially all revenues and assets of the Company’s reportable segments are attributed to or located in the United States. A majority of the Company’s revenues and assets are concentrated in the New York City metropolitan area and Las Vegas. Financial information by business segments for each of the years ended December 31, 2025 and 2024, the six months ended December 31, 2024 and 2023, and the years ended June 30, 2024 and 2023 is set forth in “Part II — Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Financial information by business segments for the year ended December 31, 2025, the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023 is set forth in “Part II — Item 8. Financial Statements and Supplementary Data — Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 20. Segment Information.”

Available Information

Our telephone number is (725) 258-0001, our website is http://www.sphereentertainmentco.com and the investor relations section of our website is http://investor.sphereentertainmentco.com. We make available, free of charge through the investor relations section of our website, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Copies of these filings are also available on the SEC’s website. References to our website in this report are provided as a convenience and the information contained on, or available through, our website is not part of this or any other report we file with or furnish to the SEC.

Investor Relations can be contacted at Sphere Entertainment Co., Two Penn Plaza, New York, New York 10121, Attn: Investor Relations, telephone: 212-465-6618, e-mail: investor@thesphere.com. We use the following, as well as other social media channels, to disclose public information to investors, the media and others:

•Our website (www.sphereentertainmentco.com);

•Our LinkedIn account (www.linkedin.com/company/sphere-entertainment-co/);

•Our X (formerly Twitter) account (x.com/SphereVegas); and

•Our Instagram account (instagram.com/spherevegas).

Our officers may use similar social media channels to disclose public information. It is possible that certain information we or our officers post on our website and on social media could be deemed material, and we encourage investors, the media and others interested in Sphere Entertainment to review the business and financial information we or our officers post on our website and on the social media channels identified above. The information on our website and those social media channels is not incorporated by reference into this Form 10-K.