Direct operating expenses

$ 536,203

$ 1,026,889

$ 573,831

$ 610,055

(306,871)

Selling, general and administrative expenses

(254,263)

(165,232)

(256,494)

(103,375)

(124,629)

(65,233)

(121,473)

224,831

3,045

(5,164)

(9,486)

(260,560)

(341,241)

(273,042)

(165,737)

11,413

25,687

11,585

3,575

(57,388)

(79,868)

0

(Loss) income from continuing operations before income taxes

(44)

35,197

536,887

(5,518)

(306,579)

(360,225)

275,430

(167,680)

Income tax benefit (expense)

75,346

135,592

(103,403)

29,830

(Loss) income from continuing operations

(231,233)

(224,633)

172,027

(137,850)

Income (loss) from discontinued operations, net of taxes

0

23,984

333,653

(52,297)

Less: Net income attributable to redeemable noncontrolling interests from discontinued operations

(231,233)

(200,649)

505,680

(190,147)

0

3,925

7,739

Net (loss) income attributable to Sphere Entertainment Co.’s stockholders

$ (231,233)

$ (200,649)

$ 502,772

$ (194,395)

Basic (loss) earnings per common share

Continuing operations, basic (in dollars per share)

$ (6.45)

$ (6.36)

$ 4.96

$ (4.02)

Discontinued operations, basic (in dollars per share)

0

0.68

9.55

(1.75)

Basic (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)

(6.45)

(5.68)

14.51

(5.77)

Diluted (loss) earnings per common share

Continuing operations, diluted (in dollars per share)

(6.45)

(6.36)

4.93

(4.02)

Discontinued operations, diluted (in dollars per share)

0

0.68

9.47

(1.75)

Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)

$ (6.45)

$ (5.68)

$ 14.40

$ (5.77)

Weighted-average number of common shares outstanding:

Basic (in shares)

35,859

35,301

34,651

34,255

Diluted (in shares)

35,859

35,301

34,929

34,255

Continuing Operations

Direct operating expenses

^[1]

$ 536,203

$ 1,026,889

$ 573,831

$ 610,055

^[1]

(306,871)

(547,824)

(342,211)

(320,278)

Selling, general and administrative expenses

^[1]

(254,263)

(432,853)

(452,142)

(419,793)

(165,232)

(256,494)

(30,716)

(22,562)

(65,233)

(121,473)

6,120

245

(5,164)

(9,486)

(27,924)

(13,404)

(260,560)

(341,241)

(273,042)

(165,737)

11,413

25,687

11,585

3,575

(57,388)

(79,868)

0

(Loss) income from continuing operations before income taxes

(44)

35,197

536,887

(5,518)

(306,579)

(360,225)

275,430

(167,680)

Income tax benefit (expense)

75,346

135,592

(103,403)

29,830

Less: Net income attributable to redeemable noncontrolling interests from discontinued operations

(231,233)

(200,649)

505,680

(190,147)

Discontinued Operations

0

3,925

7,739

Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations

$ 0

$ (1,017)

$ (3,491)

[1]	See Note 19. Related Party Transactions, for further information on related party revenues and expenses

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net (loss) income	$ (231,233)	$ (200,649)	$ 505,680	$ (190,147)
Pension plans and postretirement plans:
Other comprehensive (loss) income, net of income taxes	(941)	(1,629)	6,876	(18,083)
Less: Comprehensive income attributable to redeemable noncontrolling interests from discontinued operations	0		3,925	7,739
Comprehensive (loss) income attributable to Sphere Entertainment Co.’s stockholders	(232,174)	(202,278)	509,648	(212,478)
Continuing Operations
Net (loss) income	(231,233)	(200,649)	505,680	(190,147)
Pension plans and postretirement plans:
Amortization of net actuarial loss included in net periodic benefit cost	169	312	1,755	1,978
Net unamortized (loss) gain arising during the period	(635)	(851)	0	756
Cumulative translation adjustments	(813)	(1,851)	6,656	(25,034)
Other comprehensive (loss) income, before income taxes	(1,279)	(2,390)	8,411	(22,300)
Income tax benefit (expense) related to items of other comprehensive income	338	761	(1,535)	4,217
Other comprehensive (loss) income, net of income taxes	(941)	(1,629)	6,876	(18,083)
Comprehensive (loss) income	(232,174)	(202,278)	512,556	(208,230)
Discontinued Operations
Pension plans and postretirement plans:
Less: Comprehensive income attributable to redeemable noncontrolling interests from discontinued operations	0	0	3,925	7,739
Less: Comprehensive (loss) attributable to nonredeemable noncontrolling interests from discontinued operations	$ 0	$ 0	$ (1,017)	$ (3,491)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net (loss) income	$ (231,233)	$ (200,649)	$ 505,680	$ (190,147)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	165,232	256,494	103,375	124,629
Impairments and other losses (gains), net	65,233	121,473	(224,831)	(3,045)
Amortization of debt discount and deferred financing costs	1,685	3,181	5,063	8,728
Amortization of deferred production content	15,797	20,427	0	0
Deferred income tax (benefit) expense	(75,958)	(132,540)	123,467	(31,270)
Share-based compensation expense	34,094	48,010	62,658	77,141
Net unrealized and realized loss (gains) on equity investments with readily determinable fair value and loss (earnings) in nonconsolidated affiliates	29	22,971	(548,690)	54,869
Loss on extinguishment of debt	0	0	0	35,815
Other non-cash adjustments	272	486	(538)	1,450
Change in assets and liabilities, net of dispositions:
Accounts receivable, net	74,134	(115,096)	7,103	(30,749)
Related party receivables and payables, net	(15,048)	(31,218)	35,811	14,778
Prepaid expenses and other current and non-current assets	(46,772)	(50,610)	(178,758)	(43,982)
Accounts payable, accrued and other current and non-current liabilities	10,542	(28,056)	117,278	78,442
Deferred revenue	40,906	61,515	135,448	18,572
Right-of-use lease assets and operating lease liabilities	1,914	3,954	10,525	26,109
Net cash provided by (used in) operating activities	40,827	(19,658)	153,591	141,340
INVESTING ACTIVITIES:
Capital expenditures, net	(48,941)	(264,700)	(1,058,978)	(756,717)
Investments and loans in nonconsolidated affiliates	(9,321)	(731)	(5,949)
Proceeds from investments and loans in nonconsolidated affiliates				1,060
Purchase of business, net of cash acquired	(1,261)	(9,424)	0	0
Proceeds from sale of MSGE Retained Interest	0	256,501	204,676	0
Capitalized interest	0	(25,053)	(116,044)	(48,507)
Proceeds from dispositions, net	0	0	318,003	0
Proceeds from sale of investments	0	0	4,369	0
Other investing activities	(633)	(1,776)	0	0
Net cash used in investing activities	(60,156)	(45,183)	(653,923)	(804,164)
FINANCING ACTIVITIES:
Principal repayments on debt	(20,625)	(83,848)	(72,875)	(725,000)
Taxes paid in lieu of shares issued for share-based compensation	(17,301)	(16,543)	(16,625)	(16,658)
Proceeds from issuance of 3.50% Convertible Senior Notes due 2028	0	251,634	0	0
Borrowings under Delayed Draw Term Loan Facility	0	65,000	0	0
Proceeds from exercise of stock options	0	8,827	0	0
Purchase of capped call related to 3.50% Convertible Senior Notes due 2028	0	(14,309)	0	0
Payments for debt financing costs	0	(1,030)	(5,238)	(17,504)
Proceeds from term loans, net of issuance discount	0	0	302,668	725,000
Noncontrolling interest holders’ capital contributions	0	0	3,000	6,400
Distribution to MSG Entertainment	0	0	(119,119)	0
Distribution to related parties associated with the settlement of certain share-based awards	0	0	(2,388)	(2,256)
Repayment of revolving credit facilities	0	0	(2,000)	(15,000)
Distributions to noncontrolling interest holders	0	0	(1,881)	(6,998)
Proceeds from revolving credit facilities	0	0	0	39,100
Debt extinguishment costs	0	0	0	(12,838)
Purchase of noncontrolling interest from redeemable noncontrolling interest holders	0	0	0	(4,638)
Net cash (used in) provided by financing activities	(37,926)	209,731	85,542	(30,392)
Effect of exchange rates on cash, cash equivalents and restricted cash	(345)	(771)	(2,106)	(750)
Net (decrease) increase in cash, cash equivalents and restricted cash	(57,600)	144,119	(416,896)	(693,966)
Cash, cash equivalents and restricted cash at beginning of period	573,233	429,114	846,010	1,539,976
Cash, cash equivalents and restricted cash at end of period	515,633	573,233	429,114	846,010
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	10,739	49,834	248,041	206,462
Share-based compensation capitalized in property and equipment, net	1,248	2,193	3,642	2,979
Non-cash repayment of the Delayed Draw Term Loan Facility	0	65,512	0	0
Non-cash forgiveness of Holoplot Loan	0	9,626	0	0
Investments and loans to nonconsolidated affiliates	0	0	113	791
Continuing Operations
OPERATING ACTIVITIES:
Net (loss) income	(231,233)	(200,649)	505,680	(190,147)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	165,232	256,494	30,716	22,562
Impairments and other losses (gains), net	65,233	121,473	(6,120)	(245)
Deferred income tax (benefit) expense	(75,958)	(132,540)	100,120	(18,348)
FINANCING ACTIVITIES:
Cash, cash equivalents and restricted cash at beginning of period	573,233	429,114	760,312	1,190,105
Cash, cash equivalents and restricted cash at end of period	515,633	573,233	429,114	760,312
Discontinued Operations
FINANCING ACTIVITIES:
Cash, cash equivalents and restricted cash at beginning of period	0	0	85,698	349,871
Cash, cash equivalents and restricted cash at end of period	$ 0	$ 0	$ 0	$ 85,698

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2024
3.50% Convertible Senior Notes \| Senior Notes
Debt instrument, interest rate, stated percentage	3.50%

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Total Sphere Entertainment Co. Stockholders’ Equity	Common Stock Issued	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss	Nonredeemable Noncontrolling Interests
Beginning balance at Jun. 30, 2021	$ 2,180,406	$ 2,168,502	$ 340	$ 2,294,775	$ (96,341)	$ (30,272)	$ 11,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(197,886)	(194,395)			(194,395)		(3,491)
Other comprehensive income (loss), net of taxes	(18,083)	(18,083)				(18,083)
Comprehensive (loss) income, net of taxes	(215,969)	(212,478)					(3,491)
Share-based compensation expense	77,772	77,772		77,772
Tax withholding associated with shares issued for share-based compensation	(16,658)	(16,658)	2	(16,660)
Redeemable noncontrolling interest adjustment to redemption fair value	(49,248)	(49,248)		(49,248)
Adjustment of redeemable noncontrolling interest to redemption value	(3,173)	(3,173)		(3,173)
Distribution to related parties associated with the settlement of certain share-based awards	(1,496)	(1,496)		(1,496)
Contribution from noncontrolling interest holders	6,400						6,400
Distributions to noncontrolling interest holders	(2,650)						(2,650)
Ending balance at Jun. 30, 2022	1,975,384	1,963,221	342	2,301,970	(290,736)	(48,355)	12,163
Beginning balance at Jun. 30, 2021	137,834
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net (loss) income	7,739
Comprehensive (loss) income, net of taxes	7,739
Accretion of put options	2,348
Redeemable noncontrolling interest adjustment to redemption fair value	50,636
Adjustment of redeemable noncontrolling interest to redemption value	(8,070)
Distribution to related parties associated with the settlement of certain share-based awards	(760)
Distributions to noncontrolling interest holders	(4,640)
Put Option payments	(895)
Ending balance at Jun. 30, 2022	184,192
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	501,755	502,772			502,772		(1,017)
Other comprehensive income (loss), net of taxes	6,876	6,876				6,876
Comprehensive (loss) income, net of taxes	508,631	509,648					(1,017)
Share-based compensation expense	64,406	64,406		64,406
Accretion of put options	(895)	(895)		(895)
Tax withholding associated with shares issued for share-based compensation	(16,620)	(16,620)	5	(16,625)
Redeemable noncontrolling interest adjustment to redemption fair value	126,375	126,375		126,375
Adjustment of redeemable noncontrolling interest to redemption value	0
Distribution to related parties associated with the settlement of certain share-based awards	(1,736)	(1,736)		(1,736)
Contribution from noncontrolling interest holders	3,000						3,000
Distributions to noncontrolling interest holders	(1,881)						(1,881)
Disposition of TAO	(4,582)	7,683		4,859		2,824	(12,265)
Distribution of MSG Entertainment	(68,217)	(68,217)		(101,934)		33,717
Ending balance at Jun. 30, 2023	2,583,865	$ 2,583,865	347	2,376,420	212,036	(4,938)	$ 0
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net (loss) income	3,925
Comprehensive (loss) income, net of taxes	3,925
Accretion of put options	2,786
Redeemable noncontrolling interest adjustment to redemption fair value	(126,375)
Distribution to related parties associated with the settlement of certain share-based awards	(652)
Distributions to noncontrolling interest holders	(3,141)
Disposition of TAO	(60,735)
Ending balance at Jun. 30, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(200,649)				(200,649)
Other comprehensive income (loss), net of taxes	(1,629)					(1,629)
Comprehensive (loss) income, net of taxes	(202,278)					(1,629)
Share-based compensation expense	50,203			50,203
Tax withholding associated with shares issued for share-based compensation	(16,543)		6	(16,549)
Purchase of capped call related to 3.50% Convertible Senior Notes due 2028	(14,309)			(14,309)
Adjustment of redeemable noncontrolling interest to redemption value	0
Distribution of MSG Entertainment	5,787			5,787
Exercise of stock options	8,827		1	8,826
Ending balance at Jun. 30, 2024	2,415,552		354	2,410,378	11,387	(6,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(231,233)				(231,233)
Other comprehensive income (loss), net of taxes	(941)					(941)
Comprehensive (loss) income, net of taxes	(232,174)					(941)
Share-based compensation expense	35,342			35,342
Tax withholding associated with shares issued for share-based compensation	(17,301)		5	(17,306)
Adjustment of redeemable noncontrolling interest to redemption value	0
Ending balance at Dec. 31, 2024	2,201,419		$ 359	$ 2,428,414	$ (219,846)	$ (7,508)
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net (loss) income	$ 0

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical)	Dec. 31, 2024
3.50% Convertible Senior Notes \| Senior Notes
Debt instrument, interest rate, stated percentage	3.50%

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

6 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


			(Additions) / Deductions
	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
Six Months Ended December 31, 2024
Allowance for doubtful accounts / credit losses	$	(10)	$	(25)	$	—	$	—	$	(35)
Deferred tax valuation allowance	(29,219)		267		—		—		(28,952)
	$	(29,229)	$	242	$	—	$	—	$	(28,987)
Year Ended June 30, 2024
Allowance for doubtful accounts / credit losses	$	(171)	$	—	$	—	$	161	$	(10)
Deferred tax valuation allowance	(30)		(29,189)		—		—		(29,219)
	$	(201)	$	(29,189)	$	—	$	161	$	(29,229)
Year Ended June 30, 2023
Allowance for doubtful accounts / credit losses	$	(843)	$	(3)	$	—	$	675	$	(171)
Deferred tax valuation allowance	(2,923)		2,053		840		—		(30)
	$	(3,766)	$	2,050	$	840	$	675	$	(201)
Year Ended June 30, 2022
Allowance for doubtful accounts / credit losses	$	(1,354)	$	123	$	—	$	388	$	(843)
Deferred tax valuation allowance	(3,131)		2,200		(1,992)		—		(2,923)
	$	(4,485)	$	2,323	$	(1,992)	$	388	$	(3,766)

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2024
Description of Business And Basis Of Presentation [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Sphere Entertainment Co. (together with its subsidiaries, the “Company” or “Sphere Entertainment”) is a premier live entertainment and media company comprised of two reportable segments, Sphere and MSG Networks. Sphere is a next-generation entertainment medium, 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 SphereTM, a next-generation entertainment medium powered by cutting-edge technologies to create multi-sensory experiences at an unparalleled scale. The Company’s first Sphere opened in Las Vegas on September 29, 2023. The venue can accommodate up to 20,000 guests and can host 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 corporate events. Production efforts are supported by Sphere StudiosTM, an immersive content studio dedicated to creating multi-sensory entertainment experiences exclusively for Sphere. Sphere Studios is home to a team of creative, production, technology and software 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 entire exterior surface of Sphere, referred to as the ExosphereTM, is covered with nearly 580,000 square feet of fully programmable LED paneling, creating the largest LED screen in the world — and an impactful display for artists, brands and partners. In October 2024, the Company and the Department of Culture and Tourism – Abu Dhabi (“DCT Abu Dhabi”) announced that they will work together to bring the world’s second Sphere to Abu Dhabi, United Arab Emirates. 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 now 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, New Jersey Devils and Buffalo Sabres of the National Hockey League (the “NHL”), as well as significant coverage of the New York Giants and the Buffalo Bills of the National Football League. MSG Entertainment Distribution The Company (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of MSG Sports. On April 17, 2020, MSG Sports distributed all outstanding common stock of the Company to MSG Sports’ stockholders (the “2020 Entertainment Distribution”). On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. (“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 MSGE Distribution Date, the Company retained the Sphere and MSG Networks businesses and MSG Entertainment now owns the traditional live entertainment business previously owned and operated by the Company through its Entertainment business segment, excluding the Sphere business. In the MSGE Distribution, stockholders of the Company received (a) one share of MSG Entertainment’s Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock, par value $0.01 per share (“Class A Common Stock”), held of record as of the close of business, New York City time, on April 14, 2023 (the “Record Date”), and (b) one share of MSG Entertainment’s Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock, par value $0.01 per share (“Class B Common Stock”), held of record as of the close of business, New York City time, on the Record Date. As of April 20, 2023, the MSG Entertainment business met the criteria for discontinued operations. See Note 4. Discontinued Operations, for more information about the MSGE Distribution. Following the sales of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined under Note 14. Credit Facilities and Convertible Notes) with MSG Entertainment using a portion of the MSGE Retained Interest, as of September 2023 the Company no longer held any of the outstanding common stock of MSG Entertainment. See Note 8. Investments and Note 14. Credit Facilities and Convertible Notes for more information about the MSGE Retained Interest. Tao Group Hospitality Disposition On May 3, 2023, the Company completed the sale of its 66.9% majority interest in TAO Group Sub-Holdings LLC (“Tao Group Hospitality”) to a subsidiary of Mohari Hospitality Limited, a global investment company focused on the luxury lifestyle and hospitality sectors (the “Tao Group Hospitality Disposition”). Since March 31, 2023, the Tao Group Hospitality segment met the criteria for discontinued operations and was classified as a discontinued operation. See Note 4 Discontinued Operations for more information about the Tao Group Hospitality Disposition. Basis of Presentation The Company historically reported on a fiscal year basis ending on June 30th. On June 26, 2024, the Company’s Board of Directors (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 these consolidated financial statements, the fiscal years ended June 30, 2024, 2023 and 2022 are referred to as “Fiscal Year 2024,” “Fiscal Year 2023,” and “Fiscal Year 2022,” respectively, and reflect financial results for the respective twelve-month periods from July 1 to June 30. Unless otherwise noted, all references to “fiscal year” in these financial statements refer to the twelve month fiscal years that, prior to the Transition Period, ended on June 30. When financial results for the Transition Period are compared to financial results for the same period in 2023, the results compare the six-month period from July 1, 2024 through December 31, 2024 to the six-month period from July 1, 2023 through December 31, 2023. The results for the six months ended December 31, 2023 are unaudited. See Note 3. Change in Fiscal Year-End for more information. The Company has presented both the MSG Entertainment business and Tao Group Hospitality as discontinued operations for all periods presented. See Note 4. Discontinued Operations for more information about the MSGE Distribution and Tao Group Hospitality Disposition.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A. Principles of Consolidation

The consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. They also historically included accounts of Tao Group Hospitality, MSG Entertainment, and Boston Calling Events, LLC (“BCE”) until their dispositions on May 3, 2023, April 20, 2023, and December 2, 2022, respectively. Both Tao Group Hospitality and MSG Entertainment met the criteria to be reported as discontinued operations during the quarters ended March 31, 2023 and June 30, 2023, respectively. All significant intercompany transactions and balances have been eliminated in consolidation.

Prior to their disposition, Tao Group Hospitality and BCE were consolidated with the equity owned by other stockholders shown as redeemable or nonredeemable noncontrolling interests of discontinued operations in the accompanying consolidated balance sheets, and the other stockholders’ portion of net earnings (loss) and other comprehensive income (loss) shown as net income (loss) or comprehensive income (loss) attributable to redeemable or nonredeemable noncontrolling interests from discontinued operations in the accompanying consolidated statements of operations and consolidated statements of comprehensive income (loss), respectively.

See Note 4. Discontinued Operations, for details regarding the Tao Group Hospitality Disposition and MSGE Distribution.

B. Business Combinations and Noncontrolling Interests

The acquisition method of accounting for business combinations requires management to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company is allowed to adjust the provisional amounts recognized for a business combination).

Under the acquisition method of accounting, the Company recognizes separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. The Company measures goodwill as of the acquisition date as the excess of consideration transferred, which is also measured at fair value over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that the Company incurs to complete a business combination such as investment banking, legal, and other professional fees are not considered part of consideration and the Company charges these costs to selling, general and administrative expense as they are incurred. In addition, the Company recognizes measurement-period adjustments in the period in which the amount is determined, including the effect on

earnings of any amounts the Company would have recorded in previous periods if the accounting had been completed at the acquisition date.

Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represent the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the consolidated balance sheets. Noncontrolling interests, where the Company may be required to repurchase the noncontrolling interest under put options or other contractual redemption requirements that are not solely within the Company’s control, are reported in the consolidated balance sheets between liabilities and equity, as redeemable noncontrolling interests.

C. Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, valuation of investments, goodwill, intangible assets, deferred production content costs, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, ultimate revenue (as described below), and other liabilities. In addition, estimates are used in revenue recognition, rights fees expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the financial statements to be reasonable.

Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods.

D. Revenue Recognition

The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services are transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues.

In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations.

Arrangements with Multiple Performance Obligations

The Company may enter into arrangements with multiple performance obligations, such as multi-year sponsorship agreements which may derive revenues for the Company as well as MSG Entertainment and MSG Sports within a single arrangement. The Company may also derive revenue from similar types of arrangements which are entered into by MSG Entertainment or MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at Sphere, advertising on the Exosphere, digital advertising, or event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of

a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied.

The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations.

The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life.

Principal versus Agent Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.

Contract Balances

Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within Deferred revenue, and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded as collections due to promoters within Accounts payable, accrued and other current liabilities on the accompanying consolidated balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.

E. Direct Operating Expenses

Direct operating expenses for the Sphere segment may include, but are not limited to, event costs related to the presentation and production of the Company’s live entertainment, sporting events, and immersive productions, maintenance, and other operating expenses.

Direct operating expenses for the MSG Networks segment primarily represent media rights fees and other direct programming and production costs, such as the salaries of on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission services and facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on the segment’s networks are typically expensed on a straight-line basis over the applicable annual contract or license period.

F. Production Costs for the Company’s Original Immersive Productions

The Company defers certain costs during the production phase of its original immersive productions for Sphere that are directly related to production activities. Such costs include, but are not limited to, fees paid to writers, directors and producers as well as video and music production costs and production-specific overhead. For purposes of evaluating the recognition of amortization and any potential impairment, deferred immersive production costs are classified based on their predominant monetization strategy. The determination of the predominant monetization strategy is made at the commencement of production and is based on the means by which the Company expects to derive third-party revenues from use of the content.

The Company’s primary monetization strategy and classification for its current content is on an individual production basis, which the Company defines as content where the lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific production. The classification of content only changes if there is a significant change to the production’s monetization strategy relative to management’s initial assessment.

Deferred immersive production costs are amortized beginning in the month the production debuts, in the same ratio that current period actual revenue bears to estimated remaining unrecognized ultimate revenue as of the beginning of the current year. Estimates of ultimate revenues are prepared on an individual production basis and are reviewed regularly by management and revised where necessary to reflect the most current information. Ultimate revenues reflect management’s estimates of future revenue over a period not to exceed ten years following the premiere of the production. Deferred immersive production costs are subject to recoverability assessments whenever there is an indication of potential impairment.

As of December 31, 2024 and June 30, 2024 and 2023, the Company recorded $102,619, $93,081 and $61,421, respectively, in Other non-current assets in the accompanying consolidated balance sheets related to these production costs.

G. Advertising Expenses

Advertising costs are typically charged to expense when incurred. Total advertising costs expensed were $10,960 for the six months ended December 31, 2024 and $25,295, $16,977, and $22,880 for years ended June 30, 2024, 2023 and 2022, respectively.

H. Nonmonetary Transactions

The MSG Networks segment enters into nonmonetary transactions, primarily with its Distributors (as defined below), that involve the exchange of products or services, such as advertising and promotional benefits, for the segment’s services. For arrangements that are subject to sales based and usage-based royalty guidance, MSG Networks measures noncash consideration that it receives at fair value as the sale or usage occurs. For other arrangements, the MSG Networks segment measures the estimated fair value of the noncash consideration that it receives at contract inception. If the MSG Networks segment cannot reasonably estimate the fair value of the noncash consideration, the segment measures the fair value of the consideration indirectly by reference to the standalone selling price of the services promised to the customer in exchange for the consideration as revenues. Nonmonetary transactions for the MSG Networks segment are included in advertising costs, which are classified in selling, general and administrative expenses on the accompanying consolidated statements of operations, as noted above.

I. Income Taxes

The Company accounts for income taxes in accordance with Accounting Standard Codification (“ASC”) Topic 740, Income Taxes. The Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities, and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company’s consolidated statements of operations.

Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense.

J. Share-based Compensation

The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date.

The Company accounts for forfeitures as they occur, rather than estimating expected forfeitures.

K. Earnings (Loss) Per Common Share

Basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income (loss) attributable to the Company’s common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options only in the periods in which such effect would have been dilutive through the application of the treasury stock method. For the periods when a net loss is reported, the computation of diluted EPS equals the basic EPS calculation since common stock equivalents would be antidilutive due

to losses from continuing operations. Holders of Class A common stock and Class B common stock are entitled to receive dividends equally on a per-share basis if and when such dividends are declared. As the holders of Class A and Class B common stock are entitled to identical dividend and liquidation rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net earnings (loss) per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

L. Cash and Cash Equivalents

The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or is at fair value. Checks outstanding in excess of related book balances are included in accounts payable, accrued, and other current liabilities in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities.

M. Restricted Cash

The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in interest-bearing escrow accounts related to credit support, debt facilities, collateral for its operating leases, and general liability insurance obligations.

The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments.

N. Short-Term Investments

Short-term investments included investments that (i) had original maturities of greater than three months and (ii) the Company had the ability to convert into cash within one year.

O. Accounts Receivable

Accounts receivable are recorded at net realizable value. The Company maintains an allowance for credit losses to reserve for potentially uncollectible receivables. The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company recognized an allowance of $35, $10 and $171 as of December 31, 2024 and June 30, 2024 and 2023, respectively.

P. Investments

The Company’s investments are primarily accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. As required by GAAP, to the extent that there is a basis difference between the cost and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. The Company’s share of net earnings or losses of the investment, inclusive of amortization expense for intangible assets associated with the investment, is reflected in Other (expense) income, net within the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from certain of its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a three-month lag basis, with the exception of the amortization expense of intangible assets which is recorded currently.

The Company elected the fair value option in accounting for the MSGE Retained Interest and as such, did not report the impact to the consolidated statements of operations on a lag for this investment. Initial recognition of this asset required measurement of an unrealized gain or loss when comparing the book value of the investment to fair value. As a result, the Company initially and subsequently measured and recorded changes in the fair value of the MSGE Retained Interest based upon the quoted market price of the MSGE stock on the New York Stock Exchange on a periodic basis within Other (expense) income, net in the accompanying consolidated statements of operations. The Company sold the entirety of the MSGE Retained Interest as of September 30, 2023, and as a result, no longer holds any of the outstanding common stock of MSG Entertainment.

In addition to equity method investments, the Company also has other equity investments without readily determinable fair values. The Company measures equity investments without readily determinable fair values at cost, less any impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Changes in observable price are reflected within Other (expense) income, net in the accompanying consolidated statements of operations.

Impairment of Investments

The Company reviews its investments periodically to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; future prospects of the investee; and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. In addition, the Company considers other factors such as general market conditions, industry conditions, and analysts’ ratings. If the decline in fair value is deemed to be other-than-temporary, the cost basis of the investment is written down to fair value and the loss is realized as a component of net income.

Q. Property and Equipment and Other Long-Lived Assets

Property and equipment and other long-lived assets, including amortizable intangible assets, are stated at cost or acquisition date fair value, if acquired. Expenditures for new facilities or equipment, and expenditures that extend the useful lives of existing facilities or equipment, are capitalized and recorded at cost. The useful lives of the Company’s long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives, the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Depreciation starts on the date when the asset is available for its intended use. Construction in progress assets are not depreciated until available for their intended use. Costs of maintenance and repairs are expensed as incurred.

The major categories of property and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

R. Goodwill

See above (B. Business Combinations and Noncontrolling Interests) for the Company’s accounting policy on how goodwill is measured at an acquisition date. Goodwill is not amortized.

S. Impairment of Long-Lived Assets

In assessing the recoverability of the Company’s long-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and the magnitude of any such charge. Fair value estimates are made based on relevant information at a specific point in time, and are subjective in nature and involve significant uncertainties and judgments. If these estimates or assumptions change materially, the Company may be required to record impairment charges related to its long-lived assets.

Goodwill is tested annually for impairment as of August 31st and at any time upon the occurrence of certain events or changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform a quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, the Company would identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The Company generally determines the fair value of a reporting unit using an income approach, such as the discounted cash flow method, or other acceptable valuation techniques, including the cost approach, in instances when it does not perform the qualitative assessment of goodwill. The amount of an impairment loss is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

For other long-lived assets, including property and equipment, right-of-use lease assets and intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated are less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. The Company generally determines the fair value of a finite-lived intangible asset using an income approach, such as the discounted cash flow method.

See Note 9. Property and Equipment, Net and Note 12. Goodwill and Intangible Assets for further discussion.

T. Leases

The Company’s leases primarily consist of a ground lease for the land on which Sphere in Las Vegas has been constructed, corporate office space, storage, and office and other equipment. The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the lease term is assessed based on the date when the underlying asset is made available by the lessor for the Company’s use. The Company’s assessment of the lease term reflects the non-cancellable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain not to exercise, as well as periods covered by renewal options which the Company is reasonably certain to exercise. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.

The Company determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations and statements of cash flows over the lease term.

For leases with a term exceeding 12 months, a lease liability is recorded on the Company’s consolidated balance sheets at lease commencement reflecting the present value of the fixed minimum payment obligations over the lease term. A corresponding right-of-use (“ROU”) asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. In addition, the ROU asset is adjusted to reflect any above or below market lease terms under acquired lease contracts.

The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as the Company has elected to account for lease and non-lease components together as a single lease component. ROU assets associated with finance leases are presented separate from ROU assets associated with operating leases and are included within Property and equipment, net on the Company’s consolidated balance sheets. For purposes of measuring the present value of the Company’s fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in the underlying leasing arrangements are typically not readily determinable. The Company’s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment surrounding the associated lease.

For operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments. For leases with a term of 12 months or less (“short-term leases”), any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the consolidated balance sheets. Variable lease costs for both operating and finance leases, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheets.

U. Interest Capitalization

For significant long term construction projects and immersive content productions, the Company begins to capitalize qualified interest cost once activities necessary to get the asset ready for its intended use have commenced. The Company calculates qualified interest capitalization using the average amount of accumulated expenditures during the period the asset is being prepared for its intended use and a capitalization rate which is derived from the Company’s weighted average borrowing rate during such time, in the absence of specific borrowings related to the significant long term construction projects. The Company ceases capitalization on any portions substantially completed and ready for their intended use.

V. Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

W. Contingent Consideration

Some of the Company’s acquisition agreements may include contingent earn-out arrangements, which are generally based on the achievement of future operating targets.

The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration that the Company expects to pay to the former owners as a liability in Accrued and other current liabilities and Other liabilities on the consolidated balance sheets.

The Company measures its contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs classified within Level III of the fair value hierarchy, which can result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate and amount paid will be recorded in earnings as operating expense.

X. Defined Benefit Pension Plans and Other Postretirement Benefit Plan

Prior to the MSGE Distribution, the Company sponsored certain employee benefit pension plans and postretirement plans. On the MSGE Distribution Date, the sponsorship of certain of these plans was transferred to MSG Entertainment. The Company accounts for the transferred defined benefit pension plans under the guidance of ASC Topic 715, Compensation — Retirement Benefits. Accordingly, for the defined benefit pension plan liabilities prior to the MSGE Distribution Date, the consolidated financial statements reflected the full impact of such transferred plans on both the consolidated statements of operations and consolidated balance sheets (presented within discontinued operations) and the Company recorded an asset or liability of discontinued operations to recognize the funded status of the defined benefit pension plans (other than multiemployer plans), as well as a liability of discontinued operations only for any required contributions to the defined benefit pension plans that were accrued and unpaid at the balance sheet date. The related pension expenses attributed to the Company were based primarily on pension-eligible compensation of active participants.

After the MSGE Distribution Date, the Company has both remaining funded and unfunded defined benefit plans. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return and discount rates, among others. The Company recognizes the funded status of its defined benefit pension plans (other than multiemployer plans) and the other postretirement benefit plan as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss).

Actuarial gains and losses that have not yet been recognized through the consolidated statements of operations are recorded in accumulated other comprehensive income (loss) until they are amortized as a component of net periodic benefit cost through other comprehensive income (loss).

See Note 15. Pension Plans and Other Postretirement Benefit Plan for further discussion.

Y. Fair Value Measurements

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

•Level I — Quoted prices for identical instruments in active markets.

•Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III — Instruments whose significant value drivers are unobservable.

Z. Foreign Currency Translations

The consolidated financial statements are presented in U.S. Dollars. Assets and liabilities of non-U.S. subsidiaries and the Company’s foreign-based equity method investments that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. Dollars at exchange rates in effect at the balance sheet date. Operating results of non-U.S. subsidiaries are translated at weighted-average exchange rates during the year which approximate the rates in effect at the transaction dates. For the Company’s foreign-based equity method investments, the proportionate share of the investee’s income is translated into U.S. dollars at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period.

Foreign currency translation gains and losses are included as a component of accumulated other comprehensive loss as changes in cumulative translation adjustments in the accompanying consolidated balance sheets.

AA. Concentrations of Risk

Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in U.S. treasury bills, money market accounts and time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company’s emphasis is primarily on safety of principal and liquidity, and secondarily on maximizing the yield on its investments.

BB. Liquidity and Going Concern

As of the date the accompanying consolidated financial statements were issued (the “issuance date”), management evaluated the presence of the following conditions and events at the Company in accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40):

As of December 31, 2024, the Company’s unrestricted cash and cash equivalents balance was $501,954, as compared to $539,630 as of September 30, 2024. Included in unrestricted cash and cash equivalents as of December 31, 2024 was (1) $225,329 in advance cash proceeds primarily from ticket sales, a portion of which the Company expects to pay to artists and promoters, and (2) $103,591 of cash and cash equivalents at MSG Networks, which were not available for distribution to the Company in order to maintain compliance with the Forbearance Agreement (as defined below).

Our primary sources of liquidity are cash and cash equivalents and cash flows from the operations of our businesses. The Company’s uses of cash over the next 12 months beyond the issuance date and thereafter are expected to be substantial and include working capital-related items (including funding our operations), capital spending (including the creation of additional original content for Sphere), required debt service payments, payments we expect MSG Networks to make if it is successful in working out its indebtedness, and investments and related loans and advances that we may fund from time to time. We may also use cash to repurchase our common stock. Our decisions as to the use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of cash resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of funding through the capital and credit markets, market conditions could adversely impact our ability to do so at that time.

Our ability to have sufficient liquidity to fund our operations and refinance our indebtedness is dependent on the ability of Sphere to generate significant positive cash flow. Although Sphere has been embraced by guests, artists, promoters, advertisers and marketing partners, and we anticipate that Sphere will generate substantial revenue and adjusted operating income on an annual basis over time, there can be no assurance that guests, artists, promoters, advertisers and marketing partners will continue to embrace this platform. Original immersive productions, such as Postcard From Earth and V-U2 An Immersive Concert Film, have not been previously pursued on the scale of Sphere, which increases the uncertainty of our operating expectations. To the extent that our efforts do not result in viable shows, or to the extent that any such productions do not achieve expected levels of popularity among audiences, we may not generate the cash flows from operations necessary to fund our operations. To the extent we do not realize expected cash flows from operations from Sphere, we would have to take several actions to improve our financial flexibility and preserve liquidity, including significant reductions in both labor and non-labor expenses as well as reductions and/or deferrals in capital spending. Therefore, while we currently believe we will have sufficient liquidity from cash and cash equivalents and cash flows from operations (including expected cash flows from operations from Sphere) to fund our operations, no assurance can be provided that our liquidity will be sufficient in the event any of the preceding uncertainties facing Sphere are realized over the next 12 months beyond the issuance date.

The principal balance of the Company’s total debt outstanding as of December 31, 2024 was $1,362,875, including $829,125 of debt under the MSGN Term Loan Facility (as defined under Note 14. Credit Facilities and Convertible Notes) which matured without repayment on October 11, 2024 (the “Maturity Date”), and is classified as short-term on the consolidated balance sheets. In anticipation of the Maturity Date, MSG Networks began to pursue a refinancing of its Term Loan through a work-out with its syndicate of lenders. An event of default occurred under the MSGN Credit Agreement due to MSGN L.P.’s failure to make payment on the outstanding principal amount on the Maturity Date, and on October 11, 2024, MSGN L.P. and the MSGN Guarantors (as defined under Note 14. Credit Facilities and Convertible Notes) entered into a Forbearance Agreement (as amended or supplemented from time to time, the “Forbearance Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders (the “Supporting Lenders”) under the MSG Networks Credit Facilities. Subject to the terms of the Forbearance Agreement, the Supporting Lenders agreed to forbear, during the Forbearance Period (as defined below), from exercising certain of their available remedies under the MSGN Credit Agreement with respect to or arising out of MSGN L.P.’s failure to make payment on the outstanding principal

amount under the MSGN Term Loan Facility on the Maturity Date. The Forbearance Period under the Forbearance Agreement was initially scheduled to expire on November 8, 2024, and has been extended to expire on the earlier to occur of (a) March 26, 2025, or such later date agreed to by MSGN L.P. and the Supporting Lenders that hold a majority in principal amount of term loans held by all Supporting Lenders under the MSGN Term Loan Facility and (b) the date on which any Termination Event (as defined in the Forbearance Agreement) occurs. On February 4, 2025, MSGN L.P. made a $25,000 principal repayment on the MSGN Term Loan Facility (using cash on hand at MSGN L.P.), which reduced the principal balance under the MSGN Term Loan Facility to approximately $804,125. See Note 14. Credit Facilities and Convertible Notes.

MSG Networks will be unable to settle the remaining outstanding principal amount under the MSG Networks Credit Facilities prior to the expiration of the Forbearance Period. As disclosed in Note 14. Credit Facilities and Convertible Notes, all of the outstanding principal amount under the MSG Networks Credit Facilities is guaranteed by the MSGN Guarantors and secured by the MSGN Collateral (each as defined under Note 14. Credit Facilities and Convertible Notes). In the event MSG Networks is unable to successfully refinance or achieve a work-out of the MSGN Term Loan Facility prior to the end of the Forbearance Period (subject to any extensions thereof), the lenders could exercise their remedies under the MSGN Credit Agreement, which would include, but not be limited to, foreclosing on the MSGN Collateral. If MSG Networks is not able to achieve a refinancing or work-out of its indebtedness, the Company believes it is probable that MSG Networks Inc. and/or its subsidiaries would seek bankruptcy protection or the lenders would foreclose on the MSGN Collateral.

In the event of an MSG Networks bankruptcy, the MSG Networks entities whose operations represent the entirety of our MSG Networks segment, would be deconsolidated from our consolidated financial statements effective as of the bankruptcy filing date. In the event of bankruptcy proceedings, MSG Networks Inc. and/or its subsidiaries (and in certain circumstances, its creditors) may elect to investigate and potentially assert claims against the Company and certain of its directors and officers, including for potential claims related to fraudulent transfers, unlawful distributions and payments, veil piercing, alter ego theories, breaches of contracts and unjust enrichment. If such claims are brought, the claimants could seek, among other relief, avoidance of alleged fraudulent transfers and/or unlawful distributions, and monetary damages. In addition, the Company’s stockholders may assert claims against the Company and its directors and officers for breaches of fiduciary duties relating to the Company’s ownership of MSG Networks Inc. and its subsidiaries. Further, the Company would incur legal fees and other expenses in connection with defending any claims. The ultimate court-approved structure and organization of MSG Networks post-bankruptcy could also result in adverse tax consequences to the Company, including the loss of net operating losses (“NOLs”) as a result of any debt extinguishment. Sphere Entertainment Co., Sphere Entertainment Group and the subsidiaries of Sphere Entertainment Group (collectively, the “Non-Credit Parties”) are not legally obligated to fund the outstanding amounts under the MSG Networks Credit Facilities, nor are the assets of the Non-Credit Parties pledged as security under the MSG Networks Credit Facilities. In the event of an exercise of post-default rights and remedies, the Company believes the lenders would have no remedies or recourse against the Non-Credit Parties pursuant to the terms of the MSGN Credit Agreement. In the absence of a refinancing or the achievement of a work-out, management believes it is probable that MSG Networks Inc. and/or its subsidiaries will seek bankruptcy protection or the lenders would foreclose on the MSGN Collateral. While this condition raises substantial doubt about the Company’s ability to continue as a going concern, for the reasons stated above, we have concluded that our plans have effectively alleviated substantial doubt about the Company’s ability to continue as a going concern as of the issuance date.

CC. Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company for the annual period beginning January 1, 2025 and should be applied prospectively. The Company continues to evaluate the impact of the additional disclosure requirements on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, which was issued in January 2025, requiring disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. This ASU provided an effective date for the standard to be for annual periods beginning with the Company’s year ending December 31, 2027, and interim reporting periods beginning in the Company’s year ending December 31, 2028. Early adoption of ASU 2024-03 is permitted. The amended ASU may be applied either prospectively

to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, providing clarification on the requirements for determining whether certain settlements of convertible debt should be accounted for as induced conversions. This ASU will be effective for the Company as of and for the annual period ending December 31, 2026, and may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard is effective for the Company as of and for the six-month period ending December 31, 2024 and has been applied retrospectively to all prior periods as presented in Note 20. Segment Information.

Change in Fiscal Year-End

6 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Change in Fiscal Year-End

Note 3. Change in Fiscal Year-End

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. Financial statements for the years ended June 30, 2024, 2023 and 2022 continue to be presented on the basis of the Company’s previous fiscal year-end. When financial results for the Transition Period are compared to financial results for the same period in 2023, the results compare the six-month period from July 1, 2024 through December 31, 2024 to the six-month period from July 1, 2023 through December 31, 2023. The results for the six months ended December 31, 2023 are unaudited.

The following is selected financial data for the Transition Period ended December 31, 2024 and the comparable prior year period.


	Six Months Ended
	December 31,
	2024		(Unaudited) 2023
Revenues	$	536,203	$	432,164
Direct operating expenses	(306,871)		(244,265)
Selling, general, and administrative expenses	(254,263)		(202,664)
Depreciation and amortization	(165,232)		(94,290)
Impairment and other (losses) gains, net	(65,233)		(115,738)
Restructuring charges	(5,164)		(4,678)
Operating loss	(260,560)		(229,471)
Interest income	11,413		10,304
Interest expense	(57,388)		(25,828)
Other (expense) income, net	(44)		41,066

Loss from continuing operations before income taxes	(306,579)		(203,929)
Income tax benefit	75,346		97,753
Loss from continuing operations	(231,233)		(106,176)
Loss from discontinued operations, net of taxes	—		(647)
Net loss	(231,233)		(106,823)

Basic loss per common share
Continuing operations	$	(6.45)	$	(3.02)
Discontinued operations	—		(0.02)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(3.04)

Diluted loss per common share
Continuing operations	$	(6.45)	$	(3.02)
Discontinued operations	—		(0.02)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(3.04)

Weighted-average number of common shares outstanding:
Basic	35,859		35,110
Diluted	35,859		35,110

Discontinued Operations

6 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

MSG Entertainment

On April 20, 2023, the Company completed the MSGE Distribution. The Company analyzed the quantitative and qualitative factors relevant to the MSGE Distribution and determined that the conditions for discontinued operations presentation were met during the fourth quarter of Fiscal Year 2023. As such, the results of the MSG Entertainment business previously owned and operated by the Company through its MSG Entertainment business segment, as well as transaction costs related to the MSGE Distribution, have been classified in the accompanying consolidated financial statements as discontinued operations for all periods presented. No impairment loss was recognized in connection with the reclassification to discontinued operations and no gain or loss was recognized in connection with the MSGE Distribution.

Indirect corporate and administrative costs do not qualify for discontinued operations presentation, and these costs are included in continuing operations for all periods presented through April 20, 2023. After the MSGE Distribution Date, these corporate and administrative services are provided to the Company by MSG Entertainment under a Transition Services Agreement (“MSGE TSA”), with the related costs included in continuing operations from April 21, 2023 through June 30, 2023. As noted above, results from continuing operations, prior to the MSGE Distribution Date, include certain corporate overhead expenses that the Company did not

incur in the period after the completion of the MSGE Distribution, and the Company does not expect to incur such expenses in future periods.

Tao Group Hospitality

On May 3, 2023, the Company completed the Tao Group Hospitality Disposition. The Company analyzed the quantitative and qualitative factors relevant to the Tao Group Hospitality Disposition and determined that the criteria to classify the assets and liabilities of Tao Group Hospitality as held for sale, along with the related operations as a discontinued operation, had been satisfied as of the third quarter of Fiscal Year 2023. As such, the historical financial results of the Tao Group Hospitality segment have been reflected in the accompanying consolidated financial statements as discontinued operations for all periods presented. In connection with the Tao Group Hospitality Disposition, the Company recognized a loss, net of taxes, of $23,984 as a result of a change in estimate and a gain of $212,857, net of taxes of $1,020, for Fiscal Years 2024 and 2023, respectively, which are presented as income from discontinued operations.

The tables below set forth, for the periods presented, the operating results of the disposal groups. Amounts presented below differ from historically reported results for the MSG Entertainment and Tao Group Hospitality business segments in order to reflect discontinued operations presentation.


	Year Ended June 30, 2023

	MSG Entertainment		Tao Group Hospitality		Eliminations (a)		Total
Revenues	$	731,299	$	447,929	$	(1,761)	$	1,177,467

Direct operating expenses	(421,440)		(263,200)		1,371		(683,269)
Selling, general, and administrative expenses	(119,032)		(151,271)		(195)		(270,498)
Depreciation and amortization	(49,423)		(23,236)		—		(72,659)

Impairment and other gains, net	4,361		473		—		4,834
Restructuring charges	(7,435)		—		—		(7,435)
Operating income	138,330		10,695		(585)		148,440



Interest income	2,880		149		—		3,029
Interest expense	(1,031)		(2,551)		—		(3,582)
Other income, net	11,456		665		—		12,121

Income from discontinued operations before income taxes	151,635		8,958		(585)		160,008
Income tax expense	(5,517)		(33,695)		—		(39,212)


Income (loss) from discontinued operations, net of taxes	146,118		(24,737)		(585)		120,796
Gain on disposal before income taxes	—		213,877		—		213,877
Income tax expense	—		(1,020)		—		(1,020)
Gain on disposal, net of taxes	—		212,857		—		212,857
Net income from discontinued operations	146,118		188,120		(585)		333,653


Less: Net income attributable to redeemable noncontrolling interests	—		3,925		—		3,925
Less: Net loss attributable to nonredeemable noncontrolling interests	(553)		(464)		—		(1,017)
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders	$	146,671	$	184,659	$	(585)	$	330,745


	Year Ended June 30, 2022

	MSG Entertainment		Tao Group Hospitality		Eliminations (a)		Total
Revenues	$	632,612	$	484,649	$	(2,698)	$	1,114,563

Direct operating expenses	(417,108)		(270,728)		2,077		(685,759)
Selling, general, and administrative expenses	(110,288)		(154,923)		—		(265,211)
Depreciation and amortization	(69,564)		(32,503)		—		(102,067)
Impairment and other gains, net	—		2,800		—		2,800
Restructuring charges	(1,286)		—		—		(1,286)
Operating income	34,366		29,295		(621)		63,040



Interest income	612		23		—		635
Interest expense	(25,453)		(1,702)		—		(27,155)

Other expense, net	(84,690)		(82)		—		(84,772)

(Loss) income from operations before income taxes	(75,165)		27,534		(621)		(48,252)
Income tax benefit (expense)	14,069		(18,114)		—		(4,045)


Net (loss) income	(61,096)		9,420		(621)		(52,297)


Less: Net income attributable to redeemable noncontrolling interests	—		7,739		—		7,739
Less: Net loss attributable to nonredeemable noncontrolling interests	(2,864)		(627)		—		(3,491)

Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders	$	(58,232)	$	2,308	$	(621)	$	(56,545)

_________________

(a) Prior to the MSGE Distribution and Tao Group Hospitality Disposition, the Company’s consolidated results of operations included a number of intercompany transactions between MSG Entertainment and Tao Group Hospitality which were presented in the Company’s segment reporting disclosures. As such, these transactions are eliminated for purposes of this disclosure as they will not continue in periods subsequent to the MSGE Distribution and Tao Group Hospitality Disposition, respectively.

As permitted under ASC Subtopic 205-20-50-5b(2), the Company has elected not to adjust the consolidated statements of cash flows for the years ended June 30, 2024, 2023, and 2022 to exclude cash flows attributable to discontinued operations. The table below sets forth, for the periods presented, significant selected financial information related to discontinued operations included in the accompanying consolidated financial statements:


	2023				2022
	MSG Entertainment		Tao Group Hospitality (a)		MSG Entertainment		Tao Group Hospitality
Non-cash items included in net income (loss):

Depreciation and amortization	$	49,423	$	23,236	$	69,564	$	32,503
Impairments and other gains, net	(4,361)		(214,350)		—		(2,800)

Share-based compensation expense	4,710		7,224		8,480		7,647





Cash flow from investing activities:
Capital expenditures, net	12,832		17,488		15,797		23,309


Non-cash investing activities:
Capital expenditures incurred but not yet paid	780		817		1,585		119
Investments and loans to nonconsolidated affiliates	—		113		—		791

_________________

(a) Impairments and other gains, net is inclusive of gain on Tao Disposition.

Revenue Recognition

6 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606 — Revenue From Contracts with Customers, except for revenues from sublease arrangements as disclosed below. For all periods presented, the Company did not have any material provisions for credit losses on receivables or contract assets arising from contracts with customers.

Sphere Segment

The Sphere segment earns revenue primarily from ticket sales to our audiences for The Sphere Experience, license fees for our venue paid by third-party promoters or licensees in connection with events that we do not produce or promote/co-promote, sponsorships and signage, advertising on the Exosphere, suite license fees at Sphere, facility and ticketing fees, concessions, and the sale of merchandise.

MSG Networks Segment

The MSG Networks segment generates revenues principally from distribution fees, as well as from the sale of advertising. Distribution revenue includes both affiliation fee revenue earned from fees charged to cable, satellite, fiber-optic and other platforms (“Distributors”) for the right to carry the Company’s networks as well as MSG Networks’ revenue earned from subscriptions and single game purchases on MSG+ included in the Gotham Sports app. Advertising revenue is largely derived from the sale of inventory in MSG Networks’ live professional sports programming, and as such, a significant share of this revenue has historically been earned in the three months ending March 31 and December 31. The performance obligation under affiliation agreements with Distributors is satisfied as MSG Networks provides its programming over the term of the agreement. Media related revenue as presented below includes both distribution revenue earned from Distributors for the right to carry the Company’s networks as well as revenue earned from subscriptions and single game purchases on MSG+, included in the Gotham Sports app.

Substantially all of MSG Networks’ affiliation agreements are sales-based and usage-based royalty arrangements; revenue is recognized as the sale or usage occurs. The transaction price is represented by affiliation fees that are generally based upon contractual rates applied to the number of the Distributor’s subscribers who receive or can receive MSG Networks programming. Such subscriber information is generally not received until after the close of the reporting period, and in these cases, the Company estimates the number of subscribers. Historical adjustments to recorded estimates have not been material.

The MSG Networks segment also generates advertising revenue primarily through the sale of commercial time and other advertising inventory during its live professional sports programming. In general, these advertising arrangements either do not exceed one year or are primarily multi-year media banks, the elements of which are agreed upon each year. Advertising revenue is recognized as advertising is aired. In certain advertising arrangements, the Company guarantees specified viewer ratings for its programming. In such cases, the promise to deliver the guaranteed viewer ratings by airing the advertising represents MSG Networks’ performance obligation. A contract liability is recognized as deferred revenue to the extent any guaranteed viewer ratings are not met. This permits the customer to exercise a contractual right for additional advertising time. The related deferred revenue is subsequently recognized as revenue either when MSG Networks provides the required additional advertising time, or additional performance requirements become remote, which may be at the time the guarantee obligation contractually expires.

Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022:


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total

Event-related (a)	$	253,305	$	—	$	253,305
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	28,726		723		29,449
Media related, primarily from affiliation agreements (b)	—		237,280		237,280
Other	12,614		2,108		14,722
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Event-related (a)	$	420,327	$	—	$	420,327
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	68,876		2,178		71,054
Media related, primarily from affiliation agreements (b)	—		521,611		521,611
Other	4,928		5,941		10,869
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total

Sponsorship, signage, Exosphere advertising, and suite licenses (b)	$	—	$	6,990	$	6,990
Media related, primarily from affiliation agreements (b)	—		558,362		558,362
Other	—		5,869		5,869
Total revenues from contracts with customers	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total

Sponsorship, signage, Exosphere advertising, and suite licenses (b)	$	—	$	6,470	$	6,470
Media related, primarily from affiliation agreements (b)	—		596,032		596,032
Other	—		5,653		5,653
Total revenues from contracts with customers	$	—	$	608,155	$	608,155
Revenues from subleases	1,900		—		1,900
Total revenues	$	1,900	$	608,155	$	610,055

_________________

(a) Event-related revenues consists of (i) ticket sales and other revenue directly related to the exhibition of The Sphere Experience, (ii) ticket sales and other ticket-related revenues to other events at our venue, (iii) venue license fees from third-party promoters, and (iv) food, beverage and merchandise sales. Event-related revenues are recognized at a point in time. As such, these revenues have been included in the same category in the table above.

(b) See Note 2. Summary of Significant Accounting Policies, Revenue Recognition, for further details on the pattern of recognition of sponsorship signage, Exosphere advertising, suite licenses, and media related revenue.

In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following tables disaggregate the Company’s consolidated revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022.



	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	219,638	$	—	$	219,638
Sponsorship, signage, Exosphere advertising, and suite revenues	40,104		—		40,104
Food, beverage and merchandise revenues	34,903		—		34,903
Media networks revenues (b)	—		240,111		240,111
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203



	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	340,256	$	—	$	340,256
Sponsorship, signage, Exosphere advertising, and suite revenues	87,173		—		87,173
Food, beverage and merchandise revenues	66,702		—		66,702
Media networks revenues (b)	—		529,730		529,730
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889



	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Media networks revenues (b)	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total
Media networks revenues (b)	$	—	$	608,155	$	608,155
Revenues from subleases	1,900		—		1,900
Total revenues	$	1,900	$	608,155	$	610,055

_________________

(a) Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience and (iii) other live entertainment and sporting events.

(b) Primarily consists of affiliation fees from Distributors (as defined above) and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming.

Contract Balances

The following table provides information about contract balances from the Company’s contracts with customers as of December 31, 2024 and June 30, 2024 and 2023.


	As of December 31,		As of June 30,
	2024		2024		2023
Receivables from contracts with customers, net (a)	$	154,949	$	228,230	$	115,039
Contract assets, current (b)	1,500		1,500		314
Contract assets, non-current (b)	1,307		907		—
Deferred revenue, including non-current portion (c)	138,057		97,151		27,397

_________________

(a) As of December 31, 2024 and June 30, 2024 and 2023 the Company’s receivables from contracts with customers above included $325, $0 and $2,730, respectively, related to various related parties. See Note 19. Related Party Transactions for further details on these related party arrangements.

(b) Contract assets current, which are reported as Prepaid expenses and other current assets in the Company’s consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.

(c) Revenue recognized for the six months ended December 31, 2024 relating to the deferred revenue balance as of June 30, 2024 was $52,278.

Transaction Price Allocated to the Remaining Performance Obligations

The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024. This includes performance obligations under sponsorship agreements that have original expected durations longer than one year and for which the respective consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.


	As of December 31, 2024
Year ending December 31, 2025	$	79,736
Year ending December 31, 2026	59,191
Year ending December 31, 2027	33,414
Year ending December 31, 2028	16,658
Year ending December 31, 2029	12,354
Thereafter	7,284
	$	208,637

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Restructuring and Related Activities [Abstract]

Restructuring Charges

6 Months Ended

Dec. 31, 2024

Restructuring Charges

During the six months ended December 31, 2024, the Company incurred costs for termination benefits for certain executives and employees primarily in the Sphere segment. As a result, the Company recognized restructuring charges of $5,164, inclusive of $700 of share-based compensation expenses, which were recorded in Accounts payable, accrued and other current liabilities, Other non-current liabilities and Additional paid-in capital on the consolidated balance sheets.

During the year ended June 30, 2024, the Company incurred costs of $9,486, inclusive of $1,166 of share-based compensation expenses for termination benefits for certain executives and employees in the Sphere segment, which were recorded in Accounts payable, accrued and other current liabilities and Additional paid-in capital on the consolidated balance sheets. During the years ended June 30, 2023 and 2022, the Company incurred costs of $27,924, inclusive of $8,118 of share-based compensation expenses, and $13,404, inclusive of $4,254 of share-based compensation expenses, respectively, as a result of the Company’s cost reduction program implemented, which were recorded in Accounts payable, accrued and other current liabilities and Additional paid-in capital on the consolidated balance sheets.

Changes to the Company’s restructuring liability through December 31, 2024 were as follows:


	Restructuring Liability
June 30, 2024	$	471
Restructuring charges (excluding share-based compensation expense)	4,464
Payments	(1,345)
December 31, 2024	$	3,590

Computation of (loss) earnings per-share

6 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Computation of (loss) earnings per-share

The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders.


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Net (loss) income available to Sphere Entertainment Co.’s stockholders (numerator):
(Loss) income from continuing operations	$	(231,233)	$	(224,633)	$	172,027	$	(137,850)

Income (loss) from discontinued operations, net of taxes	$	—	$	23,984	$	333,653	$	(52,297)

Less: Net income attributable to redeemable noncontrolling interests from discontinued operations	—		—		3,925		7,739
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations	—		—		(1,017)		(3,491)
Net (loss) income attributable to discontinued operations per statement of operations	—		23,984		330,745		(56,545)

Adjustment of redeemable noncontrolling interest to redemption value from discontinued operations	—		—		—		(3,173)
Net (loss) income attributable to discontinued operations for EPS:	$	—	$	23,984	$	330,745	$	(59,718)

Weighted-average shares (denominator):
Weighted-average shares for basic EPS	35,859		35,301		34,651		34,255
Dilutive effect of shares issuable under share-based compensation plans (a)	—		—		278		—
Weighted-average shares for diluted EPS	35,859		35,301		34,929		34,255
Weighted-average anti-dilutive shares (a)	—		—		800		—

Basic (loss) earnings per common share
Continuing operations	$	(6.45)	$	(6.36)	$	4.96	$	(4.02)
Discontinued operations	$	—	$	0.68	$	9.55	$	(1.75)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(5.68)	$	14.51	$	(5.77)

Diluted (loss) earnings per common share
Continuing operations	$	(6.45)	$	(6.36)	$	4.93	$	(4.02)
Discontinued operations	$	—	$	0.68	$	9.47	$	(1.75)
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(5.68)	$	14.40	$	(5.77)

_________________

(a) For the six months ended December 31, 2024 and years ended June 30, 2024 and 2022 all restricted stock units and stock options were excluded from the above table because the Company reported a net loss for the period presented, and therefore, their impact on reported loss per share would have been antidilutive.

Investments

6 Months Ended

Dec. 31, 2024

Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract]

Investments

As of December 31, 2024 and June 30, 2024 and 2023, the Company’s investments are included within Investments in the accompanying consolidated balance sheets and consisted of the following:


	Investment Ownership Percentage as of December 31, 2024	Investment as of December 31,		Investment as of June 30,
		2024		2024		2023
Equity method investments:
SACO Technologies Inc. (“SACO”)	30%	$	18,095	$	18,342	$	22,246
Crown Properties Collection LLC (“CPC”)	8%	—		60		—
Gotham Advanced Media and Entertainment, LLC (“GAME”)	50%	10,000		680		—
Holoplot Loan (a)		—		—		20,971
Holoplot	—%	—		—		1,542
MSG Entertainment (b)	—%	—		—		341,039
Equity investments without readily determinable fair values		8,721		8,721		8,721
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (c)		3,580		2,925		1,087
Total investments		$	40,396	$	30,728	$	395,606

_________________

(a) In January 2023, the Company, extended financing to Holoplot GmbH (“Holoplot”) in the form of a three-year convertible loan (the “Holoplot Loan”) of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. Following the acquisition of Holoplot during the fourth quarter of Fiscal Year 2024 (further discussed below), the Holoplot Loan is eliminated in consolidation.

(b) Following the sale of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined under Note 14. Credit Facilities and convertible Notes) with MSG Entertainment using a portion of the MSGE Retained Interest during Fiscal Year 2024, the Company no longer holds any of the outstanding common stock of MSG Entertainment. The Company elected the fair value option for its investment in MSG Entertainment as of June 30, 2023, when it held approximately 20% of the outstanding shares of common stock of MSG Entertainment (in the form of Class A common stock). The fair value of the investment was determined based on quoted market prices on the New York Stock Exchange (“NYSE”), which were classified within Level I of the fair value hierarchy.

(c) The Company’s investments with readily determinable fair values are classified within Level I of the fair value hierarchy as they are based on quoted prices in active markets. Refer to Note 15. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.

Equity Method Investments

The Company determined that it has the ability to exert significant influence over the investee and therefore accounts for the following investments under the equity method of accounting.

SACO

In Fiscal Year 2019, the Company acquired a 30% interest in SACO, a global provider of high-performance LED video lighting and media solutions, for a total consideration of $47,244. The Company is utilizing SACO as a preferred display technology provider for Sphere in Las Vegas based upon commercial terms. The total consideration consisted of a $42,444 payment at closing and a $4,800 deferred payment, which was made in October 2018. As of the acquisition date, the carrying amount of the investment was greater than the Company’s equity interest in the underlying net assets of SACO. As such, the Company allocated the difference to amortizable intangible assets of $25,350 and is amortizing these intangible assets on a straight-line basis over the expected useful lives ranging from 6 years to 12 years as a basis adjustment to the carrying amount of the investment.

CPC

In March 2024, the Company paid $51 for an 8.3% investment in CPC. CPC’s business consists of representing sports and entertainment brands and venues in connection with the sale of their sponsorship, advertising and marketing partnerships assets, and historically included provision of these services to the Company and MSG Entertainment, which represents MSG Sports sponsorship assets. The Company provided a notice of termination with respect to the commercial agreement with CPC on September 20, 2024 and subsequently negotiated a wind down. On September 30, 2024, the Company received notice from CPC that it was exercising its option to purchase the Company’s interest in CPC. The Company and CPC are currently negotiating the purchase price for that interest. The Company’s share of CPC’s results is picked-up on a three-month lag.

GAME

In January 2024, MSG Networks and YES Network (“YES”) announced they formed GAME, a 50/50 joint venture aimed at capitalizing on technical and operational synergies associated with YES’ and MSG Network’s streaming services. During the six months ended December 2024, the Company contributed a total of $9,320 to GAME as part of its ownership stake. The Company’s share of GAME’s results is picked-up on a three month lag.

Holoplot

In Fiscal Year 2018, the Company acquired a 25% interest in Holoplot, a global leader in 3D audio technology based in Berlin, Germany. In Fiscal Year 2023, the Company extended financing to Holoplot in the form of the Holoplot Loan of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. The Holoplot Loan was comprised of $7,625 cash and $12,859 of outstanding deposits paid by the Company to Holoplot in prior periods, plus accrued interest.

On April 25, 2024, in connection with the Company’s strategy to expand our capabilities and enable further innovation across immersive experiences and 3D audio technology, the Company entered into a share purchase and transfer agreement to acquire the remaining equity interest in Holoplot not previously owned by the Company. The initial purchase price of $11,181, is net of cash acquired of $2,554. The acquisition date fair value of the Company’s previous equity interest and the fair value of the Holoplot Loan were included in the measurement of the total consideration transferred. The Company recognized the remeasurement fair value of the previous equity interest as a gain of $5,689, and also recognized a loss of $10,262 related to the fair value over the carrying of the previously held Holoplot Loan, which are both included in Impairment and other (losses) gains, net within the consolidated statements of operations for Fiscal Year 2024. The Company preliminarily recognized $17,818 of intangible assets, and $13,345 of goodwill on the consolidated balance sheets as of June 30, 2024 as a result of the business combination and is in the process of finalizing its purchase price allocation related to certain of its contractual agreements. Following the acquisition on April 25, 2024, Holoplot is now a consolidated subsidiary of the Company, and the Holoplot Loan is eliminated in consolidation.

MSG Entertainment

The Company held an investment in MSG Entertainment’s Class A common stock, the MSGE Retained Interest. MSG Entertainment is a related party that is listed on the NYSE under the symbol “MSGE.” See Note 1. Description of Business and Basis of Presentation, for details regarding the MSGE Retained Interest.

The following table summarizes the unrealized and realized gains (losses) on the MSGE Retained Interest, which are reported in Other income (expenses), net in the accompanying consolidated statements of operations:


	Years Ended June 30,
	2024		2023
Unrealized gain	$	—	$	341,039
(Loss) gain from shares sold	(19,027)		204,676
Total realized and unrealized (loss) gain	$	(19,027)	$	545,715
Supplemental information on realized (loss) gain:
Shares of common stock disposed(a)	1,923		—
Shares of common stock sold(b)	8,221		6,878
Cash proceeds from common stock sold	$	256,501	$	204,676

_________________

(a) Refer to Note 14. Credit Facilities and Convertible Notes, for further explanation of the approximately 1,923 shares disposed related to the repayment of the DDTL Facility.

(b) The sale of approximately 8,221 shares of MSG Entertainment Class A common stock resulted in the cash proceeds from common stock sold.

Executive Deferred Compensation Plan

The Company holds other equity investments with readily determinable fair values in trust under the Company’s Executive Deferred Compensation Plan. The Company recorded unrealized gains of $92, $307, $218, and $0 for the six months ended December 31, 2024 and the years ended June 30, 2024, 2023, and 2022, respectively, within Other (expense) income, net to reflect the remeasurement of the fair value of assets under the Executive Deferred Compensation Plan.

Property and Equipment, Net

6 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

As of December 31, 2024 and June 30, 2024 and 2023, property and equipment, net consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Land	$	43,838	$	44,279	$	80,878
Buildings	2,263,750		2,261,150		69,049




Equipment, furniture and fixtures	1,189,495		1,163,361		159,786
Leasehold improvements	23,835		18,497		18,491
Construction in progress	7,496		4,142		3,066,785
Total property and equipment, gross	3,528,414		3,491,429		3,394,989
Less accumulated depreciation and amortization	(492,684)		(333,009)		(87,828)
Total property and equipment, net	$	3,035,730	$	3,158,420	$	3,307,161

The property and equipment balances above include $142,989, $156,234, and $236,593 of capital expenditure accruals (primarily related to Sphere construction) as of December 31, 2024 and June 30, 2024 and 2023, respectively, which are reflected in Accounts payable, accrued and other current liabilities in the accompanying consolidated balance sheets.

Depreciation expense on property and equipment was $161,732, $252,706, $27,601, and $16,794 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively.

During the first quarter of Fiscal Year 2024, the Company placed $3,130,028 of construction in progress assets into service with the opening of Sphere in Las Vegas and began depreciating them over their corresponding estimated useful lives. On November 21, 2023, the Company announced that it was formally notified by the Mayor of London that its planning application for a Sphere venue in Stratford, London was not approved. In light of this decision, the Company no longer plans to allocate resources towards the development of a Sphere in the United Kingdom. In connection with this decision, the Company recorded an impairment charge of $116,541 on construction in progress and land assets reported within the Sphere segment during the second quarter of Fiscal Year 2024. This charge is recognized in Impairment and other (losses) gains, net within the consolidated statements of operations for Fiscal Year 2024. The fair value of the land was determined using an estimate of the assumed exit value from a market participant perspective.

Original Immersive Production Content

6 Months Ended

Dec. 31, 2024

Other Industries [Abstract]

Original Immersive Production Content

The Company’s deferred production content costs for its original immersive productions are included within Other non-current assets in the accompanying consolidated balance sheets.

As of December 31, 2024 and June 30, 2024 and 2023, total deferred immersive production content costs consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Production content
Released, less amortization	$	52,782	$	61,005	$	—

In-process	49,837		32,076		61,421

Total production content	$	102,619	$	93,081	$	61,421

The following table summarizes the Company’s amortization of production content costs, which is reported in Direct operating expenses in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022 as follows:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Production content costs (a)	$	15,797	$	20,427	$	—	$	—

_________________

(a) For purposes of amortization and impairment, each deferred immersive production content cost is classified based on its predominant monetization strategy. The Company’s current original immersive productions are monetized individually. Refer to Note 2. Summary of Significant Accounting Policies, for further explanation of the monetization strategy.

Based on the Company’s existing immersive production content, the Company’s annual amortization expense for released deferred immersive production content for each of the succeeding three years as of December 31, 2024 is expected to be as follows:


	As of December 31, 2024
Production content released
Year ending December 31, 2025	$	13,655
Year ending December 31, 2026	9,810
Year ending December 31, 2027	8,438

Leases

6 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
ROU assets	$	93,920	$	106,468	$	84,912
Lease liabilities:
Operating leases, current	19,268		18,548		10,127
Operating leases, non-current	116,668		128,022		110,259
Total lease liabilities	$	135,936	$	146,570	$	120,386

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Line Item in the Company’s Consolidated Statements of Operations	Six Months Ended December 31,		Years Ended June 30,
		2024		2024		2023		2022
Operating lease cost	Direct operating expenses	$	3,124	$	3,984	$	1,676	$	1,287
Operating lease cost	Selling, general and administrative expenses	6,864		14,549		15,925		16,977


Variable lease cost	Direct operating expenses	750		1,740		—		—
Variable lease cost	Selling, general and administrative expenses	—		28		1		20
Total lease cost		$	10,738	$	20,301	$	17,602	$	18,284

The Company excluded its ground lease with a subsidiary of Venetian Venue Propco, LLC (“The Venetian”) associated with Sphere in Las Vegas from its ROU assets and lease liabilities balances as the ground lease will not have any fixed rent. If certain return objectives are achieved, The Venetian will receive 25% of the after-tax cash flow in excess of such objectives in the form of variable rent. The Venetian paid the Company $75,000 to help fund the construction costs, including the cost of a pedestrian bridge that links Sphere to The Venetian Expo. The 50-year fixed term commenced on July 14, 2023.

Supplemental cash flow information related to operating leases is as follows:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,049	$	19,000	$	12,332	$	14,400
Lease assets obtained in exchange for new lease obligations	—		33,900		6,435		43,834

For the six months ended December 31, 2024 and years ended June 30, 2024 and 2022, the Company received $1,581, $5,833 and $17,697, respectively, of tenant incentives from a landlord for capital expenditures on behalf of the Company. There were no tenant incentives received in the year ended June 30, 2023.

As of December 31, 2024, maturities of operating lease liabilities were as follows:


	As of December 31, 2024
Year ending December 31, 2025	$	20,322
Year ending December 31, 2026	16,001
Year ending December 31, 2027	14,975
Year ending December 31, 2028	15,166
Year ending December 31, 2029	15,819
Thereafter	106,206
Total lease payments	188,489
Less imputed interest	52,553
Total lease liabilities	$	135,936

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31,		As of June 30,
	2024		2024		2023
Weighted average remaining lease term (in years)	11.3		11.4		12.1
Weighted average discount rate	5.82	%	5.89	%	5.38	%

As of December 31, 2024, the Company’s existing operating leases, which are recorded on the accompanying financial statements, have remaining lease terms ranging from 0.1 years to 17.1 years.

Lessor Arrangements

The Company has sublease arrangements for office and storage spaces where the operating lease revenue is recognized on a straight-line basis over the lease term. The following table summarizes the Company’s sublease revenues for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Sublease arrangements	$	1,447	$	3,028	$	2,610	$	1,900

The maturities of operating lease cash flows to be received on an undiscounted basis for non-cancelable subleases were as follows:




	As of December 31, 2024
Year ending December 31, 2025	$	2,174
Year ending December 31, 2026	1,026




Total future minimum receipts	$	3,200

Leases

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
ROU assets	$	93,920	$	106,468	$	84,912
Lease liabilities:
Operating leases, current	19,268		18,548		10,127
Operating leases, non-current	116,668		128,022		110,259
Total lease liabilities	$	135,936	$	146,570	$	120,386

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Line Item in the Company’s Consolidated Statements of Operations	Six Months Ended December 31,		Years Ended June 30,
		2024		2024		2023		2022
Operating lease cost	Direct operating expenses	$	3,124	$	3,984	$	1,676	$	1,287
Operating lease cost	Selling, general and administrative expenses	6,864		14,549		15,925		16,977


Variable lease cost	Direct operating expenses	750		1,740		—		—
Variable lease cost	Selling, general and administrative expenses	—		28		1		20
Total lease cost		$	10,738	$	20,301	$	17,602	$	18,284

The Company excluded its ground lease with a subsidiary of Venetian Venue Propco, LLC (“The Venetian”) associated with Sphere in Las Vegas from its ROU assets and lease liabilities balances as the ground lease will not have any fixed rent. If certain return objectives are achieved, The Venetian will receive 25% of the after-tax cash flow in excess of such objectives in the form of variable rent. The Venetian paid the Company $75,000 to help fund the construction costs, including the cost of a pedestrian bridge that links Sphere to The Venetian Expo. The 50-year fixed term commenced on July 14, 2023.

Supplemental cash flow information related to operating leases is as follows:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,049	$	19,000	$	12,332	$	14,400
Lease assets obtained in exchange for new lease obligations	—		33,900		6,435		43,834

For the six months ended December 31, 2024 and years ended June 30, 2024 and 2022, the Company received $1,581, $5,833 and $17,697, respectively, of tenant incentives from a landlord for capital expenditures on behalf of the Company. There were no tenant incentives received in the year ended June 30, 2023.

As of December 31, 2024, maturities of operating lease liabilities were as follows:


	As of December 31, 2024
Year ending December 31, 2025	$	20,322
Year ending December 31, 2026	16,001
Year ending December 31, 2027	14,975
Year ending December 31, 2028	15,166
Year ending December 31, 2029	15,819
Thereafter	106,206
Total lease payments	188,489
Less imputed interest	52,553
Total lease liabilities	$	135,936

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31,		As of June 30,
	2024		2024		2023
Weighted average remaining lease term (in years)	11.3		11.4		12.1
Weighted average discount rate	5.82	%	5.89	%	5.38	%

As of December 31, 2024, the Company’s existing operating leases, which are recorded on the accompanying financial statements, have remaining lease terms ranging from 0.1 years to 17.1 years.

Lessor Arrangements

The Company has sublease arrangements for office and storage spaces where the operating lease revenue is recognized on a straight-line basis over the lease term. The following table summarizes the Company’s sublease revenues for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Sublease arrangements	$	1,447	$	3,028	$	2,610	$	1,900

The maturities of operating lease cash flows to be received on an undiscounted basis for non-cancelable subleases were as follows:




	As of December 31, 2024
Year ending December 31, 2025	$	2,174
Year ending December 31, 2026	1,026




Total future minimum receipts	$	3,200

Goodwill and Intangible Assets

6 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets

Goodwill and Intangible Assets

The carrying amounts and activity of goodwill from June 30, 2023 through December 31, 2024 were as follows:


	Sphere		MSG Networks		Total
Balance as of June 30, 2023	$	32,299	$	424,508	$	456,807
Activity	13,345		—		13,345
Balance as of June 30, 2024	$	45,644	$	424,508	$	470,152
Activity	1,220		(61,200)		(59,980)
Balance as of December 31, 2024	$	46,864	$	363,308	$	410,172

During August 2024, 2023 and 2022, the Company performed its annual impairment tests of goodwill and determined that there were no impairments identified as of the impairment test date.

On December 31, 2024, MSG Networks’ affiliation agreement with Altice USA (“Altice”), one of its major Distributors, expired, subsequent to which, the Company’s networks were no longer being carried by Altice. The Company and Altice entered into a multi-year renewal of the MSG Networks affiliation agreement on February 22, 2025. In connection with the preparation of the financial statements included in this Form 10-KT, and in light of changes affecting the MSG Networks reporting unit and the programming industry, the Company concluded that a triggering event had occurred for the reporting unit as of December 31, 2024, and performed an interim quantitative impairment test. For the interim impairment test, the Company estimated the fair value of the MSG Networks reporting unit based on a discounted cash flow model (income approach). This approach relied on numerous assumptions and judgments within the model that were subject to various risks and uncertainties. Principal assumptions utilized, all of which are considered Level III inputs under the fair value hierarchy, include the Company’s estimates of future revenue, estimates of future operating cost, margin assumptions, terminal growth rates and the discount rate applied to estimate future cash flows. As a result of the interim impairment test, the Company recorded a non-cash goodwill impairment charge of $61,200 as of December 31, 2024 within the MSG Networks segment.

The Sphere segment’s goodwill carrying amount increased by $13,345 during Fiscal Year 2024 due to the acquisition of Holoplot, refer to Note 8. Investments for further details.

For periods prior to the MSGE Distribution, Sphere was included with the MSGE Entertainment business in a combined segment and reporting unit. In connection with the MSGE Distribution, the goodwill balance associated with this reporting unit was allocated between Sphere and MSG Entertainment discontinued operations based upon a relative fair value approach, resulting in $32,299 of goodwill attributed to Sphere.

The Company’s intangible assets subject to amortization as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31, 2024						As of June 30, 2024						As of June 30, 2023
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(69,806)	$	13,238	$	83,044	$	(68,249)	$	14,795	$	83,044	$	(65,134)	$	17,910
Technology	15,508		(2,068)		13,440		15,508		(520)		14,988		—		—		—
Trade name	2,032		(327)		1,705		2,032		(68)		1,964		—		—		—
Other	—		—		—		278		(85)		193		—		—		—
Total	$	100,584	$	(72,201)	$	28,383	$	100,862	$	(68,922)	$	31,940	$	83,044	$	(65,134)	$	17,910

Amortization expense for intangible assets was $3,500, $3,788, $3,115, and $5,768 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 respectively. The Company recognized $17,818 of intangible assets subject to amortization during Fiscal Year 2024 as a result of the acquisition of Holoplot. The weighted-average remaining useful life for the intangible assets acquired is 4.3 years, refer to Note 8. Investments for further details.

The Company’s annual amortization expense for existing intangible assets subject to amortization for each of the succeeding five years is as follows:


	For the years ending December 31,
	2025		2026		2027		2028		2029
Estimated amortization expense	$	(6,623)	$	(6,623)	$	(6,623)	$	(6,623)	$	(1,948)

Commitments and Contingencies

6 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of December 31, 2024, commitments of the Company in the normal course of business in excess of one year were as follows:


	Commitments
	December 31, 2025		December 31, 2026		December 31, 2027		December 31, 2028		December 31, 2029		Thereafter		Total
Sphere
Event-related commitments	$	41,227	$	17,235	$	15,000	$	—	$	—	$	—	$	73,462
Letter of credit	899		—		—		—		—		—		899
Other	2,000		2,000		333		—		—		—		4,333
Total Sphere Commitments	$	44,126	$	19,235	$	15,333	$	—	$	—	$	—	$	78,694
MSG Networks
Broadcast rights	$	270,391	$	273,952	$	270,527	$	264,185	$	255,338	$	1,434,048	$	2,768,441
Purchase commitments	9,176		8,374		1,887		65		—		—		19,502


Total MSG Networks Commitments	$	279,567	$	282,326	$	272,414	$	264,250	$	255,338	$	1,434,048	$	2,787,943

Total Commitments	$	323,693	$	301,561	$	287,747	$	264,250	$	255,338	$	1,434,048	$	2,866,637

See Note 11. Leases for more information regarding the Company’s contractually obligated minimum lease payments for operating leases having an initial noncancelable term in excess of one year for the Company’s venues. These commitments are presented exclusive of the imputed interest used to reflect the payment’s present value.

See Note 14. Credit Facilities and Convertible Notes for more information regarding the principal repayments required under the MSGN Term Loan Facility, LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes.

Legal Matters

Fifteen complaints were filed in connection with the Networks Merger by purported stockholders of the Company and MSG Networks Inc.

Nine of these complaints involved allegations of materially incomplete and misleading information set forth in the joint proxy statement/prospectus filed by the Company and MSG Networks Inc. in connection with the Networks Merger. As a result of supplemental disclosures made by the Company and MSG Networks Inc. on July 1, 2021, all of the disclosure actions were voluntarily dismissed with prejudice prior to or shortly following the consummation of the Networks Merger.

Six complaints involved allegations of fiduciary breaches in connection with the negotiation and approval of the Networks Merger and were consolidated into two remaining litigations.

On September 10, 2021, the Court of Chancery of the State of Delaware (the “Court”) entered an order consolidating two derivative complaints filed by purported Company stockholders. The consolidated action is captioned: In re Madison Square Garden Entertainment Corp. Stockholders Litigation, C.A. No. 2021-0468-KSJM (the “MSG Entertainment Litigation”). The consolidated plaintiffs filed their Verified Consolidated Derivative Complaint on October 11, 2021. The complaint, which named the Company as only a nominal defendant, retained all of the derivative claims and alleged that the members of the board of directors and controlling stockholders violated their fiduciary duties in the course of negotiating and approving the Networks Merger. Plaintiffs sought, among other relief, an award of damages to the Company including interest, and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.

On March 14, 2023, the parties to the MSG Entertainment Litigation reached an agreement in principle to settle the MSG Entertainment Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGE Settlement Agreement”) that was filed with the Court on April 20, 2023. The MSGE Settlement Agreement provided for, among other things, the final dismissal of the MSG Entertainment Litigation in exchange for a settlement payment to the Company of approximately $85,000, subject to customary reduction for attorneys’ fees and expenses, in an amount to be determined by the Court. The settlement’s amount was fully funded by the other defendants’ insurers. The MSGE Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. A realized gain of approximately $62,600 was recognized in Other (expense) income, net on the consolidated statements of operations in connection with the settlement payment to the Company.

On September 27, 2021, the Court entered an order consolidating four complaints filed by purported former stockholders of MSG Networks Inc. The consolidated action is captioned: In re MSG Networks Inc. Stockholder Class Action Litigation, C.A. No. 2021-0575-KSJM (the “MSG Networks Litigation”). The consolidated plaintiffs filed their Verified Consolidated Stockholder Class Action Complaint on October 29, 2021. The complaint asserted claims on behalf of a putative class of former MSG Networks Inc. stockholders against each member of the board of directors of MSG Networks Inc. and the controlling stockholders prior to the Networks Merger. Plaintiffs alleged that the MSG Networks Inc. board of directors and controlling stockholders breached their fiduciary duties in negotiating and approving the Networks Merger. The Company was not named as a defendant but was subpoenaed to produce documents and testimony related to the Networks Merger. Plaintiffs sought, among other relief, monetary damages for the putative class and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.

On April 6, 2023, the parties to the MSG Networks Litigation reached an agreement in principle to settle the MSG Networks Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGN Settlement Agreement”) that was filed with the Court on May 18, 2023. The MSGN Settlement Agreement provided for, among other things, the final dismissal of the MSG Networks Litigation in exchange for a settlement payment to the plaintiffs and the class of approximately $48,500, of which approximately $28,000 has been paid by the Company and approximately $20,500 has been paid to the plaintiffs by insurers (who agreed to advance these costs subject to final resolution of the parties’ insurance coverage dispute). The MSGN Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. MSG Networks Inc. has a dispute with its insurers over whether and to what extent there is insurance coverage for the settlement (and has settled with one of the insurers). As of December 31, 2024, approximately $18,000 has been accrued in Accounts payable, accrued and other current liabilities (reduced from approximately $20,500 accrued as of March 31, 2024 in connection with the aforementioned settlement). Unless MSG Networks Inc. and the remaining insurers settle that insurance dispute, it is expected to be finally resolved in a pending Delaware insurance coverage action.

The Company is a defendant in various other lawsuits. Although the outcome of these other lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these other lawsuits will have a material adverse effect on the Company.

Credit Facilities and Convertible Notes

6 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Credit Facilities and Convertible Notes

The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31, 2024						As of June 30, 2024						As of June 30, 2023
	Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Current portion
MSG Networks Term Loan	$	829,125	$	—	$	829,125	$	849,750	$	(313)	$	849,437	$	82,500	$	—	$	82,500




Current portion of long-term debt, net	$	829,125	$	—	$	829,125	$	849,750	$	(313)	$	849,437	$	82,500	$	—	$	82,500


	As of December 31, 2024								As of June 30, 2024								As of June 30, 2023
	Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Non-current portion
MSG Networks Term Loan	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	849,750	$	(1,483)	$	848,267




LV Sphere Term Loan Facility	275,000		—		(3,240)		271,760		275,000		—		(3,788)		271,212		275,000		(4,880)		270,120
3.50% Convertible Senior Notes	258,750		(5,595)		(905)		252,250		258,750		(6,314)		(913)		251,523		—		—		—
Long-term debt, net	$	533,750	$	(5,595)	$	(4,145)	$	524,010	$	533,750	$	(6,314)	$	(4,701)	$	522,735	$	1,124,750	$	(6,363)	$	1,118,387

MSG Networks Credit Facilities

General. In September 2019, MSGN Holdings, L.P. (“MSGN L.P.”), MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, an indirect subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “MSGN Holdings Entities”), and certain subsidiaries of MSGN L.P. entered into a credit agreement (as amended and restated on October 11, 2019, and as further amended through May 30, 2023, the “MSGN Credit Agreement”) providing for: (i) an initial $1,100,000 term loan facility (the “MSGN Term Loan Facility”) and (ii) a $250,000 revolving credit facility (the “MSGN Revolving Credit Facility” and together with the MSGN Term Loan Facility, the “MSG Networks Credit Facilities”), each with a term of five years.

The MSGN Credit Agreement matured on October 11, 2024. On the Maturity Date, MSGN L.P. failed to repay the principal amount of $829,125 outstanding under the MSGN Term Loan Facility and an event of default occurred pursuant to the MSGN Credit Agreement. On the Maturity Date, all revolving credit commitments under the MSGN Revolving Credit Facility terminated.

On October 11, 2024, MSGN L.P. entered into the Forbearance Agreement by and among MSGN L.P., the guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent, and the Supporting Lenders under the MSG Networks Credit Facilities. Subject to the terms of the Forbearance Agreement, the Supporting Lenders agreed to forbear, during the Forbearance Period, from exercising certain of their available remedies under the MSGN Credit Agreement with respect to or arising out of MSGN L.P.’s failure to make payment on the outstanding principal amount under the MSGN Term Loan Facility on the Maturity Date.

The Forbearance Period under the Forbearance Agreement was initially scheduled to expire on November 8, 2024, and has been extended to expire on the earlier to occur of (a) March 26, 2025, or such later date agreed to by MSGN L.P. and the Supporting Lenders that hold a majority in principal amount of term loans held by all Supporting Lenders under the MSGN Term Loan Facility and (b) the date on which any Termination Event (as defined in the Forbearance Agreement) occurs. On February 4, 2025, MSGN L.P. made a $25,000 principal repayment on the MSGN Term Loan Facility (using cash on hand at MSGN L.P.), which reduced the principal balance under the MSGN Term Loan Facility to approximately $804,125.

Interest Rates. Prior to the Maturity Date, borrowings under the MSGN Credit Agreement bore interest at a floating rate, which at the option of MSGN L.P. could be either (i) a base rate plus an additional rate ranging from 0.25% to 1.25% per annum (determined based on a total net leverage ratio), or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a total leverage ratio). Upon a payment default in respect of principal, interest or other amounts due and payable under the MSGN Credit Agreement or related loan documents, default interest accrue on all overdue amounts at an additional rate of 2.00% per annum. During the Forbearance Period, interest on all outstanding obligations under the MSGN Term Loan Facility, including the unpaid principal amount of the term loan, accrue at the default rate consisting of (i) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a total leverage ratio), plus (ii) the additional rate of 2.00% per annum. The default rate on the MSGN Term Loan Facility as of December 31, 2024 was 8.44%.

Principal Repayments. Prior to the Maturity Date, subject to customary notice and minimum amount conditions, MSGN L.P. could voluntarily repay outstanding loans under the MSGN Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). The MSGN Term Loan Facility amortized quarterly in accordance with its terms beginning March 31, 2020 through September 30, 2024 with a final maturity date of October 11, 2024. Prior to the Maturity Date, MSGN L.P. was required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including MSGN Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions.

Covenants. All borrowings under the MSGN Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. The MSGN Credit Agreement generally requires the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 5.50:1.00, subject, at the option of MSGN L.P. to an upward adjustment to 6.00:1.00 during the continuance of certain events. In addition, the MSGN Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. Compliance with the financial covenants is tested on the date that MSGN L.P. delivers financial statements for the relevant period to the lenders, which financial statements are due by April 30, 2025 for the period ended December 31, 2024 (or such later date as agreed among the parties). Upon delivery of such financial statements, the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries would not be able to show compliance with the financial covenants as of December 31, 2024. MSG Networks anticipates seeking a waiver from the lenders prior to April 30, 2025 (or such later date as agreed among the parties).

Effective February 4, 2025, the Forbearance Agreement also contains covenants that require MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries to hold an amount of cash in accounts subject to a control agreement in favor of the administrative agent as of the close of business of each Test Date (as defined in the Forbearance Agreement to include each Friday between February 4, 2025 and March 21, 2025 with an additional Test Date on March 26, 2025) that is equal to or more than the corresponding Minimum Liquidity Amount set forth in the Forbearance Agreement for such Test Date. As of February 28, 2025, the MSGN Holdings Entities were in compliance with the Minimum Liquidity Amount covenant set forth in the Forbearance Agreement.

In addition to the financial covenants discussed above, the MSGN Credit Agreement and the related security agreement (as modified in certain cases by the Forbearance Agreement) contain certain representations and warranties, affirmative covenants, and events of default. The MSGN Credit Agreement (as modified in certain cases by the Forbearance Agreement) contains significant restrictions (and in some cases prohibitions) on the ability of MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the MSGN Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchasing capital stock; (v) changing their lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The MSGN Holdings Entities are also subject to customary passive holding company covenants.

Guarantors and Collateral. All obligations under the MSGN Credit Agreement are guaranteed by the MSGN Holdings Entities and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “MSGN Subsidiary Guarantors” and, together with the MSGN Holdings Entities, the “MSGN Guarantors”). All obligations under the MSGN Credit Agreement, including the guarantees of those obligations, are secured by certain assets of MSGN L.P. and each MSGN Guarantor (collectively, “MSGN Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the MSGN Holdings Entities and the equity interests in each MSGN Subsidiary Guarantor held directly or indirectly by MSGN L.P.

LV Sphere Term Loan Facility

General. On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of the Company, entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275,000 senior secured term loan facility (as amended, the “LV Sphere Term Loan Facility”).

Interest Rates. Borrowings under the LV Sphere Term Loan Facility bear interest at a floating rate, which at the option of MSG LV may be either (i) a base rate plus a margin of 3.375% per annum or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus a margin of 4.375% per annum. The interest rate on the LV Sphere Term Loan Facility as of December 31, 2024 was 8.85%.

Principal Repayments. The LV Sphere Term Loan Facility will mature on December 22, 2027. The principal obligations under the LV Sphere Term Loan Facility are due at the maturity of the facility, with no amortization payments prior to maturity. Under certain circumstances, MSG LV is required to make mandatory prepayments on the loan, including prepayments in an amount equal to the net cash proceeds of casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions.

Covenants. The LV Sphere Term Loan Facility and related guaranty by Sphere Entertainment Group include financial covenants requiring MSG LV to maintain a specified minimum debt service coverage ratio and requiring Sphere Entertainment Group to maintain a specified minimum liquidity level.

The debt service coverage ratio covenant began testing in the fiscal quarter ended December 31, 2023 on a historical basis and on a prospective basis. Both the historical and prospective debt service coverage ratios are required to be at least 1.35:1.00. As of December 31, 2024, the historical and prospective debt service coverage ratios were 7.16:1.00 and 11.21:1.00, respectively. In addition, among other conditions, MSG LV is not permitted to make distributions to Sphere Entertainment Group unless the historical and prospective debt service coverage ratios are at least 1.50:1.00. The minimum liquidity level for Sphere Entertainment Group is set at $50,000, with $25,000 required to be held in cash or cash equivalents, and is tested as of the last day of each fiscal quarter based on Sphere Entertainment Group’s unencumbered liquidity, consisting of cash and cash equivalents and available lines of credit, as of such date.

In addition to the covenants described above, the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements contain certain customary representations and warranties, affirmative and negative covenants and events of default. The LV Sphere Term Loan Facility contains certain restrictions on the ability of MSG LV and Sphere Entertainment Group to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements, including the following: (i) incur additional indebtedness; (ii) make investments, loans or advances in or to other persons; (iii) pay dividends and distributions (which will restrict the ability of MSG LV to make cash distributions to the Company); (iv) change its lines of business; (v) engage in certain transactions with affiliates; (vi) amend organizational documents; (vii) merge or consolidate; and (viii) make certain dispositions.

Guarantors and Collateral. All obligations under the LV Sphere Term Loan Facility are guaranteed by Sphere Entertainment Group. All obligations under the LV Sphere Term Loan Facility, including the guarantees of those obligations, are secured by all of the assets of MSG LV and certain assets of Sphere Entertainment Group including, but not limited to, MSG LV’s leasehold interest in the land on which Sphere in Las Vegas is located, and a pledge of all of the equity interests held directly by Sphere Entertainment Group in MSG LV.

Delayed Draw Term Loan Facility

On April 20, 2023, the Company entered into a Delayed Draw Term Loan Facility (the “DDTL Facility”) with MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”). Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $65,000 in delayed draw term loans to the Company on an unsecured basis for a period of 18 months following the consummation of the MSGE Distribution.

On July 14, 2023, the Company drew down the full amount of the $65,000 under the DDTL Facility. On August 9, 2023, the Company repaid all amounts outstanding under the DDTL Facility (including accrued interest and commitment fees) by delivering to MSG Entertainment Holdings approximately 1,923 shares of MSG Entertainment Class A common stock.

3.50% Convertible Senior Notes

On December 8, 2023, the Company completed a private unregistered offering (the “Offering”) of $258,750 in aggregate principal amount of its 3.50% Convertible Senior Notes due 2028 (the “3.50% Convertible Senior Notes”), which amount includes the full exercise of the initial purchasers’ option to purchase additional 3.50% Convertible Senior Notes.

The Company used $14,309 of the net proceeds from the Offering to fund the cost of entering into the capped call transactions described below, with the remaining net proceeds from the Offering designated for general corporate purposes, including capital for Sphere-related growth initiatives. The capped call transactions met all of the applicable criteria for equity classification in accordance with ASC Subtopic 815-10-15-74(a), “Derivatives and Hedging—Embedded Derivatives—Certain Contracts Involving an Entity’s Own Equity,” and were recorded as a reduction to Equity on the Company’s consolidated statements of stockholder’s equity and consolidated balance sheets.

On December 8, 2023, the Company entered into an Indenture (the “Indenture”) with U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), relating to the 3.50% Convertible Senior Notes. The 3.50% Convertible Senior Notes constitute a senior general unsecured obligation of the Company.

The 3.50% Convertible Senior Notes bear interest at a rate of 3.50% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024. The 3.50% Convertible Senior Notes will mature on December 1, 2028, unless earlier redeemed, repurchased or converted.

Subject to the terms of the Indenture, the 3.50% Convertible Senior Notes may be converted at an initial conversion rate of 28.1591 shares of Class A Common Stock per $1,000 principal amount of 3.50% Convertible Senior Notes (equivalent to an initial conversion price of approximately $35.51 per share of Class A Common Stock). Upon conversion of the 3.50% Convertible Senior Notes, the Company will pay or deliver, as the case may be, cash, shares of Class A Common Stock or a combination of cash and shares of Class A Common Stock, at the Company’s election, in accordance with the Indenture.

Holders of the 3.50% Convertible Senior Notes may convert their 3.50% Convertible Senior Notes at their option at any time on or after September 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date. Holders of the 3.50% Convertible Senior Notes will also have the right to convert the 3.50% Convertible Senior Notes prior to September 1, 2028, but only upon the occurrence of specified events described in the Indenture. The conversion rate is subject to anti-dilution adjustments if certain events occur.

Prior to December 6, 2026, the 3.50% Convertible Senior Notes will not be redeemable. On or after December 6, 2026, the Company may redeem for cash all or part of the 3.50% Convertible Senior Notes (subject to certain exceptions), at its option, if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any period of 30 consecutive trading days (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 3.50% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. No sinking fund is provided for the 3.50% Convertible Senior Notes.

If certain corporate events occur or the Company delivers a notice of redemption prior to the maturity date of the 3.50% Convertible Senior Notes, and a holder elects to convert its 3.50% Convertible Senior Notes in connection with such corporate event or notice of redemption, as the case may be, the Company will, under certain circumstances, increase the conversion rate for the 3.50% Convertible Senior Notes so surrendered for conversion by a number of additional shares of Class A Common Stock in accordance with the Indenture. No adjustment to the conversion rate will be made if the price paid or deemed to be paid per share of Class A Common Stock in such corporate event or redemption, as the case may be, is either less than $28.41 per share or exceeds $280.00 per share.

If a specified “Fundamental Change” (as defined in the Indenture) occurs prior to the maturity date of the 3.50% Convertible Senior Notes, under certain circumstances each holder may require the Company to repurchase all or part of its 3.50% Convertible Senior Notes at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest to, but not including, the repurchase date.

Under the Indenture, the 3.50% Convertible Senior Notes may be accelerated upon the occurrence of certain events of default. In the case of an event of default with respect to the 3.50% Convertible Senior Notes arising from specified events of bankruptcy or insolvency of the Company, 100% of the principal of and accrued and unpaid interest on the 3.50% Convertible Senior Notes will automatically become due and payable. If any other event of default with respect to the 3.50% Convertible Senior Notes under the Indenture occurs or is continuing, the Trustee or holders of at least 25% in aggregate principal amount of the then outstanding 3.50% Convertible Senior Notes may declare the principal amount of the 3.50% Convertible Senior Notes to be immediately due and payable.

On December 5, 2023, in connection with the pricing of the 3.50% Convertible Senior Notes, and on December 6, 2023, in connection with the exercise in full by the initial purchasers of their option to purchase additional 3.50% Convertible Senior Notes, the Company entered into capped call transactions with certain of the initial purchasers of the 3.50% Convertible Senior Notes or their respective

affiliates and other financial institutions, pursuant to capped call confirmations. The capped call transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon any conversion of the 3.50% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 3.50% Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to approximately $42.62 per share (which represents a premium of approximately 50% over the last reported sale price of the Class A Common Stock of $28.41 per share on the NYSE on December 5, 2023), and is subject to certain adjustments under the terms of the capped call transactions.

Debt Maturities

Debt maturities over the next five years for the outstanding principal balance under the MSG Networks Credit Facilities, LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of December 31, 2024 were as follows:


	MSG Networks Credit Facilities		LV Sphere Term Loan Facility		3.50% Convertible Senior Notes		Total
Mature and outstanding debt for the period ended December 31, 2024	$	829,125	$	—	—		$	829,125
12 months ending December 31, 2025	—		$	—	—		—
12 months ending December 31, 2026	—		—		—		—
12 months ending December 31, 2027	—		275,000		—		275,000
12 months ending December 31, 2028	—		—		258,750		258,750
12 months ending December 31, 2029	—		—		—		—
Thereafter	—		—		—		—
Total debt	$	829,125	$	275,000	$	258,750	$	1,362,875

Interest payments and loan principal repayments made by the Company under the credit agreements for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 were as follows:


	Interest Payments								Loan Principal Repayments
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
MSG Networks Credit Facilities	$	35,074	$	68,297	$	58,311	$	19,173	$	20,625	$	82,500	$	66,000	$	49,500
LV Sphere Term Loan Facility	13,429		26,894		12,825		—		—		—		—		—
Delayed Draw Term Loan Facility	—		460		—		—		—		65,000		—		—
3.50% Convertible Senior Notes	4,528		4,352		—		—		—		—		—		—
Total Payments	$	53,031	$	100,003	$	71,136	$	19,173	$	20,625	$	147,500	$	66,000	$	49,500

The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31, 2024				As of June 30, 2024				As of June 30, 2023
	Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
Liabilities:
MSG Networks Credit Facilities	$	829,125	$	335,796	$	849,750	$	845,501	$	932,250	$	927,589
LV Sphere Term Loan Facility	275,000		273,625		275,000		273,625		275,000		272,250
3.50% Convertible Senior Notes	253,155		353,246		252,436		316,296		—		—
Total debt	$	1,357,280	$	962,667	$	1,377,186	$	1,435,422	$	1,207,250	$	1,199,839

_________________

(a) The total carrying value of the Company’s debt as of December 31, 2024 and June 30, 2024 and 2023 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $4,145, $5,014 and $6,363, respectively.

The Company’s debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar instruments for which the inputs are readily observable.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension Plans and Other Postretirement Benefit Plan

6 Months Ended

Dec. 31, 2024

Pension Plans and Other Postretirement Benefit Plan

Defined Benefit Pension Plans and Postretirement Benefit Plan

Prior to the MSGE Distribution, the Company sponsored (i) a non-contributory, qualified cash balance retirement plan covering its non-union employees (the “Cash Balance Plan”), (ii) an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (the “MSGE Excess Cash Balance Plan”), (iii) an unfunded non-contributory, non-qualified excess balance plan covering certain employees who participate in the underlying qualified plan (the “Networks Excess Cash Balance Plan”), (iv) an unfunded non-contributory, non-qualified benefit pension plan for the benefit of certain employees who participated in a frozen non-contributory qualified defined benefit plan, which became part of the Cash Balance Plan on March 1, 2011 (the “MSGE Excess Retirement Plan”), (v) an unfunded non-contributory, non-qualified benefit pension plan for the benefit of certain employees who participated in a frozen non-contributory qualified defined benefit plan, which became part of the Cash Balance Plan on March 1, 2022 (the “Networks Excess Retirement Plan”), (vi) a non-contributory, qualified defined benefit pension plan covering certain of the Company’s union employees (the “Union Plan”), and (vii) a non-contributory, qualified defined benefit pension plan covering certain of its union employees (the “Networks 1212 Plan”).

The Cash Balance Plan was amended to freeze participation and future benefit accruals. Therefore, since December 31, 2015, no new participants have been able to participate in the Cash Balance Plan and the Excess Cash Balance Plan and no further annual pay credits will be made for any future year. Existing account balances under the Cash Balance Plan and the Excess Cash Balance Plan will continue to be credited with monthly interest in accordance with the terms of the plans. As of December 31, 2007, the MSGE Excess Retirement Plan was amended to freeze all benefits earned through December 31, 2007, and to eliminate the ability of participants to earn benefits for future service under the MSGE Excess Retirement Plan.

The sponsorship of the Cash Balance Plan, the MSGE Excess Cash Balance Plan, the MSGE Excess Retirement Plan and the Union Plan was transferred from the Company to MSG Entertainment in connection with the MSGE Distribution. In addition, certain assets, if any, and liabilities associated with the Cash Balance Plan, the MSGE Excess Cash Balance Plan, the MSGE Excess Retirement plan and the Union Plan were also transferred from the Company to MSG Entertainment in connection with the MSGE Distribution.

After the MSGE Distribution, the Company continues to sponsor the Networks 1212 Plan, Networks Excess Cash Balance Plan, and the Networks Excess Retirement Plan (together, the “Networks Plans”). In connection with the MSGE Distribution, the Company established an unfunded non-contributory, non-qualified frozen excess cash balance plan covering certain employees who participated in the Cash Balance Plan (the “Sphere Excess Plan”). The Networks Plans and Sphere Excess Plans are collectively referred to as the “Pension Plans.”

Prior to the MSGE Distribution, the Company sponsored two contributory welfare plans which provided certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001. The sponsorship of the postretirement plan covering Networks employees was retained by the Company (the “Postretirement Plan”) while the postretirement plan covering MSGE employees was transferred to MSG Entertainment in connection with MSGE Distribution. In addition, the liabilities associated with the postretirement plan for MSGE employees were transferred from the Company to MSG Entertainment in connection with the MSGE Distribution.

The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Change in benefit obligation:
Benefit obligation at beginning of period	$	37,765	$	38,136	$	39,683	$	1,726	$	1,799	$	1,598
Service cost	97		243		245		9		18		20
Interest cost	989		1,995		1,755		47		89		68
Actuarial (gain) loss (a)	(233)		(262)		(1,485)		488		60		292
Benefits paid	(1,185)		(2,347)		(2,153)		(439)		(240)		(179)
Acquisitions	—		—		141		—		—		—
Plan settlements paid	(60)		—		(50)		—		—		—


Benefit obligation at end of period	37,373		37,765		38,136		1,831		1,726		1,799
Change in plan assets:
Fair value of plan assets at beginning of period	17,668		17,976		18,756		—		—		—
Actual return on plan assets	178		351		(312)		—		—		—
Employer contributions	500		500		500		—		—		—
Benefits paid	(614)		(1,159)		(968)		—		—		—

Fair value of plan assets at end of period	17,732		17,668		17,976		—		—		—
Funded status at end of period	$	(19,641)	$	(20,097)	$	(20,160)	$	(1,831)	$	(1,726)	$	(1,799)

_________________

(a) In the six months ended December 31, 2024, and years ended June 30, 2024, and 2023, the actuarial gains on the benefit obligations were primarily due to a net increase in discount rates.

Amounts recognized in the consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 consisted of:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Current liabilities (included in Accounts payable, accrued, and other current liabilities)	$	(1,487)	$	(1,414)	$	(1,355)	$	(207)	$	(205)	$	(157)
Non-current liabilities (included in Other non-current liabilities)	(18,154)		(18,683)		(18,805)		(1,624)		(1,521)		(1,642)
	$	(19,641)	$	(20,097)	$	(20,160)	$	(1,831)	$	(1,726)	$	(1,799)

Accumulated other comprehensive loss, before income tax, as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following amounts that have not yet been recognized in net periodic benefit cost:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Actuarial (loss) gain	$	(7,353)	$	(7,376)	$	(7,249)	$	(369)	$	120	$	203

The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022. Service cost is recognized in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other (expense) income, net.


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
Service cost	$	97	$	243	$	245	$	371	$	9	$	18	$	20	$	27
Interest cost	989		1,995		1,755		1,048		47		89		68		31
Expected return on plan assets	(476)		(970)		(853)		(858)		—		—		—		—
Recognized actuarial loss (gain)	169		335		358		585		—		(23)		(69)		(27)

Settlement gain	1		—		(12)		—		—		—		—		—

Net periodic benefit cost	$	780	$	1,603	$	1,493	$	1,146	$	56	$	84	$	19	$	31

Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (loss) income for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 were as follows:


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
Actuarial (loss) gain, net	$	(148)	$	(463)	$	288	$	3,318	$	(488)	$	(60)	$	(292)	$	243
Recognized actuarial loss (gain)	169		335		358		585		—		(23)		(69)		(27)


Settlement gain	1		—		(12)		—		—		—		—		—
Total recognized in other comprehensive (loss) income	$	22	$	(128)	$	634	$	3,903	$	(488)	$	(83)	$	(361)	$	216

Funded Status

The accumulated benefit obligation for the pension plans aggregated to $37,208, $37,587, and $37,842 at December 31, 2024 and June 30, 2024 and 2023, respectively. As of December 31, 2024 and June 30, 2024 and 2023, each of the pension plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets.

Pension Plans and Postretirement Plan Assumptions

Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Discount rate	5.59	%	5.51	%	5.34	%	5.32	%	5.40	%	5.41	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a
Interest crediting rate	4.32	%	4.55	%	3.77	%	n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		7.50	%	6.75	%	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		2035		2032		2032

Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 are as follows:


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022

Discount rate - projected benefit obligation	5.51	%	5.33	%	4.81	%	1.36	%	5.39	%	5.41	%	4.66	%	2.25	%
Discount rate - service cost	5.69	%	5.52	%	5.06	%	3.13	%	5.48	%	5.39	%	4.89	%	2.62	%
Discount rate - interest cost	5.43	%	5.40	%	4.55	%	2.18	%	5.39	%	5.47	%	4.38	%	1.75	%
Expected long-term return on plan assets	6.13	%	5.65	%	5.00	%	3.96	%	n/a		n/a		n/a		n/a
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a		n/a
Interest crediting rate	4.55	%	4.55	%	3.77	%	2.76	%	n/a		n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		n/a		6.75	%	7.00	%	6.00	%	6.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		n/a		5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		n/a		2032		2032		2027		2027

The discount rates were determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of December 31, 2024 and June 30, 2024, 2023 and 2022 to select a rate at which the Company believed the plans’ benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. The expected long-term return on plan assets is based on a periodic review and modeling of the plans’ asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (i) historical returns for the asset classes covered by the investment policy and (ii) projections of returns over the long-term period during which benefits are payable to plan participants.

Plan Assets and Investment Policy

The weighted-average asset allocation of the pension plan assets as of December 31, 2024 and June 30, 2024 and 2023 was as follows:


	As of December 31,		As of June 30,
Asset Classes (a):	2024		2024		2023
Fixed income securities	95	%	72	%	75	%

Cash equivalents	5	%	28	%	25	%
	100	%	100	%	100	%

_________________

(a) The Company’s target allocation for the assets of the Networks 1212 Plan is 100% fixed income securities as of December 31, 2024 and June 30, 2024 and 2023.

Investment allocation decisions have been made by the Company’s Investment and Benefits Committee. The Investment and Benefits Committee utilizes the services of an investment manager to actively manage the assets of the Pension Plans, as applicable. The Company has established asset allocation targets and investment policies and guidelines with the investment manager. The investment manager takes into account expected long-term risks, returns, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company’s Investment and Benefits Committee. The investment manager also considers each applicable Pension Plans’ liabilities when making investment allocation recommendations. The majority of the Pension Plans’ assets are invested in fixed income securities.

Investments at Estimated Fair Value

The cumulative fair values of the individual plan assets at December 31, 2024 and June 30, 2024 and 2023 by asset class were as follows:


	Fair Value Hierarchy	As of December 31,		As of June 30,
		2024		2024		2023


Money market fund (a)	I	$	990	$	4,924	$	4,533




U.S. Government agency obligations (b)	II	3,681		—		—
Common collective trust (c)	II	13,061		12,744		13,443
Total investments measured at fair value		$	17,732	$	17,668	$	17,976

_________________

(a) Money market funds are classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.

(b) U.S. Government agency obligations are classified within Level II of the fair value hierarchy as they are valued daily using institutional bond quotes based on evaluations based on various market and industry inputs.

(c) Common collective trust (CCT) is a non-exchange traded fund, classified within Level II of the fair value hierarchy at its net asset value (NAV) as reported by the Trustee. The NAV is based on the fair value of the underlying investments held by the fund which are based on quoted market prices less its liabilities. The CCT publishes daily NAV and use such value as the basis for current transactions.

Contributions for Qualified Defined Benefit Pension Plans

During September 2024, the Company contributed $500 to the Networks 1212 Plan. The Company expects to contribute $750 to the Networks 1212 Plan in 2025.

Estimated Future Benefit Payments

The following table presents estimated future yearly benefit payments for the Pension Plans and Postretirement Plan:


	Pension Plans		Postretirement Plan
Year ending December 31, 2025	$	2,974	$	212
Year ending December 31, 2026	$	3,128	$	209
Year ending December 31, 2027	$	2,998	$	219
Year ending December 31, 2028	$	3,022	$	220
Year ending December 31, 2029	$	3,213	$	223
Years ending December 31, 2030 – 2034	$	14,992	$	942

Defined Contribution Plan

The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan and the Sphere Entertainment Excess Savings Plan. The Company also participates in the Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”) and the Madison Square Garden 401(k) Union Plan. For the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, expenses related to the Savings Plans that are included in the accompanying consolidated statements of operations were $4,322, $6,376, $7,421 and $5,778, respectively.

Multiemployer Plans

The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of collective bargaining agreements (“CBAs”).

Multiemployer Defined Benefit Pension Plans

The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas. The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects:

•Assets contributed to a multiemployer defined benefit pension plan by one employer may be used to provide benefits to employees of other participating employers.

•If a participating employer stops contributing to a multiemployer defined benefit pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•If the Company chooses to stop participating in some of these multiemployer defined benefit pension plans, the Company may be required to pay those plans an amount based on the Company’s proportion of the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer defined benefit pension plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process.

The Company was not listed in any of the multiemployer plans’ 5500s as providing more than 5% of the total contributions. There were no multiemployer defined benefit pension plans, to which the Company contributes, that were in a redzone (which are plans that are generally less than 65% funded) for the most recent Pension Protection Act zone status available as of December 31, 2024.

The Company contributed $746, $1,134, $677 and $389 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively, for multiemployer defined benefit pension plans.

Multiemployer Defined Contribution Plans

The Company contributed $114, $250, $142, and $152 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively, to multiemployer defined contribution plans.

Executive Deferred Compensation Plan

The Company sponsors the Sphere Entertainment Corp. Executive Deferred Compensation Plan (the “Deferred Compensation Plan”), for the purpose of permitting a select group of highly-compensated employees to defer the employee’s annual base salary and bonus into the Deferred Compensation Plan with returns on such deferrals tracking the performance of certain investments. Following the MSGE Distribution accounts attributable to the Company’s current employees were transferred from a deferred compensation plan sponsored by MSG Entertainment to the Deferred Compensation Plan. Amounts deferred and invested by employees under the Deferred Compensation Plan are placed in an irrevocable trust established by the Company and all assets of the trust are subject to the creditors of the Company in the event of insolvency. In accordance with ASC Topic 710, Compensation – General (“ASC Topic 710”), the assets of the trust are consolidated with the accounts of the Company and are recognized in the Company’s consolidated balance sheets.

In accordance with ASC Topic 710, the Company remeasures the deferred compensation liability, with a charge (or credit) to compensation cost in the Company’s consolidated statements of operations, to reflect changes in the fair value of the assets owed to the participants of the Deferred Compensation Plan. The Company remeasures the fair value of the assets held in trust in accordance with ASC Topic 321, Investments – Equity Securities, and recognizes unrealized gains and losses in Other (expense) income, net in the Company’s consolidated statements of operations. The Company recorded compensation expense of $92, $307, $218, and $0 for the six months ended December 31, 2024 and the years ended June 30, 2024, 2023 and 2022, respectively, within Selling, general and

administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains of $92, $307, $218 and $0 for the six months ended December 31, 2024 and the years ended June 30, 2024, 2023 and 2022, respectively, within Other (expense) income, net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.

Amounts recognized in the consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 related to the Deferred Compensation Plan consisted of:


	As of December 31,		As of June 30,
	2024		2024		2023
Non-current assets (included in Investments)	$	3,580	$	2,925	$	1,087

Non-current liabilities (included in Other non-current liabilities)	$	(3,580)	$	(2,936)	$	(1,087)

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement, Disclosure [Abstract]

Share-based Compensation

6 Months Ended

Dec. 31, 2024

Share-based Compensation

Share-based Compensation Expense

The Company has three share-based compensation plans: the 2020 Employee Stock Plan (as amended, the “Employee Stock Plan”), the 2020 Stock Plan for Non-Employee Directors (as amended, the “Non-Employee Director Plan”) and the MSG Networks Inc. 2010 Employee Stock Plan (as amended, the “MSG Networks Employee Stock Plan”).

Share-based compensation expense is generally recognized straight-line over the vesting term of the award, which typically provides for three-year cliff or graded vesting subject to continued employment. For awards that provide for graded vesting and are subject to performance conditions, in addition to continued employment, the Company uses the graded-vesting method to recognize share-based compensation expense.

Share-based compensation expense for the Company’s restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and/or cash-settled stock appreciation rights (“SARs”) are recognized in the consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses.

In connection with the MSGE Distribution, pursuant to the terms of the incentive plans and applicable award agreements, (i) each holder of an employee RSU and PSU received one MSG Entertainment RSU or PSU in respect of every one Company RSU or PSU owned on the Record Date and continues to be entitled to one share of the Company’s Class A Common Stock for each Company RSU or PSU in accordance with the existing award agreement, (ii) one share of MSG Entertainment Class A Common Stock was issued under the MSG Entertainment Non-Employee Director Plan in respect of every one RSU outstanding under the Company’s 2020 Stock Plan for Non-Employee Directors, which remain outstanding and continue to be entitled to a share of the Company’s Class A Common Stock in accordance with the existing award agreement, and (iii) each option to purchase the Company’s Class A Common Stock became two options: one option to acquire MSG Entertainment Class A Common Stock and one option to acquire the Company’s Class A Common Stock. The existing exercise price was allocated between the Company’s options and the new MSG Entertainment options based upon the weighted average price of each of our Class A Common Stock and MSG Entertainment Class A Common Stock over the ten trading days immediately following the MSGE Distribution as reported by Bloomberg, and the underlying share amount was consistent with the one-to-one distribution ratio in the MSGE Distribution. Other than the split of the options and the allocation of the existing exercise price, there were no additional adjustments to existing options in connection with the MSGE Distribution.

The Company’s RSUs/PSUs and/or stock options held by individuals who are solely employees of MSG Sports or MSG Entertainment are not expensed by the Company; however, such RSUs/PSUs and/or stock options do have a dilutive effect on earnings (loss) per share available to the Company’s common stockholders.

The following table summarizes the Company’s share-based compensation expense for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Share-based compensation expense (a)	$	33,968	$	47,382	$	42,607	$	56,760

_________________

(a) Share-based compensation expense excludes costs that have been capitalized of $1,250, $2,193, $3,642 and $2,979 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively. For the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, share-

based compensation expense also excludes costs of $700, $1,166, $8,118 and $4,254 respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations, as detailed in Note 6. Restructuring Charges.

RSU and PSU Award Activity

The following table summarizes activity related to the Company’s RSUs and PSUs, held by the Company, MSG Sports and MSG Entertainment employees for the six months ended December 31, 2024:


	Number of		Weighted-Average Grant-date Fair Value
	RSUs	PSUs
Unvested award balance as of June 30, 2024	1,038	1,195	$	64.90
Granted	426	—	$	48.27
Vested (a)	(522)	(370)	$	37.44
Forfeited	(25)	(20)	$	36.59
Unvested award balance as of December 31, 2024	917	805	$	75.76

_________________

(a) The fair value of RSUs and PSUs that vested and were distributed during the six months ended December 31, 2024 was $37,533. Upon delivery, RSUs and PSUs granted under the Employee Stock Plan and the MSG Networks Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 398 awards, with an aggregate value of $16,792 were retained by the Company during the six months ended December 31, 2024.

As of December 31, 2024, there was $87,928 of unrecognized compensation cost related to unvested awards held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 2.1 years.

The following table summarizes additional information about RSUs and PSUs for the six months ended December 31, 2024 and the years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Weighted average grant date fair value per share of awards granted	$	48.27	$	36.94	$	50.81	$	79.34
Fair value of awards vested	$	37,533	$	45,263	$	42,467	$	39,530

Stock Options Award Activity

Compensation expense for the Company’s existing stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes or Monte Carlo options-pricing models. Stock options generally cliff-vest after a three year service period and expire 7.5 to 10 years from the date of grant.

The following table summarizes activity related to the Company’s stock options for the six months ended December 31, 2024:


	Number of Stock Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value

Balance as of June 30, 2024	3,927	$	51.51	8.32
Options granted	1,800	$	34.62

Options forfeited	(195)	$	46.17
Balance as of December 31, 2024	5,532	$	42.62	8.65	$	11,601
Exercisable as of December 31, 2024	540	$	48.08	1.56	$	1,341

Effective as of the 2020 Entertainment Distribution, the Company adopted two share-based compensation plans: the 2020 Employee Stock Plan (the “Employee Stock Plan”) and the 2020 Stock Plan for Non-Employee Directors (the “Non-Employee Director Plan”).

Under the Employee Stock Plan, the Company is authorized to grant incentive stock options, non-qualified stock options, restricted shares, RSUs, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 11,600 shares of Class A Common Stock (subject to certain adjustments). Options and stock appreciation rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Employee Stock Plan, including vesting and exercisability, were determined by the Compensation Committee of the Board of Directors (“Compensation Committee”) and included terms or conditions based upon performance criteria. RSUs that were awarded by the Company to its employees will settle in shares of Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash.

Under the Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, RSUs, restricted shares, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 500 shares of Class A Common Stock (subject to certain adjustments). Options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Non-Employee Director Plan, including vesting and exercisability, were determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, options granted under this plan will be fully vested and exercisable upon the date of grant. Unless otherwise provided in an applicable award agreement, RSUs granted under this plan will be fully vested upon the date of grant and will settle in shares of Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director incurs a separation from service or, if earlier, upon the director’s death.

SARs Award Activity

Compensation expense for the Company’s SARs is determined based on mark-to-market valuation of the awards calculated using the Black-Scholes options-pricing model. SARs generally cliff-vest after a three year service period.

The following table summarizes activity related to the Company’s SARs for the six months ended December 31, 2024:


	Number of SARs	Weighted-Average Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value

Balance as of June 30, 2024	188	$	46.17	2.31
SARs granted	—	$	—	0	$	—
Balance as of December 31, 2024	188	$	46.17	1.80	$	—
Exercisable as of December 31, 2024	—	$	—

Equity

6 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

Stock Repurchase Program

On March 31, 2020, the Board of Directors authorized the repurchase of up to $350,000 of the Company’s Class A Common Stock. The program was re-authorized by the Board of Directors on March 29, 2023. Under the authorization, shares of Class A Common Stock may be purchased from time to time in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. The Company has not engaged in any share repurchase activities under its share repurchase program to date.

Accumulated Other Comprehensive Loss

The following tables detail the components of accumulated other comprehensive loss:


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)
Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(813)		(813)
Amounts reclassified from accumulated other comprehensive loss (a)	(466)		—		(466)
Income tax benefit	123		215		338
Other comprehensive loss, total	(343)		(598)		(941)
Balance as of December 31, 2024	$	(5,877)	$	(1,631)	$	(7,508)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)
Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(1,851)		(1,851)
Amounts reclassified from accumulated other comprehensive loss (a)	(539)		—		(539)
Income tax benefit	143		618		761
Other comprehensive loss, total	(396)		(1,233)		(1,629)
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)

Other comprehensive income:
Other comprehensive income before reclassifications	—		6,656		6,656
Amounts reclassified from accumulated other comprehensive loss (a)	1,755		—		1,755

Income tax expense	(323)		(1,212)		(1,535)
Other comprehensive income, total	1,432		5,444		6,876
Disposition of Tao Group Hospitality	—		2,824		2,824
Distribution of MSG Entertainment	33,717		—		33,717
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2021	$	(45,425)	$	15,153	$	(30,272)
Other comprehensive income (loss):
Other comprehensive loss before reclassifications	—		(25,034)		(25,034)
Amounts reclassified from accumulated other comprehensive loss (a)	2,734		—		2,734
Income tax benefit	2,404		1,813		4,217
Other comprehensive income (loss), total	5,138		(23,221)		(18,083)
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)

_________________

(a) Amounts reclassified from accumulated other comprehensive loss represent curtailments, settlement losses recognized, the amortization of net actuarial gain (loss) and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other (expense) income, net in the accompanying consolidated statements of operations (see Note 15. Pension Plans and Other Postretirement Benefit Plan).

The entire disclosure for equity.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes

6 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income tax benefit (expense) attributable to continuing operations is comprised of the following components:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Current benefit (expense):
Federal	$	—	$	8,200	$	1,389	$	1,555
State and other	(612)		(5,148)		(4,672)		9,927
	(612)		3,052		(3,283)		11,482
Deferred benefit (expense):
Federal	54,234		93,322		(59,253)		17,665
State and other	21,724		39,218		(40,867)		683
	75,958		132,540		(100,120)		18,348
Income tax benefit (expense)	$	75,346	$	135,592	$	(103,403)	$	29,830

The income tax benefit (expense) attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) principally due to the effect of the following items:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Federal tax benefit (expense) at statutory federal rate	64,382		75,648		(57,840)		35,213
State income taxes, net of federal benefit	14,403		13,337		(35,656)		3,970
Change in the estimated applicable tax rate used to determine deferred taxes	—		60,877		(1,286)		1,732
Change in valuation allowance	267		(29,189)		2,053		2,200
Nondeductible officers’ compensation	(4,706)		(5,554)		(4,814)		(12,759)
Nondeductible expenses	(82)		(1,564)		(291)		(172)
Nontaxable gain on repayment of Term Loan	—		13,757		—		—
Return to provision	—		4,881		(672)		—
Excess tax (expense) benefit related to share-based payment awards	(248)		974		(4,678)		(320)
Other	1,330		2,425		(219)		(34)
Income tax benefit (expense)	$	75,346	$	135,592	$	(103,403)	$	29,830

The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31,		As of June 30,
	2024		2024		2023
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	279,813	$	229,962	$	26,684
Tax credit carryforwards	934		631		—
Accrued employee benefits	15,817		27,601		27,349
Restricted stock units and stock options	4,684		6,897		9,231

Right-of-use lease assets and lease liabilities, net	11,204		10,309		11,040
Investments	8,211		7,941		—
Accrued litigation	4,712		4,712		14,991
Other	13,184		12,956		3,694
Total deferred tax assets	$	338,559	$	301,009	$	92,989
Less valuation allowance	(28,952)		(29,219)		(30)
Net deferred tax assets	$	309,607	$	271,790	$	92,959

Deferred tax liabilities:
Intangible and other assets	$	(215,820)	$	(232,923)	$	(264,800)
Property and equipment	(222,703)		(235,676)		(105,405)
Prepaid expenses	(6,142)		(2,913)		(5,870)
Deferred interest	(13,812)		(25,447)		(12,474)

Other investments	—		—		(83,962)
Total deferred tax liabilities	$	(458,477)	$	(496,959)	$	(472,511)

Deferred tax liabilities, net	$	(148,870)	$	(225,169)	$	(379,552)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the utilization of its federal net operating loss carryforward and its future deductible temporary differences. As of December 31, 2024, based on current facts and circumstances, management believes that it is more likely than not that the Company will not realize its deferred tax assets related to foreign NOLs. The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis.

The federal NOL carryforward as of December 31, 2024 was approximately $1,087,000 and is carried forward indefinitely.

Prior to the MSGE Distribution, the Company and MSG Entertainment entered into a Tax Disaffiliation Agreement (“TDA”) that governs the parties’ respective rights, responsibilities and obligations with respect to taxes and tax benefits. Under the TDA, the Company will generally be responsible for all U.S. federal, state, local and other applicable income taxes of the Company for any taxable period or portion of such period ending on or before the MSGE Distribution Date.

The Company has not recorded any tax expense for uncertain tax positions as of December 31, 2024 and June 30, 2024 and 2023.

Income tax (refunds) payments, were $(15,599), $18,649, $7,288 and $(1,014) for six months ended December 31, 2024 and for the years ended June 30, 2024, 2023 and 2022, respectively.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Related Party Transactions

Related Party Transactions

6 Months Ended

Dec. 31, 2024

As of December 31, 2024, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 6.7% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of December 31, 2024). Such shares of Class A Common Stock and Class B Common Stock, collectively, represent approximately 72.0% of the aggregate voting power of

Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Entertainment, MSG Sports and AMC Networks Inc. (“AMC Networks”).

Related Party Arrangements Following the MSGE Distribution

The Company is party to the following agreements and/or arrangements with MSG Entertainment and MSG Sports, as applicable:

•Media rights agreements with MSG Sports pursuant to which the Company has the exclusive live media rights to Knicks and Rangers games in their local markets;

•MSGE TSA pursuant to which the Company receives certain services from MSG Entertainment, such as information technology, security, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing functions, in exchange for service fees. The Company also provides certain services to MSG Entertainment, including studio and corporate technology services, in exchange for service fees;

•Other agreements with MSG Entertainment entered into in connection with the MSGE Distribution, including a distribution agreement, a tax disaffiliation agreement, an employee matters agreement, a trademark license agreement and certain other arrangements;

•Arrangements with (i) MSG Entertainment, pursuant to which MSG Entertainment provides certain sponsorship-related account management services to the Company in exchange for service fees, and (ii) MSG Sports, pursuant to which MSG Sports provides certain business operations services to the Company in exchange for service fees;

•Arrangements with MSG Sports and MSG Entertainment pursuant to which the Company has certain sponsorship rights;

•Arrangements with MSG Entertainment and MSG Sports, pursuant to which (i) the Company has the right to lease on a “time-sharing” basis certain aircraft to which MSG Entertainment has access, (ii) the Company has the right to dry lease certain aircraft leased by MSG Sports and (iii) MSG Entertainment provides certain aircraft support services. The Company, MSG Entertainment, and MSG Sports have agreed to allocate expenses in connection with the use by each company (or their executives) of aircraft leased by MSG Entertainment and MSG Sports; and

•Other agreements with MSG Sports entered into in connection with the 2020 Entertainment Distribution such as a distribution agreement, a tax disaffiliation agreement, an employee matters agreement, and certain other arrangements.

Further, the Company shares certain executive support costs, including office space, executive assistants, security and transportation costs, for (i) the Company’s Executive Chairman and Chief Executive Officer with MSG Entertainment and MSG Sports, (ii) the Company’s Vice Chairman with MSG Entertainment, MSG Sports and AMC Networks and (iii) the Company’s Executive Vice President with MSG Sports and AMC Networks. Additionally, the Company, MSG Entertainment, MSG Sports and AMC Networks have agreed on an allocation of the costs of certain other aircraft, including helicopter, use by shared executives. In addition, the Company, through its MSG Networks segment, has also entered into various agreements with AMC Networks with respect to a number of ongoing commercial relationships, including relating to the provision of certain origination, master control and technical services from AMC Networks.

Prior to April 1, 2024, the Company was also party to arrangements with MSG Sports, pursuant to which MSG Sports provided certain sponsorship services to the Company in exchange for service fees. Following the MSGE Distribution, the Company was also party to the DDTL Facility with MSG Entertainment that provided for a $65,000 senior unsecured delayed draw term loan facility. The DDTL Facility was fully drawn on July 14, 2023, and on August 9, 2023, the Company repaid all amounts outstanding under the DDTL Facility (including accrued interest and commitment fees) using a portion of the MSGE Retained Interest. See Note 14. Credit Facilities and Convertible Notes for more information.

From time to time the Company enters into arrangements with 605, LLC (“605”). Kristin Dolan, a director of the Company and the spouse of James L. Dolan, the Executive Chairman and Chief Executive Officer of the Company, founded and was the Chief Executive Officer of 605, an audience measurement and data analytics company in the media and entertainment industries, until February 2023. On September 13, 2023, 605 was sold to iSpot.tv, and James L. Dolan and Kristin A. Dolan now hold a minority interest in iSpot.tv. As a result, from and after September 13, 2023, 605 is no longer considered to be a related party.

The Company has also entered into certain commercial agreements with its equity method investment nonconsolidated affiliates in connection with Sphere. For the six months ended December 31, 2024, and years ended June 30, 2024, 2023 and 2022, the Company recorded $530, $8,311, $93,823 and $121,115 respectively, of capital expenditures in connection with services provided to the

Company under these agreements. The Company recorded commission expense of $4,704 and $5,618 for the six months ended December 31, 2024, and for the year ended June 30, 2024, respectively, and did not record any commission expense for the years ended June 30, 2023 and 2022, in connection with sponsorship sales services provided by CPC under certain of these arrangements. The Company provided a notice of termination with respect to the agreement with CPC on September 20, 2024 and subsequently negotiated a wind down. As of December 31, 2024 and June 30, 2024 and 2023, accrued capital expenditures associated with related parties were $18,242, $17,712 and $13,412, respectively, and were reported in Accrued and other current liabilities in the accompanying consolidated balance sheets. As of December 31, 2024 and June 30, 2024 and 2023, prepaid expenses associated with related parties were $0, $1,882 and $0, respectively, and were reported in Prepaid expenses and other current assets in the accompanying consolidated balance sheets.

Related Party Arrangements Prior to the MSGE Distribution

Following the MSGE Distribution, except as otherwise noted, the Company is no longer party to the arrangements described below. However, the amounts associated with such arrangements are reflected in the Company’s results of operations for the periods prior to the MSGE Distribution.

The Company was party to a services agreement (the “MSG Sports Services Agreement”) pursuant to which the Company provided certain corporate and other services to MSG Sports, such as information technology, security, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing functions, in exchange for service fees. MSG Sports also provided certain services to the Company, including certain legal functions, communications, ticket sales and certain operational and marketing services, in exchange for service fees. This agreement was assigned to MSG Entertainment.

The Company also shared certain executive support costs, including office space, executive assistants, security and transportation costs, for (i) the Company’s Executive Chairman and Chief Executive Officer with MSG Sports and (ii) the Company’s Vice Chairman with MSG Sports and AMC Networks. Prior to April 1, 2022, the Company also shared costs for the Company’s former President with MSG Sports. Following the MSGE Distribution, the Company also shares these expenses with MSG Entertainment. See “— Related Party Arrangements Following the MSGE Distribution.”

The Company was a party to various aircraft arrangements, which were assigned to MSG Entertainment in connection with the MSGE Distribution. The Company was party to reciprocal time sharing/dry lease agreements with Charles F. Dolan and Sterling2K LLC (collectively, “CFD”), an entity owned and controlled by Deborah Dolan-Sweeney, the daughter of Charles F. Dolan and the sister of James L. Dolan, pursuant to which the Company had agreed from time to time to make its aircraft available to CFD and CFD had agreed from time to time to make their aircraft available to the Company. Pursuant to the terms of the agreements, CFD could lease on a non-exclusive, “time sharing” basis, certain Company aircraft.

The Company was also party to a dry lease agreement and a time sharing agreement with Brighid Air, LLC (“Brighid Air”), a company owned and controlled by Patrick F. Dolan, the son of Charles F. Dolan and the brother of James L. Dolan, pursuant to which Brighid Air had agreed from time to time to make its Bombardier BD100-1A10 Challenger 350 aircraft (the “Challenger”) available to the Company on a non-exclusive basis. In connection with the dry lease agreement, the Company also entered into a Flight Crew Services Agreement (the “Flight Crew Agreement”) with Dolan Family Office, LLC (“DFO”), an entity owned and controlled by Charles F. Dolan, pursuant to which the Company could utilize pilots employed by DFO for purposes of flying the Challenger when the Company was leasing that aircraft under the Company’s dry lease agreement with Brighid Air.

Pursuant to certain aircraft support services agreements (the “Support Agreements”), the Company provided certain aircraft support services to (i) Charles F. Dolan and certain of his children, including James L. Dolan, the Company’s Executive Chairman, Chief Executive Officer and a director, Deborah Dolan-Sweeney, Patrick F. Dolan, Marianne Dolan Weber (a director of the Company), and Kathleen M. Dolan, and (ii) an entity controlled by Patrick F. Dolan, the son of Charles F. Dolan and brother of James L. Dolan.

Prior to December 21, 2021, the Company was also party to (i) a reciprocal time sharing/dry lease agreement with Quart 2C, LLC (“Q2C”), a company controlled by James L. Dolan and Kristin A. Dolan, his spouse and a director of the Company, pursuant to which the Company from time to time made its aircraft available to Q2C, and Q2C, from time to time made its aircraft available to the Company, and (ii) an aircraft support services agreement with an entity controlled by James L. Dolan, pursuant to which the Company provided certain aircraft support services. These agreements were no longer effective as of December 21, 2021.

The Company and each of MSG Sports and AMC Networks were party to certain aircraft time sharing agreements, pursuant to which the Company had agreed from time to time to make aircraft available to MSG Sports and/or AMC Networks for lease on a “time sharing” basis. Additionally, the Company, MSG Sports and AMC Networks had agreed on an allocation of the costs of certain aircraft and helicopter use by their shared executives.

In addition to the aircraft arrangements described above, certain executives of the Company were party to aircraft time sharing agreements, pursuant to which the Company had agreed from time to time to make certain aircraft available for lease on a “time sharing” basis for personal use in exchange for payment of actual expenses of the flight (as listed in the agreement).

Revenues and Operating Expenses

The following table summarizes the composition and amounts of the transactions with the Company’s related parties. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Revenues	$	914	$	3,585	$	2,079	$	1,220
Operating (expenses) credits:
Media rights fees	$	(90,723)	$	(175,462)	$	(172,581)	$	(163,131)




Cost reimbursement from MSG Sports - MSG Sports Services Agreement	—		—		29,836		38,254
Corporate general and administrative expenses, net - MSGE TSA (a)	(47,717)		(110,966)		(27,494)		—
Origination, master control and technical services	(2,564)		(5,079)		(4,982)		(4,880)
Other operating expenses, net (b)	(10,691)		(18,017)		(261)		(952)
Total operating expenses, net (c)	$	(151,695)	$	(309,524)	$	(175,482)	$	(130,709)

_________________

(a) Included in the six months ended December 31, 2024 and the year ended June 30, 2024 , Corporate general and administrative expenses, net - MSGE TSA is $0 and $3,363, respectively, related to Restructuring charges for employees who provided services to the Company under the MSGE TSA.

(b) Other operating expenses, net, includes CPC commission expenses, reimbursements to MSG Entertainment for professional and payroll fees, and charges relating to aircraft arrangements described above.

(c) Of the total operating (expenses) credits, net, $(93,343), $(182,051), $(206,804) and $(167,928) for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying consolidated statements of operations, and $(58,352), $(127,473), $31,322 and $37,219 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022, respectively, are included in selling, general and administrative expenses.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information

6 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

As of December 31, 2024, the Company was comprised of two reportable segments: Sphere and MSG Networks.

Sphere

The Sphere segment derives revenues primarily from ticket sales and other ticket-related revenues, venue license fees from third-party promoters, sponsorships, signage and Exosphere advertising, suite licenses and food, beverage, and merchandise sales. The Sphere segment incurs expenses related to day-of-event costs, costs to produce The Sphere Experience, marketing and advertising costs, production costs for Exosphere advertising as well as corporate and supporting department operating costs, including charges under the MSGE TSA, and venue usage costs such as other operating expenses including insurance, utilities, repairs and maintenance, labor related to the overall management of the Sphere segment, depreciation and amortization expense related to certain corporate property, equipment and leasehold improvements. The Sphere segment also incurs non-capitalizable content development and technology costs associated with the Company’s Sphere business.

MSG Networks

The MSG Networks segment derives revenues principally from distribution fees, as well as from the sale of advertising. Distribution revenue includes both affiliation fee revenue earned from Distributors for the right to carry the Company’s networks, as well as MSG Networks’ revenue earned from DTC subscriptions and single game purchases on MSG+, which is included in the Gotham Sports app. MSG Networks’ advertising revenue is largely derived from the sale of inventory in its live professional sports programming.

The MSG Networks segment incurs expenses related to the cost of professional team rights acquired under media rights agreements to telecast various sporting events on the Company’s networks as well as other direct programming and production related costs of the networks.

In making its segment determination, the Company takes into account whether two or more operating segments can be aggregated together as one reportable segment as well as the type of discrete financial information that is available and regularly reviewed by its Chief Operating Decision Maker (“CODM”). The CODM is the Company’s Executive Chairman and Chief Executive Officer.

The CODM evaluates segment performance and determines how to allocate resources based on the Company’s key financial measure of adjusted operating income (loss) (“AOI”), a non-GAAP financial measure. The Company defines AOI as operating income (loss) excluding:

(i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets,

(ii) amortization for capitalized cloud computing arrangement costs,

(iii) share-based compensation expense,

(iv) restructuring charges or credits,

(v) merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries,

(vi) gains or losses on sales or dispositions of businesses and associated settlements,

(vii) the impact of purchase accounting adjustments related to business acquisitions, and

(viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan (which was established in November 2021).

The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the Company’s business without regard to the settlement of an obligation that is not expected to be made in cash. The Company eliminates merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan provides investors with a clearer picture of the Company’s operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating loss (income) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other (expense) income, net, which is not reflected in Operating loss (income).

The CODM uses AOI for each segment predominantly throughout the annual budget and forecasting process. The CODM also considers budget-to-actual variances in AOI, at least quarterly, when making decisions about the allocation of operating and capital resources to each segment. Management believes AOI is an appropriate measure for evaluating the operating performance of its business segments and the Company on a consolidated basis. AOI and similar measures with similar titles are common performance measures used by investors and analysts to analyze the Company’s performance. The Company uses revenues and AOI measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.

Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. The Company has presented the components that reconcile operating income (loss), the most directly comparable GAAP financial measure, to adjusted operating income (loss).

Information as to the operations of the Company’s reportable segments is set forth below.


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Revenues	$	296,092	$	240,111	$	536,203
Event-related expenses (a)	(118,971)		—		(118,971)
Rights fee expense	—		(135,081)		(135,081)
Network programming and production costs	—		(36,676)		(36,676)
Other direct operating expenses (a)	(16,143)		—		(16,143)
Overhead expenses(b)	(223,953)		(30,310)		(254,263)
Other segment expenses(c)	(170,007)		(65,622)		(235,629)

Operating loss	(232,982)		(27,578)		(260,560)

Interest income					11,413
Interest expense					(57,388)

Other expense, net					(44)
Loss from operations before income taxes					$	(306,579)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating loss	$	(232,982)	$	(27,578)	$	(260,560)
Adjustments:

Share-based compensation expense	29,363		4,031		33,394
Depreciation and amortization	160,840		4,392		165,232
Restructuring charges	5,134		30		5,164
Impairment and other losses, net	4,033		61,200		65,233
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,843		7,534		12,377
Amortization for capitalized cloud computing costs	1,579		152		1,731

Remeasurement of deferred compensation plan liabilities	91		—		91
Adjusted operating (loss) income	$	(27,099)	$	49,761	$	22,662

Other information:
Segment assets	$	3,679,455	$	835,845	$	4,515,300
Capital expenditures	$	46,065	$	2,876	$	48,941


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Revenues	$	497,159	$	529,730	$	1,026,889
Event-related expenses (a)	(187,610)		—		(187,610)
Rights fee expense	—		(268,747)		(268,747)
Network programming and production costs	—		(73,770)		(73,770)
Other direct operating expenses (a)	(17,697)		—		(17,697)
Overhead expenses(b)	(393,039)		(39,814)		(432,853)
Other segment expenses(c)	(379,197)		(8,256)		(387,453)
Operating (loss) income	(480,384)		139,143		(341,241)

Interest income					25,687
Interest expense					(79,868)
Other income, net					35,197
Loss from operations before income taxes					$	(360,225)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(480,384)	$	139,143	$	(341,241)
Adjustments:

Share-based compensation expense	40,514		6,330		46,844
Depreciation and amortization	248,248		8,246		256,494
Restructuring charges	9,476		10		9,486
Impairment and other losses, net	121,473		—		121,473
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(1,176)		(11,542)		(12,718)
Amortization for capitalized cloud computing costs	—		87		87

Remeasurement of deferred compensation plan liabilities	306		—		306
Adjusted operating (loss) income	$	(61,543)	$	142,274	$	80,731

Other information:
Segment assets	$	3,883,396	$	904,496	$	4,787,892
Capital expenditures	$	259,642	$	6,555	$	266,197


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Revenues	$	2,610	$	571,221	$	573,831
Event-related expenses (a)	—		—		—
Rights fee expense	—		(266,670)		(266,670)
Network programming and production costs	—		(69,996)		(69,996)
Other direct operating expenses (a)	(5,545)		—		(5,545)
Overhead expenses(b)	(325,660)		(126,482)		(452,142)
Other segment expenses(c)	(40,955)		(11,565)		(52,520)
Operating (loss) income	(369,550)		96,508		(273,042)

Interest income					11,585
Interest expense					—
Other income, net					536,887
Income from operations before income taxes					$	275,430

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(369,550)	$	96,508	$	(273,042)
Adjustments:

Share-based compensation expense	36,188		6,419		42,607
Depreciation and amortization	24,048		6,668		30,716
Restructuring charges	23,136		4,788		27,924
Impairment and other (gains) losses, net	(6,229)		109		(6,120)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(189)		55,236		55,047
Amortization for capitalized cloud computing costs	—		161		161


Remeasurement of deferred compensation plan liabilities	187		—		187
Adjusted operating (loss) income	$	(292,409)	$	169,889	$	(122,520)

Other information:
Segment assets	$	4,260,475	$	712,540	$	4,973,015
Capital expenditures	$	1,025,700	$	9,185	$	1,034,885


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total
Revenues	$	1,900	$	608,155	$	610,055
Event-related expenses (a)	—		—		—
Rights fee expense	—		(252,060)		(252,060)
Network programming and production costs	—		(68,218)		(68,218)
Other direct operating expenses (a)	—		—		—
Overhead expenses(b)	(293,664)		(126,129)		(419,793)
Other segment expenses(c)	(25,875)		(9,846)		(35,721)
Operating (loss) income	(317,639)		151,902		(165,737)
Interest income					3,575
Interest expense					—
Other expense, net					(5,518)
Loss from operations before income taxes					$	(167,680)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(317,639)	$	151,902	(165,737)
Adjustments:
Share-based compensation expense	39,668		17,092		56,760
Depreciation and amortization	13,168		9,394		22,562
Restructuring charges	12,952		452		13,404
Impairment and other gains, net	(245)		—		(245)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	20,834		27,683		48,517
Amortization for capitalized cloud computing costs	95		176		271
Adjusted Operating (loss) income	$	(231,167)	$	206,699	$	(24,468)

Other information:
Segment assets	$	4,706,729	$	815,431	$	5,522,160
Capital expenditures	$	717,093	$	3,673	$	720,766

_________________

(a)Event-related expenses include, but are not limited to, day-of-event costs, direct operating expenses for The Sphere Experience, venue operating expenses, and other event-related direct operating expenses. Other direct operating expenses include, but are not limited to, expenses related to sponsorship, signage, Exosphere advertising, suite licenses, and other operating expenses. In total, these expenses when combined with MSG Networks rights fee expense and network programming and production costs represent the Company’s Direct operating expenses as presented on the Consolidated Statement of Operations.

(b)For each reportable segment, Overhead expenses currently include selling, general and administrative costs.

(c)For each reportable segment, Other segment expenses include all other expenses that do not meet the definition of other previously disclosed expenses, primarily depreciation and amortization, impairment and other losses, net and restructuring charges.

Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 included amounts due from the following individual customers, substantially derived from the MSG Networks segment, which accounted for the noted percentages of the gross balance:


	As of December 31,		As of June 30,
	2024		2024		2023

Customer A	14	%	10	%	23	%
Customer B	14	%	10	%	22	%
Customer C	10	%	N/A		17	%

Revenues in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 included amounts from the following individual customers, primarily derived from the MSG Networks segment, which accounted for the noted percentages of the total:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Customer 1	12	%	14	%	26	%	27	%
Customer 2	12	%	13	%	26	%	26	%
Customer 3	9	%	10	%	21	%	21	%

As of December 31, 2024, the Company employed approximately 3,190 full-time and part-time employees, of which approximately 13% are subject to CBAs. Approximately 7% are subject to CBAs that expired as of December 31, 2024 and approximately 16% are subject to CBAs that will expire by December 31, 2025, if they are not extended prior thereto.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Additional Financial Information [Abstract]

Additional Financial Information

6 Months Ended

Dec. 31, 2024

Additional Financial Information

The following table provides a summary of the amounts recorded as cash and cash equivalents, and restricted cash as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
Cash and cash equivalents	$	501,954	$	559,757	$	131,965
Restricted cash	$	13,679	$	13,476	$	297,149
Total Cash and cash equivalents, and restricted cash	$	515,633	$	573,233	$	429,114

The Company’s cash equivalents consist of money market accounts, time deposits and U.S. treasury bills of $224,037, $367,900, and $108,701 as of December 31, 2024 and June 30, 2024 and 2023, respectively. Cash, cash equivalents, and restricted cash are measured at fair value within Level I of the fair value hierarchy on a recurring basis using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in interest-bearing escrow accounts related to credit support, debt facilities, collateral for its operating leases, and general liability insurance obligations.

Prepaid expenses and other current assets as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Prepaid expenses	$	32,384	$	30,864	$	23,450


Note and other receivables	92		3,866		21,453

Inventory	12,583		11,893		—


Other	19,948		8,232		11,182
Total prepaid expenses and other current assets	$	65,007	$	54,855	$	56,085

Accounts payable, accrued, and other current liabilities as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Accounts payable	$	33,606	$	18,875	$	39,654
Accrued payroll and employee related liabilities	42,892		85,766		75,579
Cash due to promoters	109,078		72,577		73,611

Capital expenditure accruals	142,989		156,234		236,593
Accrued legal fees	22,046		20,876		53,857
Other accrued expenses	71,365		62,759		36,437
Total accounts payable, accrued, and other current liabilities	$	421,976	$	417,087	$	515,731

Other (expense) income, net for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 included the following:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note 8 for further detail	$	—	$	(19,027)	$	545,715	$	—

Gain on litigation settlement	—		62,647		—		—
Unrealized gain on equity investments without readily determinable fair value	—		—		1,969		—
Loss on equity method investments	(120)		(6,677)		(8,184)		(4,863)



Other	76		(1,746)		(2,613)		(655)
Total other (expense) income, net	$	(44)	$	35,197	$	536,887	$	(5,518)

Interim Condensed Financial Information (Unaudited)

6 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Interim Condensed Financial Information (Unaudited)

The following is a summary of the Company’s selected quarterly financial data for the six months ended December 31, 2024 and Fiscal Years 2024 and 2023:


	Three Months Ended
	September 30,		December 31,
	2024		2024
Revenues	$	227,913	$	308,290
Operating expenses	(345,532)		(451,231)
Operating loss	$	(117,619)	$	(142,941)
Net loss attributable to Sphere Entertainment Co.’s stockholders	$	(105,283)	$	(125,950)

Continuing Operations
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(2.95)	$	(3.49)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(2.95)	$	(3.49)


	Three Months Ended
	September 30,		December 31,		March 31,		June 30,
	2023		2023		2024		2024
Revenues	$	118,007	$	314,157	$	321,330	$	273,395
Operating expenses	(187,796)		(473,839)		(361,723)		(344,772)
Operating loss	$	(69,789)	$	(159,682)	$	(40,393)	$	(71,377)
Net income (loss) from continuing operations	$	67,072	$	(173,248)	$	(47,240)	$	(71,217)
Net (loss) income from discontinued operations, net of taxes	$	(647)	$	—	$	—	$	24,631



Net income (loss) attributable to Sphere Entertainment Co.’s stockholders	$	66,425	$	(173,248)	$	(47,240)	$	(46,586)

Continuing Operations
Basic earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders	$	1.92	$	(4.91)	$	(1.33)	$	(2.00)
Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders	$	1.90	$	(4.91)	$	(1.33)	$	(2.00)
Discontinued Operations
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(0.02)	$	—	$	—	$	0.69
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(0.01)	$	—	$	—	$	0.69


	Three Months Ended
	September 30,		December 31,		March 31,		June 30,
	2022		2022		2023		2023
Revenues	$	123,129	$	159,541	$	162,062	$	129,099
Operating expenses	(174,184)		(209,276)		(263,968)		(199,445)
Operating loss	$	(51,055)	$	(49,735)	$	(101,906)	$	(70,346)
Net (loss) income from continuing operations	$	(46,303)	$	(27,308)	$	(113,998)	$	359,636
Net income from discontinued operations	$	2,260	$	97,865	$	55,443	$	178,085
Net (loss) income	$	(44,043)	$	70,557	$	(58,555)	$	537,721
Less: Net income (loss) attributable to redeemable noncontrolling interests from discontinued operations	1,124		3,029		(1,492)		1,264
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations	(410)		(56)		(216)		(335)
Net (loss) income attributable to Sphere Entertainment Co.’s stockholders	$	(44,757)	$	67,584	$	(56,847)	$	536,792





Continuing Operations
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(1.35)	$	(0.79)	$	(3.28)	$	10.34
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(1.35)	$	(0.79)	$	(3.28)	$	10.21
Discontinued Operations
Basic earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	0.05	$	2.74	$	1.65	$	5.09
Diluted earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	0.05	$	2.74	$	1.65	$	5.03

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended										6 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net (loss) income attributable to Sphere Entertainment Co.’s stockholders	$ (125,950)	$ (105,283)	$ (46,586)	$ (47,240)	$ (173,248)	$ 66,425	$ 536,792	$ (56,847)	$ 67,584	$ (44,757)	$ (231,233)	$ (200,649)	$ 502,772	$ (194,395)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Principles of Consolidation

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	6 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	6 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	All companies utilizing technology are subject to the risk of breaches of or unauthorized access to their computer systems. The Company maintains a cyber risk management program designed to assess, identify and manage cybersecurity threats. The Company’s cyber risk management program has been integrated into our overall risk management program. The Audit Committee of our Board of Directors and our management are involved in the oversight of our risk management program, of which cybersecurity represents an important component. We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats and incidents. Our policies and processes include, among other things: •regular system security testing; •a cybersecurity incident response policy (including the use of third-party vendors, as needed); •periodic and ongoing security awareness training for employees; •the use of several comprehensive vulnerability analysis systems to evaluate software vulnerabilities both internally and externally; and •mechanisms to detect and monitor unusual network activity. The Company also requires that all third-party vendors that have access to or handle sensitive information undergo a risk-based vendor security assessment. We also maintain controls and procedures that are designed to promptly escalate certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Audit Committee of our Board of Directors in a timely manner. There can be no guarantee that our policies and processes will be properly followed in every instance or that those policies and processes will be effective.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company maintains a cyber risk management program designed to assess, identify and manage cybersecurity threats. The Company’s cyber risk management program has been integrated into our overall risk management program. The Audit Committee of our Board of Directors and our management are involved in the oversight of our risk management program, of which cybersecurity represents an important component.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy. The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	The Company has established a cybersecurity leadership response team consisting of members of senior management, including the Chief Security Officer (“CSO”) of MSG Entertainment (who provides services to the Company), the Company’s Chief Financial Officer (“CFO”), and the Company’s General Counsel (“GC”), as well as a tactical incident response team comprised of employees from the threat management department. The CSO is primarily responsible for leading the tactical incident response team, including the implementation of defense capabilities and risk mitigation strategies, and communicating with senior management and the cybersecurity leadership response team. The CSO has over 20 years of security operations, information technology and cybersecurity experience. He has served as Executive Vice President and Chief Security Officer at MSG Entertainment since April 2023 and, prior to the MSGE Distribution, held senior roles at the Company, including serving as Executive Vice President and Chief Security Officer from 2021 to April 2023 and Senior Vice President and Chief Security Officer from 2020 to 2021, and served as MSG Sports’ Senior Vice President and Chief Security Officer from 2018 to 2020 prior to the 2020 Entertainment Distribution. He is supported by his direct reports and their teams. The cybersecurity leadership response team also includes other senior members from the legal, internal audit, communications and threat management departments. This leadership response team meets as needed to review various cybersecurity and data privacy matters as escalated by the tactical incident response team and receives periodic updates from the tactical incident response team on such matters. The tactical incident response team is responsible for maintaining processes to assess, identify and manage material risks from cybersecurity threats and has primary responsibility for executing the response to any cybersecurity incident. In addition, the CSO and/or the tactical incident response team have identified third party vendors that can assist as needed with responding to any cybersecurity incident and determine if members of the cybersecurity leadership response team or other employees or vendors should be involved in the Company’s response. Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy. The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company has established a cybersecurity leadership response team consisting of members of senior management, including the Chief Security Officer (“CSO”) of MSG Entertainment (who provides services to the Company), the Company’s Chief Financial Officer (“CFO”), and the Company’s General Counsel (“GC”), as well as a tactical incident response team comprised of employees from the threat management department.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CSO has over 20 years of security operations, information technology and cybersecurity experience. He has served as Executive Vice President and Chief Security Officer at MSG Entertainment since April 2023 and, prior to the MSGE Distribution, held senior roles at the Company, including serving as Executive Vice President and Chief Security Officer from 2021 to April 2023 and Senior Vice President and Chief Security Officer from 2020 to 2021, and served as MSG Sports’ Senior Vice President and Chief Security Officer from 2018 to 2020 prior to the 2020 Entertainment Distribution.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The Company historically reported on a fiscal year basis ending on June 30th. On June 26, 2024, the Company’s Board of Directors (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 these consolidated financial statements, the fiscal years ended June 30, 2024, 2023 and 2022 are referred to as “Fiscal Year 2024,” “Fiscal Year 2023,” and “Fiscal Year 2022,” respectively, and reflect financial results for the respective twelve-month periods from July 1 to June 30. Unless otherwise noted, all references to “fiscal year” in these financial statements refer to the twelve month fiscal years that, prior to the Transition Period, ended on June 30. When financial results for the Transition Period are compared to financial results for the same period in 2023, the results compare the six-month period from July 1, 2024 through December 31, 2024 to the six-month period from July 1, 2023 through December 31, 2023. The results for the six months ended December 31, 2023 are unaudited. See Note 3. Change in Fiscal Year-End for more information.

The Company has presented both the MSG Entertainment business and Tao Group Hospitality as discontinued operations for all periods presented. See Note 4. Discontinued Operations for more information about the MSGE Distribution and Tao Group Hospitality Disposition.

The consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. They also historically included accounts of Tao Group Hospitality, MSG Entertainment, and Boston Calling Events, LLC (“BCE”) until their dispositions on May 3, 2023, April 20, 2023, and December 2, 2022, respectively. Both Tao Group Hospitality and MSG Entertainment met the criteria to be reported as discontinued operations during the quarters ended March 31, 2023 and June 30, 2023, respectively. All significant intercompany transactions and balances have been eliminated in consolidation.

Prior to their disposition, Tao Group Hospitality and BCE were consolidated with the equity owned by other stockholders shown as redeemable or nonredeemable noncontrolling interests of discontinued operations in the accompanying consolidated balance sheets, and the other stockholders’ portion of net earnings (loss) and other comprehensive income (loss) shown as net income (loss) or comprehensive income (loss) attributable to redeemable or nonredeemable noncontrolling interests from discontinued operations in the accompanying consolidated statements of operations and consolidated statements of comprehensive income (loss), respectively.

Business Combinations and Noncontrolling Interests

The acquisition method of accounting for business combinations requires management to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company is allowed to adjust the provisional amounts recognized for a business combination).

Under the acquisition method of accounting, the Company recognizes separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. The Company measures goodwill as of the acquisition date as the excess of consideration transferred, which is also measured at fair value over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that the Company incurs to complete a business combination such as investment banking, legal, and other professional fees are not considered part of consideration and the Company charges these costs to selling, general and administrative expense as they are incurred. In addition, the Company recognizes measurement-period adjustments in the period in which the amount is determined, including the effect on

earnings of any amounts the Company would have recorded in previous periods if the accounting had been completed at the acquisition date.

Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represent the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the consolidated balance sheets. Noncontrolling interests, where the Company may be required to repurchase the noncontrolling interest under put options or other contractual redemption requirements that are not solely within the Company’s control, are reported in the consolidated balance sheets between liabilities and equity, as redeemable noncontrolling interests.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, valuation of investments, goodwill, intangible assets, deferred production content costs, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, ultimate revenue (as described below), and other liabilities. In addition, estimates are used in revenue recognition, rights fees expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the financial statements to be reasonable.

Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods.

Revenue Recognition

The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services are transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues.

In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations.

Arrangements with Multiple Performance Obligations

The Company may enter into arrangements with multiple performance obligations, such as multi-year sponsorship agreements which may derive revenues for the Company as well as MSG Entertainment and MSG Sports within a single arrangement. The Company may also derive revenue from similar types of arrangements which are entered into by MSG Entertainment or MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at Sphere, advertising on the Exosphere, digital advertising, or event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of

a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied.

The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations.

The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life.

Principal versus Agent Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.

Contract Balances

Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within Deferred revenue, and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded as collections due to promoters within Accounts payable, accrued and other current liabilities on the accompanying consolidated balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.

Direct Operating Expenses

Direct operating expenses for the Sphere segment may include, but are not limited to, event costs related to the presentation and production of the Company’s live entertainment, sporting events, and immersive productions, maintenance, and other operating expenses.

Direct operating expenses for the MSG Networks segment primarily represent media rights fees and other direct programming and production costs, such as the salaries of on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission services and facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on the segment’s networks are typically expensed on a straight-line basis over the applicable annual contract or license period.

Production Costs for the Company’s Original Immersive Productions

The Company defers certain costs during the production phase of its original immersive productions for Sphere that are directly related to production activities. Such costs include, but are not limited to, fees paid to writers, directors and producers as well as video and music production costs and production-specific overhead. For purposes of evaluating the recognition of amortization and any potential impairment, deferred immersive production costs are classified based on their predominant monetization strategy. The determination of the predominant monetization strategy is made at the commencement of production and is based on the means by which the Company expects to derive third-party revenues from use of the content.

The Company’s primary monetization strategy and classification for its current content is on an individual production basis, which the Company defines as content where the lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific production. The classification of content only changes if there is a significant change to the production’s monetization strategy relative to management’s initial assessment.

Deferred immersive production costs are amortized beginning in the month the production debuts, in the same ratio that current period actual revenue bears to estimated remaining unrecognized ultimate revenue as of the beginning of the current year. Estimates of ultimate revenues are prepared on an individual production basis and are reviewed regularly by management and revised where necessary to reflect the most current information. Ultimate revenues reflect management’s estimates of future revenue over a period not to exceed ten years following the premiere of the production. Deferred immersive production costs are subject to recoverability assessments whenever there is an indication of potential impairment.

Advertising Expenses

Advertising Expenses Advertising costs are typically charged to expense when incurred.

Nonmonetary Transactions

Nonmonetary Transactions The MSG Networks segment enters into nonmonetary transactions, primarily with its Distributors (as defined below), that involve the exchange of products or services, such as advertising and promotional benefits, for the segment’s services. For arrangements that are subject to sales based and usage-based royalty guidance, MSG Networks measures noncash consideration that it receives at fair value as the sale or usage occurs. For other arrangements, the MSG Networks segment measures the estimated fair value of the noncash consideration that it receives at contract inception. If the MSG Networks segment cannot reasonably estimate the fair value of the noncash consideration, the segment measures the fair value of the consideration indirectly by reference to the standalone selling price of the services promised to the customer in exchange for the consideration as revenues. Nonmonetary transactions for the MSG Networks segment are included in advertising costs, which are classified in selling, general and administrative expenses on the accompanying consolidated statements of operations, as noted above.

Income Taxes

The Company accounts for income taxes in accordance with Accounting Standard Codification (“ASC”) Topic 740, Income Taxes. The Company’s provision for income taxes is based on current period income, changes in deferred tax assets and liabilities, and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company’s consolidated statements of operations.

Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense.

Share-based Compensation

The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date.

The Company accounts for forfeitures as they occur, rather than estimating expected forfeitures.

Share-based compensation expense is generally recognized straight-line over the vesting term of the award, which typically provides for three-year cliff or graded vesting subject to continued employment. For awards that provide for graded vesting and are subject to performance conditions, in addition to continued employment, the Company uses the graded-vesting method to recognize share-based compensation expense.

Share-based compensation expense for the Company’s restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and/or cash-settled stock appreciation rights (“SARs”) are recognized in the consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses.

Earnings (Loss) Per Common Share

Basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income (loss) attributable to the Company’s common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options only in the periods in which such effect would have been dilutive through the application of the treasury stock method. For the periods when a net loss is reported, the computation of diluted EPS equals the basic EPS calculation since common stock equivalents would be antidilutive due

to losses from continuing operations. Holders of Class A common stock and Class B common stock are entitled to receive dividends equally on a per-share basis if and when such dividends are declared. As the holders of Class A and Class B common stock are entitled to identical dividend and liquidation rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net earnings (loss) per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

Cash and Cash Equivalents

The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or is at fair value. Checks outstanding in excess of related book balances are included in accounts payable, accrued, and other current liabilities in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities.

Restricted Cash

The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in interest-bearing escrow accounts related to credit support, debt facilities, collateral for its operating leases, and general liability insurance obligations.

The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments.

Short-Term Investments

Short-Term InvestmentsShort-term investments included investments that (i) had original maturities of greater than three months and (ii) the Company had the ability to convert into cash within one year.

Accounts Receivable

Accounts ReceivableAccounts receivable are recorded at net realizable value. The Company maintains an allowance for credit losses to reserve for potentially uncollectible receivables. The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors.

Investments

The Company’s investments are primarily accounted for using the equity method of accounting and are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments. The cost of equity method investments includes transaction costs of the acquisition. As required by GAAP, to the extent that there is a basis difference between the cost and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. The Company’s share of net earnings or losses of the investment, inclusive of amortization expense for intangible assets associated with the investment, is reflected in Other (expense) income, net within the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from certain of its nonconsolidated affiliates, the Company records its share of net earnings or losses of such affiliates on a three-month lag basis, with the exception of the amortization expense of intangible assets which is recorded currently.

The Company elected the fair value option in accounting for the MSGE Retained Interest and as such, did not report the impact to the consolidated statements of operations on a lag for this investment. Initial recognition of this asset required measurement of an unrealized gain or loss when comparing the book value of the investment to fair value. As a result, the Company initially and subsequently measured and recorded changes in the fair value of the MSGE Retained Interest based upon the quoted market price of the MSGE stock on the New York Stock Exchange on a periodic basis within Other (expense) income, net in the accompanying consolidated statements of operations. The Company sold the entirety of the MSGE Retained Interest as of September 30, 2023, and as a result, no longer holds any of the outstanding common stock of MSG Entertainment.

In addition to equity method investments, the Company also has other equity investments without readily determinable fair values. The Company measures equity investments without readily determinable fair values at cost, less any impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Changes in observable price are reflected within Other (expense) income, net in the accompanying consolidated statements of operations.

Impairment of Investments

The Company reviews its investments periodically to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; future prospects of the investee; and the Company’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. In addition, the Company considers other factors such as general market conditions, industry conditions, and analysts’ ratings. If the decline in fair value is deemed to be other-than-temporary, the cost basis of the investment is written down to fair value and the loss is realized as a component of net income.

Property and Equipment and Other Long-Lived Assets

Property and equipment and other long-lived assets, including amortizable intangible assets, are stated at cost or acquisition date fair value, if acquired. Expenditures for new facilities or equipment, and expenditures that extend the useful lives of existing facilities or equipment, are capitalized and recorded at cost. The useful lives of the Company’s long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives, the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Depreciation starts on the date when the asset is available for its intended use. Construction in progress assets are not depreciated until available for their intended use. Costs of maintenance and repairs are expensed as incurred.

The major categories of property and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

Goodwill and Impairment of Long-Lived Assets

Goodwill

See above (B. Business Combinations and Noncontrolling Interests) for the Company’s accounting policy on how goodwill is measured at an acquisition date. Goodwill is not amortized.

S. Impairment of Long-Lived Assets

In assessing the recoverability of the Company’s long-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and the magnitude of any such charge. Fair value estimates are made based on relevant information at a specific point in time, and are subjective in nature and involve significant uncertainties and judgments. If these estimates or assumptions change materially, the Company may be required to record impairment charges related to its long-lived assets.

Goodwill is tested annually for impairment as of August 31st and at any time upon the occurrence of certain events or changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform a quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, the Company would identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The Company generally determines the fair value of a reporting unit using an income approach, such as the discounted cash flow method, or other acceptable valuation techniques, including the cost approach, in instances when it does not perform the qualitative assessment of goodwill. The amount of an impairment loss is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

For other long-lived assets, including property and equipment, right-of-use lease assets and intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated are less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. The Company generally determines the fair value of a finite-lived intangible asset using an income approach, such as the discounted cash flow method.

Leases

The Company’s leases primarily consist of a ground lease for the land on which Sphere in Las Vegas has been constructed, corporate office space, storage, and office and other equipment. The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the lease term is assessed based on the date when the underlying asset is made available by the lessor for the Company’s use. The Company’s assessment of the lease term reflects the non-cancellable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain not to exercise, as well as periods covered by renewal options which the Company is reasonably certain to exercise. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.

The Company determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations and statements of cash flows over the lease term.

For leases with a term exceeding 12 months, a lease liability is recorded on the Company’s consolidated balance sheets at lease commencement reflecting the present value of the fixed minimum payment obligations over the lease term. A corresponding right-of-use (“ROU”) asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. In addition, the ROU asset is adjusted to reflect any above or below market lease terms under acquired lease contracts.

The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as the Company has elected to account for lease and non-lease components together as a single lease component. ROU assets associated with finance leases are presented separate from ROU assets associated with operating leases and are included within Property and equipment, net on the Company’s consolidated balance sheets. For purposes of measuring the present value of the Company’s fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in the underlying leasing arrangements are typically not readily determinable. The Company’s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment surrounding the associated lease.

For operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments. For leases with a term of 12 months or less (“short-term leases”), any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the consolidated balance sheets. Variable lease costs for both operating and finance leases, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheets.

Interest Capitalization

For significant long term construction projects and immersive content productions, the Company begins to capitalize qualified interest cost once activities necessary to get the asset ready for its intended use have commenced. The Company calculates qualified interest capitalization using the average amount of accumulated expenditures during the period the asset is being prepared for its intended use and a capitalization rate which is derived from the Company’s weighted average borrowing rate during such time, in the absence of specific borrowings related to the significant long term construction projects. The Company ceases capitalization on any portions substantially completed and ready for their intended use.

Contingencies and Contingent Consideration

Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

W. Contingent Consideration

Some of the Company’s acquisition agreements may include contingent earn-out arrangements, which are generally based on the achievement of future operating targets.

The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration that the Company expects to pay to the former owners as a liability in Accrued and other current liabilities and Other liabilities on the consolidated balance sheets.

The Company measures its contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs classified within Level III of the fair value hierarchy, which can result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate and amount paid will be recorded in earnings as operating expense.

Defined Benefit Pension Plans and Other Postretirement Benefit Plan

Prior to the MSGE Distribution, the Company sponsored certain employee benefit pension plans and postretirement plans. On the MSGE Distribution Date, the sponsorship of certain of these plans was transferred to MSG Entertainment. The Company accounts for the transferred defined benefit pension plans under the guidance of ASC Topic 715, Compensation — Retirement Benefits. Accordingly, for the defined benefit pension plan liabilities prior to the MSGE Distribution Date, the consolidated financial statements reflected the full impact of such transferred plans on both the consolidated statements of operations and consolidated balance sheets (presented within discontinued operations) and the Company recorded an asset or liability of discontinued operations to recognize the funded status of the defined benefit pension plans (other than multiemployer plans), as well as a liability of discontinued operations only for any required contributions to the defined benefit pension plans that were accrued and unpaid at the balance sheet date. The related pension expenses attributed to the Company were based primarily on pension-eligible compensation of active participants.

After the MSGE Distribution Date, the Company has both remaining funded and unfunded defined benefit plans. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return and discount rates, among others. The Company recognizes the funded status of its defined benefit pension plans (other than multiemployer plans) and the other postretirement benefit plan as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss).

Actuarial gains and losses that have not yet been recognized through the consolidated statements of operations are recorded in accumulated other comprehensive income (loss) until they are amortized as a component of net periodic benefit cost through other comprehensive income (loss).

Fair Value Measurements

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

•Level I — Quoted prices for identical instruments in active markets.

•Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III — Instruments whose significant value drivers are unobservable.

Foreign Currency Translations

The consolidated financial statements are presented in U.S. Dollars. Assets and liabilities of non-U.S. subsidiaries and the Company’s foreign-based equity method investments that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. Dollars at exchange rates in effect at the balance sheet date. Operating results of non-U.S. subsidiaries are translated at weighted-average exchange rates during the year which approximate the rates in effect at the transaction dates. For the Company’s foreign-based equity method investments, the proportionate share of the investee’s income is translated into U.S. dollars at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period.

Foreign currency translation gains and losses are included as a component of accumulated other comprehensive loss as changes in cumulative translation adjustments in the accompanying consolidated balance sheets.

Concentrations of Risk

Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in U.S. treasury bills, money market accounts and time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company’s emphasis is primarily on safety of principal and liquidity, and secondarily on maximizing the yield on its investments.

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company for the annual period beginning January 1, 2025 and should be applied prospectively. The Company continues to evaluate the impact of the additional disclosure requirements on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, as amended by ASU 2025-01, which was issued in January 2025, requiring disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. This ASU provided an effective date for the standard to be for annual periods beginning with the Company’s year ending December 31, 2027, and interim reporting periods beginning in the Company’s year ending December 31, 2028. Early adoption of ASU 2024-03 is permitted. The amended ASU may be applied either prospectively

to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, providing clarification on the requirements for determining whether certain settlements of convertible debt should be accounted for as induced conversions. This ASU will be effective for the Company as of and for the annual period ending December 31, 2026, and may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard is effective for the Company as of and for the six-month period ending December 31, 2024 and has been applied retrospectively to all prior periods as presented in Note 20. Segment Information.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The major categories of property and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

As of December 31, 2024 and June 30, 2024 and 2023, property and equipment, net consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Land	$	43,838	$	44,279	$	80,878
Buildings	2,263,750		2,261,150		69,049




Equipment, furniture and fixtures	1,189,495		1,163,361		159,786
Leasehold improvements	23,835		18,497		18,491
Construction in progress	7,496		4,142		3,066,785
Total property and equipment, gross	3,528,414		3,491,429		3,394,989
Less accumulated depreciation and amortization	(492,684)		(333,009)		(87,828)
Total property and equipment, net	$	3,035,730	$	3,158,420	$	3,307,161

Schedule of Intangible Assets Subject to Amortization

Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

The Company’s intangible assets subject to amortization as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31, 2024						As of June 30, 2024						As of June 30, 2023
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(69,806)	$	13,238	$	83,044	$	(68,249)	$	14,795	$	83,044	$	(65,134)	$	17,910
Technology	15,508		(2,068)		13,440		15,508		(520)		14,988		—		—		—
Trade name	2,032		(327)		1,705		2,032		(68)		1,964		—		—		—
Other	—		—		—		278		(85)		193		—		—		—
Total	$	100,584	$	(72,201)	$	28,383	$	100,862	$	(68,922)	$	31,940	$	83,044	$	(65,134)	$	17,910

Change in Fiscal Year-End (Tables)

6 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Change in Reporting Entity

The following is selected financial data for the Transition Period ended December 31, 2024 and the comparable prior year period.


	Six Months Ended
	December 31,
	2024		(Unaudited) 2023
Revenues	$	536,203	$	432,164
Direct operating expenses	(306,871)		(244,265)
Selling, general, and administrative expenses	(254,263)		(202,664)
Depreciation and amortization	(165,232)		(94,290)
Impairment and other (losses) gains, net	(65,233)		(115,738)
Restructuring charges	(5,164)		(4,678)
Operating loss	(260,560)		(229,471)
Interest income	11,413		10,304
Interest expense	(57,388)		(25,828)
Other (expense) income, net	(44)		41,066

Loss from continuing operations before income taxes	(306,579)		(203,929)
Income tax benefit	75,346		97,753
Loss from continuing operations	(231,233)		(106,176)
Loss from discontinued operations, net of taxes	—		(647)
Net loss	(231,233)		(106,823)

Basic loss per common share
Continuing operations	$	(6.45)	$	(3.02)
Discontinued operations	—		(0.02)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(3.04)

Diluted loss per common share
Continuing operations	$	(6.45)	$	(3.02)
Discontinued operations	—		(0.02)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(3.04)

Weighted-average number of common shares outstanding:
Basic	35,859		35,110
Diluted	35,859		35,110

Discontinued Operations (Tables)

6 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The tables below set forth, for the periods presented, the operating results of the disposal groups. Amounts presented below differ from historically reported results for the MSG Entertainment and Tao Group Hospitality business segments in order to reflect discontinued operations presentation.


	Year Ended June 30, 2023

	MSG Entertainment		Tao Group Hospitality		Eliminations (a)		Total
Revenues	$	731,299	$	447,929	$	(1,761)	$	1,177,467

Direct operating expenses	(421,440)		(263,200)		1,371		(683,269)
Selling, general, and administrative expenses	(119,032)		(151,271)		(195)		(270,498)
Depreciation and amortization	(49,423)		(23,236)		—		(72,659)

Impairment and other gains, net	4,361		473		—		4,834
Restructuring charges	(7,435)		—		—		(7,435)
Operating income	138,330		10,695		(585)		148,440



Interest income	2,880		149		—		3,029
Interest expense	(1,031)		(2,551)		—		(3,582)
Other income, net	11,456		665		—		12,121

Income from discontinued operations before income taxes	151,635		8,958		(585)		160,008
Income tax expense	(5,517)		(33,695)		—		(39,212)


Income (loss) from discontinued operations, net of taxes	146,118		(24,737)		(585)		120,796
Gain on disposal before income taxes	—		213,877		—		213,877
Income tax expense	—		(1,020)		—		(1,020)
Gain on disposal, net of taxes	—		212,857		—		212,857
Net income from discontinued operations	146,118		188,120		(585)		333,653


Less: Net income attributable to redeemable noncontrolling interests	—		3,925		—		3,925
Less: Net loss attributable to nonredeemable noncontrolling interests	(553)		(464)		—		(1,017)
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders	$	146,671	$	184,659	$	(585)	$	330,745


	Year Ended June 30, 2022

	MSG Entertainment		Tao Group Hospitality		Eliminations (a)		Total
Revenues	$	632,612	$	484,649	$	(2,698)	$	1,114,563

Direct operating expenses	(417,108)		(270,728)		2,077		(685,759)
Selling, general, and administrative expenses	(110,288)		(154,923)		—		(265,211)
Depreciation and amortization	(69,564)		(32,503)		—		(102,067)
Impairment and other gains, net	—		2,800		—		2,800
Restructuring charges	(1,286)		—		—		(1,286)
Operating income	34,366		29,295		(621)		63,040



Interest income	612		23		—		635
Interest expense	(25,453)		(1,702)		—		(27,155)

Other expense, net	(84,690)		(82)		—		(84,772)

(Loss) income from operations before income taxes	(75,165)		27,534		(621)		(48,252)
Income tax benefit (expense)	14,069		(18,114)		—		(4,045)


Net (loss) income	(61,096)		9,420		(621)		(52,297)


Less: Net income attributable to redeemable noncontrolling interests	—		7,739		—		7,739
Less: Net loss attributable to nonredeemable noncontrolling interests	(2,864)		(627)		—		(3,491)

Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders	$	(58,232)	$	2,308	$	(621)	$	(56,545)

_________________

(a) Prior to the MSGE Distribution and Tao Group Hospitality Disposition, the Company’s consolidated results of operations included a number of intercompany transactions between MSG Entertainment and Tao Group Hospitality which were presented in the Company’s segment reporting disclosures. As such, these transactions are eliminated for purposes of this disclosure as they will not continue in periods subsequent to the MSGE Distribution and Tao Group Hospitality Disposition, respectively.

The table below sets forth, for the periods presented, significant selected financial information related to discontinued operations included in the accompanying consolidated financial statements:


	2023				2022
	MSG Entertainment		Tao Group Hospitality (a)		MSG Entertainment		Tao Group Hospitality
Non-cash items included in net income (loss):

Depreciation and amortization	$	49,423	$	23,236	$	69,564	$	32,503
Impairments and other gains, net	(4,361)		(214,350)		—		(2,800)

Share-based compensation expense	4,710		7,224		8,480		7,647





Cash flow from investing activities:
Capital expenditures, net	12,832		17,488		15,797		23,309


Non-cash investing activities:
Capital expenditures incurred but not yet paid	780		817		1,585		119
Investments and loans to nonconsolidated affiliates	—		113		—		791

_________________

(a) Impairments and other gains, net is inclusive of gain on Tao Disposition.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Revenue from Contract with Customer [Abstract]

Revenue Recognition (Tables)

6 Months Ended

Dec. 31, 2024

Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022:


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total

Event-related (a)	$	253,305	$	—	$	253,305
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	28,726		723		29,449
Media related, primarily from affiliation agreements (b)	—		237,280		237,280
Other	12,614		2,108		14,722
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Event-related (a)	$	420,327	$	—	$	420,327
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	68,876		2,178		71,054
Media related, primarily from affiliation agreements (b)	—		521,611		521,611
Other	4,928		5,941		10,869
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total

Sponsorship, signage, Exosphere advertising, and suite licenses (b)	$	—	$	6,990	$	6,990
Media related, primarily from affiliation agreements (b)	—		558,362		558,362
Other	—		5,869		5,869
Total revenues from contracts with customers	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total

Sponsorship, signage, Exosphere advertising, and suite licenses (b)	$	—	$	6,470	$	6,470
Media related, primarily from affiliation agreements (b)	—		596,032		596,032
Other	—		5,653		5,653
Total revenues from contracts with customers	$	—	$	608,155	$	608,155
Revenues from subleases	1,900		—		1,900
Total revenues	$	1,900	$	608,155	$	610,055

_________________

(a) Event-related revenues consists of (i) ticket sales and other revenue directly related to the exhibition of The Sphere Experience, (ii) ticket sales and other ticket-related revenues to other events at our venue, (iii) venue license fees from third-party promoters, and (iv) food, beverage and merchandise sales. Event-related revenues are recognized at a point in time. As such, these revenues have been included in the same category in the table above.

(b) See Note 2. Summary of Significant Accounting Policies, Revenue Recognition, for further details on the pattern of recognition of sponsorship signage, Exosphere advertising, suite licenses, and media related revenue.

In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following tables disaggregate the Company’s consolidated revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022.



	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	219,638	$	—	$	219,638
Sponsorship, signage, Exosphere advertising, and suite revenues	40,104		—		40,104
Food, beverage and merchandise revenues	34,903		—		34,903
Media networks revenues (b)	—		240,111		240,111
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203



	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	340,256	$	—	$	340,256
Sponsorship, signage, Exosphere advertising, and suite revenues	87,173		—		87,173
Food, beverage and merchandise revenues	66,702		—		66,702
Media networks revenues (b)	—		529,730		529,730
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889



	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Media networks revenues (b)	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total
Media networks revenues (b)	$	—	$	608,155	$	608,155
Revenues from subleases	1,900		—		1,900
Total revenues	$	1,900	$	608,155	$	610,055

_________________

(a) Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience and (iii) other live entertainment and sporting events.

(b) Primarily consists of affiliation fees from Distributors (as defined above) and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming.

Contract Balances

The following table provides information about contract balances from the Company’s contracts with customers as of December 31, 2024 and June 30, 2024 and 2023.


	As of December 31,		As of June 30,
	2024		2024		2023
Receivables from contracts with customers, net (a)	$	154,949	$	228,230	$	115,039
Contract assets, current (b)	1,500		1,500		314
Contract assets, non-current (b)	1,307		907		—
Deferred revenue, including non-current portion (c)	138,057		97,151		27,397

_________________

(a) As of December 31, 2024 and June 30, 2024 and 2023 the Company’s receivables from contracts with customers above included $325, $0 and $2,730, respectively, related to various related parties. See Note 19. Related Party Transactions for further details on these related party arrangements.

(b) Contract assets current, which are reported as Prepaid expenses and other current assets in the Company’s consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.

(c) Revenue recognized for the six months ended December 31, 2024 relating to the deferred revenue balance as of June 30, 2024 was $52,278.

Remaining Performance Obligation

The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024. This includes performance obligations under sponsorship agreements that have original expected durations longer than one year and for which the respective consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.


	As of December 31, 2024
Year ending December 31, 2025	$	79,736
Year ending December 31, 2026	59,191
Year ending December 31, 2027	33,414
Year ending December 31, 2028	16,658
Year ending December 31, 2029	12,354
Thereafter	7,284
	$	208,637

Restructuring Charges (Tables)

6 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Changes to the Company’s restructuring liability through December 31, 2024 were as follows:


	Restructuring Liability
June 30, 2024	$	471
Restructuring charges (excluding share-based compensation expense)	4,464
Payments	(1,345)
December 31, 2024	$	3,590

Computation of (loss) earnings per-share (Tables)

6 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted Earnings (Loss) Per Common Share

The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders.


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Net (loss) income available to Sphere Entertainment Co.’s stockholders (numerator):
(Loss) income from continuing operations	$	(231,233)	$	(224,633)	$	172,027	$	(137,850)

Income (loss) from discontinued operations, net of taxes	$	—	$	23,984	$	333,653	$	(52,297)

Less: Net income attributable to redeemable noncontrolling interests from discontinued operations	—		—		3,925		7,739
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations	—		—		(1,017)		(3,491)
Net (loss) income attributable to discontinued operations per statement of operations	—		23,984		330,745		(56,545)

Adjustment of redeemable noncontrolling interest to redemption value from discontinued operations	—		—		—		(3,173)
Net (loss) income attributable to discontinued operations for EPS:	$	—	$	23,984	$	330,745	$	(59,718)

Weighted-average shares (denominator):
Weighted-average shares for basic EPS	35,859		35,301		34,651		34,255
Dilutive effect of shares issuable under share-based compensation plans (a)	—		—		278		—
Weighted-average shares for diluted EPS	35,859		35,301		34,929		34,255
Weighted-average anti-dilutive shares (a)	—		—		800		—

Basic (loss) earnings per common share
Continuing operations	$	(6.45)	$	(6.36)	$	4.96	$	(4.02)
Discontinued operations	$	—	$	0.68	$	9.55	$	(1.75)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(5.68)	$	14.51	$	(5.77)

Diluted (loss) earnings per common share
Continuing operations	$	(6.45)	$	(6.36)	$	4.93	$	(4.02)
Discontinued operations	$	—	$	0.68	$	9.47	$	(1.75)
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(6.45)	$	(5.68)	$	14.40	$	(5.77)

_________________

(a) For the six months ended December 31, 2024 and years ended June 30, 2024 and 2022 all restricted stock units and stock options were excluded from the above table because the Company reported a net loss for the period presented, and therefore, their impact on reported loss per share would have been antidilutive.

Investments (Tables)

6 Months Ended

Dec. 31, 2024

Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract]

Cost and Equity Method Investments

As of December 31, 2024 and June 30, 2024 and 2023, the Company’s investments are included within Investments in the accompanying consolidated balance sheets and consisted of the following:


	Investment Ownership Percentage as of December 31, 2024	Investment as of December 31,		Investment as of June 30,
		2024		2024		2023
Equity method investments:
SACO Technologies Inc. (“SACO”)	30%	$	18,095	$	18,342	$	22,246
Crown Properties Collection LLC (“CPC”)	8%	—		60		—
Gotham Advanced Media and Entertainment, LLC (“GAME”)	50%	10,000		680		—
Holoplot Loan (a)		—		—		20,971
Holoplot	—%	—		—		1,542
MSG Entertainment (b)	—%	—		—		341,039
Equity investments without readily determinable fair values		8,721		8,721		8,721
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (c)		3,580		2,925		1,087
Total investments		$	40,396	$	30,728	$	395,606

_________________

(a) In January 2023, the Company, extended financing to Holoplot GmbH (“Holoplot”) in the form of a three-year convertible loan (the “Holoplot Loan”) of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. Following the acquisition of Holoplot during the fourth quarter of Fiscal Year 2024 (further discussed below), the Holoplot Loan is eliminated in consolidation.

(b) Following the sale of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined under Note 14. Credit Facilities and convertible Notes) with MSG Entertainment using a portion of the MSGE Retained Interest during Fiscal Year 2024, the Company no longer holds any of the outstanding common stock of MSG Entertainment. The Company elected the fair value option for its investment in MSG Entertainment as of June 30, 2023, when it held approximately 20% of the outstanding shares of common stock of MSG Entertainment (in the form of Class A common stock). The fair value of the investment was determined based on quoted market prices on the New York Stock Exchange (“NYSE”), which were classified within Level I of the fair value hierarchy.

(c) The Company’s investments with readily determinable fair values are classified within Level I of the fair value hierarchy as they are based on quoted prices in active markets. Refer to Note 15. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.

Gain (Loss) on Securities

The following table summarizes the unrealized and realized gains (losses) on the MSGE Retained Interest, which are reported in Other income (expenses), net in the accompanying consolidated statements of operations:


	Years Ended June 30,
	2024		2023
Unrealized gain	$	—	$	341,039
(Loss) gain from shares sold	(19,027)		204,676
Total realized and unrealized (loss) gain	$	(19,027)	$	545,715
Supplemental information on realized (loss) gain:
Shares of common stock disposed(a)	1,923		—
Shares of common stock sold(b)	8,221		6,878
Cash proceeds from common stock sold	$	256,501	$	204,676

_________________

(a) Refer to Note 14. Credit Facilities and Convertible Notes, for further explanation of the approximately 1,923 shares disposed related to the repayment of the DDTL Facility.

(b) The sale of approximately 8,221 shares of MSG Entertainment Class A common stock resulted in the cash proceeds from common stock sold.

Property and Equipment, Net (Tables)

6 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The major categories of property and equipment are depreciated on a straight-line basis using the estimated lives indicated below:

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

As of December 31, 2024 and June 30, 2024 and 2023, property and equipment, net consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Land	$	43,838	$	44,279	$	80,878
Buildings	2,263,750		2,261,150		69,049




Equipment, furniture and fixtures	1,189,495		1,163,361		159,786
Leasehold improvements	23,835		18,497		18,491
Construction in progress	7,496		4,142		3,066,785
Total property and equipment, gross	3,528,414		3,491,429		3,394,989
Less accumulated depreciation and amortization	(492,684)		(333,009)		(87,828)
Total property and equipment, net	$	3,035,730	$	3,158,420	$	3,307,161

Original Immersive Production Content (Tables)

6 Months Ended

Dec. 31, 2024

Other Industries [Abstract]

Schedule Of Deferred Immersive Production Costs

As of December 31, 2024 and June 30, 2024 and 2023, total deferred immersive production content costs consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Production content
Released, less amortization	$	52,782	$	61,005	$	—

In-process	49,837		32,076		61,421

Total production content	$	102,619	$	93,081	$	61,421

Schedule Of Amortization Of Deferred Immersive Production Costs

The following table summarizes the Company’s amortization of production content costs, which is reported in Direct operating expenses in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022 as follows:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Production content costs (a)	$	15,797	$	20,427	$	—	$	—

_________________

(a) For purposes of amortization and impairment, each deferred immersive production content cost is classified based on its predominant monetization strategy. The Company’s current original immersive productions are monetized individually. Refer to Note 2. Summary of Significant Accounting Policies, for further explanation of the monetization strategy.

Schedule Of Amortization By Fiscal Year Of Deferred Immersive Production Costs

Based on the Company’s existing immersive production content, the Company’s annual amortization expense for released deferred immersive production content for each of the succeeding three years as of December 31, 2024 is expected to be as follows:


	As of December 31, 2024
Production content released
Year ending December 31, 2025	$	13,655
Year ending December 31, 2026	9,810
Year ending December 31, 2027	8,438

Leases (Tables)

6 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of ROU Assets and Lease Liabilities

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
ROU assets	$	93,920	$	106,468	$	84,912
Lease liabilities:
Operating leases, current	19,268		18,548		10,127
Operating leases, non-current	116,668		128,022		110,259
Total lease liabilities	$	135,936	$	146,570	$	120,386

Lease, Cost

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Line Item in the Company’s Consolidated Statements of Operations	Six Months Ended December 31,		Years Ended June 30,
		2024		2024		2023		2022
Operating lease cost	Direct operating expenses	$	3,124	$	3,984	$	1,676	$	1,287
Operating lease cost	Selling, general and administrative expenses	6,864		14,549		15,925		16,977


Variable lease cost	Direct operating expenses	750		1,740		—		—
Variable lease cost	Selling, general and administrative expenses	—		28		1		20
Total lease cost		$	10,738	$	20,301	$	17,602	$	18,284

Supplemental cash flow information related to operating leases is as follows:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,049	$	19,000	$	12,332	$	14,400
Lease assets obtained in exchange for new lease obligations	—		33,900		6,435		43,834

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31,		As of June 30,
	2024		2024		2023
Weighted average remaining lease term (in years)	11.3		11.4		12.1
Weighted average discount rate	5.82	%	5.89	%	5.38	%

Operating Lease Maturity Schedule

As of December 31, 2024, maturities of operating lease liabilities were as follows:


	As of December 31, 2024
Year ending December 31, 2025	$	20,322
Year ending December 31, 2026	16,001
Year ending December 31, 2027	14,975
Year ending December 31, 2028	15,166
Year ending December 31, 2029	15,819
Thereafter	106,206
Total lease payments	188,489
Less imputed interest	52,553
Total lease liabilities	$	135,936

Lessor, Operating Lease, Payment to be Received, Maturity

The Company has sublease arrangements for office and storage spaces where the operating lease revenue is recognized on a straight-line basis over the lease term. The following table summarizes the Company’s sublease revenues for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Sublease arrangements	$	1,447	$	3,028	$	2,610	$	1,900

The maturities of operating lease cash flows to be received on an undiscounted basis for non-cancelable subleases were as follows:




	As of December 31, 2024
Year ending December 31, 2025	$	2,174
Year ending December 31, 2026	1,026




Total future minimum receipts	$	3,200

Goodwill and Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts and activity of goodwill from June 30, 2023 through December 31, 2024 were as follows:


	Sphere		MSG Networks		Total
Balance as of June 30, 2023	$	32,299	$	424,508	$	456,807
Activity	13,345		—		13,345
Balance as of June 30, 2024	$	45,644	$	424,508	$	470,152
Activity	1,220		(61,200)		(59,980)
Balance as of December 31, 2024	$	46,864	$	363,308	$	410,172

Schedule of Intangible Assets Subject to Amortization

Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

The Company’s intangible assets subject to amortization as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31, 2024						As of June 30, 2024						As of June 30, 2023
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(69,806)	$	13,238	$	83,044	$	(68,249)	$	14,795	$	83,044	$	(65,134)	$	17,910
Technology	15,508		(2,068)		13,440		15,508		(520)		14,988		—		—		—
Trade name	2,032		(327)		1,705		2,032		(68)		1,964		—		—		—
Other	—		—		—		278		(85)		193		—		—		—
Total	$	100,584	$	(72,201)	$	28,383	$	100,862	$	(68,922)	$	31,940	$	83,044	$	(65,134)	$	17,910

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company’s annual amortization expense for existing intangible assets subject to amortization for each of the succeeding five years is as follows:


	For the years ending December 31,
	2025		2026		2027		2028		2029
Estimated amortization expense	$	(6,623)	$	(6,623)	$	(6,623)	$	(6,623)	$	(1,948)

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

6 Months Ended

Dec. 31, 2024

Other Commitments

As of December 31, 2024, commitments of the Company in the normal course of business in excess of one year were as follows:


	Commitments
	December 31, 2025		December 31, 2026		December 31, 2027		December 31, 2028		December 31, 2029		Thereafter		Total
Sphere
Event-related commitments	$	41,227	$	17,235	$	15,000	$	—	$	—	$	—	$	73,462
Letter of credit	899		—		—		—		—		—		899
Other	2,000		2,000		333		—		—		—		4,333
Total Sphere Commitments	$	44,126	$	19,235	$	15,333	$	—	$	—	$	—	$	78,694
MSG Networks
Broadcast rights	$	270,391	$	273,952	$	270,527	$	264,185	$	255,338	$	1,434,048	$	2,768,441
Purchase commitments	9,176		8,374		1,887		65		—		—		19,502


Total MSG Networks Commitments	$	279,567	$	282,326	$	272,414	$	264,250	$	255,338	$	1,434,048	$	2,787,943

Total Commitments	$	323,693	$	301,561	$	287,747	$	264,250	$	255,338	$	1,434,048	$	2,866,637

Credit Facilities and Convertible Notes (Tables)

6 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31, 2024						As of June 30, 2024						As of June 30, 2023
	Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Current portion
MSG Networks Term Loan	$	829,125	$	—	$	829,125	$	849,750	$	(313)	$	849,437	$	82,500	$	—	$	82,500




Current portion of long-term debt, net	$	829,125	$	—	$	829,125	$	849,750	$	(313)	$	849,437	$	82,500	$	—	$	82,500


	As of December 31, 2024								As of June 30, 2024								As of June 30, 2023
	Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Non-current portion
MSG Networks Term Loan	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	849,750	$	(1,483)	$	848,267




LV Sphere Term Loan Facility	275,000		—		(3,240)		271,760		275,000		—		(3,788)		271,212		275,000		(4,880)		270,120
3.50% Convertible Senior Notes	258,750		(5,595)		(905)		252,250		258,750		(6,314)		(913)		251,523		—		—		—
Long-term debt, net	$	533,750	$	(5,595)	$	(4,145)	$	524,010	$	533,750	$	(6,314)	$	(4,701)	$	522,735	$	1,124,750	$	(6,363)	$	1,118,387

Interest payments and loan principal repayments made by the Company under the credit agreements for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 were as follows:


	Interest Payments								Loan Principal Repayments
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
MSG Networks Credit Facilities	$	35,074	$	68,297	$	58,311	$	19,173	$	20,625	$	82,500	$	66,000	$	49,500
LV Sphere Term Loan Facility	13,429		26,894		12,825		—		—		—		—		—
Delayed Draw Term Loan Facility	—		460		—		—		—		65,000		—		—
3.50% Convertible Senior Notes	4,528		4,352		—		—		—		—		—		—
Total Payments	$	53,031	$	100,003	$	71,136	$	19,173	$	20,625	$	147,500	$	66,000	$	49,500

The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31, 2024				As of June 30, 2024				As of June 30, 2023
	Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
Liabilities:
MSG Networks Credit Facilities	$	829,125	$	335,796	$	849,750	$	845,501	$	932,250	$	927,589
LV Sphere Term Loan Facility	275,000		273,625		275,000		273,625		275,000		272,250
3.50% Convertible Senior Notes	253,155		353,246		252,436		316,296		—		—
Total debt	$	1,357,280	$	962,667	$	1,377,186	$	1,435,422	$	1,207,250	$	1,199,839

_________________

(a) The total carrying value of the Company’s debt as of December 31, 2024 and June 30, 2024 and 2023 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $4,145, $5,014 and $6,363, respectively.

Schedule of Maturities of Long-term Debt

Debt maturities over the next five years for the outstanding principal balance under the MSG Networks Credit Facilities, LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of December 31, 2024 were as follows:


	MSG Networks Credit Facilities		LV Sphere Term Loan Facility		3.50% Convertible Senior Notes		Total
Mature and outstanding debt for the period ended December 31, 2024	$	829,125	$	—	—		$	829,125
12 months ending December 31, 2025	—		$	—	—		—
12 months ending December 31, 2026	—		—		—		—
12 months ending December 31, 2027	—		275,000		—		275,000
12 months ending December 31, 2028	—		—		258,750		258,750
12 months ending December 31, 2029	—		—		—		—
Thereafter	—		—		—		—
Total debt	$	829,125	$	275,000	$	258,750	$	1,362,875

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension Plans and Other Postretirement Benefit Plan (Tables)

6 Months Ended

Dec. 31, 2024

Schedule of Net Funded Status

The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Change in benefit obligation:
Benefit obligation at beginning of period	$	37,765	$	38,136	$	39,683	$	1,726	$	1,799	$	1,598
Service cost	97		243		245		9		18		20
Interest cost	989		1,995		1,755		47		89		68
Actuarial (gain) loss (a)	(233)		(262)		(1,485)		488		60		292
Benefits paid	(1,185)		(2,347)		(2,153)		(439)		(240)		(179)
Acquisitions	—		—		141		—		—		—
Plan settlements paid	(60)		—		(50)		—		—		—


Benefit obligation at end of period	37,373		37,765		38,136		1,831		1,726		1,799
Change in plan assets:
Fair value of plan assets at beginning of period	17,668		17,976		18,756		—		—		—
Actual return on plan assets	178		351		(312)		—		—		—
Employer contributions	500		500		500		—		—		—
Benefits paid	(614)		(1,159)		(968)		—		—		—

Fair value of plan assets at end of period	17,732		17,668		17,976		—		—		—
Funded status at end of period	$	(19,641)	$	(20,097)	$	(20,160)	$	(1,831)	$	(1,726)	$	(1,799)

_________________

(a) In the six months ended December 31, 2024, and years ended June 30, 2024, and 2023, the actuarial gains on the benefit obligations were primarily due to a net increase in discount rates.

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 consisted of:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Current liabilities (included in Accounts payable, accrued, and other current liabilities)	$	(1,487)	$	(1,414)	$	(1,355)	$	(207)	$	(205)	$	(157)
Non-current liabilities (included in Other non-current liabilities)	(18,154)		(18,683)		(18,805)		(1,624)		(1,521)		(1,642)
	$	(19,641)	$	(20,097)	$	(20,160)	$	(1,831)	$	(1,726)	$	(1,799)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Accumulated other comprehensive loss, before income tax, as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following amounts that have not yet been recognized in net periodic benefit cost:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Actuarial (loss) gain	$	(7,353)	$	(7,376)	$	(7,249)	$	(369)	$	120	$	203

Schedule of Net Periodic Benefit Cost

The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022. Service cost is recognized in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other (expense) income, net.


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
Service cost	$	97	$	243	$	245	$	371	$	9	$	18	$	20	$	27
Interest cost	989		1,995		1,755		1,048		47		89		68		31
Expected return on plan assets	(476)		(970)		(853)		(858)		—		—		—		—
Recognized actuarial loss (gain)	169		335		358		585		—		(23)		(69)		(27)

Settlement gain	1		—		(12)		—		—		—		—		—

Net periodic benefit cost	$	780	$	1,603	$	1,493	$	1,146	$	56	$	84	$	19	$	31

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive (loss) income for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 were as follows:


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022
Actuarial (loss) gain, net	$	(148)	$	(463)	$	288	$	3,318	$	(488)	$	(60)	$	(292)	$	243
Recognized actuarial loss (gain)	169		335		358		585		—		(23)		(69)		(27)


Settlement gain	1		—		(12)		—		—		—		—		—
Total recognized in other comprehensive (loss) income	$	22	$	(128)	$	634	$	3,903	$	(488)	$	(83)	$	(361)	$	216

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of December 31, 2024 and June 30, 2024 and 2023 were as follows:


	Pension Plans						Postretirement Plan
	As of December 31,		As of June 30,				As of December 31,		As of June 30,
	2024		2024		2023		2024		2024		2023
Discount rate	5.59	%	5.51	%	5.34	%	5.32	%	5.40	%	5.41	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a
Interest crediting rate	4.32	%	4.55	%	3.77	%	n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		7.50	%	6.75	%	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		2035		2032		2032

Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 are as follows:


	Pension Plans								Postretirement Plan
	Six Months Ended December 31,		Years Ended June 30,						Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022		2024		2024		2023		2022

Discount rate - projected benefit obligation	5.51	%	5.33	%	4.81	%	1.36	%	5.39	%	5.41	%	4.66	%	2.25	%
Discount rate - service cost	5.69	%	5.52	%	5.06	%	3.13	%	5.48	%	5.39	%	4.89	%	2.62	%
Discount rate - interest cost	5.43	%	5.40	%	4.55	%	2.18	%	5.39	%	5.47	%	4.38	%	1.75	%
Expected long-term return on plan assets	6.13	%	5.65	%	5.00	%	3.96	%	n/a		n/a		n/a		n/a
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a		n/a
Interest crediting rate	4.55	%	4.55	%	3.77	%	2.76	%	n/a		n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		n/a		6.75	%	7.00	%	6.00	%	6.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		n/a		5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		n/a		2032		2032		2027		2027

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the pension plan assets as of December 31, 2024 and June 30, 2024 and 2023 was as follows:


	As of December 31,		As of June 30,
Asset Classes (a):	2024		2024		2023
Fixed income securities	95	%	72	%	75	%

Cash equivalents	5	%	28	%	25	%
	100	%	100	%	100	%

_________________

(a) The Company’s target allocation for the assets of the Networks 1212 Plan is 100% fixed income securities as of December 31, 2024 and June 30, 2024 and 2023.

Schedule of Changes in Fair Value of Plan Assets

The cumulative fair values of the individual plan assets at December 31, 2024 and June 30, 2024 and 2023 by asset class were as follows:


	Fair Value Hierarchy	As of December 31,		As of June 30,
		2024		2024		2023


Money market fund (a)	I	$	990	$	4,924	$	4,533




U.S. Government agency obligations (b)	II	3,681		—		—
Common collective trust (c)	II	13,061		12,744		13,443
Total investments measured at fair value		$	17,732	$	17,668	$	17,976

_________________

(a) Money market funds are classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.

(b) U.S. Government agency obligations are classified within Level II of the fair value hierarchy as they are valued daily using institutional bond quotes based on evaluations based on various market and industry inputs.

(c) Common collective trust (CCT) is a non-exchange traded fund, classified within Level II of the fair value hierarchy at its net asset value (NAV) as reported by the Trustee. The NAV is based on the fair value of the underlying investments held by the fund which are based on quoted market prices less its liabilities. The CCT publishes daily NAV and use such value as the basis for current transactions.

Schedule of Expected Benefit Payments

The following table presents estimated future yearly benefit payments for the Pension Plans and Postretirement Plan:


	Pension Plans		Postretirement Plan
Year ending December 31, 2025	$	2,974	$	212
Year ending December 31, 2026	$	3,128	$	209
Year ending December 31, 2027	$	2,998	$	219
Year ending December 31, 2028	$	3,022	$	220
Year ending December 31, 2029	$	3,213	$	223
Years ending December 31, 2030 – 2034	$	14,992	$	942

Schedule Of Deferred Compensation Plan Recognized On Balance Sheet

Amounts recognized in the consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 related to the Deferred Compensation Plan consisted of:


	As of December 31,		As of June 30,
	2024		2024		2023
Non-current assets (included in Investments)	$	3,580	$	2,925	$	1,087

Non-current liabilities (included in Other non-current liabilities)	$	(3,580)	$	(2,936)	$	(1,087)

Share-based Compensation (Tables)

6 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Disclosure [Abstract]

Share-Based Compensation Expense

The following table summarizes the Company’s share-based compensation expense for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Share-based compensation expense (a)	$	33,968	$	47,382	$	42,607	$	56,760

_________________

(a) Share-based compensation expense excludes costs that have been capitalized of $1,250, $2,193, $3,642 and $2,979 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively. For the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, share-

based compensation expense also excludes costs of $700, $1,166, $8,118 and $4,254 respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations, as detailed in Note 6. Restructuring Charges.

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes activity related to the Company’s RSUs and PSUs, held by the Company, MSG Sports and MSG Entertainment employees for the six months ended December 31, 2024:


	Number of		Weighted-Average Grant-date Fair Value
	RSUs	PSUs
Unvested award balance as of June 30, 2024	1,038	1,195	$	64.90
Granted	426	—	$	48.27
Vested (a)	(522)	(370)	$	37.44
Forfeited	(25)	(20)	$	36.59
Unvested award balance as of December 31, 2024	917	805	$	75.76

_________________

(a) The fair value of RSUs and PSUs that vested and were distributed during the six months ended December 31, 2024 was $37,533. Upon delivery, RSUs and PSUs granted under the Employee Stock Plan and the MSG Networks Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 398 awards, with an aggregate value of $16,792 were retained by the Company during the six months ended December 31, 2024.

The following table summarizes additional information about RSUs and PSUs for the six months ended December 31, 2024 and the years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Weighted average grant date fair value per share of awards granted	$	48.27	$	36.94	$	50.81	$	79.34
Fair value of awards vested	$	37,533	$	45,263	$	42,467	$	39,530

Share-based Payment Arrangement, Option, Activity

The following table summarizes activity related to the Company’s stock options for the six months ended December 31, 2024:


	Number of Stock Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value

Balance as of June 30, 2024	3,927	$	51.51	8.32
Options granted	1,800	$	34.62

Options forfeited	(195)	$	46.17
Balance as of December 31, 2024	5,532	$	42.62	8.65	$	11,601
Exercisable as of December 31, 2024	540	$	48.08	1.56	$	1,341

Share-Based Payment Arrangement, Stock Appreciation Right, Activity

The following table summarizes activity related to the Company’s SARs for the six months ended December 31, 2024:


	Number of SARs	Weighted-Average Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value

Balance as of June 30, 2024	188	$	46.17	2.31
SARs granted	—	$	—	0	$	—
Balance as of December 31, 2024	188	$	46.17	1.80	$	—
Exercisable as of December 31, 2024	—	$	—

Equity (Tables)

6 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables detail the components of accumulated other comprehensive loss:


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)
Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(813)		(813)
Amounts reclassified from accumulated other comprehensive loss (a)	(466)		—		(466)
Income tax benefit	123		215		338
Other comprehensive loss, total	(343)		(598)		(941)
Balance as of December 31, 2024	$	(5,877)	$	(1,631)	$	(7,508)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)
Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(1,851)		(1,851)
Amounts reclassified from accumulated other comprehensive loss (a)	(539)		—		(539)
Income tax benefit	143		618		761
Other comprehensive loss, total	(396)		(1,233)		(1,629)
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)

Other comprehensive income:
Other comprehensive income before reclassifications	—		6,656		6,656
Amounts reclassified from accumulated other comprehensive loss (a)	1,755		—		1,755

Income tax expense	(323)		(1,212)		(1,535)
Other comprehensive income, total	1,432		5,444		6,876
Disposition of Tao Group Hospitality	—		2,824		2,824
Distribution of MSG Entertainment	33,717		—		33,717
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2021	$	(45,425)	$	15,153	$	(30,272)
Other comprehensive income (loss):
Other comprehensive loss before reclassifications	—		(25,034)		(25,034)
Amounts reclassified from accumulated other comprehensive loss (a)	2,734		—		2,734
Income tax benefit	2,404		1,813		4,217
Other comprehensive income (loss), total	5,138		(23,221)		(18,083)
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)

_________________

(a) Amounts reclassified from accumulated other comprehensive loss represent curtailments, settlement losses recognized, the amortization of net actuarial gain (loss) and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other (expense) income, net in the accompanying consolidated statements of operations (see Note 15. Pension Plans and Other Postretirement Benefit Plan).

Income Taxes (Tables)

6 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax benefit (expense) attributable to continuing operations is comprised of the following components:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Current benefit (expense):
Federal	$	—	$	8,200	$	1,389	$	1,555
State and other	(612)		(5,148)		(4,672)		9,927
	(612)		3,052		(3,283)		11,482
Deferred benefit (expense):
Federal	54,234		93,322		(59,253)		17,665
State and other	21,724		39,218		(40,867)		683
	75,958		132,540		(100,120)		18,348
Income tax benefit (expense)	$	75,346	$	135,592	$	(103,403)	$	29,830

Schedule of Effective Income Tax Rate Reconciliation

The income tax benefit (expense) attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) principally due to the effect of the following items:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Federal tax benefit (expense) at statutory federal rate	64,382		75,648		(57,840)		35,213
State income taxes, net of federal benefit	14,403		13,337		(35,656)		3,970
Change in the estimated applicable tax rate used to determine deferred taxes	—		60,877		(1,286)		1,732
Change in valuation allowance	267		(29,189)		2,053		2,200
Nondeductible officers’ compensation	(4,706)		(5,554)		(4,814)		(12,759)
Nondeductible expenses	(82)		(1,564)		(291)		(172)
Nontaxable gain on repayment of Term Loan	—		13,757		—		—
Return to provision	—		4,881		(672)		—
Excess tax (expense) benefit related to share-based payment awards	(248)		974		(4,678)		(320)
Other	1,330		2,425		(219)		(34)
Income tax benefit (expense)	$	75,346	$	135,592	$	(103,403)	$	29,830

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at December 31, 2024 and June 30, 2024 and 2023 were as follows:


	As of December 31,		As of June 30,
	2024		2024		2023
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	279,813	$	229,962	$	26,684
Tax credit carryforwards	934		631		—
Accrued employee benefits	15,817		27,601		27,349
Restricted stock units and stock options	4,684		6,897		9,231

Right-of-use lease assets and lease liabilities, net	11,204		10,309		11,040
Investments	8,211		7,941		—
Accrued litigation	4,712		4,712		14,991
Other	13,184		12,956		3,694
Total deferred tax assets	$	338,559	$	301,009	$	92,989
Less valuation allowance	(28,952)		(29,219)		(30)
Net deferred tax assets	$	309,607	$	271,790	$	92,959

Deferred tax liabilities:
Intangible and other assets	$	(215,820)	$	(232,923)	$	(264,800)
Property and equipment	(222,703)		(235,676)		(105,405)
Prepaid expenses	(6,142)		(2,913)		(5,870)
Deferred interest	(13,812)		(25,447)		(12,474)

Other investments	—		—		(83,962)
Total deferred tax liabilities	$	(458,477)	$	(496,959)	$	(472,511)

Deferred tax liabilities, net	$	(148,870)	$	(225,169)	$	(379,552)

Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions

The following table summarizes the composition and amounts of the transactions with the Company’s related parties. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Revenues	$	914	$	3,585	$	2,079	$	1,220
Operating (expenses) credits:
Media rights fees	$	(90,723)	$	(175,462)	$	(172,581)	$	(163,131)




Cost reimbursement from MSG Sports - MSG Sports Services Agreement	—		—		29,836		38,254
Corporate general and administrative expenses, net - MSGE TSA (a)	(47,717)		(110,966)		(27,494)		—
Origination, master control and technical services	(2,564)		(5,079)		(4,982)		(4,880)
Other operating expenses, net (b)	(10,691)		(18,017)		(261)		(952)
Total operating expenses, net (c)	$	(151,695)	$	(309,524)	$	(175,482)	$	(130,709)

_________________

(a) Included in the six months ended December 31, 2024 and the year ended June 30, 2024 , Corporate general and administrative expenses, net - MSGE TSA is $0 and $3,363, respectively, related to Restructuring charges for employees who provided services to the Company under the MSGE TSA.

(b) Other operating expenses, net, includes CPC commission expenses, reimbursements to MSG Entertainment for professional and payroll fees, and charges relating to aircraft arrangements described above.

(c) Of the total operating (expenses) credits, net, $(93,343), $(182,051), $(206,804) and $(167,928) for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying consolidated statements of operations, and $(58,352), $(127,473), $31,322 and $37,219 for the six months ended December 31, 2024 and years ended June 30, 2024, 2023, and 2022, respectively, are included in selling, general and administrative expenses.

Segment Information (Tables)

6 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information as to the operations of the Company’s reportable segments is set forth below.


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Revenues	$	296,092	$	240,111	$	536,203
Event-related expenses (a)	(118,971)		—		(118,971)
Rights fee expense	—		(135,081)		(135,081)
Network programming and production costs	—		(36,676)		(36,676)
Other direct operating expenses (a)	(16,143)		—		(16,143)
Overhead expenses(b)	(223,953)		(30,310)		(254,263)
Other segment expenses(c)	(170,007)		(65,622)		(235,629)

Operating loss	(232,982)		(27,578)		(260,560)

Interest income					11,413
Interest expense					(57,388)

Other expense, net					(44)
Loss from operations before income taxes					$	(306,579)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating loss	$	(232,982)	$	(27,578)	$	(260,560)
Adjustments:

Share-based compensation expense	29,363		4,031		33,394
Depreciation and amortization	160,840		4,392		165,232
Restructuring charges	5,134		30		5,164
Impairment and other losses, net	4,033		61,200		65,233
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,843		7,534		12,377
Amortization for capitalized cloud computing costs	1,579		152		1,731

Remeasurement of deferred compensation plan liabilities	91		—		91
Adjusted operating (loss) income	$	(27,099)	$	49,761	$	22,662

Other information:
Segment assets	$	3,679,455	$	835,845	$	4,515,300
Capital expenditures	$	46,065	$	2,876	$	48,941


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Revenues	$	497,159	$	529,730	$	1,026,889
Event-related expenses (a)	(187,610)		—		(187,610)
Rights fee expense	—		(268,747)		(268,747)
Network programming and production costs	—		(73,770)		(73,770)
Other direct operating expenses (a)	(17,697)		—		(17,697)
Overhead expenses(b)	(393,039)		(39,814)		(432,853)
Other segment expenses(c)	(379,197)		(8,256)		(387,453)
Operating (loss) income	(480,384)		139,143		(341,241)

Interest income					25,687
Interest expense					(79,868)
Other income, net					35,197
Loss from operations before income taxes					$	(360,225)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(480,384)	$	139,143	$	(341,241)
Adjustments:

Share-based compensation expense	40,514		6,330		46,844
Depreciation and amortization	248,248		8,246		256,494
Restructuring charges	9,476		10		9,486
Impairment and other losses, net	121,473		—		121,473
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(1,176)		(11,542)		(12,718)
Amortization for capitalized cloud computing costs	—		87		87

Remeasurement of deferred compensation plan liabilities	306		—		306
Adjusted operating (loss) income	$	(61,543)	$	142,274	$	80,731

Other information:
Segment assets	$	3,883,396	$	904,496	$	4,787,892
Capital expenditures	$	259,642	$	6,555	$	266,197


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Revenues	$	2,610	$	571,221	$	573,831
Event-related expenses (a)	—		—		—
Rights fee expense	—		(266,670)		(266,670)
Network programming and production costs	—		(69,996)		(69,996)
Other direct operating expenses (a)	(5,545)		—		(5,545)
Overhead expenses(b)	(325,660)		(126,482)		(452,142)
Other segment expenses(c)	(40,955)		(11,565)		(52,520)
Operating (loss) income	(369,550)		96,508		(273,042)

Interest income					11,585
Interest expense					—
Other income, net					536,887
Income from operations before income taxes					$	275,430

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(369,550)	$	96,508	$	(273,042)
Adjustments:

Share-based compensation expense	36,188		6,419		42,607
Depreciation and amortization	24,048		6,668		30,716
Restructuring charges	23,136		4,788		27,924
Impairment and other (gains) losses, net	(6,229)		109		(6,120)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(189)		55,236		55,047
Amortization for capitalized cloud computing costs	—		161		161


Remeasurement of deferred compensation plan liabilities	187		—		187
Adjusted operating (loss) income	$	(292,409)	$	169,889	$	(122,520)

Other information:
Segment assets	$	4,260,475	$	712,540	$	4,973,015
Capital expenditures	$	1,025,700	$	9,185	$	1,034,885


	Year Ended June 30, 2022
	Sphere		MSG Networks		Total
Revenues	$	1,900	$	608,155	$	610,055
Event-related expenses (a)	—		—		—
Rights fee expense	—		(252,060)		(252,060)
Network programming and production costs	—		(68,218)		(68,218)
Other direct operating expenses (a)	—		—		—
Overhead expenses(b)	(293,664)		(126,129)		(419,793)
Other segment expenses(c)	(25,875)		(9,846)		(35,721)
Operating (loss) income	(317,639)		151,902		(165,737)
Interest income					3,575
Interest expense					—
Other expense, net					(5,518)
Loss from operations before income taxes					$	(167,680)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(317,639)	$	151,902	(165,737)
Adjustments:
Share-based compensation expense	39,668		17,092		56,760
Depreciation and amortization	13,168		9,394		22,562
Restructuring charges	12,952		452		13,404
Impairment and other gains, net	(245)		—		(245)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	20,834		27,683		48,517
Amortization for capitalized cloud computing costs	95		176		271
Adjusted Operating (loss) income	$	(231,167)	$	206,699	$	(24,468)

Other information:
Segment assets	$	4,706,729	$	815,431	$	5,522,160
Capital expenditures	$	717,093	$	3,673	$	720,766

_________________

(a)Event-related expenses include, but are not limited to, day-of-event costs, direct operating expenses for The Sphere Experience, venue operating expenses, and other event-related direct operating expenses. Other direct operating expenses include, but are not limited to, expenses related to sponsorship, signage, Exosphere advertising, suite licenses, and other operating expenses. In total, these expenses when combined with MSG Networks rights fee expense and network programming and production costs represent the Company’s Direct operating expenses as presented on the Consolidated Statement of Operations.

(b)For each reportable segment, Overhead expenses currently include selling, general and administrative costs.

(c)For each reportable segment, Other segment expenses include all other expenses that do not meet the definition of other previously disclosed expenses, primarily depreciation and amortization, impairment and other losses, net and restructuring charges.

Schedules of Concentration of Risk

Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 and 2023 included amounts due from the following individual customers, substantially derived from the MSG Networks segment, which accounted for the noted percentages of the gross balance:


	As of December 31,		As of June 30,
	2024		2024		2023

Customer A	14	%	10	%	23	%
Customer B	14	%	10	%	22	%
Customer C	10	%	N/A		17	%

Revenues in the accompanying consolidated statements of operations for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 included amounts from the following individual customers, primarily derived from the MSG Networks segment, which accounted for the noted percentages of the total:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Customer 1	12	%	14	%	26	%	27	%
Customer 2	12	%	13	%	26	%	26	%
Customer 3	9	%	10	%	21	%	21	%

Additional Financial Information (Tables)

6 Months Ended

Dec. 31, 2024

Additional Financial Information [Abstract]

Cash, Cash Equivalents and Restricted Cash

The following table provides a summary of the amounts recorded as cash and cash equivalents, and restricted cash as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
Cash and cash equivalents	$	501,954	$	559,757	$	131,965
Restricted cash	$	13,679	$	13,476	$	297,149
Total Cash and cash equivalents, and restricted cash	$	515,633	$	573,233	$	429,114

Schedule of Cash and Cash Equivalents

The following table provides a summary of the amounts recorded as cash and cash equivalents, and restricted cash as of December 31, 2024 and June 30, 2024 and 2023:


	As of December 31,		As of June 30,
	2024		2024		2023
Cash and cash equivalents	$	501,954	$	559,757	$	131,965
Restricted cash	$	13,679	$	13,476	$	297,149
Total Cash and cash equivalents, and restricted cash	$	515,633	$	573,233	$	429,114

Schedule of Other Current Assets

Prepaid expenses and other current assets as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Prepaid expenses	$	32,384	$	30,864	$	23,450


Note and other receivables	92		3,866		21,453

Inventory	12,583		11,893		—


Other	19,948		8,232		11,182
Total prepaid expenses and other current assets	$	65,007	$	54,855	$	56,085

Other Current Liabilities

Accounts payable, accrued, and other current liabilities as of December 31, 2024 and June 30, 2024 and 2023 consisted of the following:


	As of December 31,		As of June 30,
	2024		2024		2023
Accounts payable	$	33,606	$	18,875	$	39,654
Accrued payroll and employee related liabilities	42,892		85,766		75,579
Cash due to promoters	109,078		72,577		73,611

Capital expenditure accruals	142,989		156,234		236,593
Accrued legal fees	22,046		20,876		53,857
Other accrued expenses	71,365		62,759		36,437
Total accounts payable, accrued, and other current liabilities	$	421,976	$	417,087	$	515,731

Schedule of Other Nonoperating Income (Expense)

Other (expense) income, net for the six months ended December 31, 2024 and years ended June 30, 2024, 2023 and 2022 included the following:


	Six Months Ended December 31,		Years Ended June 30,
	2024		2024		2023		2022
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note 8 for further detail	$	—	$	(19,027)	$	545,715	$	—

Gain on litigation settlement	—		62,647		—		—
Unrealized gain on equity investments without readily determinable fair value	—		—		1,969		—
Loss on equity method investments	(120)		(6,677)		(8,184)		(4,863)



Other	76		(1,746)		(2,613)		(655)
Total other (expense) income, net	$	(44)	$	35,197	$	536,887	$	(5,518)

Interim Condensed Financial Information (Unaudited) (Tables)

6 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Quarterly Financial Information

The following is a summary of the Company’s selected quarterly financial data for the six months ended December 31, 2024 and Fiscal Years 2024 and 2023:


	Three Months Ended
	September 30,		December 31,
	2024		2024
Revenues	$	227,913	$	308,290
Operating expenses	(345,532)		(451,231)
Operating loss	$	(117,619)	$	(142,941)
Net loss attributable to Sphere Entertainment Co.’s stockholders	$	(105,283)	$	(125,950)

Continuing Operations
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(2.95)	$	(3.49)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders	$	(2.95)	$	(3.49)


	Three Months Ended
	September 30,		December 31,		March 31,		June 30,
	2023		2023		2024		2024
Revenues	$	118,007	$	314,157	$	321,330	$	273,395
Operating expenses	(187,796)		(473,839)		(361,723)		(344,772)
Operating loss	$	(69,789)	$	(159,682)	$	(40,393)	$	(71,377)
Net income (loss) from continuing operations	$	67,072	$	(173,248)	$	(47,240)	$	(71,217)
Net (loss) income from discontinued operations, net of taxes	$	(647)	$	—	$	—	$	24,631



Net income (loss) attributable to Sphere Entertainment Co.’s stockholders	$	66,425	$	(173,248)	$	(47,240)	$	(46,586)

Continuing Operations
Basic earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders	$	1.92	$	(4.91)	$	(1.33)	$	(2.00)
Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders	$	1.90	$	(4.91)	$	(1.33)	$	(2.00)
Discontinued Operations
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(0.02)	$	—	$	—	$	0.69
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(0.01)	$	—	$	—	$	0.69


	Three Months Ended
	September 30,		December 31,		March 31,		June 30,
	2022		2022		2023		2023
Revenues	$	123,129	$	159,541	$	162,062	$	129,099
Operating expenses	(174,184)		(209,276)		(263,968)		(199,445)
Operating loss	$	(51,055)	$	(49,735)	$	(101,906)	$	(70,346)
Net (loss) income from continuing operations	$	(46,303)	$	(27,308)	$	(113,998)	$	359,636
Net income from discontinued operations	$	2,260	$	97,865	$	55,443	$	178,085
Net (loss) income	$	(44,043)	$	70,557	$	(58,555)	$	537,721
Less: Net income (loss) attributable to redeemable noncontrolling interests from discontinued operations	1,124		3,029		(1,492)		1,264
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations	(410)		(56)		(216)		(335)
Net (loss) income attributable to Sphere Entertainment Co.’s stockholders	$	(44,757)	$	67,584	$	(56,847)	$	536,792





Continuing Operations
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(1.35)	$	(0.79)	$	(3.28)	$	10.34
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	(1.35)	$	(0.79)	$	(3.28)	$	10.21
Discontinued Operations
Basic earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	0.05	$	2.74	$	1.65	$	5.09
Diluted earnings per common share attributable to Sphere Entertainment Co.’s stockholders	$	0.05	$	2.74	$	1.65	$	5.03

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ (29,229)	$ (201)	$ (3,766)	$ (4,485)
(Additions) / Deductions Charged to Costs and Expenses	242	(29,189)	2,050	2,323
(Additions) / Deductions Charged to Other Accounts	0	0	840	(1,992)
Deductions	0	161	675	388
Balance at End of Period	(28,987)	(29,229)	(201)	(3,766)
Allowance for doubtful accounts / credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	(10)	(171)	(843)	(1,354)
(Additions) / Deductions Charged to Costs and Expenses	(25)	0	(3)	123
(Additions) / Deductions Charged to Other Accounts	0	0	0	0
Deductions	0	161	675	388
Balance at End of Period	(35)	(10)	(171)	(843)
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	(29,219)	(30)	(2,923)	(3,131)
(Additions) / Deductions Charged to Costs and Expenses	267	(29,189)	2,053	2,200
(Additions) / Deductions Charged to Other Accounts	0	0	840	(1,992)
Deductions	0	0	0	0
Balance at End of Period	$ (28,952)	$ (29,219)	$ (30)	$ (2,923)

Description of Business and Basis of Presentation (Details)		6 Months Ended
	Apr. 20, 2023 $ / shares shares	Dec. 31, 2024 ft² segment network guest ft $ / shares	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares	May 03, 2023
Conversion of Stock [Line Items]
Number of segments \| segment		2
Number of networks \| network		2
Venue occupancy, number of guests \| guest		20,000
Building height (in feet) \| ft		100
Discontinued Operations, Disposed of by Sale \| Tao Group Hospitality
Conversion of Stock [Line Items]
Disposal group, including discontinued operation, ownership percentage in disposed asset					66.90%
Class A Common Stock
Conversion of Stock [Line Items]
Common stock, par value (dollars per share)		$ 0.01	$ 0.01	$ 0.01
Class B Common Stock
Conversion of Stock [Line Items]
Common stock, par value (dollars per share)		$ 0.01	$ 0.01	$ 0.01
Spinoff \| MSG Entertainment \| Class A Common Stock
Conversion of Stock [Line Items]
Number of shares received for every one common stock shares held on record date (in shares) \| shares	1
Common stock, par value (dollars per share)	$ 0.01
Spinoff \| MSG Entertainment \| Class B Common Stock
Conversion of Stock [Line Items]
Number of shares received for every one common stock shares held on record date (in shares) \| shares	1
Common stock, par value (dollars per share)	$ 0.01
MSG Entertainment \| Spinoff \| MSG Stockholders
Conversion of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	67.00%
Noncontrolling interest, ownership percentage by noncontrolling owners	33.00%
Studio Campus
Conversion of Stock [Line Items]
Studio campus, square footage (in square feet) \| ft²		68,000
Big Dome
Conversion of Stock [Line Items]
Studio campus, square footage (in square feet) \| ft²		28,000
Exosphere
Conversion of Stock [Line Items]
Studio campus, square footage (in square feet) \| ft²		580,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Feb. 04, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2024
Debt Instrument [Line Items]
Total production content	$ 102,619		$ 93,081	$ 61,421
Advertising costs	10,960		25,295	16,977	$ 22,880
Accounts receivable, allowance for credit loss	$ 35		10	171
Equity method investments, recognition of proportionate share of income, lag period	3 months
Cash and cash equivalents	$ 501,954					$ 539,630
Customer advances, ticket sales	225,329
Capital expenditures reflected in payables	421,976		417,087	515,731
Capital expenditure accruals	142,989		156,234	236,593
Long-term debt	1,362,875
MSG Networks Credit Facilities
Debt Instrument [Line Items]
Long-term debt	829,125
MSG Networks Credit Facilities \| MSG Networks
Debt Instrument [Line Items]
Loan Principal Repayments	20,625		$ 82,500	$ 66,000	$ 49,500
MSG Networks Credit Facilities \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Long-term debt		$ 804,125
Loan Principal Repayments		$ 25,000
MSG Networks
Debt Instrument [Line Items]
Cash and cash equivalents	$ 103,591

Summary of Significant Accounting Policies - Schedule of Property and Equipment and Intangible Assets (Details)	Dec. 31, 2024
Affiliate relationships
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	24 years
Technology
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Trade name
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Minimum \| Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Maximum \| Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Change in Fiscal Year-End (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Revenues	$ 308,290	$ 227,913	$ 273,395	$ 321,330	$ 314,157	$ 118,007	$ 129,099	$ 162,062	$ 159,541	$ 123,129	$ 536,203	$ 432,164	$ 1,026,889	$ 573,831	$ 610,055
Direct operating expenses											(306,871)	(244,265)
Selling, general, and administrative expenses											(254,263)	(202,664)
Depreciation and amortization											(165,232)	(94,290)	(256,494)	(103,375)	(124,629)
Impairment and other (losses) gains, net											(65,233)	(115,738)	(121,473)	224,831	3,045
Restructuring charges											(5,164)	(4,678)	(9,486)
Operating loss	$ (142,941)	$ (117,619)	(71,377)	(40,393)	(159,682)	(69,789)	(70,346)	(101,906)	(49,735)	(51,055)	(260,560)	(229,471)	(341,241)	(273,042)	(165,737)
Interest income											11,413	10,304	25,687	11,585	3,575
Interest expense											(57,388)	(25,828)	(79,868)	0	0
Other (expense) income, net											(44)	41,066	35,197	536,887	(5,518)
(Loss) income from continuing operations before income taxes											(306,579)	(203,929)	(360,225)	275,430	(167,680)
Income tax benefit (expense)											75,346	97,753	135,592	(103,403)	29,830
(Loss) income from continuing operations			(71,217)	(47,240)	(173,248)	67,072	359,636	(113,998)	(27,308)	(46,303)	(231,233)	(106,176)	(224,633)	172,027	(137,850)
Income (loss) from discontinued operations, net of taxes			$ 24,631	$ 0	$ 0	$ (647)	178,085	55,443	97,865	2,260	0	(647)	23,984	333,653	(52,297)
Net (loss) income							$ 537,721	$ (58,555)	$ 70,557	$ (44,043)	$ (231,233)	$ (106,823)	$ (200,649)	$ 505,680	$ (190,147)
Basic loss per common share
Continuing operations, basic (in dollars per share)											$ (6.45)	$ (3.02)	$ (6.36)	$ 4.96	$ (4.02)
Discontinued operations, basic (in dollars per share)											0	(0.02)	0.68	9.55	(1.75)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)											(6.45)	(3.04)	(5.68)	14.51	(5.77)
Diluted loss per common share
Continuing operations, diluted (in dollars per share)											(6.45)	(3.02)	(6.36)	4.93	(4.02)
Discontinued operations, diluted (in dollars per share)											0	(0.02)	0.68	9.47	(1.75)
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)											$ (6.45)	$ (3.04)	$ (5.68)	$ 14.40	$ (5.77)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic (in shares)											35,859	35,110	35,301	34,651	34,255
Diluted (in shares)											35,859	35,110	35,301	34,929	34,255

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Gain on disposition	$ 212,857	$ (23,984)
Income tax expense (benefit)	$ 1,020

Discontinued Operations - Schedule of Disposed Income Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense										$ 1,020
Gain on disposal, net of taxes										212,857	$ (23,984)
Income (loss) from discontinued operations, net of taxes	$ 24,631	$ 0	$ 0	$ (647)	$ 178,085	$ 55,443	$ 97,865	$ 2,260	$ 0	$ (647)	23,984	$ 333,653	$ (52,297)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues												1,177,467	1,114,563
Direct operating expenses												(683,269)	(685,759)
Selling, general, and administrative expenses												(270,498)	(265,211)
Depreciation and amortization												(72,659)	(102,067)
Impairment and other gains, net												4,834	2,800
Restructuring charges												(7,435)	(1,286)
Operating income												148,440	63,040
Interest income												3,029	635
Interest expense												(3,582)	(27,155)
Other income, net												12,121
Other expense, net													(84,772)
Income from discontinued operations before income taxes												160,008	(48,252)
Income tax expense												(39,212)	(4,045)
Income (loss) from discontinued operations, net of taxes												120,796
Gain on disposal before income taxes												213,877
Income tax expense												1,020
Gain on disposal, net of taxes												212,857
Income (loss) from discontinued operations, net of taxes												333,653	(52,297)
Less: Net income attributable to redeemable noncontrolling interests												3,925	(3,491)
Less: Net loss attributable to nonredeemable noncontrolling interests												(1,017)	7,739
Net (loss) income attributable to discontinued operations per statement of operations									$ 0		$ 23,984	330,745	(56,545)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Eliminations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues												(1,761)	(2,698)
Direct operating expenses												1,371	2,077
Selling, general, and administrative expenses												(195)	0
Depreciation and amortization												0	0
Impairment and other gains, net												0	0
Restructuring charges												0	0
Operating income												(585)	(621)
Interest income												0	0
Interest expense												0	0
Other income, net												0
Other expense, net													0
Income from discontinued operations before income taxes												(585)	(621)
Income tax expense												0	0
Income (loss) from discontinued operations, net of taxes												(585)
Gain on disposal before income taxes												0
Income tax expense												0
Gain on disposal, net of taxes												0
Income (loss) from discontinued operations, net of taxes												(585)	(621)
Less: Net income attributable to redeemable noncontrolling interests												0	0
Less: Net loss attributable to nonredeemable noncontrolling interests												0	0
Net (loss) income attributable to discontinued operations per statement of operations												(585)	(621)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization												(49,423)	(69,564)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment \| Operating Segments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues												731,299	632,612
Direct operating expenses												(421,440)	(417,108)
Selling, general, and administrative expenses												(119,032)	(110,288)
Depreciation and amortization												(49,423)	(69,564)
Impairment and other gains, net												4,361	0
Restructuring charges												(7,435)	(1,286)
Operating income												138,330	34,366
Interest income												2,880	612
Interest expense												(1,031)	(25,453)
Other income, net												11,456
Other expense, net													(84,690)
Income from discontinued operations before income taxes												151,635	(75,165)
Income tax expense												(5,517)	14,069
Income (loss) from discontinued operations, net of taxes												146,118
Gain on disposal before income taxes												0
Income tax expense												0
Gain on disposal, net of taxes												0
Income (loss) from discontinued operations, net of taxes												146,118	(61,096)
Less: Net income attributable to redeemable noncontrolling interests												0	(2,864)
Less: Net loss attributable to nonredeemable noncontrolling interests												(553)	0
Net (loss) income attributable to discontinued operations per statement of operations												146,671	(58,232)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization												(23,236)	(32,503)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality \| Operating Segments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues												447,929	484,649
Direct operating expenses												(263,200)	(270,728)
Selling, general, and administrative expenses												(151,271)	(154,923)
Depreciation and amortization												(23,236)	(32,503)
Impairment and other gains, net												473	2,800
Restructuring charges												0	0
Operating income												10,695	29,295
Interest income												149	23
Interest expense												(2,551)	(1,702)
Other income, net												665
Other expense, net													(82)
Income from discontinued operations before income taxes												8,958	27,534
Income tax expense												(33,695)	(18,114)
Income (loss) from discontinued operations, net of taxes												(24,737)
Gain on disposal before income taxes												213,877
Income tax expense												1,020
Gain on disposal, net of taxes												212,857
Income (loss) from discontinued operations, net of taxes												188,120	9,420
Less: Net income attributable to redeemable noncontrolling interests												3,925	(627)
Less: Net loss attributable to nonredeemable noncontrolling interests												(464)	7,739
Net (loss) income attributable to discontinued operations per statement of operations												$ 184,659	$ 2,308

Discontinued Operations - Schedule of Disposed Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Non-cash items included in net income (loss):
Share-based compensation expense	$ 34,094	$ 48,010	$ 62,658	$ 77,141
Cash flow from investing activities:
Capital expenditures, net	48,941	264,700	1,058,978	756,717
Non-cash investing activities:
Capital expenditures incurred but not yet paid	$ 10,739	$ 49,834	248,041	206,462
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Non-cash items included in net income (loss):
Depreciation and amortization			72,659	102,067
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment
Non-cash items included in net income (loss):
Depreciation and amortization			49,423	69,564
Impairments and other gains, net			(4,361)	0
Share-based compensation expense			4,710	8,480
Cash flow from investing activities:
Capital expenditures, net			12,832	15,797
Non-cash investing activities:
Capital expenditures incurred but not yet paid			780	1,585
Investments and loans to nonconsolidated affiliates			0	0
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality
Non-cash items included in net income (loss):
Depreciation and amortization			23,236	32,503
Impairments and other gains, net			(214,350)	(2,800)
Share-based compensation expense			7,224	7,647
Cash flow from investing activities:
Capital expenditures, net			17,488	23,309
Non-cash investing activities:
Capital expenditures incurred but not yet paid			817	119
Investments and loans to nonconsolidated affiliates			$ 113	$ 791

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											$ 534,756		$ 1,023,861	$ 571,221	$ 608,155
Revenues from subleases											1,447		3,028	2,610	1,900
Revenues	$ 308,290	$ 227,913	$ 273,395	$ 321,330	$ 314,157	$ 118,007	$ 129,099	$ 162,062	$ 159,541	$ 123,129	536,203	$ 432,164	1,026,889	573,831	610,055
Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											40,104		87,173
Ticketing And Venue License Fee Revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											219,638		340,256
Food, beverage and merchandise revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											34,903		66,702
Media networks revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											240,111		529,730	571,221	608,155
Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											294,645		494,131	0	0
Revenues from subleases											1,447		3,028	2,610	1,900
Revenues											296,092		497,159	2,610	1,900
Sphere \| Operating Segments \| Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											40,104		87,173
Sphere \| Operating Segments \| Ticketing And Venue License Fee Revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											219,638		340,256
Sphere \| Operating Segments \| Food, beverage and merchandise revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											34,903		66,702
Sphere \| Operating Segments \| Media networks revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0	0	0
MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											240,111		529,730	571,221	608,155
Revenues from subleases											0		0	0	0
Revenues											240,111		529,730	571,221	608,155
MSG Networks \| Operating Segments \| Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0
MSG Networks \| Operating Segments \| Ticketing And Venue License Fee Revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0
MSG Networks \| Operating Segments \| Food, beverage and merchandise revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0
MSG Networks \| Operating Segments \| Media networks revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											240,111		529,730	571,221	608,155
Transferred over Time \| Event-related
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											253,305		420,327
Transferred over Time \| Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											29,449		71,054	6,990	6,470
Transferred over Time \| Media related, primarily from affiliation agreements
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											237,280		521,611	558,362	596,032
Transferred over Time \| Sphere \| Operating Segments \| Event-related
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											253,305		420,327
Transferred over Time \| Sphere \| Operating Segments \| Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											28,726		68,876	0	0
Transferred over Time \| Sphere \| Operating Segments \| Media related, primarily from affiliation agreements
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0	0	0
Transferred over Time \| MSG Networks \| Operating Segments \| Event-related
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											0		0
Transferred over Time \| MSG Networks \| Operating Segments \| Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											723		2,178	6,990	6,470
Transferred over Time \| MSG Networks \| Operating Segments \| Media related, primarily from affiliation agreements
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											237,280		521,611	558,362	596,032
Transferred at Point in Time \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											14,722		10,869	5,869	5,653
Transferred at Point in Time \| Sphere \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											12,614		4,928	0	0
Transferred at Point in Time \| MSG Networks \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers											$ 2,108		$ 5,941	$ 5,869	$ 5,653

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Contract Balances [Line Items]
Receivables from contracts with customers, net	$ 154,949	$ 228,230	$ 115,039
Contract assets, current	1,500	1,500	314
Contract assets, non-current	1,307	907	0
Contract balance, liabilities	138,057	97,151	27,397
Revenue recognized	52,278
Net related party receivables
Contract Balances [Line Items]
Receivables from contracts with customers, net	$ 325	$ 0	$ 2,730

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 208,637
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 79,736
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 59,191
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 33,414
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 16,658
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 12,354
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Remaining performance obligations	$ 7,284

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense	$ 33,394		$ 46,844
Restructuring charges	5,164	$ 4,678	9,486
December 2024 Plan
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense	700
Restructuring charges	$ 5,164
June 2024 Plan
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense			1,166
Restructuring charges			$ 9,486
June 2023 Plan
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense				$ 8,118
Restructuring charges				$ 27,924
June 2022 Plan
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense					$ 4,254
Restructuring charges					$ 13,404

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Restructuring Charges - Schedule of Restructuring Charges (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 471
Restructuring charges (excluding share-based compensation expense)	4,464
Payments	(1,345)
Restructuring reserve, ending balance	$ 3,590

Computation of (loss) earnings per-share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Net (loss) income available to Sphere Entertainment Co.’s stockholders (numerator):
(Loss) income from continuing operations	$ (71,217)	$ (47,240)	$ (173,248)	$ 67,072	$ 359,636	$ (113,998)	$ (27,308)	$ (46,303)	$ (231,233)	$ (106,176)	$ (224,633)	$ 172,027	$ (137,850)
Income (loss) from discontinued operations, net of taxes	$ 24,631	$ 0	$ 0	$ (647)	$ 178,085	$ 55,443	$ 97,865	$ 2,260	0	$ (647)	23,984	333,653	(52,297)
Less: Net income attributable to redeemable noncontrolling interests from discontinued operations									0			3,925	7,739
Adjustment of redeemable noncontrolling interest to redemption value from discontinued operations									0		0	0	(3,173)
Net (loss) income attributable to discontinued operations for EPS:									$ 0		$ 23,984	$ 330,745	$ (59,718)
Weighted-average shares (denominator):
Weighted-average shares for basic EPS (in shares)									35,859	35,110	35,301	34,651	34,255
Dilutive effect of shares issuable under share-based compensation plans (in shares)									0		0	278	0
Weighted-average shares for diluted EPS (in shares)									35,859	35,110	35,301	34,929	34,255
Weighted-average anti-dilutive shares (in shares)									0		0	800	0
Basic (loss) earnings per common share
Continuing operations, basic (in dollars per share)									$ (6.45)	$ (3.02)	$ (6.36)	$ 4.96	$ (4.02)
Discontinued operations, basic (in dollars per share)									0	(0.02)	0.68	9.55	(1.75)
Basic (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)									(6.45)	(3.04)	(5.68)	14.51	(5.77)
Diluted (loss) earnings per common share
Continuing operations, diluted (in dollars per share)									(6.45)	(3.02)	(6.36)	4.93	(4.02)
Discontinued operations, diluted (in dollars per share)									0	(0.02)	0.68	9.47	(1.75)
Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)									$ (6.45)	$ (3.04)	$ (5.68)	$ 14.40	$ (5.77)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Net (loss) income available to Sphere Entertainment Co.’s stockholders (numerator):
Income (loss) from discontinued operations, net of taxes												$ 333,653	$ (52,297)
Net (loss) income attributable to discontinued operations per statement of operations									$ 0		$ 23,984	$ 330,745	$ (56,545)

Investments - Equity and Other Investments without Readily Determinable Fair Value (Details) € in Thousands, $ in Thousands	1 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024	Jan. 31, 2024	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jan. 31, 2023 EUR (€)	Jun. 30, 2019	Jun. 30, 2018
Schedule of Investments [Line Items]
Investments		$ 40,396	$ 30,728			$ 395,606
SACO Technologies Inc. (“SACO”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024									30.00%
Crown Properties Collection
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024				8.30%
Gotham Advanced Media and Entertainment
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024					50.00%
Holoplot
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024										25.00%
Equity Method Investments \| SACO Technologies Inc. (“SACO”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024		30.00%
Investments		$ 18,095	18,342			22,246
Equity Method Investments \| Crown Properties Collection
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024		8.00%
Investments		$ 0	60			0
Equity Method Investments \| Gotham Advanced Media and Entertainment
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024		50.00%
Investments		$ 10,000	680			0
Equity Method Investments \| Holoplot Loan
Schedule of Investments [Line Items]
Investments		$ 0	0			20,971
Financing receivable, term	3 years
Face amount	$ 20,484					20,484	€ 18,804	€ 18,804
Equity Method Investments \| Holoplot
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024		0.00%
Investments		$ 0	0			$ 1,542
Equity Method Investments \| MSG Entertainment
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2024		0.00%				20.00%	20.00%
Investments		$ 0	0			$ 341,039
Equity investments without readily determinable fair values
Schedule of Investments [Line Items]
Investments		8,721	8,721			8,721
Other equity investments with readily determinable fair values held in trust under the Company's Executive Deferred Compensation Plan
Schedule of Investments [Line Items]
Investments		$ 3,580	$ 2,925			$ 1,087

Investments - Narrative (Details) € in Thousands, $ in Thousands		1 Months Ended			6 Months Ended	12 Months Ended
	Apr. 25, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jan. 31, 2024	Oct. 31, 2018 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2023 EUR (€)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 EUR (€)	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Investments and loans in nonconsolidated affiliates					$ 9,321	$ 731	$ 5,949
Equity method investments, recognition of proportionate share of income, lag period					3 months
Goodwill					$ 410,172	470,152	456,807
Defined benefit plan, plan assets, period increase (decrease)					92	307	218	$ 0
Holoplot
Schedule of Equity Method Investments [Line Items]
Business combination, consideration transferred, including equity interest in acquiree held before combination	$ 11,181
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents	2,554
Business combination, step acquisition, equity interest in acquiree, fair value	$ 5,689
Business combination, step acquisition, equity interest in acquiree, remeasurement loss						10,262
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill						17,818
Goodwill						$ 13,345
SACO
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)									30.00%
SACO \| Amortizable Intangible Assets
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity in underlying assets									$ 25,350
SACO \| Amortizable Intangible Assets \| Minimum
Schedule of Equity Method Investments [Line Items]
Amortization period									6 years
SACO \| Amortizable Intangible Assets \| Maximum
Schedule of Equity Method Investments [Line Items]
Amortization period									12 years
Crown Properties Collection
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)		8.30%
Investments and loans in nonconsolidated affiliates		$ 51
Equity method investments, recognition of proportionate share of income, lag period		3 months
Gotham Advanced Media and Entertainment
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)			50.00%
Equity method investments, recognition of proportionate share of income, lag period			3 months
Investments					$ 9,320
Holoplot
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)													25.00%
Equity Method Investments \| SACO
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)					30.00%
Purchase price for interest acquired									$ 47,244
Investments and loans in nonconsolidated affiliates				$ 4,800					$ 42,444
Equity Method Investments \| Crown Properties Collection
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)					8.00%
Equity Method Investments \| Gotham Advanced Media and Entertainment
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)					50.00%
Equity Method Investments \| Holoplot
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)					0.00%
Equity Method Investments \| Holoplot Loan
Schedule of Equity Method Investments [Line Items]
Face amount							20,484			€ 18,804	$ 20,484	€ 18,804
Cash							7,625
Deposits							$ 12,859

Investments - Schedule of Readily Determinable Fair Value (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Unrealized gain	$ 0	$ 0	$ 1,969	$ 0
Total realized and unrealized (loss) gain	$ (29)	(22,971)	548,690	$ (54,869)
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Unrealized gain		0	341,039
Total realized and unrealized (loss) gain		(19,027)	545,715
MSG Entertainment
Schedule of Equity Method Investments [Line Items]
(Loss) gain from shares sold		$ (19,027)	$ 204,676
Supplemental information on realized (loss) gain:
Equity securities, FV-NI, shares disposed (in shares)		1,923	0
Shares of common stock sold (in shares)		8,221	6,878
Cash proceeds from common stock sold		$ 256,501	$ 204,676

Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,528,414	$ 3,491,429	$ 3,394,989
Less accumulated depreciation and amortization	(492,684)	(333,009)	(87,828)
Total property and equipment, net	3,035,730	3,158,420	3,307,161
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	43,838	44,279	80,878
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,263,750	2,261,150	69,049
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,189,495	1,163,361	159,786
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,835	18,497	18,491
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,496	$ 4,142	$ 3,066,785

Property and Equipment, Net - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Capital expenditure accruals			$ 142,989,000	$ 156,234,000	$ 236,593,000
Depreciation and amortization expense on property and equipment			$ 161,732,000	$ 252,706,000	$ 27,601,000	$ 16,794,000
Property, plant and equipment, transfers and changes		$ 3,130,028,000
Impairment and other (losses) gains, net	$ 116,541,000

Original Immersive Production Content - Schedule of Deferred Immersive Production Costs (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Other Industries [Abstract]
Released, less amortization	$ 52,782	$ 61,005	$ 0
In-process	49,837	32,076	61,421
Total production content	102,619	93,081	61,421
Production content costs	$ 15,797	$ 20,427	$ 0	$ 0

Original Immersive Production Content - Amortization of Deferred Immersive Production Content (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($)
Other Industries [Abstract]
Year ending December 31, 2025	$ 13,655
Year ending December 31, 2026	9,810
Year ending December 31, 2027	$ 8,438

Leases - Schedule of Lease Assets and Liabilities Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use lease assets	Right-of-use lease assets	Right-of-use lease assets
Right-of-use lease assets	$ 93,920	$ 106,468	$ 84,912
Lease liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, current	Operating lease liabilities, current	Operating lease liabilities, current
Operating lease liabilities, current	$ 19,268	$ 18,548	$ 10,127
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, non-current	Operating lease liabilities, non-current	Operating lease liabilities, non-current
Operating lease liabilities, non-current	$ 116,668	$ 128,022	$ 110,259
Total lease liabilities	$ 135,936	$ 146,570	$ 120,386

Leases - Schedule of Lease Costs Incurred In The Period (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Total lease cost	$ 10,738	$ 20,301	$ 17,602	$ 18,284
Direct operating expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	3,124	3,984	1,676	1,287
Variable lease cost	750	1,740	0	0
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	6,864	14,549	15,925	16,977
Variable lease cost	$ 0	$ 28	$ 1	$ 20

Leases - Narrative (Details)	6 Months Ended	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
After-tax cash flow to be received (as a percent)	0.25
Lessee, ground lease, funding	$ 75,000,000
Ground lease, term of contract	50 years
Proceeds from tenant incentives	$ 1,581,000	$ 5,833,000	$ 0	$ 17,697,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 month 6 days
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	17 years 1 month 6 days

Leases - Schedule of Supplemental Lease Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating Lease, Payments	$ 10,049	$ 19,000	$ 12,332	$ 14,400
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 33,900	$ 6,435	$ 43,834

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Year ending December 31, 2025	$ 20,322
Year ending December 31, 2026	16,001
Year ending December 31, 2027	14,975
Year ending December 31, 2028	15,166
Year ending December 31, 2029	15,819
Thereafter	106,206
Total lease payments	188,489
Less imputed interest	52,553
Total lease liabilities	$ 135,936	$ 146,570	$ 120,386
Weighted average remaining lease term (in years)	11 years 3 months 18 days	11 years 4 months 24 days	12 years 1 month 6 days
Weighted average discount rate	5.82%	5.89%	5.38%

Leases - Sublease Income (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Leases - Sublease Income (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Sublease Income	$ 1,447	$ 3,028	$ 2,610	$ 1,900

Leases - Schedule of Lease Payments for Non-Cancellable Subleases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
Year ending December 31, 2025	$ 2,174
Year ending December 31, 2026	1,026
Total future minimum receipts	$ 3,200

Goodwill and Intangible Assets - Schedule of Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 470,152	$ 456,807
Activity	(59,980)	13,345
Goodwill, ending balance	410,172	470,152
Sphere
Goodwill [Roll Forward]
Goodwill, beginning balance	45,644	32,299
Activity	1,220	13,345
Goodwill, ending balance	46,864	45,644
MSG Networks
Goodwill [Roll Forward]
Goodwill, beginning balance	424,508	424,508
Activity	(61,200)	0
Goodwill, ending balance	$ 363,308	$ 424,508

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Goodwill and Intangible Assets - Narrative (Details) - USD ($)		1 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2024	Aug. 30, 2024	Aug. 30, 2023	Aug. 30, 2022	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Apr. 20, 2023
Goodwill [Line Items]
Goodwill, impairment loss		$ 0	$ 0	$ 0
Goodwill	$ 410,172,000				$ 410,172,000	$ 470,152,000	$ 456,807,000
Amortization of intangible assets					$ 3,500,000	3,788,000	3,115,000	$ 5,768,000
Holoplot
Goodwill [Line Items]
Goodwill						13,345,000
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill						17,818,000
Acquired finite-lived intangible assets, weighted average useful life					4 years 3 months 18 days
Sphere
Goodwill [Line Items]
Goodwill	46,864,000				$ 46,864,000	45,644,000	32,299,000		$ 32,299,000
MSG Networks
Goodwill [Line Items]
Goodwill, impairment loss	61,200,000
Goodwill	$ 363,308,000				$ 363,308,000	$ 424,508,000	$ 424,508,000

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets - Schedule of Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 100,584	$ 100,862	$ 83,044
Accumulated amortization	(72,201)	(68,922)	(65,134)
Intangible assets, net	28,383	31,940	17,910
Affiliate relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	83,044	83,044	83,044
Accumulated amortization	(69,806)	(68,249)	(65,134)
Intangible assets, net	13,238	14,795	17,910
Technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	15,508	15,508	0
Accumulated amortization	(2,068)	(520)	0
Intangible assets, net	13,440	14,988	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,032	2,032	0
Accumulated amortization	(327)	(68)	0
Intangible assets, net	1,705	1,964	0
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0	278	0
Accumulated amortization	0	(85)	0
Intangible assets, net	$ 0	$ 193	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ (6,623)
2026	(6,623)
2027	(6,623)
2028	(6,623)
2029	$ (1,948)

Commitments and Contingencies - Schedule of Commitments in the Normal Course of Business (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
Letter of credit, to be paid, December 31, 2025	$ 0
Letter of credit, to be paid, December 31, 2026	0
Letter of credit, to be paid, December 31, 2027	275,000
Letter of credit, to be paid, December 31, 2028	258,750
Letter of credit, to be paid, December 31, 2029	0
Thereafter	0
Total debt	1,362,875
Contractual obligation, to be paid, December 31, 2025	323,693
Contractual obligation, to be paid, December 31, 2026	301,561
Contractual obligation, to be paid, December 31, 2027	287,747
Contractual obligation, to be paid, December 31, 2028	264,250
Contractual obligation, to be paid, December 31, 2029	255,338
Contractual obligation, to be paid, thereafter	1,434,048
Total Commitments	2,866,637
Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2025	44,126
Other commitments, to be paid, December 31, 2026	19,235
Other commitments, to be paid, December 31, 2027	15,333
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, thereafter	0
Other commitment, total	78,694
Letter of credit, to be paid, December 31, 2025	899
Letter of credit, to be paid, December 31, 2026	0
Letter of credit, to be paid, December 31, 2027	0
Letter of credit, to be paid, December 31, 2028	0
Letter of credit, to be paid, December 31, 2029	0
Thereafter	0
Total debt	899
MSG Networks
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2025	279,567
Other commitments, to be paid, December 31, 2026	282,326
Other commitments, to be paid, December 31, 2027	272,414
Other commitments, to be paid, December 31, 2028	264,250
Other commitments, to be paid, December 31, 2029	255,338
Other commitments, to be paid, thereafter	1,434,048
Other commitment, total	2,787,943
Purchase commitment, to be paid, December 31, 2025	9,176
Purchase commitment, to be paid, December 31, 2026	8,374
Purchase commitment, to be paid, December 31, 2027	1,887
Purchase commitment, to be paid, December 31, 2028	65
Purchase commitment, to be paid, December 31, 2029	0
Purchase commitment, to be paid, thereafter	0
Purchase commitment, total	19,502
Event-related commitments \| Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2025	41,227
Other commitments, to be paid, December 31, 2026	17,235
Other commitments, to be paid, December 31, 2027	15,000
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, thereafter	0
Other commitment, total	73,462
Other \| Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2025	2,000
Other commitments, to be paid, December 31, 2026	2,000
Other commitments, to be paid, December 31, 2027	333
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, thereafter	0
Other commitment, total	4,333
Broadcast rights \| MSG Networks
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2025	270,391
Other commitments, to be paid, December 31, 2026	273,952
Other commitments, to be paid, December 31, 2027	270,527
Other commitments, to be paid, December 31, 2028	264,185
Other commitments, to be paid, December 31, 2029	255,338
Other commitments, to be paid, thereafter	1,434,048
Other commitment, total	$ 2,768,441

Commitments and Contingencies - Narrative (Details) $ in Thousands				6 Months Ended	12 Months Ended
	Apr. 06, 2023 USD ($)	Mar. 14, 2023 USD ($)	Sep. 10, 2021 complaint	Dec. 31, 2024 USD ($) complaint	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2024 USD ($)	Sep. 27, 2021 complaint
Long-term Purchase Commitment [Line Items]
Loss contingency, number of complaints filed \| complaint				15
Loss contingency, remaining claims filed involving fiduciary breaches \| complaint				2
Loss contingency, new claims filed, number \| complaint			2
Gain on litigation settlement				$ 0	$ 62,647	$ 0	$ 0
Loss contingency, number of consolidated claims \| complaint									4
MSGE Settlement Agreement \| Settled Litigation
Long-term Purchase Commitment [Line Items]
Litigation settlement, amount awarded from other party		$ 85,000
Gain on litigation settlement				62,600
MSGE Networks Term Sheet \| Settled Litigation
Long-term Purchase Commitment [Line Items]
Litigation settlement, amount awarded to other party	$ 48,500
Payments for legal settlements	28,000
Loss contingency accrual				$ 18,000				$ 20,500
MSGE Networks Term Sheet \| Settled Litigation \| Plaintiff's Insurers
Long-term Purchase Commitment [Line Items]
Payments for legal settlements	$ 20,500
Networks Merger
Long-term Purchase Commitment [Line Items]
Loss contingency, new claims filed with incomplete and misleading information, number \| complaint				9
Loss contingency, new claims filed involving fiduciary breaches \| complaint				6
3.50% Convertible Senior Notes \| Senior Notes
Long-term Purchase Commitment [Line Items]
Debt instrument, interest rate, stated percentage				3.50%

Credit Facilities and Convertible Notes - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Dec. 08, 2023	Jun. 30, 2023
Current portion
Principal	$ 829,125	$ 849,750		$ 82,500
Unamortized Deferred Financing Costs	0	(313)		0
Net	829,125	849,437		82,500
Non-current portion
Principal	533,750	533,750		1,124,750
Debt Discount	(5,595)	(6,314)
Unamortized Deferred Financing Costs	(4,145)	(4,701)		(6,363)
Long-term Debt	524,010	522,735		1,118,387
MSG Networks Credit Facilities
Current portion
Net	829,125
LV Sphere Term Loan Facility
Current portion
Net	0
3.50% Convertible Senior Notes
Current portion
Net	0
Line of Credit \| MSG Networks Credit Facilities
Current portion
Principal	829,125	849,750		82,500
Unamortized Deferred Financing Costs	0	(313)		0
Net	829,125	849,437		82,500
Non-current portion
Principal	0	0		849,750
Debt Discount	0	0
Unamortized Deferred Financing Costs	0	0		(1,483)
Long-term Debt	0	0		848,267
Line of Credit \| LV Sphere Term Loan Facility
Non-current portion
Principal	275,000	275,000		275,000
Debt Discount	0	0
Unamortized Deferred Financing Costs	(3,240)	(3,788)		(4,880)
Long-term Debt	271,760	271,212		270,120
Convertible Debt \| 3.50% Convertible Senior Notes
Non-current portion
Principal	258,750	258,750		0
Debt Discount	(5,595)	(6,314)
Unamortized Deferred Financing Costs	(905)	(913)		0
Long-term Debt	$ 252,250	$ 251,523		$ 0
Debt instrument, interest rate, stated percentage			3.50%

Credit Facilities and Convertible Notes - MSG Networks Credit Facilities - Narrative (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Oct. 11, 2019 USD ($)	Dec. 31, 2024 USD ($)	Feb. 04, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Oct. 11, 2024 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 1,362,875
MSG Networks Credit Facilities \| Measurement Input Leverage Ratio \| Incremental Adjustment
Debt Instrument [Line Items]
Debt instrument, measurement input		6.00
MSG Networks Credit Facilities \| Minimum \| Measurement Input, Interest Coverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		2.00
MSG Networks Credit Facilities \| Maximum \| Measurement Input Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		5.50
MSG Networks Credit Facilities
Debt Instrument [Line Items]
Long-term debt		$ 829,125
MSG Networks \| MSG Networks Credit Facilities \| Measurement Input, Default Rate
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	2.00%
MSG Networks \| MSG Networks Credit Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.10%
MSG Networks \| MSG Networks Credit Facilities \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
MSG Networks \| MSG Networks Credit Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
MSG Networks \| MSG Networks Credit Facilities \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
MSG Networks \| MSG Networks Credit Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.25%
MSG Networks \| MSG Networks Credit Facilities
Debt Instrument [Line Items]
Loan Principal Repayments		$ 20,625		$ 82,500	$ 66,000	$ 49,500
MSG Networks \| Revolving Credit Facility \| MSG Networks Credit Facilities
Debt Instrument [Line Items]
Long-term debt, term	5 years
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,100,000
Secured Debt \| MSG Networks Credit Facilities \| Subsequent Event
Debt Instrument [Line Items]
Loan Principal Repayments			$ 25,000
Long-term debt			$ 804,125
Secured Debt \| MSG Networks
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		8.44%
Revolving Credit Facility \| MSG Networks
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250,000
Line of Credit \| Secured Debt \| MSG Networks Credit Facilities
Debt Instrument [Line Items]
Debt instrument, face amount							$ 829,125

Credit Facilities and Convertible Notes - LV Sphere Term Loan - Narrative (Details) $ in Thousands	Dec. 22, 2022 USD ($)	Dec. 31, 2024	Dec. 31, 2023 USD ($)	Oct. 11, 2019 USD ($)
Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 1,100,000
LV Sphere
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		8.85%
LV Sphere \| Minimum Liquidity Step-Down
Line of Credit Facility [Line Items]
Debt instrument, covenant, held in cash			$ 25,000
LV Sphere \| Minimum \| Minimum Liquidity Step-Down
Line of Credit Facility [Line Items]
Debt instrument, covenant, minimum consolidated liquidity			$ 50,000
LV Sphere \| Measurement Input, Prospective Debt Service Coverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input		11.21	1.35
LV Sphere \| Measurement Input, Prospective Debt Service Coverage Ratio \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, contingent measurement input			1.50
LV Sphere \| Measurement Input, Historical Debt Service Coverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input		7.16	1.35
LV Sphere \| Measurement Input, Historical Debt Service Coverage Ratio \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, contingent measurement input			1.50
LV Sphere \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.375%
LV Sphere \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Debt instrument, interest rate, increase (decrease)	4.375%
LV Sphere \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 275,000

Credit Facilities and Convertible Notes - Delayed Draw Term Loan Facility - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	Aug. 09, 2023	Jul. 14, 2023	Apr. 20, 2023
MSG Entertainment
Line of Credit Facility [Line Items]
Equity securities, FV-NI, shares disposed (in shares)	1,923
DDTL Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, term			18 months
Secured Debt \| DDTL Facility \| Line of Credit
Line of Credit Facility [Line Items]
Loans receivable, maximum borrowing amount			$ 65,000
Proceeds from long-term lines of credit		$ 65
Sphere \| Secured Debt \| DDTL Facility \| Line of Credit \| MSG Entertainment Holdings
Line of Credit Facility [Line Items]
Loans receivable, maximum borrowing amount			$ 65

Credit Facilities and Convertible Notes - 3.50% Convertible Senior Notes - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 08, 2023 USD ($) day $ / shares	Dec. 05, 2023 $ / shares
Common Class A
Line of Credit Facility [Line Items]
Option indexed to issuer's equity, cap price (in dollars per share)		$ 42.62
Option indexed to issuer's equity, premium on stock price, percentage		50.00%
Share price (in dollars per share)		$ 28.41
3.50% Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	3.50%
Debt instrument, face amount \| $	$ 258,750
Purchases of capped calls \| $	$ 14,309
Debt instrument, convertible, conversion ratio	0.0281591
Debt instrument, convertible, conversion price (in dollars per share)	$ 35.51
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days \| day	20
Debt instrument, convertible, threshold consecutive trading days \| day	30
Debt instrument, redemption price, percentage of principal amount redeemed	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 28.41
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 280.00
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Three
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Four
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Four \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, aggregate principal amount, percentage	25.00%

Credit Facilities and Convertible Notes - Schedule of Long Term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Mature and outstanding debt for the period ended December 31, 2024	$ 829,125	$ 849,437	$ 82,500
12 months ending December 31, 2025	0
12 months ending December 31, 2026	0
12 months ending December 31, 2027	275,000
12 months ending December 31, 2028	258,750
12 months ending December 31, 2029	0
Thereafter	0
Total debt	1,362,875
MSG Networks Credit Facilities
Debt Instrument [Line Items]
Mature and outstanding debt for the period ended December 31, 2024	829,125
12 months ending December 31, 2025	0
12 months ending December 31, 2026	0
12 months ending December 31, 2027	0
12 months ending December 31, 2028	0
12 months ending December 31, 2029	0
Thereafter	0
Total debt	829,125
LV Sphere Term Loan Facility
Debt Instrument [Line Items]
Mature and outstanding debt for the period ended December 31, 2024	0
12 months ending December 31, 2025	0
12 months ending December 31, 2026	0
12 months ending December 31, 2027	275,000
12 months ending December 31, 2028	0
12 months ending December 31, 2029	0
Thereafter	0
Total debt	275,000
3.50% Convertible Senior Notes
Debt Instrument [Line Items]
Mature and outstanding debt for the period ended December 31, 2024	0
12 months ending December 31, 2025	0
12 months ending December 31, 2026	0
12 months ending December 31, 2027	0
12 months ending December 31, 2028	258,750
12 months ending December 31, 2029	0
Thereafter	0
Total debt	$ 258,750

Credit Facilities and Convertible Notes - Schedule of Interest, Carrying Value, and Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 08, 2023
Line of Credit Facility [Line Items]
Unamortized Deferred Financing Costs	$ (4,145)	$ (5,014)	$ (6,363)
MSG Networks Credit Facilities \| Debt
Line of Credit Facility [Line Items]
Carrying Value	829,125	849,750	932,250
Fair Value	335,796	845,501	927,589
MSG Networks Credit Facilities \| MSG Networks
Line of Credit Facility [Line Items]
Interest Payments	35,074	68,297	58,311	$ 19,173
Loan Principal Repayments	$ 20,625	82,500	66,000	49,500
LV Sphere
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	8.85%
LV Sphere \| Debt
Line of Credit Facility [Line Items]
Carrying Value	$ 275,000	275,000	275,000
Fair Value	273,625	273,625	272,250
LV Sphere \| LV Sphere
Line of Credit Facility [Line Items]
Interest Payments	13,429	26,894	12,825	0
Loan Principal Repayments	0	0	0	0
DDTL Facility
Line of Credit Facility [Line Items]
Interest Payments	0	460	0	0
Loan Principal Repayments	0	65,000	0	0
3.50% Convertible Senior Notes
Line of Credit Facility [Line Items]
Interest Payments	4,528	4,352	0	0
Loan Principal Repayments	0	0	0	0
3.50% Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage					3.50%
3.50% Convertible Senior Notes \| Debt
Line of Credit Facility [Line Items]
Carrying Value	253,155	252,436	0
Fair Value	353,246	316,296	0
MSG Networks, LV Sphere, Delayed Draw, 3.5% Senior Notes
Line of Credit Facility [Line Items]
Interest Payments	53,031	100,003	71,136	19,173
Loan Principal Repayments	20,625	147,500	66,000	$ 49,500
Total long-term debt, carrying value	1,357,280	1,377,186	1,207,250
Total long-term debt, fair value	$ 962,667	$ 1,435,422	$ 1,199,839

Pension Plans and Other Postretirement Benefit Plan - Narrative (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 20, 2023 plan
Defined Benefit Plan Disclosure [Line Items]
Number of plans \| plan						2
Funded percentage		5.00%
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other (expense) income, net	Other (expense) income, net
Red Zone
Defined Benefit Plan Disclosure [Line Items]
Funded percentage		65.00%
Savings Plans
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost		$ 4,322	$ 6,376	$ 7,421	$ 5,778
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, accumulated benefit obligation		37,208	37,587	37,842
Employer contributions		500	500	500
Defined benefit plan, net periodic benefit cost (credit)		780	1,603	1,493	1,146
Defined benefit plan, amortization of gain (loss)		(169)	(335)	(358)	(585)
Other Pension, Postretirement and Supplemental Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 500
Defined benefit plan, expected future employer contributions, next fiscal year		750
Multiemployer Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, pension, significant, employer contribution, cost		746	1,134	677	389
Multiemployer Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, pension, significant, employer contribution, cost		$ 114	$ 250	$ 142	$ 152

Pension Plans and Other Postretirement Benefit Plan - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Change in plan assets:
Fair value of plan assets at beginning of period	$ 17,668	$ 17,976
Fair value of plan assets at end of period	17,732	17,668	$ 17,976
Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of period	37,765	38,136	39,683
Service cost	97	243	245	$ 371
Interest cost	989	1,995	1,755	1,048
Actuarial (gain) loss	(233)	(262)	(1,485)
Benefits paid	(1,185)	(2,347)	(2,153)
Acquisitions	0	0	141
Plan settlements paid	(60)	0	(50)
Benefit obligation at end of period	37,373	37,765	38,136	39,683
Change in plan assets:
Fair value of plan assets at beginning of period	17,668	17,976	18,756
Actual return on plan assets	178	351	(312)
Employer contributions	500	500	500
Benefits paid	(614)	(1,159)	(968)
Fair value of plan assets at end of period	17,732	17,668	17,976	18,756
Funded status at end of period	(19,641)	(20,097)	(20,160)
Postretirement Plan
Change in benefit obligation:
Benefit obligation at beginning of period	1,726	1,799	1,598
Service cost	9	18	20	27
Interest cost	47	89	68	31
Actuarial (gain) loss	488	60	292
Benefits paid	(439)	(240)	(179)
Acquisitions	0	0	0
Plan settlements paid	0	0	0
Benefit obligation at end of period	1,831	1,726	1,799	1,598
Change in plan assets:
Fair value of plan assets at beginning of period	0	0	0
Actual return on plan assets	0	0	0
Employer contributions	0	0	0
Benefits paid	0	0	0
Fair value of plan assets at end of period	0	0	0	$ 0
Funded status at end of period	$ (1,831)	$ (1,726)	$ (1,799)

Pension Plans and Other Postretirement Benefit Plan - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Current liabilities (included in Accounts payable, accrued, and other current liabilities)	$ (1,487)	$ (1,414)	$ (1,355)
Non-current liabilities (included in Other non-current liabilities)	(18,154)	(18,683)	(18,805)
Defined benefit plan, amounts for asset (liability) recognized in statement of financial position	(19,641)	(20,097)	(20,160)
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities (included in Accounts payable, accrued, and other current liabilities)	(207)	(205)	(157)
Non-current liabilities (included in Other non-current liabilities)	(1,624)	(1,521)	(1,642)
Defined benefit plan, amounts for asset (liability) recognized in statement of financial position	$ (1,831)	$ (1,726)	$ (1,799)

Pension Plans and Other Postretirement Benefit Plan - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Pension Plans
Defined Contribution Plan Disclosure [Line Items]
Actuarial (loss) gain	$ (7,353)	$ (7,376)	$ (7,249)
Postretirement Plan
Defined Contribution Plan Disclosure [Line Items]
Actuarial (loss) gain	$ (369)	$ 120	$ 203

Pension Plans and Other Postretirement Benefit Plan - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 97	$ 243	$ 245	$ 371
Interest cost	989	1,995	1,755	1,048
Expected return on plan assets	(476)	(970)	(853)	(858)
Recognized actuarial loss (gain)	169	335	358	585
Settlement gain	1	0	(12)	0
Net periodic benefit cost	780	1,603	1,493	1,146
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	9	18	20	27
Interest cost	47	89	68	31
Expected return on plan assets	0	0	0	0
Recognized actuarial loss (gain)	0	(23)	(69)	(27)
Settlement gain	0	0	0	0
Net periodic benefit cost	$ 56	$ 84	$ 19	$ 31

Pension Plans and Other Postretirement Benefit Plan - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income (Loss) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (loss) gain, net	$ (148)	$ (463)	$ 288	$ 3,318
Recognized actuarial loss (gain)	169	335	358	585
Settlement gain	1	0	(12)	0
Total recognized in other comprehensive (loss) income	22	(128)	634	3,903
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial (loss) gain, net	(488)	(60)	(292)	243
Recognized actuarial loss (gain)	0	(23)	(69)	(27)
Settlement gain	0	0	0	0
Total recognized in other comprehensive (loss) income	$ (488)	$ (83)	$ (361)	$ 216

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

Pension Plans and Other Postretirement Benefit Plan - Schedule of Assumptions Used (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pension Plans
Discount rate used to determine benefit obligations
Discount rate	5.59%	5.51%	5.34%
Rate of compensation increase	3.00%	3.00%	3.00%
Interest crediting rate	4.32%	4.55%	3.77%
Discount rate used to determine net periodic benefit cost
Discount rate - projected benefit obligation	5.51%	5.33%	4.81%	1.36%
Discount rate - service cost	5.69%	5.52%	5.06%	3.13%
Discount rate - interest cost	5.43%	5.40%	4.55%	2.18%
Expected long-term return on plan assets	6.13%	5.65%	5.00%	3.96%
Rate of compensation increase	3.00%	3.00%	3.00%	3.00%
Interest crediting rate	4.55%	4.55%	3.77%	2.76%
Postretirement Plan
Discount rate used to determine benefit obligations
Discount rate	5.32%	5.40%	5.41%
Healthcare cost trend rate assumed for next year	7.50%	6.75%	7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%	5.00%
Discount rate used to determine net periodic benefit cost
Discount rate - projected benefit obligation	5.39%	5.41%	4.66%	2.25%
Discount rate - service cost	5.48%	5.39%	4.89%	2.62%
Discount rate - interest cost	5.39%	5.47%	4.38%	1.75%
Healthcare cost trend rate assumed for next year	6.75%	7.00%	6.00%	6.25%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%	5.00%

Pension Plans and Other Postretirement Benefit Plan - Schedule of Allocation of Plan Assets (Details)	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	100.00%	100.00%	100.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	95.00%	72.00%	75.00%
Defined benefit plan, plan assets, target allocation, percentage	100.00%	100.00%	100.00%
Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	5.00%	28.00%	25.00%

Pension Plans and Other Postretirement Benefit Plan - Investment at Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 17,732	$ 17,668	$ 17,976
Money market funds \| Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	990	4,924	4,533
U.S. Government agency obligations \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	3,681	0	0
Common collective trust \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 13,061	$ 12,744	$ 13,443

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Pension Plans and Other Postretirement Benefit Plan - Schedule of Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Year ending December 31, 2025	$ 2,974
Year ending December 31, 2026	3,128
Year ending December 31, 2027	2,998
Year ending December 31, 2028	3,022
Year ending December 31, 2029	3,213
Years ending December 31, 2030 – 2034	14,992
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Year ending December 31, 2025	212
Year ending December 31, 2026	209
Year ending December 31, 2027	219
Year ending December 31, 2028	220
Year ending December 31, 2029	223
Years ending December 31, 2030 – 2034	$ 942

Pension Plans and Other Postretirement Benefit Plan - Schedule of Deferred Compensation Plan Recognized On Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-current assets (included in Investments)	$ 3,580	$ 2,925	$ 1,087
Non-current liabilities (included in Other non-current liabilities)	$ (3,580)	$ (2,936)	$ (1,087)

Share-based Compensation - Narrative (Details) $ in Thousands			6 Months Ended
	Apr. 20, 2023 d option shares	Apr. 17, 2020 plan	Dec. 31, 2024 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plan		2	3
Share-based payment award, vesting period			3 years
Number of equity award options \| option	2
Share-based compensation arrangement, threshold trading days \| d	10
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			7 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Common Class A \| Employee Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Awards granted (in shares)			11,600,000
Share-based compensation arrangement by share-based payment award, expiration period, increase			1 year
Performance Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost not yet recognized \| $			$ 87,928
Share-based compensation cost not yet recognized, period for recognition			2 years 1 month 6 days
Employee Stock \| Common Class A \| Employee Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award requisite service period			90 days
Employee Stock \| Common Class A \| Non-Employee Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Awards granted (in shares)			500,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, vesting period			3 years
MSG Entertainment \| Spinoff \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
MSG Entertainment \| Spinoff \| Common Class A \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
MSG Entertainment \| Performance Stock Units and Performance Restricted Stock Units \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Sphere \| Spinoff \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Sphere \| Performance Stock Units and Performance Restricted Stock Units \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Sphere \| Restricted Stock \| Spinoff \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1

Share-based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 33,394	$ 46,844
Share-based compensation capitalized in property and equipment, net	1,248	2,193	$ 3,642	$ 2,979
Performance Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	33,968	47,382	42,607	56,760
Share-based compensation capitalized in property and equipment, net	1,250	2,193	3,642	2,979
Severance costs	$ 700	$ 1,166	$ 8,118	$ 4,254

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Share-based Compensation - Schedule of Share-based Compensation, Restricted Stock Units Award Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Weighted-Average Grant-date Fair Value
Unvested award beginning balance (in usd per share)	$ 64.90
Granted (in usd per share)	48.27
Vested (in usd per share)	37.44
Forfeited (in usd per share)	36.59
Unvested award ending balance (in usd per share)	$ 75.76	$ 64.90
Payment, tax withholding	$ 17,301	$ 16,543	$ 16,625	$ 16,658
RSUs
Unvested Share Units Awards [Roll Forward]
Unvested award beginning balance (in shares)	1,038
Granted (in shares)	426
Vested (in shares)	(522)
Forfeited (in shares)	(25)
Unvested award ending balance (in shares)	917	1,038
PSUs
Unvested Share Units Awards [Roll Forward]
Unvested award beginning balance (in shares)	1,195
Granted (in shares)	0
Vested (in shares)	(370)
Forfeited (in shares)	(20)
Unvested award ending balance (in shares)	805	1,195
Performance Stock Units and Performance Restricted Stock Units
Weighted-Average Grant-date Fair Value
Granted (in usd per share)	$ 48.27	$ 36.94	$ 50.81	$ 79.34
Equity instruments vested in period, fair value	$ 37,533
Shares withheld for tax withholding obligation (in shares)	398
Payment, tax withholding	$ 16,792

Share-based Compensation - Additional Information about PSUs and RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share of awards granted (in dollars per share)	$ 48.27
Performance Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share of awards granted (in dollars per share)	$ 48.27	$ 36.94	$ 50.81	$ 79.34
Fair value of awards vested	$ 37,533	$ 45,263	$ 42,467	$ 39,530

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Share-based Compensation - Schedule of Time Vesting Options (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Number of Stock Options
Beginning balance (in shares)	3,927
Options granted (in shares)	1,800
Options forfeited (in shares)	(195)
Ending balance (in shares)	5,532	3,927
Exercisable (in shares)	540
Weighted-Average Exercise Price Per Share
Beginning balance (in usd per share)	$ 51.51
Options granted (in usd per share)	34.62
Options forfeited (in usd per share)	46.17
Ending balance (in usd per share)	42.62	$ 51.51
Exercisable (in usd per share)	$ 48.08
Weighted-Average Remaining Contractual Term (In Years)
Weighted average remaining contractual term	8 years 7 months 24 days	8 years 3 months 25 days
Exercisable weighted average remaining contractual term	1 year 6 months 21 days
Aggregate intrinsic value as of December 31, 2024	$ 11,601
Exercisable intrinsic value as of December 31, 2024	$ 1,341

Share-based Compensation - Schedule of Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Number of SARs
Beginning balance, outstanding (in shares)	188
SARs granted (in shares)	0
Ending balance, outstanding (in shares)	188	188
Exercisable (in shares)	0
Weighted-Average Price
Weighted-average price, outstanding (in dollars per share)	$ 46.17	$ 46.17
SARs granted (in dollars per share)	0
Exercisable (in dollars per share)	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, outstanding (in years)	1 year 9 months 18 days	2 years 3 months 21 days
Weighted average remaining contractual term, granted	0 years
Aggregate intrinsic value	$ 0

Equity - Additional Information (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Common Class A
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount	$ 350,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,415,552	$ 2,583,865	$ 1,975,384	$ 2,180,406
Other comprehensive (loss) income, net of income taxes	(941)	(1,629)	6,876	(18,083)
Ending balance	2,201,419	2,415,552	2,583,865	1,975,384
Pension Plans and Postretirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,534)	(5,138)	(40,287)	(45,425)
Other comprehensive loss before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	(466)	(539)	1,755	2,734
Income tax benefit (expense)	123	143	(323)	2,404
Other comprehensive (loss) income, net of income taxes	(343)	(396)	1,432	5,138
Disposition of Tao Group Hospitality			0
Distribution of MSG Entertainment			33,717
Ending balance	(5,877)	(5,534)	(5,138)	(40,287)
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,033)	200	(8,068)	15,153
Other comprehensive loss before reclassifications	(813)	(1,851)	6,656	(25,034)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Income tax benefit (expense)	215	618	(1,212)	1,813
Other comprehensive (loss) income, net of income taxes	(598)	(1,233)	5,444	(23,221)
Disposition of Tao Group Hospitality			2,824
Distribution of MSG Entertainment			0
Ending balance	(1,631)	(1,033)	200	(8,068)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,567)	(4,938)	(48,355)	(30,272)
Other comprehensive loss before reclassifications	(813)	(1,851)	6,656	(25,034)
Amounts reclassified from accumulated other comprehensive loss	(466)	(539)	1,755	2,734
Income tax benefit (expense)	338	761	(1,535)	4,217
Other comprehensive (loss) income, net of income taxes	(941)	(1,629)	6,876	(18,083)
Disposition of Tao Group Hospitality			2,824
Distribution of MSG Entertainment			33,717
Ending balance	$ (7,508)	$ (6,567)	$ (4,938)	$ (48,355)

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Tax Credit Carryforward [Line Items]
Deferred income tax benefit (expense)	$ 75,958		$ 132,540	$ (123,467)	$ 31,270
Income tax benefit (expense)	75,346	$ 97,753	135,592	(103,403)	29,830
Continuing Operations
Tax Credit Carryforward [Line Items]
Federal	0		8,200	1,389	1,555
State and other	(612)		(5,148)	(4,672)	9,927
Current income tax benefit (expense)	(612)		3,052	(3,283)	11,482
Federal	54,234		93,322	(59,253)	17,665
State and other	21,724		39,218	(40,867)	683
Deferred income tax benefit (expense)	75,958		132,540	(100,120)	18,348
Income tax benefit (expense)	$ 75,346		$ 135,592	$ (103,403)	$ 29,830

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Federal tax benefit (expense) at statutory federal rate	$ 64,382		$ 75,648	$ (57,840)	$ 35,213
State income taxes, net of federal benefit	14,403		13,337	(35,656)	3,970
Change in the estimated applicable tax rate used to determine deferred taxes	0		60,877	(1,286)	1,732
Change in valuation allowance	267		(29,189)	2,053	2,200
Nondeductible officers’ compensation	(4,706)		(5,554)	(4,814)	(12,759)
Nondeductible expenses	(82)		(1,564)	(291)	(172)
Nontaxable gain on repayment of Term Loan	0		13,757	0	0
Return to provision	0		4,881	(672)	0
Excess tax (expense) benefit related to share-based payment awards	(248)		974	(4,678)	(320)
Other	1,330		2,425	(219)	(34)
Income tax benefit (expense)	$ 75,346	$ 97,753	$ 135,592	$ (103,403)	$ 29,830

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$ 279,813	$ 229,962	$ 26,684
Tax credit carryforwards	934	631	0
Accrued employee benefits	15,817	27,601	27,349
Restricted stock units and stock options	4,684	6,897	9,231
Right-of-use lease assets and lease liabilities, net	11,204	10,309	11,040
Investments	8,211	7,941	0
Accrued litigation	4,712	4,712	14,991
Other	13,184	12,956	3,694
Total deferred tax assets	338,559	301,009	92,989
Less valuation allowance	(28,952)	(29,219)	(30)
Net deferred tax assets	309,607	271,790	92,959
Deferred tax liabilities:
Intangible and other assets	(215,820)	(232,923)	(264,800)
Property and equipment	(222,703)	(235,676)	(105,405)
Prepaid expenses	(6,142)	(2,913)	(5,870)
Deferred interest	(13,812)	(25,447)	(12,474)
Other investments	0	0	(83,962)
Total deferred tax liabilities	(458,477)	(496,959)	(472,511)
Deferred tax liabilities, net	$ (148,870)	$ (225,169)	$ (379,552)

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 1,087,000
Income taxes paid, net	$ (15,599,000)	$ 18,649,000	$ 7,288,000	$ (1,014,000)

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Apr. 20, 2023
Related Party Transaction [Line Items]
Capital expenditures incurred but not yet paid	$ 10,739	$ 49,834	$ 248,041	$ 206,462
Prepaid expenses	32,384	30,864	23,450
Related Party
Related Party Transaction [Line Items]
Capital expenditures	530	8,311	93,823	121,115
Sales commissions and fees	4,704	5,618	0	$ 0
Capital expenditures incurred but not yet paid	18,242	17,712	13,412
Prepaid expenses	$ 0	$ 1,882	$ 0
DDTL Facility \| Line of Credit \| Secured Debt
Related Party Transaction [Line Items]
Loans receivable, maximum borrowing amount					$ 65,000
Dolan Family Group
Related Party Transaction [Line Items]
Common stock exercisable, term	60 days
Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	72.00%
Class A Common Stock \| Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	6.70%
Common Class B \| Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	100.00%

Related Party Transactions - Schedule of Transactions by Type (Details) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 308,290	$ 227,913	$ 273,395	$ 321,330	$ 314,157	$ 118,007	$ 129,099	$ 162,062	$ 159,541	$ 123,129	$ 536,203	$ 432,164	$ 1,026,889	$ 573,831	$ 610,055
Operating (expenses) credits:
Operating loss	$ (142,941)	$ (117,619)	$ (71,377)	$ (40,393)	$ (159,682)	$ (69,789)	$ (70,346)	$ (101,906)	$ (49,735)	$ (51,055)	(260,560)	(229,471)	(341,241)	(273,042)	(165,737)
Restructuring charges											5,164	4,678	9,486
Direct operating expenses											(306,871)	(244,265)
Selling, general and administrative expenses											(254,263)	$ (202,664)
Related Party
Related Party Transaction [Line Items]
Revenues											914		3,585	2,079	1,220
Operating (expenses) credits:
Operating loss											(151,695)		(309,524)	(175,482)	(130,709)
Direct operating expenses											(93,343)		(182,051)	(206,804)	(167,928)
Selling, general and administrative expenses											(58,352)		(127,473)	(31,322)	(37,219)
Media rights fees \| Related Party
Operating (expenses) credits:
Operating income (expense)											(90,723)		(175,462)	(172,581)	(163,131)
Cost reimbursement from MSG Sports - MSG Sports Services Agreement \| MSG Sports
Operating (expenses) credits:
Operating income (expense)											0		0	29,836	38,254
Corporate general and administrative expenses, net - MSGE TSA \| Related Party
Operating (expenses) credits:
Restructuring charges											0		3,363
Corporate general and administrative expenses, net - MSGE TSA \| MSG Entertainment
Operating (expenses) credits:
Operating income (expense)											(47,717)		(110,966)	(27,494)	0
Origination, master control and technical services \| Related Party
Operating (expenses) credits:
Operating income (expense)											(2,564)		(5,079)	(4,982)	(4,880)
Other operating expenses, net \| Related Party
Operating (expenses) credits:
Operating income (expense)											$ (10,691)		$ (18,017)	$ (261)	$ (952)

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2024 segment employee
Segment Reporting Information [Line Items]
Number of segments \| segment	2
Number of Employees, Total \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Full-time and part-time, number of employees \| employee	3,190
Concentration risk, percentage	13.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	7.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	16.00%

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Network programming and production costs

$ 308,290

$ 227,913

$ 273,395

$ 321,330

$ 314,157

$ 118,007

$ 129,099

$ 162,062

$ 159,541

$ 123,129

$ 536,203

$ 432,164

$ 1,026,889

$ 573,831

$ 610,055

Event-related expenses

(118,971)

(187,610)

0

Rights fee expense

(135,081)

(268,747)

(266,670)

(252,060)

(36,676)

(73,770)

(69,996)

(68,218)

Other direct operating expenses

(16,143)

(17,697)

(5,545)

0

Overhead expenses

(254,263)

(432,853)

(452,142)

(419,793)

Other segment expenses

(235,629)

(387,453)

(52,520)

(35,721)

(142,941)

(117,619)

(71,377)

(40,393)

(159,682)

(69,789)

(70,346)

(101,906)

(49,735)

(51,055)

(260,560)

(229,471)

(341,241)

(273,042)

(165,737)

11,413

10,304

25,687

11,585

3,575

(57,388)

(25,828)

(79,868)

0

(Loss) income from continuing operations before income taxes

(44)

41,066

35,197

536,887

(5,518)

(306,579)

(203,929)

(360,225)

275,430

(167,680)

Reconciliation of operating (loss) income to adjusted operating (loss) income:

(142,941)

$ (117,619)

(71,377)

$ (40,393)

$ (159,682)

$ (69,789)

(70,346)

$ (101,906)

$ (49,735)

$ (51,055)

(260,560)

(229,471)

(341,241)

(273,042)

(165,737)

33,394

46,844

165,232

94,290

256,494

103,375

124,629

5,164

4,678

9,486

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

65,233

$ 115,738

121,473

(224,831)

(3,045)

12,377

(12,718)

Remeasurement of deferred compensation plan liabilities

1,731

87

91

306

22,662

80,731

Other Information:

Segment assets

4,515,300

4,787,892

4,973,015

4,515,300

4,787,892

4,973,015

5,522,160

Capital expenditures

48,941

266,197

1,034,885

720,766

Continuing Operations

^[1]

536,203

1,026,889

573,831

610,055

(260,560)

(341,241)

(273,042)

(165,737)

11,413

25,687

11,585

3,575

(57,388)

(79,868)

0

(Loss) income from continuing operations before income taxes

(44)

35,197

536,887

(5,518)

(306,579)

(360,225)

275,430

(167,680)

Reconciliation of operating (loss) income to adjusted operating (loss) income:

(260,560)

(341,241)

(273,042)

(165,737)

42,607

56,760

165,232

256,494

30,716

22,562

5,164

9,486

27,924

13,404

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

65,233

121,473

(6,120)

(245)

55,047

48,517

Remeasurement of deferred compensation plan liabilities

161

271

187

Sphere | Operating Segments

(122,520)

(24,468)

Network programming and production costs

296,092

497,159

2,610

1,900

Event-related expenses

(118,971)

$ 0

(187,610)

0

Rights fee expense

0

0

Other direct operating expenses

(16,143)

(17,697)

(5,545)

0

Overhead expenses

(223,953)

(393,039)

(325,660)

(293,664)

Other segment expenses

(170,007)

(379,197)

(40,955)

(25,875)

Reconciliation of operating (loss) income to adjusted operating (loss) income:

(232,982)

(480,384)

(369,550)

(317,639)

(232,982)

(480,384)

(369,550)

(317,639)

29,363

40,514

160,840

248,248

5,134

9,476

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

4,033

121,473

4,843

(1,176)

Remeasurement of deferred compensation plan liabilities

1,579

0

91

306

Sphere | Operating Segments | Continuing Operations

(27,099)

(61,543)

Other Information:

Segment assets

3,679,455

3,883,396

4,260,475

3,679,455

3,883,396

4,260,475

4,706,729

Capital expenditures

46,065

259,642

1,025,700

717,093

Reconciliation of operating (loss) income to adjusted operating (loss) income:

(369,550)

(317,639)

(369,550)

(317,639)

36,188

39,668

24,048

13,168

23,136

12,952

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

(6,229)

(245)

(189)

20,834

Remeasurement of deferred compensation plan liabilities

0

95

187

MSG Networks | Operating Segments

(292,409)

(231,167)

Network programming and production costs

240,111

529,730

571,221

608,155

Event-related expenses

0

$ 0

0

Rights fee expense

(135,081)

(268,747)

(266,670)

(252,060)

(36,676)

(73,770)

(69,996)

(68,218)

Other direct operating expenses

0

Overhead expenses

(30,310)

(39,814)

(126,482)

(126,129)

Other segment expenses

(65,622)

(8,256)

(11,565)

(9,846)

Reconciliation of operating (loss) income to adjusted operating (loss) income:

(27,578)

139,143

96,508

151,902

(27,578)

139,143

96,508

151,902

4,031

6,330

4,392

8,246

30

10

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

61,200

0

7,534

(11,542)

Remeasurement of deferred compensation plan liabilities

152

87

0

MSG Networks | Operating Segments | Continuing Operations

49,761

142,274

Other Information:

Segment assets

$ 835,845

$ 904,496

$ 712,540

835,845

904,496

712,540

815,431

Capital expenditures

$ 2,876

$ 6,555

9,185

3,673

Reconciliation of operating (loss) income to adjusted operating (loss) income:

96,508

151,902

96,508

151,902

6,419

17,092

6,668

9,394

4,788

452

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

109

0

55,236

27,683

Remeasurement of deferred compensation plan liabilities

161

176

0

$ 169,889

$ 206,699

[1]	See Note 19. Related Party Transactions, for further information on related party revenues and expenses

Segment Information - Schedule of Concentration Risk (Details) - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	10.00%	23.00%
Customer B \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	10.00%	22.00%
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%		17.00%
Customer 1 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	14.00%	26.00%	27.00%
Customer 2 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	13.00%	26.00%	26.00%
Customer 3 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	10.00%	21.00%	21.00%

Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 501,954	$ 539,630
Total Cash and cash equivalents, and restricted cash	515,633		$ 573,233	$ 429,114
Continuing Operations
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	501,954		559,757	131,965
Restricted cash	13,679		13,476	297,149
Total Cash and cash equivalents, and restricted cash	$ 515,633		$ 573,233	$ 429,114

Additional Financial Information - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 501,954	$ 539,630
Money Market Accounts, Time Deposits, U.S Treasury Bills
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 224,037		$ 367,900	$ 108,701

Additional Financial Information - Schedule of Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Prepaid expenses	$ 32,384	$ 30,864	$ 23,450
Note and other receivables	92	3,866	21,453
Inventory	12,583	11,893	0
Other	19,948	8,232	11,182
Total prepaid expenses and other current assets	$ 65,007	$ 54,855	$ 56,085

Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Accounts payable	$ 33,606	$ 18,875	$ 39,654
Accrued payroll and employee related liabilities	42,892	85,766	75,579
Cash due to promoters	109,078	72,577	73,611
Capital expenditure accruals	142,989	156,234	236,593
Accrued legal fees	22,046	20,876	53,857
Other accrued expenses	71,365	62,759	36,437
Total accounts payable, accrued, and other current liabilities	$ 421,976	$ 417,087	$ 515,731

Additional Financial Information - Schedule of Other Expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Additional Financial Information [Abstract]
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note 8 for further detail	$ 0		$ (19,027)	$ 545,715	$ 0
Gain on litigation settlement	0		62,647	0	0
Unrealized gain on equity investments without readily determinable fair value	0		0	1,969	0
Loss on equity method investments	(120)		(6,677)	(8,184)	(4,863)
Other	76		(1,746)	(2,613)	(655)
Total other (expense) income, net	$ (44)	$ 41,066	$ 35,197	$ 536,887	$ (5,518)

Amount of income (loss) for proportionate share of equity method investee's income (loss).

Condensed Income Statements, Captions [Line Items]

Interim Condensed Financial Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2024

Dec. 31, 2023

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

$ 308,290

$ 227,913

$ 273,395

$ 321,330

$ 314,157

$ 118,007

$ 129,099

$ 162,062

$ 159,541

$ 123,129

$ 536,203

$ 432,164

$ 1,026,889

$ 573,831

$ 610,055

Operating expenses

(451,231)

(345,532)

(344,772)

(361,723)

(473,839)

(187,796)

(199,445)

(263,968)

(209,276)

(174,184)

Net income (loss) from continuing operations

(142,941)

(117,619)

(71,377)

(40,393)

(159,682)

(69,789)

(70,346)

(101,906)

(49,735)

(51,055)

(260,560)

(229,471)

(341,241)

(273,042)

(165,737)

(71,217)

(47,240)

(173,248)

67,072

359,636

(113,998)

(27,308)

(46,303)

(231,233)

(106,176)

(224,633)

172,027

(137,850)

Income (loss) from discontinued operations, net of taxes

24,631

0

(647)

178,085

55,443

97,865

2,260

0

(647)

23,984

333,653

(52,297)

Less: Net income attributable to redeemable noncontrolling interests from discontinued operations

537,721

(58,555)

70,557

(44,043)

(231,233)

$ (106,823)

(200,649)

505,680

(190,147)

0

3,925

7,739

Net (loss) income attributable to Sphere Entertainment Co.’s stockholders

$ (125,950)

$ (105,283)

$ (46,586)

$ (47,240)

$ (173,248)

$ 66,425

$ 536,792

$ (56,847)

$ 67,584

$ (44,757)

$ (231,233)

$ (200,649)

$ 502,772

$ (194,395)

Basic (loss) earnings per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders (in usd per share)

$ (6.45)

$ (3.04)

$ (5.68)

$ 14.51

$ (5.77)

Diluted (loss) earnings per common share attributable to Sphere Entertainment Co.'s stockholders (in dollars per share)

$ (6.45)

$ (3.04)

$ (5.68)

$ 14.40

$ (5.77)

Continuing Operations

Condensed Income Statements, Captions [Line Items]

^[1]

$ 536,203

$ 1,026,889

$ 573,831

$ 610,055

(260,560)

(341,241)

(273,042)

(165,737)