SPHERE ENTERTAINMENT CO., 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-39245  
Entity Registrant Name SPHERE ENTERTAINMENT CO.  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 84-3755666  
Entity Address, Address Line One Two Penn Plaza  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10121  
City Area Code 725  
Local Phone Number 258-0001  
Title of 12(b) Security Class A Common Stock  
Trading Symbol SPHR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001795250  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Class A    
Document [Line Items]    
Entity Common Stock, Shares Outstanding   28,447,507
Common Class B    
Document [Line Items]    
Entity Common Stock, Shares Outstanding   6,866,754
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash, cash equivalents, and restricted cash $ 398,254 $ 515,633
Prepaid expenses and other current assets 86,895 65,007
Total current assets 666,384 760,993
Non-Current Assets:    
Investments 40,373 40,396
Property and equipment, net 2,777,292 3,035,730
Right-of-use lease assets 85,910 93,920
Goodwill 344,772 410,172
Intangible assets, net 23,473 28,383
Other non-current assets 200,364 145,706
Total assets 4,138,568 4,515,300
Current Liabilities:    
Accounts payable 30,787 33,606
Accrued expenses and other current liabilities 385,563 388,370
Current portion of long-term debt, net 88,788 829,125
Operating lease liabilities, current 16,178 19,268
Deferred revenue 159,145 91,794
Total current liabilities 697,225 1,371,667
Non-Current Liabilities:    
Long-term debt, net 786,069 524,010
Operating lease liabilities, non-current 109,750 116,668
Deferred tax liabilities, net 215,125 148,870
Other non-current liabilities 175,298 152,666
Total liabilities 1,983,467 2,313,881
Commitments and contingencies (see Note 9)
Equity:    
Additional paid-in capital 2,456,237 2,428,414
Treasury stock, at cost, 1,054 and 0 shares as of September 30, 2025 and December 31, 2024 (50,040) 0
Accumulated deficit (251,180) (219,846)
Accumulated other comprehensive loss (280) (7,508)
Total stockholders’ equity 2,155,101 2,201,419
Total liabilities and equity 4,138,568 4,515,300
Nonrelated Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 170,965 154,624
Related Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 10,270 25,729
Current Liabilities:    
Related party payables, current 16,764 9,504
Common Class A    
Equity:    
Common stock [1] 295 290
Common Class B    
Equity:    
Common stock [2] $ 69 $ 69
[1] Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 28,434 and 28,960 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.
[2] Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of September 30, 2025 and December 31, 2024.
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
shares in Thousands
Sep. 30, 2025
Dec. 31, 2024
Treasury stock (in shares) 1,054 0
Common Class A    
Common stock, par or stated value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 120,000 120,000
Common stock, shares, outstanding (in shares) 28,434 28,960
Common stock, shares, issued (in shares) 28,434 28,960
Common Class B    
Common stock, par or stated value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 30,000 30,000
Common stock, shares, outstanding (in shares) 6,867 6,867
Common stock, shares, issued (in shares) 6,867 6,867
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues [1] $ 262,511 $ 227,913 $ 825,762 $ 822,638
Direct operating expenses [1] (136,984) (139,696) (426,625) (443,255)
Selling, general, and administrative expenses [1] (99,692) (118,977) (326,984) (349,166)
Depreciation and amortization (84,102) (81,913) (252,238) (244,117)
Impairments and other losses, net (65,457) (4,033) (69,619) (9,768)
Restructuring charges (5,993) (913) (8,781) (5,721)
Operating loss (129,717) (117,619) (258,485) (229,389)
Gain on extinguishment of debt 0 0 346,092 0
Interest income 2,737 7,039 10,699 22,422
Interest expense (9,399) (26,974) (61,467) (81,014)
Other expense, net (328) (695) (2,068) (6,564)
(Loss) income from continuing operations before income taxes (136,707) (138,249) 34,771 (294,545)
Income tax benefit (expense) 35,511 32,966 (66,105) 70,805
Loss from continuing operations (101,196) (105,283) (31,334) (223,740)
Income from discontinued operations, net of taxes 0 0 0 24,631
Net loss $ (101,196) $ (105,283) $ (31,334) $ (199,109)
Basic loss per common share        
Continuing operations (in dollars per share) $ (2.80) $ (2.95) $ (0.87) $ (6.29)
Discontinued operations (in dollars per share) 0 0 0 0.69
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders (in dollars per share) (2.80) (2.95) (0.87) (5.60)
Diluted loss per common share        
Continuing operations (in dollars per share) (2.80) (2.95) (0.87) (6.29)
Discontinued operations (in dollars per share) 0 0 0 0.69
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders (in dollars per share) $ (2.80) $ (2.95) $ (0.87) $ (5.60)
Weighted-average number of common shares outstanding:        
Basic (in dollars per share) 36,200 35,663 36,197 35,551
Diluted (in dollars per share) 36,200 35,663 36,197 35,551
[1] See Note 14. Related Party Transactions, for further information on related party revenues and expenses.
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (101,196) $ (105,283) $ (31,334) $ (199,109)
Pension plans and postretirement plans:        
Amortization of net actuarial loss and prior service credit included in net periodic benefit cost, net 85 (53) 255 397
Net unamortized loss arising during the period (319) 0 (956) (851)
Cumulative translation adjustments (101) 3,461 10,561 3,330
Other comprehensive (loss) income, before income taxes (335) 3,408 9,860 2,876
Income tax benefit (expense) 89 (898) (2,632) (619)
Other comprehensive (loss) income, net of income taxes (246) 2,510 7,228 2,257
Comprehensive loss $ (101,442) $ (102,773) $ (24,106) $ (196,852)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES:    
Net loss $ (31,334) $ (199,109)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 252,238 244,117
Impairments and other losses, net 69,619 9,768
Amortization of debt discount and deferred financing costs 2,044 2,991
Amortization of deferred production content 21,663 21,067
Deferred income tax expense (benefit) 63,627 (59,336)
Share-based compensation expense 48,979 46,726
Net unrealized and realized (gain) loss on equity investments with readily determinable fair value and loss in nonconsolidated affiliates (8) 3,377
Gain on extinguishment of debt (360,155) 0
Other non-cash adjustments 2,357 (605)
Change in assets and liabilities:    
Accounts receivable, net (16,341) 65,981
Related party receivables and payables, net 22,719 (1,282)
Prepaid expenses and other current and non-current assets (97,703) (57,071)
Accounts payable (2,819) 7,852
Accrued and other current and non-current liabilities 7,408 (23,304)
Deferred revenue 82,831 (3,416)
Right-of-use lease assets and operating lease liabilities (1,998) 4,918
Net cash provided by operating activities 63,127 62,674
INVESTING ACTIVITIES:    
Capital expenditures, net (37,139) (52,747)
Investments in nonconsolidated affiliates 0 (1,299)
Purchase of business, net of cash acquired 0 (9,424)
Proceeds from dispositions, net 48,757 0
Other investing activities (236) (2,272)
Net cash provided by (used in) investing activities 11,382 (65,742)
FINANCING ACTIVITIES:    
Principal repayments on debt (120,166) (63,223)
Taxes paid in lieu of shares issued for share-based compensation (22,469) (16,922)
Stock repurchases, inclusive of tax (50,040) 0
Proceeds from exercise of stock options 595 8,827
Payments for financing costs 0 (546)
Net cash used in financing activities (192,080) (71,864)
Effect of exchange rates on cash, cash equivalents, and restricted cash 192 322
Net decrease in cash, cash equivalents, and restricted cash (117,379) (74,610)
Cash, cash equivalents, and restricted cash at beginning of period 515,633 627,827
Cash, cash equivalents, and restricted cash at end of period 398,254 553,217
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Capital expenditures incurred but not yet paid 1,790 10,021
Share-based compensation capitalized in property and equipment 723 1,444
Non-cash forgiveness of Holoplot Loan $ 0 $ 9,626
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock Issued
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Treasury Stock, Common
Balance at the beginning of the period at Dec. 31, 2023 $ 2,465,164 $ 352 $ 2,365,913 $ 105,213 $ (6,314)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (47,240)     (47,240)    
Other comprehensive income (loss) (660)       (660)  
Share-based compensation 18,075   18,075      
Tax withholding associated with shares issued for share-based compensation (567)   (567)      
Exercise of stock options 8,827 1 8,826      
Balance at the end of the period at Mar. 31, 2024 2,443,599 353 2,392,247 57,973 (6,974)  
Balance at the beginning of the period at Dec. 31, 2023 2,465,164 352 2,365,913 105,213 (6,314)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (199,109)          
Other comprehensive income (loss) 2,257          
Balance at the end of the period at Sep. 30, 2024 2,314,174 358 2,411,769 (93,896) (4,057)  
Balance at the beginning of the period at Mar. 31, 2024 2,443,599 353 2,392,247 57,973 (6,974)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (46,586)     (46,586)    
Other comprehensive income (loss) 407       407  
Share-based compensation 13,703   13,703      
Tax withholding associated with shares issued for share-based compensation (1,359)   (1,359)      
Exercise of stock options 1 1        
Distributions to MSG Entertainment 5,787   5,787      
Balance at the end of the period at Jun. 30, 2024 2,415,552 354 2,410,378 11,387 (6,567)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (105,283)     (105,283)    
Other comprehensive income (loss) 2,510       2,510  
Share-based compensation 16,392   16,392      
Tax withholding associated with shares issued for share-based compensation (14,997) 4 (15,001)      
Balance at the end of the period at Sep. 30, 2024 2,314,174 358 2,411,769 (93,896) (4,057)  
Balance at the beginning of the period at Dec. 31, 2024 2,201,419 359 2,428,414 (219,846) (7,508) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (81,954)     (81,954)    
Other comprehensive income (loss) 1,985       1,985  
Share-based compensation 21,921   21,921      
Tax withholding associated with shares issued for share-based compensation (1,307)   (1,307)      
Balance at the end of the period at Mar. 31, 2025 2,142,064 359 2,449,028 (301,800) (5,523) 0
Balance at the beginning of the period at Dec. 31, 2024 2,201,419 359 2,428,414 (219,846) (7,508) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (31,334)          
Other comprehensive income (loss) 7,228          
Balance at the end of the period at Sep. 30, 2025 2,155,101 364 2,456,237 (251,180) (280) (50,040)
Balance at the beginning of the period at Mar. 31, 2025 2,142,064 359 2,449,028 (301,800) (5,523) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 151,816     151,816    
Other comprehensive income (loss) 5,489       5,489  
Share-based compensation 19,070   19,070      
Tax withholding associated with shares issued for share-based compensation (4,752) 1 (4,753)      
Balance at the end of the period at Jun. 30, 2025 2,313,687 360 2,463,345 (149,984) (34) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (101,196)     (101,196)    
Other comprehensive income (loss) (246)       (246)  
Share-based compensation 8,711   8,711      
Tax withholding associated with shares issued for share-based compensation (16,410) 4 (16,414)      
Exercise of stock options 595   595      
Repurchases of Class A common stock, inclusive of excise tax (50,040)         (50,040)
Balance at the end of the period at Sep. 30, 2025 $ 2,155,101 $ 364 $ 2,456,237 $ (251,180) $ (280) $ (50,040)
v3.25.3
Description of Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2025
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 leader in immersive entertainment, technology and media. The Company is 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 in September 2023, and the Company is working with the Department of Culture and Tourism – Abu Dhabi (“DCT Abu Dhabi”) to bring the world’s second Sphere to Abu Dhabi, United Arab Emirates. Sphere in Las Vegas 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.
MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its DTC and authenticated streaming offering, MSG+ (which is included in the Gotham Sports streaming product). MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania and features a wide range of sports content, including exclusive live local games and other programming of the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”), New York Islanders, 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.
The Company was originally organized under the laws of the State of Delaware and, on June 4, 2025, redomesticated to the State of Nevada by conversion. The Company conducts substantially all of its business activities presented in the accompanying condensed consolidated financial statements through Sphere Entertainment Group, LLC (“Sphere Entertainment Group”) and MSG Networks Inc. (together with its subsidiaries, “MSG Networks”), and each of their direct and indirect subsidiaries.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions of Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). In connection with its fiscal year-end change from June 30 to December 31, the Company filed audited consolidated financial statements and notes thereto with the SEC on March 3, 2025, on a Transition Report on Form 10-KT for the transition period ended December 31, 2024 (the “Form 10-KT”). The condensed consolidated financial statements herein should be read in conjunction with the consolidated financial statements and the notes thereto (the “Audited Consolidated Financial Statements”) included in the Form 10-KT.
In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of September 30, 2025 and its results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The condensed consolidated balance sheet as of December 31, 2024, and the accompanying notes were derived from the Audited Consolidated Financial Statements, but do not contain all of the footnote disclosures from the Audited Consolidated Financial Statements.
The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. For example, our MSG Networks segment earns a higher share of its annual revenues in the first and fourth
quarters as a result of MSG Networks’ advertising revenue being largely derived from the sale of inventory in its live NBA and NHL professional sports programming.
Reclassifications
For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP.
v3.25.3
Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Accounting Policies Accounting Policies
Principles of Consolidation
The condensed consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of the accompanying condensed 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 condensed consolidated 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 condensed consolidated financial statements in future periods.
Recently Issued and Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, requiring additional disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard will be effective for the Company as of and for the annual period ending December 31, 2027, 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 and disclosures.
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 does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides all entities with a practical expedient that allows for the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses for such assets. This standard will be effective for the Company in the first quarter of the annual period ending December 31, 2026 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, clarifying and modernizing the accounting for costs related to internal-use software. The ASU removes the consideration of software project development stages. Under the new guidance, cost capitalization would begin when (i) management has authorized and committed to
funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function (referred to as the “probable-to-complete recognition threshold”). This standard will be effective for the Company in the first quarter of the annual period ending December 31, 2028 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements and disclosures.

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 was effective for the Company as of and for the six-month period ended December 31, 2024 and was applied retrospectively to all prior periods, as presented in Note 15. Segment Information.
In December 2023, the FASB issued 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 useful in making capital allocation decisions. This standard is effective for the Company’s Annual Report on Form 10-K for the annual period ending December 31, 2025. The standard should be applied prospectively, however retrospective application is permitted. This standard affects financial statement disclosure only and, as a result, does not affect the Company’s statement of operations, balance sheet or statement of cash flows.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Contracts with Customers
See Note 2. Summary of Significant Accounting Policies and Note 5. Revenue Recognition, to the Audited Consolidated Financial Statements included in the Form 10-KT, for more information regarding the details of the Company’s revenue recognition policies. All revenue recorded in the condensed consolidated statements of operations is considered to be revenue from contracts with customers in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts with Customers, except for revenues from subleases that are accounted for in accordance with ASC Topic 842, Leases.
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 three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025
Sphere
MSG Networks
Total
Event-related (a)
$155,717 $— $155,717 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
11,144 328 11,472 
Media related, primarily from affiliation agreements (b)
— 87,959 87,959 
Other6,790 134 6,924 
Total revenues from contracts with customers173,651 88,421 262,072 
Revenues from subleases439 — 439 
Total revenues $174,090 $88,421 $262,511 
Three Months Ended
September 30, 2024
Sphere
MSG Networks
Total
Event-related (a)
$112,346 $— $112,346 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
8,476 1,314 9,790 
Media related, primarily from affiliation agreements (b)
— 99,382 99,382 
Other5,482 145 5,627 
Total revenues from contracts with customers126,304 100,841 227,145 
Revenues from subleases768 — 768 
Total revenues $127,072 $100,841 $227,913 

Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Event-related (a)
$442,868 $— $442,868 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
43,701 1,584 45,285 
Media related, primarily from affiliation agreements (b)
— 313,607 313,607 
Other19,271 3,349 22,620 
Total revenues from contracts with customers505,840 318,540 824,380 
Revenues from subleases1,382 — 1,382 
Total revenues $507,222 $318,540 $825,762 

Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Event-related (a)
$380,517 $— $380,517 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
57,270 2,584 59,854 
Media related, primarily from affiliation agreements (b)
— 368,102 368,102 
Other8,561 3,299 11,860 
Total revenues from contracts with customers446,348 373,985 820,333 
Revenues from subleases2,305 — 2,305 
Total revenues $448,653 $373,985 $822,638 
_________________
(a)     Event-related revenues consist 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 tables above.
(b)     See Note 2. Summary of Significant Accounting Policies, Revenue Recognition and Note 5. Revenue Recognition, to the Audited Consolidated Financial Statements included in the Form 10-KT, 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 three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$124,653 $— $124,653 
Sponsorship, signage, Exosphere advertising, and suite license revenues
17,191 — 17,191 
Food, beverage, and merchandise revenues
25,017 — 25,017 
Media networks revenues (b)
— 88,421 88,421 
Other
6,790 — 6,790 
Total revenues from contracts with customers173,651 88,421 262,072 
Revenues from subleases439 — 439 
Total revenues $174,090 $88,421 $262,511 
Three Months Ended
September 30, 2024
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$92,101 $— $92,101 
Sponsorship, signage, Exosphere advertising, and suite license revenues
13,258 — 13,258 
Food, beverage, and merchandise revenues
16,794 — 16,794 
Media networks revenues (b)
— 100,841 100,841 
Other4,151 — 4,151 
Total revenues from contracts with customers126,304 100,841 227,145 
Revenues from subleases768 — 768 
Total revenues $127,072 $100,841 $227,913 

Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Ticketing and venue license fee revenues (a)
$349,790 $— $349,790 
Sponsorship, signage, Exosphere advertising, and suite license revenues
63,989 — 63,989 
Food, beverage, and merchandise revenues
72,790 — 72,790 
Media networks revenues (b)
— 318,540 318,540 
Other
19,271 — 19,271 
Total revenues from contracts with customers505,840 318,540 824,380 
Revenues from subleases1,382 — 1,382 
Total revenues $507,222 $318,540 $825,762 
Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Ticketing and venue license fee revenues (a)
$307,729 $— $307,729 
Sponsorship, signage, Exosphere advertising, and suite license revenues
74,125 — 74,125 
Food, beverage, and merchandise revenues
60,343 — 60,343 
Media networks revenues (b)
— 373,985 373,985 
Other4,151 — 4,151 
Total revenues from contracts with customers446,348 373,985 820,333 
Revenues from subleases2,305 — 2,305 
Total revenues $448,653 $373,985 $822,638 
_________________
(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 cable, satellite, fiber-optic and other platforms that distribute MSG Networks’ programming 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 September 30, 2025 and December 31, 2024:
As of
September 30,
December 31,
20252024
Receivables from contracts with customers, net (a)
$171,978 $154,949 
Contract assets, current (b)
2,005 1,500 
Contract assets, non-current (b)
591 1,307 
Deferred revenue, including non-current portion (c)
220,887 138,057 
_________________
(a)    As of September 30, 2025 and December 31, 2024, the Company’s receivables from contracts with customers above included $1,013 and $325, respectively, related to various related parties. See Note 14 . Related Party Transactions for further details on these related party arrangements.
(b)     Contract assets, current and Contract assets, non-current, which are reported as Prepaid expenses and other current assets and Other non-current assets in the Company’s condensed 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 three and nine months ended September 30, 2025 relating to the deferred revenue balance as of December 31, 2024 was $3,134 and $87,059, respectively.

Transaction Price Allocated to the Remaining Performance Obligations
As of September 30, 2025, the Company’s remaining performance obligations were $410,747, of which 42% is expected to be recognized over the next two years and 58% of the balance is expected to be recognized thereafter. This primarily relates to performance obligations under sponsorship agreements and the Company’s agreements with DCT Abu Dhabi 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.
v3.25.3
Restructuring Charges
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
During the three and nine months ended September 30, 2025 and 2024, the Company incurred costs for termination benefits for certain executives and employees. As a result, the Company recognized restructuring charges of $5,993 and $8,781 for the three and nine months ended September 30, 2025, respectively, which were recorded in Accrued expenses and other current liabilities and Other non-current liabilities on the accompanying condensed consolidated balance sheets. Restructuring charges of $913 and $5,721 were recorded for the three and nine months ended September 30, 2024, respectively, which are recorded in Accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets.
Changes to the Company’s restructuring liability through September 30, 2025 were as follows:
Restructuring Liability
Balance as of December 31, 2024
$3,590 
Restructuring charges (excluding share-based compensation expense)8,781 
Payments(5,872)
Balance as of September 30, 2025
$6,499 
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract]  
Investments Investments
As of September 30, 2025 and December 31, 2024, the Company’s investments consisted of the following:
Investment As of
Ownership Percentage as of September 30, 2025
September 30,
2025		December 31,
2024
Equity method investments:
SACO Technologies Inc.
30 %$18,518 $18,095 
Gotham Advanced Media and Entertainment, LLC
50 %9,426 10,000 
Equity investments without readily determinable fair values8,721 8,721 
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (a)
3,708 3,580 
Total investments$40,373 $40,396 
_________________
(a)    The Company’s investments with readily determinable fair values are classified within Level I of the fair value hierarchy as they are valued based on quoted prices in active markets. Refer to Note 11. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.
The Company had an unrealized gain on equity investments with and without readily determinable fair values of $160 and $400, for the three and nine months ended September 30, 2025, respectively, and $157 and $464 for the three and nine months ended September 30, 2024, respectively, which are recorded in Other expense, net.
v3.25.3
Property and Equipment, net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
As of September 30, 2025 and December 31, 2024, property and equipment, net consisted of the following: 
As of
September 30,
2025		December 31,
2024
Land$— $43,838 
Buildings2,269,239 2,263,750 
Equipment, furniture, and fixtures1,216,833 1,189,495 
Leasehold improvements23,839 23,835 
Construction in progress6,138 7,496 
Total property and equipment, gross3,516,049 3,528,414 
Less accumulated depreciation and amortization(738,757)(492,684)
Property and equipment, net$2,777,292 $3,035,730 
The property and equipment balances above include $132,372 and $142,989 of capital expenditure accruals (primarily related to Sphere construction) as of September 30, 2025 and December 31, 2024, respectively, which are reflected in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. See Note 2. Summary of Significant Accounting Policies, to the Audited Consolidated Financial Statements included in the Form 10-KT, for details on the Company’s estimated useful lives for each major category of property and equipment.

During the nine months ended September 30, 2025, the Company completed the sale of its land in Stratford, London for $48,757, which was net of related expenses of $1,915. As a result of the sale, the Company recognized a pre-tax loss of $3,741, including the reclassification of a currency translation adjustment of $6,175. The loss was included in Impairments and other losses, net in the accompanying condensed consolidated statements of operations.
The Company recorded depreciation expense on property and equipment of $82,446 and $247,326 for the three and nine months ended September 30, 2025, respectively, and $80,115 and $240,088 for the three and nine months ended September 30, 2024, respectively, which is recognized in Depreciation and amortization in the accompanying condensed consolidated statements of operations.
v3.25.3
Original Immersive Production Content
 9 Months Ended
Sep. 30, 2025
Other Industries [Abstract]  
Original Immersive Production Content 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 condensed consolidated balance sheets.
As of September 30, 2025 and December 31, 2024, total deferred immersive production content costs consisted of the following: 
As of
September 30,
2025		December 31,
2024
Production content:
Released, less amortization$151,642 $52,782 
In-process23,205 49,837 
Total production content
$174,847 $102,619 
The following table summarizes the Company’s amortization of production content costs, which are reported in Direct operating expenses in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Production content costs (a)
$8,574 $6,185 $21,663 $21,067 
_________________
(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, Production Costs for the Company’s Original Immersive Productions, to the Audited Consolidated Financial Statements included in the Form 10-KT, for further explanation of the monetization strategy.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The carrying amounts of goodwill as of September 30, 2025 were as follows:
Sphere
MSG Networks
Consolidated
Balance at June 30, 2024$45,644 $424,508 $470,152 
Acquisitions
1,220 — 1,220 
Impairments— (61,200)(61,200)
Balance at December 31, 2024$46,864 $363,308 $410,172 
Impairments— (65,400)(65,400)
Balance at September 30, 2025$46,864 $297,908 $344,772 
During the quarterly period ended September 30, 2025, the Company performed its annual impairment tests of goodwill. With respect to the Sphere segment, the Company performed a qualitative assessment and determined that, as of the annual impairment test date, there was no impairment of the Sphere segment’s goodwill.
With respect to the MSG Networks’ segment, the Company could not support the conclusion that it is not more likely than not that the fair value of the reporting unit is greater than its carrying amount as of the annual impairment testing date and thus elected to perform a quantitative goodwill impairment test to identify potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill. In doing so, 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.
Based upon the results of the Company’s annual quantitative impairment test, the Company concluded that the carrying value of the MSG Networks reporting unit exceeded its estimated fair value as of the annual impairment testing date and recorded a non-cash goodwill impairment charge of $65,400 as a result of projected declines in the reporting unit’s business. No additional indicators of impairment were identified through the remainder of the quarterly period ended September 30, 2025.
The Company continues to closely monitor the performance and fair value of its MSG Networks reporting unit. A significant adverse
change in market factors or the business outlook for the MSG Networks reporting unit could negatively impact the fair value of the MSG Networks reporting unit and result in an additional goodwill impairment charge at that time.
The Company’s intangible assets subject to amortization as of September 30, 2025 and December 31, 2024 were as follows:
As of
September 30,
2025		December 31,
2024
Gross carrying amountAccumulated amortizationIntangible assets, netGross carrying amountAccumulated amortizationIntangible assets, net
Affiliate relationships$83,044 $(72,142)$10,902 $83,044 $(69,806)$13,238 
Technology15,508 (4,394)11,114 15,508 (2,068)13,440 
Trade name2,032 (575)1,457 2,032 (327)1,705 
Total$100,584 $(77,111)$23,473 $100,584 $(72,201)$28,383 
The Company recognized amortization expense on intangible assets of $1,656 and $4,912 for the three and nine months ended September 30, 2025, respectively, and $1,798 and $4,029 for the three and nine months ended September 30, 2024, respectively, which is recorded in Depreciation and amortization in the accompanying condensed consolidated statements of operations.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of September 30, 2025, commitments of the Company in the normal course of business in excess of one year were as follows:
Commitments
2025
(Remainder)
2026
2027
2028
2029
ThereafterTotal
Sphere
Event-related commitments$2,264 $20,086 $15,000 $— $— $— $37,350 
Letter of credit906 — — — — — 906 
Other500 2,000 333 — — — 2,833 
Total Sphere Commitments$3,670 $22,086 $15,333 $— $— $— $41,089 
MSG Networks
Broadcast rights$49,199 $198,253 $208,610 $201,677 $113,008 $39,393 $810,140 
Purchase commitments9,518 22,357 16,607 3,065 — — 51,547 
Total MSG Networks Commitments$58,717 $220,610 $225,217 $204,742 $113,008 $39,393 $861,687 
Total Commitments$62,387 $242,696 $240,550 $204,742 $113,008 $39,393 $902,776 
See Note 11. Leases to the Audited Consolidated Financial Statements included in the Form 10-KT, 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. These commitments are presented exclusive of the imputed interest used to reflect the payment’s present value. See Note 10. Credit Facilities and Convertible Notes, for details of the principal repayments required under the Company’s various credit facilities.
Legal Matters
Fifteen complaints were filed in connection with the merger between a subsidiary of the Company and MSG Networks Inc. (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. During the quarter ended September 30, 2023, a realized gain of approximately $62,600 was recorded in Other income (expense), net on the accompanying condensed 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 September 30, 2025 and December 31, 2024, approximately $18,000 has been accrued in Accrued expenses and other current liabilities (reduced from approximately $20.5 million 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.
v3.25.3
Credit Facilities and Convertible Notes
 9 Months Ended
Sep. 30, 2025
Line of Credit Facility [Abstract]  
Credit Facilities and Convertible Notes 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 September 30, 2025 and December 31, 2024:
As of
September 30, 2025December 31, 2024
PrincipalUnamortized Deferred Financing Costs
Net
PrincipalUnamortized Deferred Financing Costs
Net
Current portion
MSG Networks term loan facility (a)
$88,788 $— $88,788 $829,125 $— $829,125 
Current portion of long-term debt, net$88,788 $— $88,788 $829,125 $— $829,125 
_________________
(a)     The September 30, 2025 carrying amount of the MSG Networks term loan facility, which was refinanced on June 27, 2025, is calculated pursuant to the troubled debt restructuring guidance as further discussed below in this Note 10.
As of
September 30, 2025December 31, 2024
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
Non-current portion
MSG Networks term loan facility (a)
$260,015 $— $— $260,015 $— $— $— $— 
LV Sphere Term Loan Facility275,000 — (2,425)272,575 275,000 — (3,240)271,760 
 3.50% Convertible Senior Notes
258,750 (4,527)(744)253,479 258,750 (5,595)(905)252,250 
Long-term debt, net$793,765 $(4,527)$(3,169)$786,069 $533,750 $(5,595)$(4,145)$524,010 
_________________
(a)     The September 30, 2025 carrying amount of the MSG Networks term loan facility, which was refinanced on June 27, 2025, is calculated pursuant to the troubled debt restructuring guidance, as further discussed below in this Note 10.
MSG Networks Credit Facilities
General. MSGN Holdings L.P. (“MSGN L.P.”), MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P. (“MSGN Eden”), Regional MSGN Holdings LLC, an indirect subsidiary of the Company and the limited partner of MSGN L.P. (“Regional MSGN”), and certain subsidiaries of MSGN L.P. had senior secured credit facilities pursuant to a credit agreement (as amended and restated on October 11, 2019, and as further amended from time to time prior to June 27, 2025, the “Prior MSGN Credit Agreement”) consisting of: (i) an initial $1,100,000 term loan facility (the “Prior MSGN Term Loan Facility”) and (ii) a $250,000 revolving credit facility (together, the “Prior MSGN Credit Facilities”). The outstanding principal amount under the Prior MSGN Credit Agreement of $829,125 matured without repayment on October 11, 2024, and an event of default occurred pursuant to the Prior MSGN Credit Agreement due to MSGN L.P.’s failure to make payment on the outstanding principal amount on the maturity date. On October 11, 2024, there were no borrowings or letters of credit issued and outstanding under the revolving credit facility and all revolving credit commitments under such facility terminated.
On October 11, 2024, MSGN L.P. and the guarantors under the Prior MSGN Credit Agreement entered into a forbearance agreement that was subsequently extended (as amended or supplemented from time to time, the “Forbearance Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders under the Prior MSGN Credit Agreement (the “Supporting Lenders”). 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 Prior MSGN Credit Agreement, including with respect to or arising out of MSGN L.P.’s failure to make payment on the outstanding principal amount under the Prior MSGN Term Loan Facility on October 11, 2024. The Forbearance Agreement was superseded by the Transaction Support Agreement (as defined below) and the forbearance period expired on April 24, 2025.
On April 24, 2025, MSG Networks, MSGN L.P., certain other subsidiaries of MSG Networks, the lenders under the Prior MSGN Credit Agreement identified therein (the “Consenting Lenders”), New York Rangers, LLC, New York Knicks, LLC (together with New York Rangers, LLC, the “Teams”) and the Company entered into a Transaction Support Agreement (the “Transaction Support Agreement”) with respect to the restructuring of the debt of subsidiaries of MSG Networks, amendments to the media rights agreements between MSG Networks and the Teams, and certain other matters. Under the Transaction Support Agreement, the Consenting Lenders agreed to forbear from exercising certain of their available remedies under the Prior MSGN Credit Agreement,
including with respect to or arising out of MSGN L.P.’s failure to make payment on the outstanding principal amount of the Prior MSGN Term Loan Facility on October 11, 2024. On June 27, 2025, the Proposed Transactions contemplated by the Transaction Support Agreement were consummated.
On June 27, 2025, MSG Networks, MSGN L.P., MSGN Eden, Regional MSGN, Rainbow Garden Corp., a wholly-owned subsidiary of MSG Networks (collectively with MSG Networks, MSGN Eden and Regional MSGN, the “MSGN Holdings Entities”), and certain subsidiaries of MSGN L.P. entered into a second amended and restated credit agreement (the “A&R MSGN Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the “MSGN Lenders”). The A&R MSGN Credit Agreement amended and restated the Prior MSGN Credit Agreement in its entirety.

Pursuant to the A&R MSGN Credit Agreement, the Prior MSGN Credit Facilities were replaced with a $210,000 term loan facility (the “MSGN Term Loan Facility”), which matures on December 31, 2029. The outstanding balance under the MSGN Term Loan Facility was $200,000 as of September 30, 2025. In October 2025, MSGN L.P. made a $31,063 mandatory cash sweep payment based on excess cash as of September 30, 2025.
In connection with the execution of the A&R MSGN Credit Agreement, the Company, the MSGN Holdings Entities and MSGN L.P. entered into an investor agreement, pursuant to which, among other matters, (i) the Company made a capital contribution to MSG Networks in an amount equal to $15,000; and (ii) the parties agreed that MSGN L.P. will be a part of the same affiliated group of which the Company is the common parent that files U.S. federal income tax returns on a consolidated basis. On June 27, 2025, MSGN L.P. made a cash payment of $80,000 (including the $15,000 capital contribution from the Company to MSG Networks) to the MSGN Lenders.
Interest Rates. Borrowings under the A&R MSGN Credit Agreement bear interest at a rate per annum, which at the option of MSGN L.P., may be equal to either (i) adjusted Term SOFR (i.e., Term SOFR as defined in the A&R MSGN Credit Agreement, plus 0.10%) plus 5.00% or (ii) Alternate Base rate, as defined in the A&R MSGN Credit Agreement, plus 4.00%. Upon a payment default in respect of principal, interest or other amounts due and payable under the A&R MSGN Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The interest rate on the MSGN Term Loan Facility as of September 30, 2025 was 9.27%.
Covenants. The A&R MSGN Credit Agreement and the related security agreement contain certain customary representations and warranties, and certain affirmative covenants and events of default. The A&R MSGN Credit Agreement contains significant restrictions (and in some cases prohibitions) on the ability of MSGN L.P. and the MSGN Subsidiary Guarantors (as defined below) to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the A&R MSGN Credit Agreement, including without limitation the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating or granting 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 its lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified agreements; (viii) with respect to restricted subsidiaries, issuing shares of stock such that MSGN L.P.’s ownership of any such restricted subsidiary is reduced; (ix) merging, dissolving, liquidating, consolidating, or disposing of all or substantially all of its assets; (x) making certain dispositions; (xi) making certain changes to its accounting practices; (xii) entering into agreements that restrict the granting of liens; (xiii) requesting any borrowing the proceeds of which are used in violation of anti-corruption laws or sanctions; (xiv) engaging in a liability management transaction; and (xv) limiting certain operating expenses incurred by MSGN L.P. and the MSGN Guarantors (as defined below). The MSGN Holdings Entities are subject to the restrictions described in the foregoing clauses (iv) and (xv), as well as customary passive holding company covenants.

Principal Repayments. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily prepay outstanding loans under the A&R MSGN Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Term Benchmark (as defined in the A&R MSGN Credit Agreement) loans). The MSGN Term Loan Facility has a fixed amortization of $10,000 per quarter commencing on September 30, 2025. On September 30, 2025, MSGN L.P. made a fixed amortization payment of $10,000. MSGN L.P. is required to make mandatory prepayments pursuant to a mandatory cash sweep, determined at the end of each fiscal quarter, that requires 100% of MSGN L.P.’s and the MSGN Subsidiary Guarantors’ excess balance sheet cash over certain thresholds (subject to certain exclusions) to be used to repay the principal amount outstanding. In October 2025, MSGN L.P. made a $31,063 mandatory cash sweep payment based on excess cash as of September 30, 2025. MSGN L.P. is further required to make mandatory prepayments in certain circumstances, including from the net cash proceeds of certain dispositions of assets or casualty insurance and/or condemnation awards (subject to a threshold below which payments are not required, as well as certain reinvestment, repair and replacement rights) and upon the incurrence of indebtedness (subject to certain exceptions).
In connection with the execution of the A&R MSGN Credit Agreement, the Limited Partnership Agreement of MSGN L.P. was amended to provide for the issuance of contingent interest units (the “Contingent Interest Units”) to the MSGN Lenders. Beginning
with the fiscal calendar year-end following the repayment in full of the MSGN Term Loan Facility, the Contingent Interest Units entitle the MSGN Lenders to receive annual payments in an amount equal to 50% of the difference between MSGN L.P.’s balance sheet cash (subject to certain exclusions) and certain minimum cash balances, specified with respect to the applicable measurement date, until the earlier of (i) December 31, 2029 and (ii) payment of $100,000 in the aggregate to the MSGN Lenders. The Contingent Interest Units are also entitled to receive 50% of the proceeds of a merger and/or acquisition event related to MSG Networks and its subsidiaries occurring prior to December 31, 2029, subject to an aggregate cap of $100,000 considered together with the annual payments of excess cash described in the previous sentence.
Guarantors and Collateral. All obligations under the A&R MSGN Credit Agreement are guaranteed by the MSGN Holdings Entities and MSGN L.P.’s direct and indirect domestic subsidiaries that are not designated as unrestricted subsidiaries (the “MSGN Subsidiary Guarantors” and, together with the MSGN Holdings Entities, the “MSGN Guarantors”). All obligations under the A&R MSGN Credit Agreement, including the guarantees of those obligations, are secured by certain of the 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. The Company, Sphere Entertainment Group and the subsidiaries of Sphere Entertainment Group (collectively, the “Non-Credit Parties”) are not legally obligated to repay the outstanding borrowings under the MSGN Term Loan Facility, nor are the assets of the Non-Credit Parties pledged as security under the MSGN Term Loan Facility.

The following were the terms of the Prior MSGN Credit Agreement, which was replaced by the A&R MSGN Credit Agreement on June 27, 2025:
Interest Rates. Prior to October 11, 2024, borrowings under the Prior 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 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). After October 11, 2024, borrowings under the Prior MSGN Credit Agreement bore interest 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.
Covenants. The Prior MSGN Credit Agreement generally required 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 and a minimum interest coverage ratio of 2.00:1.00. Under the Transaction Support Agreement, the Consenting Lenders agreed to forbear from exercising their available remedies under the Prior MSGN Credit Agreement with respect to or arising out of the failure to maintain compliance with the maximum total leverage ratio and the minimum interest coverage ratio described above until the earlier of the date on which the termination of the Transaction Support Agreement was effective with respect to the Consenting Lenders and the date on which the Proposed Transactions were consummated.
In addition to the financial covenants discussed above, the Prior MSGN Credit Agreement and the related security agreement (as modified in certain cases by the Transaction Support Agreement) contained certain representations and warranties, affirmative covenants, and events of default. The Prior MSGN Credit Agreement (as modified in certain cases by the Forbearance Agreement and Transaction Support Agreement) contained 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 Prior 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 were also subject to customary passive holding company covenants.
Guarantors and Collateral. All obligations under the Prior MSGN Credit Agreement were guaranteed by the MSGN Holdings Entities, other than MSG Networks and Rainbow Garden Corp., and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that were not designated as excluded subsidiaries or unrestricted subsidiaries (together with the MSGN Holdings Entities, other than MSG Networks and Rainbow Garden Corp., the “Prior MSGN Guarantors”). All obligations under the Prior MSGN Credit Agreement, including the guarantees of those obligations, were secured by certain assets of MSGN L.P. and each Prior MSGN Guarantor, 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.
Based on conditions at MSGN L.P. and the terms of the A&R MSGN Credit Agreement, the entry into the A&R MSGN Credit Agreement met the criteria to be accounted for as a troubled debt restructuring. The troubled debt restructuring accounting model requires the inclusion of future principal, interest and potential contingent payments as part of the carrying amount of the modified debt to prevent recognizing a gain at the time of restructuring that may be offset by future expenses. As such, the original carrying amount of the MSGN Term Loan Facility includes the $210,000 principal amount, along with expected interest payments (based on interest rates in effect on June 27, 2025) and potential contingent payments of future excess cash flows from the Contingent Interest Units. ASC Topic 470-60 does not allow the consideration of the probability of occurrence of the contingencies when including contingent payments as part of the carrying amount. The gain on extinguishment was also further offset by fees, expenses and other direct costs incurred to effect the troubled debt restructuring. The resulting gain of $346,092, recorded on June 27, 2025, is included in Gain on extinguishment of debt in the accompanying condensed consolidated statements of operations and was calculated as follows:
MSG Networks
term loan facility
Original carrying amount before restructuring
$804,125 
June 27, 2025 repayment
(80,000)
Original carrying amount after repayment
724,125 
Carrying amount calculation under troubled debt restructuring:
Principal
210,000 
Undiscounted interest payments (at current rates)
53,970 
Contingent Interest Units
100,000 
Total initial carrying amount on June 27, 2025
363,970 
Reduction in recorded carrying amount:
360,155 
Fees and expenses and other direct costs
(14,063)
Gain on extinguishment of debt
$346,092 
Interest payments reduce the carrying amount of the debt. Consistent with the initial application of the troubled debt restructuring guidance, for subsequent accounting purposes, fluctuations in variable interest rate will not result in immediate gains that could be offset by future cash payments.
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 September 30, 2025 was 8.63%.
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 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 September 30, 2025, the historical and prospective debt service coverage ratio requirements were met. 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 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.
3.50% Convertible Senior Notes
On December 8, 2023, the Company completed a private unregistered 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. See Note 14. Credit Facilities and Convertible Notes to the Audited Consolidated Financial Statements included in the Form 10-KT for details on the 3.50% Convertible Senior Notes.
Debt Maturities
Debt maturities over the next five years for the outstanding principal balance under the MSGN Term Loan Facility, LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of September 30, 2025 were as follows:
MSGN Term Loan Facility (a)
LV Sphere Term Loan Facility
3.50% Convertible Senior Notes
Total
2025 (remainder)$10,000 $— $— $10,000 
202640,000 — — 40,000 
202740,000 275,000 — 315,000 
202840,000 — 258,750 298,750 
202970,000 — — 70,000 
Thereafter— — — — 
Total debt
$200,000 $275,000 $258,750 $733,750 
(a)    The carrying amount of the MSGN Term Loan Facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, is $348,803. Due to uncertainty in amounts payable and timing, Contingent Interest Units and undiscounted interest payments are excluded from the table above. Furthermore, the debt maturities shown above do not reflect potential acceleration from quarterly mandatory cash sweeps.
Interest payments and loan principal repayments made by the Company under the credit agreements and convertible notes for the nine months ended September 30, 2025 were as follows:
Interest PaymentsLoan Principal Repayments
Nine Months EndedNine Months Ended
September 30,September 30,
2025202420252024
MSG Networks term loan facility
$41,359 $50,117 $115,000 $61,875 
LV Sphere Term Loan Facility18,897 20,301 — — 
3.50% Convertible Senior Notes
4,528 4,352 — — 
Total Payments$64,784 $74,770 $115,000 $61,875 
The carrying value and fair value of the Company’s debt recorded in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 were as follows:
As of
September 30, 2025December 31, 2024
Carrying
Value (a)
Fair
Value
Carrying
Value (a)
Fair
Value
Liabilities:
MSG Networks term loan facility
$348,803 $183,000 $829,125 $335,796 
LV Sphere Term Loan Facility275,000 270,875 275,000 273,625 
3.50% Convertible Senior Notes
254,223 491,780 253,155 353,246 
Total debt
$878,026 $945,655 $1,357,280 $962,667 
_________________
(a)    The total carrying value of the Company’s debt as of September 30, 2025 and December 31, 2024 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $3,169 and $4,145, 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.
v3.25.3
Pension Plans and Other Postretirement Benefit Plan
 9 Months Ended
Sep. 30, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension Plans and Other Postretirement Benefit Plan Pension Plans and Other Postretirement Benefit Plan
The Company sponsors (i) both funded and unfunded and qualified and non-qualified pension plans, including the Networks 1212 Plan (as defined below), Networks Excess Cash Balance Plan, and the Networks Excess Retirement Plan (together, the “Networks Plans”), (ii) an excess savings plan and (iii) a postretirement benefit plan (the “Postretirement Plan”). In connection with the distribution of approximately 67% of the outstanding common stock of MSGE Spinco, Inc. (now known as Madison Square Garden Entertainment Corp. and referred to herein as “MSG Entertainment”) to the Company’s stockholders on April 20, 2023 (the “MSGE Distribution”), the Company established an unfunded non-contributory, non-qualified frozen excess cash balance plan (the “Sphere Excess Plan”) covering certain employees who participated in the pre-MSGE Distribution cash balance plan, which was transferred to MSG Entertainment in connection with the MSGE Distribution. The Networks Plans and Sphere Excess Plan 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 while the postretirement plan covering MSG Entertainment employees was transferred to MSG Entertainment in connection with the MSGE Distribution. In addition, the liabilities associated with the postretirement plan for MSG Entertainment employees were transferred from the Company to MSG Entertainment in connection with the MSGE Distribution. See Note 15. Pension Plans and Other Postretirement Benefit Plan to the Audited Consolidated Financial Statements included in the Form 10-KT for more information regarding these plans.
Defined Benefit Pension Plans and Postretirement Benefit Plan
The following tables present components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024. Service cost is recorded in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are recorded in Other expense, net.
Pension PlansPostretirement Plan
Three Months EndedThree Months Ended
September 30,September 30,
2025202420252024
Service cost $48 $61 $4 $5 
Interest cost494 499 24 22 
Expected return on plan assets(238)(243)— — 
Recognized actuarial loss (gain)85 84 — (6)
Net periodic benefit cost$389 $401 $28 $21 
Pension PlansPostretirement Plan
Nine Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Service cost $144 $182 $12 $13 
Interest cost1,482 1,626 72 77 
Expected return on plan assets(714)(1,079)— — 
Recognized actuarial loss
255 523 — 5 
Net periodic benefit cost$1,167 $1,252 $84 $95 
Contributions for Qualified Defined Benefit Plans
The Company sponsors one non-contributory, qualified defined benefit pension plan covering certain of its union employees, the “Networks 1212 Plan.” During each of the three and nine months ended September 30, 2025 and 2024, the Company contributed $500 to the Networks 1212 Plan.
Defined Contribution Plans
The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan and the Sphere Entertainment Excess Savings Plan, and participates in the Madison Square Garden 401(k) Savings Plan (collectively, the “Savings Plans”). Expenses related to the Savings Plans included in the accompanying condensed consolidated statements of operations were $2,020 and $6,032 for the three and nine months ended September 30, 2025, respectively, and $2,134 and $5,297 for the three and nine months ended September 30, 2024, respectively.

Executive Deferred Compensation
See Note 15. Pension Plans and Other Postretirement Benefit Plan, to the Company’s Audited Consolidated Financial Statements included in the Form 10-KT, for more information regarding the Company’s Executive Deferred Compensation Plan (the “Executive Deferred Compensation Plan”). The Company recorded compensation expense of $160 and $400 for the three and nine months ended September 30, 2025, respectively, and $157 and $326 for the three and nine months ended September 30, 2024, respectively, within Selling, general and administrative expenses in the accompanying condensed consolidated statements of operations to reflect the remeasurement of the Executive Deferred Compensation Plan liability. In addition, the Company recorded a gain of $160 and $400 for the three and nine months ended September 30, 2025, respectively, and $157 and $326 for the three and nine months ended September 30, 2024, respectively, within Other expense, net in the accompanying condensed consolidated statements of operations to reflect remeasurement of the fair value of assets under the Executive Deferred Compensation Plan.

The following table summarizes amounts recognized related to the Executive Deferred Compensation Plan in the accompanying condensed consolidated balance sheets:
As of
September 30,
2025		December 31,
2024
Non-current assets (included in Investments)$3,719 $3,580 
Non-current liabilities (included in Other non-current liabilities)$(3,719)$(3,580)
v3.25.3
Share-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
The Company has three share-based compensation plans: the 2020 Employee Stock Plan, the 2020 Stock Plan for Non-Employee Directors and the MSG Networks Inc. 2010 Employee Stock Plan, in each case as amended from time to time. See Note 16. Share-based Compensation, to the Audited Consolidated Financial Statements included in the Form 10-KT, for more detail on these plans.
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 recorded in the condensed consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses.
The following table summarizes the Company’s share-based compensation expense:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Share-based compensation (a)
$10,608 $16,083 $51,526 $46,510 
Fair value of awards vested and exercised
$36,969 $32,270 $48,429 $44,112 
_________________
(a)    Share-based compensation excludes costs that have been capitalized of $723 and $1,444 for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024,share-based compensation expense excludes costs of $0 and $1,166, respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations.
As of September 30, 2025, there was $78,095 of unrecognized compensation cost related to unvested RSUs, PSUs, stock options and SARs held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 1.9 years.
For the three and nine months periods ended September 30, 2025, all RSUs, PSUs and stock options were excluded from the calculation of diluted loss per share because the Company reported a net loss for the period and, therefore, their impact on reported loss per share would have been anti-dilutive.
Award Activity
RSUs
During the nine months ended September 30, 2025 and 2024, approximately 465 and 508 RSUs were granted, respectively, and approximately 547 and 492 RSUs vested, respectively.
PSUs
During the nine months ended September 30, 2025 and 2024, approximately 368 and 35 PSUs were granted, respectively, and approximately 451 and 367 PSUs vested, respectively.
Stock options
During the nine months ended September 30, 2025 and 2024, approximately 1,685 and 2,275 stock options were granted, respectively, and approximately 20 options and 184 options were exercised, respectively.
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
The Company is authorized to issue 15,000 shares of preferred stock, par value $0.01. As of September 30, 2025 and December 31, 2024, no shares of preferred stock were outstanding.
Stock Repurchase Program
On March 31, 2020, the Company’s 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 Company’s 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. During the three and nine months ended September 30, 2025, the Company repurchased 1,054 shares of Class A Common Stock for approximately $50,040, inclusive of $40 in excise taxes. As of September 30, 2025, the Company had approximately $300,000 remaining available for repurchases of the Company’s Class A Common Stock.
Accumulated Other Comprehensive Loss
The following tables detail the components of accumulated other comprehensive loss:
Pension Plans and
Postretirement
Plan		Cumulative
Translation
Adjustments		Accumulated
Other
Comprehensive
Loss
Balance as of December 31, 2024$(5,877)$(1,631)$(7,508)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 1,941 1,941 
Amounts reclassified from accumulated other comprehensive loss (a)(233)— (233)
Income tax benefit62 215 277 
Other comprehensive (loss) income, total(171)2,156 1,985 
Balance as of March 31, 2025$(6,048)$525 $(5,523)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 2,546 2,546 
Amounts reclassified from accumulated other comprehensive loss (a)(234)6,175 5,941 
Income tax benefit (expense)63 (3,061)(2,998)
Other comprehensive (loss) income, total(171)5,660 5,489 
Balance as of June 30, 2025$(6,219)$6,185 $(34)
Other comprehensive (loss) income:
Other comprehensive loss before reclassifications— (101)(101)
Amounts reclassified from accumulated other comprehensive loss (a)(234)— (234)
Income tax benefit (expense)124 (35)89 
Other comprehensive loss, total(110)(136)(246)
Balance as of September 30, 2025$(6,329)$6,049 $(280)
Pension Plans and
Postretirement
Plan		Cumulative
Translation
Adjustments		Accumulated
Other
Comprehensive
Loss
Balance as of December 31, 2023$(5,240)$(1,074)$(6,314)
Other comprehensive (loss) income:
Other comprehensive loss before reclassifications— (968)(968)
Amounts reclassified from accumulated other comprehensive loss (a)77 — 77 
Income tax (expense) benefit(19)250 231 
Other comprehensive income (loss), total58 (718)(660)
Balance as of March 31, 2024$(5,182)$(1,792)$(6,974)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 837 837 
Amounts reclassified from accumulated other comprehensive loss (a)(478)— (478)
Income tax benefit (expense)126 (78)48 
Other comprehensive (loss) income, total(352)759 407 
Balance as of June 30, 2024$(5,534)$(1,033)$(6,567)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 3,461 3,461 
Amounts reclassified from accumulated other comprehensive loss (a)(53)— (53)
Income tax benefit (expense)14 (912)(898)
Other comprehensive (loss) income, total(39)2,549 2,510 
Balance as of September 30, 2024$(5,573)$1,516 $(4,057)
_________________
(a)    Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plan). For the three months ended June 30, 2025, amounts include reclassification of cumulative
translation adjustment as discussed in Note 6. Property and Equipment, net
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
As of September 30, 2025, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock, par value $0.01 per share (“Class B Common Stock”) and approximately 6.8% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days after September 30, 2025) for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represent approximately 72.5% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Entertainment, Madison Square Garden Sports Corp. (“MSG Sports”) and AMC Networks Inc. (“AMC Networks”).
See Note 19. Related Party Transactions, to the Audited Consolidated Financial Statements included in the Form 10-KT, for a description of the Company’s related party arrangements. There were no material changes in such related party arrangements during the three and nine months ended September 30, 2025, except as described below.
On June 27, 2025, the media rights agreements between subsidiaries of MSG Networks, on the one hand, and New York Knicks, LLC and New York Rangers, LLC, on the other hand, were amended to (among other things) (i) reduce the annual rights fees payable to New York Knicks, LLC and New York Rangers, LLC to effect a reduction of 28% and 18%, respectively, as of January 1, 2025, (ii) eliminate the annual rights fee escalators, and (iii) reduce the terms of the agreements to expire after the 2028-29 NBA and NHL seasons, respectively, subject to a right of first refusal in favor of MSG Networks. Additionally on June 27, 2025, MSG Networks issued penny warrants to MSG Sports exercisable for 19.9% of the common stock of MSG Networks. The penny warrants met the requirements for equity classification. The estimated fair value of the warrant was $0 at inception and its recognition in equity had no impact on the condensed consolidated financial statements.
In addition, the Company’s transition services agreement (the “MSGE TSA”) with MSG Entertainment was terminated and was replaced by a services agreement, effective January 1, 2025, to continue to receive certain services from MSG Entertainment, such as information technology, human resources, finance, security, payroll, tax, certain legal functions, booking services, 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 corporate services to MSG Entertainment in exchange for service fees. On September 2, 2025, the Company, through its subsidiary, MSGN L.P., entered into a consulting agreement with a subsidiary of AMC Networks, whereby AMC Networks is providing certain advisory services to MSG Networks. The Company, through its Holoplot business, is also providing certain technology services to MSG Entertainment venues.

The Company has entered into certain commercial agreements with its equity method investment nonconsolidated affiliates in connection with Sphere, including an arrangement with Crown Properties Collection LLC (“CPC”), pursuant to which CPC provided the Company sponsorship and sales services. Under this arrangement, the Company recorded commission expense of $1,747 for the six months ended June 30, 2025 and $614 and $5,495 for the three and nine months ended September 30, 2024, respectively. In June 2025, CPC repurchased the Company’s equity interest in CPC, and as a result, CPC is no longer considered to be a related party.
As of September 30, 2025 and December 31, 2024, accrued liabilities associated with other equity method investment nonconsolidated affiliates were $18,204 and $18,242, respectively, and are reported under Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets.
Revenues and Operating Expenses
The following table summarizes the composition and amounts of the transactions with the Company’s related parties. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenues$1,298 $21 $3,784 $1,559 
Operating expenses:
Media fees
(33,329)(45,017)(102,453)(131,809)
Corporate general and administrative expenses, net - MSG Entertainment Transition/Services Agreement
(16,202)(23,491)(50,724)(78,340)
Origination, master control and technical services(1,161)(1,282)(3,483)(3,847)
Other operating expenses, net (a)
(3,343)(3,556)(10,840)(13,532)
Total operating expenses, net (b)
$(54,035)$(73,346)$(167,500)$(227,528)
_________________
(a)    Other operating expenses, net, includes reimbursements to MSG Entertainment for aircraft-related expenses, professional and payroll fees, and CPC commissions.
(b)    Of the total operating expenses, net, $34,436 and $106,134 for the three and nine months ended September 30, 2025, respectively, and $46,232 and $134,746 for the three and nine months ended September 30, 2024, respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations. Of the total operating expenses, net, $19,599 and $61,366 for the three and nine months ended September 30, 2025, respectively, and $27,114 and $92,782 for the three and nine months ended September 30, 2024, respectively are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
As of September 30, 2025, the Company was comprised of two reportable segments: Sphere and MSG Networks. 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 (“AOI”), a non-GAAP financial measure. The Company defines AOI as operating income 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 recorded 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 recorded 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.
AOI should be viewed as a supplement to and not a substitute for operating (loss) income, net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since AOI 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 (loss) income, the most directly comparable GAAP financial measure, to AOI.
Information as to the operations of the Company’s reportable segments is set forth below.
Three Months Ended
September 30, 2025
SphereMSG NetworksTotal
Revenues$174,090 $88,421 $262,511 
Event-related expenses (a)
(71,611)— (71,611)
Rights fee expense
— (47,869)(47,869)
Network programming and production costs
— (10,382)(10,382)
Other direct operating expenses (a)
(7,122)— (7,122)
Overhead expenses(b)
(92,697)(6,995)(99,692)
Other segment expenses(c)
(87,094)(68,458)(155,552)
Operating loss$(84,434)$(45,283)$(129,717)
Gain on extinguishment of debt
— 
Interest income2,737 
Interest expense(9,399)
Other expense, net(328)
Loss from operations before income taxes$(136,707)
Reconciliation of operating loss to adjusted operating income:
Operating loss$(84,434)$(45,283)$(129,717)
Adjustments:
Share-based compensation expense
12,409 (3,876)8,533 
Depreciation and amortization81,996 2,106 84,102 
Restructuring charges5,041 952 5,993 
Impairment and other losses, net57 65,400 65,457 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries257 — 257 
Amortization for capitalized cloud computing arrangement costs
1,579 — 1,579 
Remeasurement of deferred compensation plan liabilities160 — 160 
Adjusted operating income$17,065 $19,299 $36,364 
Three Months Ended
September 30, 2024
SphereMSG NetworksTotal
Revenues$127,072 $100,841 $227,913 
Event-related expenses (a)
(55,433)— (55,433)
Rights fee expense
— (65,456)(65,456)
Network programming and production costs
— (11,791)(11,791)
Other direct operating expenses (a)
(7,016)— (7,016)
Overhead expenses(b)
(104,950)(14,027)(118,977)
Other segment expenses(c)
(84,754)(2,105)(86,859)
Operating (loss) income$(125,081)$7,462 $(117,619)
Interest income7,039 
Interest expense(26,974)
Other expense, net(695)
Loss from operations before income taxes$(138,249)
Reconciliation of operating (loss) income to adjusted operating income:
Operating loss$(125,081)$7,462 $(117,619)
Adjustments:
Share-based compensation expense
13,180 2,387 15,567 
Depreciation and amortization79,838 2,075 81,913 
Restructuring charges883 30 913 
Impairment and other losses, net4,033 — 4,033 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries692 4,128 4,820 
Amortization for capitalized cloud computing arrangement costs
— 22 22 
Remeasurement of deferred compensation plan liabilities157 — 157 
Adjusted operating (loss) income$(26,298)$16,104 $(10,194)
Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Revenues$507,222 $318,540 $825,762 
Event-related expenses (a)
(202,457)— (202,457)
Rights fee expense
— (154,318)(154,318)
Network programming and production costs
— (46,687)(46,687)
Other direct operating expenses (a)
(23,163)— (23,163)
Overhead expenses(b)
(285,490)(41,494)(326,984)
Other segment expenses(c)
(257,756)(72,882)(330,638)
Operating (loss) income$(261,644)$3,159 $(258,485)
Gain on extinguishment of debt
346,092 
Interest income10,699 
Interest expense(61,467)
Other expense, net(2,068)
Income from operations before income taxes$34,771 
Reconciliation of operating (loss) income to adjusted operating income:
Operating loss$(261,644)$3,159 $(258,485)
Adjustments:
Share-based compensation expense
50,316 (1,338)48,978 
Depreciation and amortization245,708 6,530 252,238 
Restructuring charges7,829 952 8,781 
Impairment and other losses, net4,219 65,400 69,619 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries3,596 3,934 7,530 
Amortization for capitalized cloud computing arrangement costs
4,737 — 4,737 
Remeasurement of deferred compensation plan liabilities400 — 400 
Adjusted operating income$55,161 $78,637 $133,798 
Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Revenues$448,653 $373,985 $822,638 
Event-related expenses (a)
(172,868)— (172,868)
Rights fee expense
— (200,038)(200,038)
Network programming and production costs
— (50,604)(50,604)
Other direct operating expenses (a)
(19,745)— (19,745)
Overhead expenses(b)
(316,035)(33,131)(349,166)
Other segment expenses(c)
(253,114)(6,492)(259,606)
Operating (loss) income$(313,109)$83,720 $(229,389)
Interest income22,422 
Interest expense(81,014)
Other expense, net(6,564)
Loss from operations before income taxes$(294,545)
Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating income$(313,109)$83,720 $(229,389)
Adjustments:
Share-based compensation expense
38,790 6,822 45,612 
Depreciation and amortization237,665 6,452 244,117 
Restructuring charges5,681 40 5,721 
Impairment and other losses, net9,768 — 9,768 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries2,018 (1,253)765 
Amortization for capitalized cloud computing arrangement costs
— 65 65 
Remeasurement of deferred compensation plan liabilities325 — 325 
Adjusted operating (loss) income$(18,862)$95,846 $76,984 
_______________
(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 accompanying condensed consolidated statements 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.
Concentration of Risk
Accounts receivable, net in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 include amounts due from the following individual customers, which accounted for the noted percentages of the gross balance:
As of
September 30,
2025		December 31,
2024
Customer A12 %14 %
Customer B
9 %14 %
Customer C
8 %10 %
Revenues in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 include amounts from the following individual customers:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Customer 111 %14 %11 %12 %
Customer 2
9 %14 %6 %12 %
Customer 3
8 %11 %8 %9 %
v3.25.3
Additional Financial Information
 9 Months Ended
Sep. 30, 2025
Additional Financial Information [Abstract]  
Additional Financial Information Additional Financial Information
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2025		December 31,
2024
Cash and cash equivalents$384,835 $501,954 
Restricted cash13,419 13,679 
Total cash, cash equivalents and restricted cash
$398,254 $515,633 
The Company’s cash, cash equivalents, and restricted cash 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. 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, and collateral to its workers compensation and general liability insurance obligations.
Prepaid expenses and other current assets consisted of the following:
As of
September 30,
2025		December 31,
2024
Prepaid expenses$33,868 $32,384 
Other receivables
14,294 92 
Inventory12,630 12,583 
Deferred costs, current12,407 12,211 
Other13,696 7,737 
Total prepaid expenses and other current assets$86,895 $65,007 
Accrued expenses and other current liabilities consisted of the following:
As of
September 30,
2025		December 31,
2024
Accrued payroll and employee related liabilities$52,634 $42,892 
Cash due to promoters119,452 109,078 
Capital expenditure accruals
132,372 142,989 
Accrued legal fees 20,021 22,046 
Other accrued expenses61,084 71,365 
Total Accrued expenses and other current liabilities$385,563 $388,370 
Income Taxes
During the nine months ended September 30, 2025, the Company made income tax payments, net of refunds, of $2,279. During the nine months ended September 30, 2024, the Company received income tax refunds, net of payments, of $15,934.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
[TBD]
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
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
v3.25.3
Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions of Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). In connection with its fiscal year-end change from June 30 to December 31, the Company filed audited consolidated financial statements and notes thereto with the SEC on March 3, 2025, on a Transition Report on Form 10-KT for the transition period ended December 31, 2024 (the “Form 10-KT”). The condensed consolidated financial statements herein should be read in conjunction with the consolidated financial statements and the notes thereto (the “Audited Consolidated Financial Statements”) included in the Form 10-KT.
In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s financial position as of September 30, 2025 and its results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The condensed consolidated balance sheet as of December 31, 2024, and the accompanying notes were derived from the Audited Consolidated Financial Statements, but do not contain all of the footnote disclosures from the Audited Consolidated Financial Statements.
The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. For example, our MSG Networks segment earns a higher share of its annual revenues in the first and fourth
quarters as a result of MSG Networks’ advertising revenue being largely derived from the sale of inventory in its live NBA and NHL professional sports programming.
Reclassifications
Reclassifications
For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP.
Principles of Consolidation
Principles of Consolidation
The condensed consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the accompanying condensed 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 condensed consolidated 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 condensed consolidated financial statements in future periods.
Recently Issued and Adopted Accounting Pronouncements
Recently Issued and Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, requiring additional disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard will be effective for the Company as of and for the annual period ending December 31, 2027, 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 and disclosures.
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 does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides all entities with a practical expedient that allows for the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses for such assets. This standard will be effective for the Company in the first quarter of the annual period ending December 31, 2026 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, clarifying and modernizing the accounting for costs related to internal-use software. The ASU removes the consideration of software project development stages. Under the new guidance, cost capitalization would begin when (i) management has authorized and committed to
funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function (referred to as the “probable-to-complete recognition threshold”). This standard will be effective for the Company in the first quarter of the annual period ending December 31, 2028 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements and disclosures.

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 was effective for the Company as of and for the six-month period ended December 31, 2024 and was applied retrospectively to all prior periods, as presented in Note 15. Segment Information.
In December 2023, the FASB issued 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 useful in making capital allocation decisions. This standard is effective for the Company’s Annual Report on Form 10-K for the annual period ending December 31, 2025. The standard should be applied prospectively, however retrospective application is permitted. This standard affects financial statement disclosure only and, as a result, does not affect the Company’s statement of operations, balance sheet or statement of cash flows.
Revenue, Remaining Performance Obligation 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.
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue Recognition [Abstract]  
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 three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025
Sphere
MSG Networks
Total
Event-related (a)
$155,717 $— $155,717 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
11,144 328 11,472 
Media related, primarily from affiliation agreements (b)
— 87,959 87,959 
Other6,790 134 6,924 
Total revenues from contracts with customers173,651 88,421 262,072 
Revenues from subleases439 — 439 
Total revenues $174,090 $88,421 $262,511 
Three Months Ended
September 30, 2024
Sphere
MSG Networks
Total
Event-related (a)
$112,346 $— $112,346 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
8,476 1,314 9,790 
Media related, primarily from affiliation agreements (b)
— 99,382 99,382 
Other5,482 145 5,627 
Total revenues from contracts with customers126,304 100,841 227,145 
Revenues from subleases768 — 768 
Total revenues $127,072 $100,841 $227,913 

Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Event-related (a)
$442,868 $— $442,868 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
43,701 1,584 45,285 
Media related, primarily from affiliation agreements (b)
— 313,607 313,607 
Other19,271 3,349 22,620 
Total revenues from contracts with customers505,840 318,540 824,380 
Revenues from subleases1,382 — 1,382 
Total revenues $507,222 $318,540 $825,762 

Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Event-related (a)
$380,517 $— $380,517 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
57,270 2,584 59,854 
Media related, primarily from affiliation agreements (b)
— 368,102 368,102 
Other8,561 3,299 11,860 
Total revenues from contracts with customers446,348 373,985 820,333 
Revenues from subleases2,305 — 2,305 
Total revenues $448,653 $373,985 $822,638 
_________________
(a)     Event-related revenues consist 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 tables above.
(b)     See Note 2. Summary of Significant Accounting Policies, Revenue Recognition and Note 5. Revenue Recognition, to the Audited Consolidated Financial Statements included in the Form 10-KT, 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 three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$124,653 $— $124,653 
Sponsorship, signage, Exosphere advertising, and suite license revenues
17,191 — 17,191 
Food, beverage, and merchandise revenues
25,017 — 25,017 
Media networks revenues (b)
— 88,421 88,421 
Other
6,790 — 6,790 
Total revenues from contracts with customers173,651 88,421 262,072 
Revenues from subleases439 — 439 
Total revenues $174,090 $88,421 $262,511 
Three Months Ended
September 30, 2024
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$92,101 $— $92,101 
Sponsorship, signage, Exosphere advertising, and suite license revenues
13,258 — 13,258 
Food, beverage, and merchandise revenues
16,794 — 16,794 
Media networks revenues (b)
— 100,841 100,841 
Other4,151 — 4,151 
Total revenues from contracts with customers126,304 100,841 227,145 
Revenues from subleases768 — 768 
Total revenues $127,072 $100,841 $227,913 

Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Ticketing and venue license fee revenues (a)
$349,790 $— $349,790 
Sponsorship, signage, Exosphere advertising, and suite license revenues
63,989 — 63,989 
Food, beverage, and merchandise revenues
72,790 — 72,790 
Media networks revenues (b)
— 318,540 318,540 
Other
19,271 — 19,271 
Total revenues from contracts with customers505,840 318,540 824,380 
Revenues from subleases1,382 — 1,382 
Total revenues $507,222 $318,540 $825,762 
Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Ticketing and venue license fee revenues (a)
$307,729 $— $307,729 
Sponsorship, signage, Exosphere advertising, and suite license revenues
74,125 — 74,125 
Food, beverage, and merchandise revenues
60,343 — 60,343 
Media networks revenues (b)
— 373,985 373,985 
Other4,151 — 4,151 
Total revenues from contracts with customers446,348 373,985 820,333 
Revenues from subleases2,305 — 2,305 
Total revenues $448,653 $373,985 $822,638 
_________________
(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 cable, satellite, fiber-optic and other platforms that distribute MSG Networks’ programming and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks’ programming.
Contract with Customer, Contract Assets and Liabilities
The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2025 and December 31, 2024:
As of
September 30,
December 31,
20252024
Receivables from contracts with customers, net (a)
$171,978 $154,949 
Contract assets, current (b)
2,005 1,500 
Contract assets, non-current (b)
591 1,307 
Deferred revenue, including non-current portion (c)
220,887 138,057 
_________________
(a)    As of September 30, 2025 and December 31, 2024, the Company’s receivables from contracts with customers above included $1,013 and $325, respectively, related to various related parties. See Note 14 . Related Party Transactions for further details on these related party arrangements.
(b)     Contract assets, current and Contract assets, non-current, which are reported as Prepaid expenses and other current assets and Other non-current assets in the Company’s condensed 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 three and nine months ended September 30, 2025 relating to the deferred revenue balance as of December 31, 2024 was $3,134 and $87,059, respectively.
v3.25.3
Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges
Changes to the Company’s restructuring liability through September 30, 2025 were as follows:
Restructuring Liability
Balance as of December 31, 2024
$3,590 
Restructuring charges (excluding share-based compensation expense)8,781 
Payments(5,872)
Balance as of September 30, 2025
$6,499 
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract]  
Cost and Equity Method Investments
As of September 30, 2025 and December 31, 2024, the Company’s investments consisted of the following:
Investment As of
Ownership Percentage as of September 30, 2025
September 30,
2025		December 31,
2024
Equity method investments:
SACO Technologies Inc.
30 %$18,518 $18,095 
Gotham Advanced Media and Entertainment, LLC
50 %9,426 10,000 
Equity investments without readily determinable fair values8,721 8,721 
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (a)
3,708 3,580 
Total investments$40,373 $40,396 
_________________
(a)    The Company’s investments with readily determinable fair values are classified within Level I of the fair value hierarchy as they are valued based on quoted prices in active markets. Refer to Note 11. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.
v3.25.3
Property and Equipment, net (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
As of September 30, 2025 and December 31, 2024, property and equipment, net consisted of the following: 
As of
September 30,
2025		December 31,
2024
Land$— $43,838 
Buildings2,269,239 2,263,750 
Equipment, furniture, and fixtures1,216,833 1,189,495 
Leasehold improvements23,839 23,835 
Construction in progress6,138 7,496 
Total property and equipment, gross3,516,049 3,528,414 
Less accumulated depreciation and amortization(738,757)(492,684)
Property and equipment, net$2,777,292 $3,035,730 
v3.25.3
Original Immersive Production Content (Tables)
 9 Months Ended
Sep. 30, 2025
Other Industries [Abstract]  
Schedule Of Deferred Immersive Production Costs
As of September 30, 2025 and December 31, 2024, total deferred immersive production content costs consisted of the following: 
As of
September 30,
2025		December 31,
2024
Production content:
Released, less amortization$151,642 $52,782 
In-process23,205 49,837 
Total production content
$174,847 $102,619 
Schedule Of Amortization Of Deferred Immersive Production Costs
The following table summarizes the Company’s amortization of production content costs, which are reported in Direct operating expenses in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Production content costs (a)
$8,574 $6,185 $21,663 $21,067 
_________________
(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, Production Costs for the Company’s Original Immersive Productions, to the Audited Consolidated Financial Statements included in the Form 10-KT, for further explanation of the monetization strategy.
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill by Reportable Segment The carrying amounts of goodwill as of September 30, 2025 were as follows:
Sphere
MSG Networks
Consolidated
Balance at June 30, 2024$45,644 $424,508 $470,152 
Acquisitions
1,220 — 1,220 
Impairments— (61,200)(61,200)
Balance at December 31, 2024$46,864 $363,308 $410,172 
Impairments— (65,400)(65,400)
Balance at September 30, 2025$46,864 $297,908 $344,772 
Schedule of Intangible Assets Subject to Amortization
The Company’s intangible assets subject to amortization as of September 30, 2025 and December 31, 2024 were as follows:
As of
September 30,
2025		December 31,
2024
Gross carrying amountAccumulated amortizationIntangible assets, netGross carrying amountAccumulated amortizationIntangible assets, net
Affiliate relationships$83,044 $(72,142)$10,902 $83,044 $(69,806)$13,238 
Technology15,508 (4,394)11,114 15,508 (2,068)13,440 
Trade name2,032 (575)1,457 2,032 (327)1,705 
Total$100,584 $(77,111)$23,473 $100,584 $(72,201)$28,383 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commitments in the Normal Course of Business
As of September 30, 2025, commitments of the Company in the normal course of business in excess of one year were as follows:
Commitments
2025
(Remainder)
2026
2027
2028
2029
ThereafterTotal
Sphere
Event-related commitments$2,264 $20,086 $15,000 $— $— $— $37,350 
Letter of credit906 — — — — — 906 
Other500 2,000 333 — — — 2,833 
Total Sphere Commitments$3,670 $22,086 $15,333 $— $— $— $41,089 
MSG Networks
Broadcast rights$49,199 $198,253 $208,610 $201,677 $113,008 $39,393 $810,140 
Purchase commitments9,518 22,357 16,607 3,065 — — 51,547 
Total MSG Networks Commitments$58,717 $220,610 $225,217 $204,742 $113,008 $39,393 $861,687 
Total Commitments$62,387 $242,696 $240,550 $204,742 $113,008 $39,393 $902,776 
v3.25.3
Credit Facilities and Convertible Notes (Tables)
 9 Months Ended
Sep. 30, 2025
Line of Credit Facility [Abstract]  
Schedule of Debt Outstanding and Deferred Financing Costs
The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of September 30, 2025 and December 31, 2024:
As of
September 30, 2025December 31, 2024
PrincipalUnamortized Deferred Financing Costs
Net
PrincipalUnamortized Deferred Financing Costs
Net
Current portion
MSG Networks term loan facility (a)
$88,788 $— $88,788 $829,125 $— $829,125 
Current portion of long-term debt, net$88,788 $— $88,788 $829,125 $— $829,125 
_________________
(a)     The September 30, 2025 carrying amount of the MSG Networks term loan facility, which was refinanced on June 27, 2025, is calculated pursuant to the troubled debt restructuring guidance as further discussed below in this Note 10.
As of
September 30, 2025December 31, 2024
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
PrincipalDebt DiscountUnamortized Deferred Financing Costs
Net
Non-current portion
MSG Networks term loan facility (a)
$260,015 $— $— $260,015 $— $— $— $— 
LV Sphere Term Loan Facility275,000 — (2,425)272,575 275,000 — (3,240)271,760 
 3.50% Convertible Senior Notes
258,750 (4,527)(744)253,479 258,750 (5,595)(905)252,250 
Long-term debt, net$793,765 $(4,527)$(3,169)$786,069 $533,750 $(5,595)$(4,145)$524,010 
_________________
(a)     The September 30, 2025 carrying amount of the MSG Networks term loan facility, which was refinanced on June 27, 2025, is calculated pursuant to the troubled debt restructuring guidance, as further discussed below in this Note 10.
Interest payments and loan principal repayments made by the Company under the credit agreements and convertible notes for the nine months ended September 30, 2025 were as follows:
Interest PaymentsLoan Principal Repayments
Nine Months EndedNine Months Ended
September 30,September 30,
2025202420252024
MSG Networks term loan facility
$41,359 $50,117 $115,000 $61,875 
LV Sphere Term Loan Facility18,897 20,301 — — 
3.50% Convertible Senior Notes
4,528 4,352 — — 
Total Payments$64,784 $74,770 $115,000 $61,875 
The carrying value and fair value of the Company’s debt recorded in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 were as follows:
As of
September 30, 2025December 31, 2024
Carrying
Value (a)
Fair
Value
Carrying
Value (a)
Fair
Value
Liabilities:
MSG Networks term loan facility
$348,803 $183,000 $829,125 $335,796 
LV Sphere Term Loan Facility275,000 270,875 275,000 273,625 
3.50% Convertible Senior Notes
254,223 491,780 253,155 353,246 
Total debt
$878,026 $945,655 $1,357,280 $962,667 
_________________
(a)    The total carrying value of the Company’s debt as of September 30, 2025 and December 31, 2024 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $3,169 and $4,145, respectively.
Schedule of Extinguishment of Debt The resulting gain of $346,092, recorded on June 27, 2025, is included in Gain on extinguishment of debt in the accompanying condensed consolidated statements of operations and was calculated as follows:
MSG Networks
term loan facility
Original carrying amount before restructuring
$804,125 
June 27, 2025 repayment
(80,000)
Original carrying amount after repayment
724,125 
Carrying amount calculation under troubled debt restructuring:
Principal
210,000 
Undiscounted interest payments (at current rates)
53,970 
Contingent Interest Units
100,000 
Total initial carrying amount on June 27, 2025
363,970 
Reduction in recorded carrying amount:
360,155 
Fees and expenses and other direct costs
(14,063)
Gain on extinguishment of debt
$346,092 
Schedule of Maturities of Long-term Debt
Debt maturities over the next five years for the outstanding principal balance under the MSGN Term Loan Facility, LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of September 30, 2025 were as follows:
MSGN Term Loan Facility (a)
LV Sphere Term Loan Facility
3.50% Convertible Senior Notes
Total
2025 (remainder)$10,000 $— $— $10,000 
202640,000 — — 40,000 
202740,000 275,000 — 315,000 
202840,000 — 258,750 298,750 
202970,000 — — 70,000 
Thereafter— — — — 
Total debt
$200,000 $275,000 $258,750 $733,750 
(a)    The carrying amount of the MSGN Term Loan Facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, is $348,803. Due to uncertainty in amounts payable and timing, Contingent Interest Units and undiscounted interest payments are excluded from the table above. Furthermore, the debt maturities shown above do not reflect potential acceleration from quarterly mandatory cash sweeps.
v3.25.3
Pension Plans and Other Postretirement Benefit Plan (Tables)
 9 Months Ended
Sep. 30, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Periodic Benefit Cost
The following tables present components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024. Service cost is recorded in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are recorded in Other expense, net.
Pension PlansPostretirement Plan
Three Months EndedThree Months Ended
September 30,September 30,
2025202420252024
Service cost $48 $61 $4 $5 
Interest cost494 499 24 22 
Expected return on plan assets(238)(243)— — 
Recognized actuarial loss (gain)85 84 — (6)
Net periodic benefit cost$389 $401 $28 $21 
Pension PlansPostretirement Plan
Nine Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Service cost $144 $182 $12 $13 
Interest cost1,482 1,626 72 77 
Expected return on plan assets(714)(1,079)— — 
Recognized actuarial loss
255 523 — 5 
Net periodic benefit cost$1,167 $1,252 $84 $95 
Schedule of Defined Benefit Plans Disclosures
The following table summarizes amounts recognized related to the Executive Deferred Compensation Plan in the accompanying condensed consolidated balance sheets:
As of
September 30,
2025		December 31,
2024
Non-current assets (included in Investments)$3,719 $3,580 
Non-current liabilities (included in Other non-current liabilities)$(3,719)$(3,580)
v3.25.3
Share-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Restricted Stock Unit and Performance Stock Unit, Activity
The following table summarizes the Company’s share-based compensation expense:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Share-based compensation (a)
$10,608 $16,083 $51,526 $46,510 
Fair value of awards vested and exercised
$36,969 $32,270 $48,429 $44,112 
_________________
(a)    Share-based compensation excludes costs that have been capitalized of $723 and $1,444 for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024,share-based compensation expense excludes costs of $0 and $1,166, respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations.
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables detail the components of accumulated other comprehensive loss:
Pension Plans and
Postretirement
Plan		Cumulative
Translation
Adjustments		Accumulated
Other
Comprehensive
Loss
Balance as of December 31, 2024$(5,877)$(1,631)$(7,508)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 1,941 1,941 
Amounts reclassified from accumulated other comprehensive loss (a)(233)— (233)
Income tax benefit62 215 277 
Other comprehensive (loss) income, total(171)2,156 1,985 
Balance as of March 31, 2025$(6,048)$525 $(5,523)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 2,546 2,546 
Amounts reclassified from accumulated other comprehensive loss (a)(234)6,175 5,941 
Income tax benefit (expense)63 (3,061)(2,998)
Other comprehensive (loss) income, total(171)5,660 5,489 
Balance as of June 30, 2025$(6,219)$6,185 $(34)
Other comprehensive (loss) income:
Other comprehensive loss before reclassifications— (101)(101)
Amounts reclassified from accumulated other comprehensive loss (a)(234)— (234)
Income tax benefit (expense)124 (35)89 
Other comprehensive loss, total(110)(136)(246)
Balance as of September 30, 2025$(6,329)$6,049 $(280)
Pension Plans and
Postretirement
Plan		Cumulative
Translation
Adjustments		Accumulated
Other
Comprehensive
Loss
Balance as of December 31, 2023$(5,240)$(1,074)$(6,314)
Other comprehensive (loss) income:
Other comprehensive loss before reclassifications— (968)(968)
Amounts reclassified from accumulated other comprehensive loss (a)77 — 77 
Income tax (expense) benefit(19)250 231 
Other comprehensive income (loss), total58 (718)(660)
Balance as of March 31, 2024$(5,182)$(1,792)$(6,974)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 837 837 
Amounts reclassified from accumulated other comprehensive loss (a)(478)— (478)
Income tax benefit (expense)126 (78)48 
Other comprehensive (loss) income, total(352)759 407 
Balance as of June 30, 2024$(5,534)$(1,033)$(6,567)
Other comprehensive (loss) income:
Other comprehensive income before reclassifications— 3,461 3,461 
Amounts reclassified from accumulated other comprehensive loss (a)(53)— (53)
Income tax benefit (expense)14 (912)(898)
Other comprehensive (loss) income, total(39)2,549 2,510 
Balance as of September 30, 2024$(5,573)$1,516 $(4,057)
_________________
(a)    Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plan). For the three months ended June 30, 2025, amounts include reclassification of cumulative
translation adjustment as discussed in Note 6. Property and Equipment, net
v3.25.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the composition and amounts of the transactions with the Company’s related parties. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenues$1,298 $21 $3,784 $1,559 
Operating expenses:
Media fees
(33,329)(45,017)(102,453)(131,809)
Corporate general and administrative expenses, net - MSG Entertainment Transition/Services Agreement
(16,202)(23,491)(50,724)(78,340)
Origination, master control and technical services(1,161)(1,282)(3,483)(3,847)
Other operating expenses, net (a)
(3,343)(3,556)(10,840)(13,532)
Total operating expenses, net (b)
$(54,035)$(73,346)$(167,500)$(227,528)
_________________
(a)    Other operating expenses, net, includes reimbursements to MSG Entertainment for aircraft-related expenses, professional and payroll fees, and CPC commissions.
(b)    Of the total operating expenses, net, $34,436 and $106,134 for the three and nine months ended September 30, 2025, respectively, and $46,232 and $134,746 for the three and nine months ended September 30, 2024, respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations. Of the total operating expenses, net, $19,599 and $61,366 for the three and nine months ended September 30, 2025, respectively, and $27,114 and $92,782 for the three and nine months ended September 30, 2024, respectively are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information, by Segment
Information as to the operations of the Company’s reportable segments is set forth below.
Three Months Ended
September 30, 2025
SphereMSG NetworksTotal
Revenues$174,090 $88,421 $262,511 
Event-related expenses (a)
(71,611)— (71,611)
Rights fee expense
— (47,869)(47,869)
Network programming and production costs
— (10,382)(10,382)
Other direct operating expenses (a)
(7,122)— (7,122)
Overhead expenses(b)
(92,697)(6,995)(99,692)
Other segment expenses(c)
(87,094)(68,458)(155,552)
Operating loss$(84,434)$(45,283)$(129,717)
Gain on extinguishment of debt
— 
Interest income2,737 
Interest expense(9,399)
Other expense, net(328)
Loss from operations before income taxes$(136,707)
Reconciliation of operating loss to adjusted operating income:
Operating loss$(84,434)$(45,283)$(129,717)
Adjustments:
Share-based compensation expense
12,409 (3,876)8,533 
Depreciation and amortization81,996 2,106 84,102 
Restructuring charges5,041 952 5,993 
Impairment and other losses, net57 65,400 65,457 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries257 — 257 
Amortization for capitalized cloud computing arrangement costs
1,579 — 1,579 
Remeasurement of deferred compensation plan liabilities160 — 160 
Adjusted operating income$17,065 $19,299 $36,364 
Three Months Ended
September 30, 2024
SphereMSG NetworksTotal
Revenues$127,072 $100,841 $227,913 
Event-related expenses (a)
(55,433)— (55,433)
Rights fee expense
— (65,456)(65,456)
Network programming and production costs
— (11,791)(11,791)
Other direct operating expenses (a)
(7,016)— (7,016)
Overhead expenses(b)
(104,950)(14,027)(118,977)
Other segment expenses(c)
(84,754)(2,105)(86,859)
Operating (loss) income$(125,081)$7,462 $(117,619)
Interest income7,039 
Interest expense(26,974)
Other expense, net(695)
Loss from operations before income taxes$(138,249)
Reconciliation of operating (loss) income to adjusted operating income:
Operating loss$(125,081)$7,462 $(117,619)
Adjustments:
Share-based compensation expense
13,180 2,387 15,567 
Depreciation and amortization79,838 2,075 81,913 
Restructuring charges883 30 913 
Impairment and other losses, net4,033 — 4,033 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries692 4,128 4,820 
Amortization for capitalized cloud computing arrangement costs
— 22 22 
Remeasurement of deferred compensation plan liabilities157 — 157 
Adjusted operating (loss) income$(26,298)$16,104 $(10,194)
Nine Months Ended
September 30, 2025
SphereMSG NetworksTotal
Revenues$507,222 $318,540 $825,762 
Event-related expenses (a)
(202,457)— (202,457)
Rights fee expense
— (154,318)(154,318)
Network programming and production costs
— (46,687)(46,687)
Other direct operating expenses (a)
(23,163)— (23,163)
Overhead expenses(b)
(285,490)(41,494)(326,984)
Other segment expenses(c)
(257,756)(72,882)(330,638)
Operating (loss) income$(261,644)$3,159 $(258,485)
Gain on extinguishment of debt
346,092 
Interest income10,699 
Interest expense(61,467)
Other expense, net(2,068)
Income from operations before income taxes$34,771 
Reconciliation of operating (loss) income to adjusted operating income:
Operating loss$(261,644)$3,159 $(258,485)
Adjustments:
Share-based compensation expense
50,316 (1,338)48,978 
Depreciation and amortization245,708 6,530 252,238 
Restructuring charges7,829 952 8,781 
Impairment and other losses, net4,219 65,400 69,619 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries3,596 3,934 7,530 
Amortization for capitalized cloud computing arrangement costs
4,737 — 4,737 
Remeasurement of deferred compensation plan liabilities400 — 400 
Adjusted operating income$55,161 $78,637 $133,798 
Nine Months Ended
September 30, 2024
SphereMSG NetworksTotal
Revenues$448,653 $373,985 $822,638 
Event-related expenses (a)
(172,868)— (172,868)
Rights fee expense
— (200,038)(200,038)
Network programming and production costs
— (50,604)(50,604)
Other direct operating expenses (a)
(19,745)— (19,745)
Overhead expenses(b)
(316,035)(33,131)(349,166)
Other segment expenses(c)
(253,114)(6,492)(259,606)
Operating (loss) income$(313,109)$83,720 $(229,389)
Interest income22,422 
Interest expense(81,014)
Other expense, net(6,564)
Loss from operations before income taxes$(294,545)
Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating income$(313,109)$83,720 $(229,389)
Adjustments:
Share-based compensation expense
38,790 6,822 45,612 
Depreciation and amortization237,665 6,452 244,117 
Restructuring charges5,681 40 5,721 
Impairment and other losses, net9,768 — 9,768 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries2,018 (1,253)765 
Amortization for capitalized cloud computing arrangement costs
— 65 65 
Remeasurement of deferred compensation plan liabilities325 — 325 
Adjusted operating (loss) income$(18,862)$95,846 $76,984 
_______________
(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 accompanying condensed consolidated statements 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, by Risk Factor
Concentration of Risk
Accounts receivable, net in the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 include amounts due from the following individual customers, which accounted for the noted percentages of the gross balance:
As of
September 30,
2025		December 31,
2024
Customer A12 %14 %
Customer B
9 %14 %
Customer C
8 %10 %
Revenues in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 include amounts from the following individual customers:
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Customer 111 %14 %11 %12 %
Customer 2
9 %14 %6 %12 %
Customer 3
8 %11 %8 %9 %
v3.25.3
Additional Financial Information (Tables)
 9 Months Ended
Sep. 30, 2025
Additional Financial Information [Abstract]  
Schedule Of Cash, Cash Equivalents, and Restricted Cash
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2025		December 31,
2024
Cash and cash equivalents$384,835 $501,954 
Restricted cash13,419 13,679 
Total cash, cash equivalents and restricted cash
$398,254 $515,633 
Cash, Cash Equivalents and Restricted Cash
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2025		December 31,
2024
Cash and cash equivalents$384,835 $501,954 
Restricted cash13,419 13,679 
Total cash, cash equivalents and restricted cash
$398,254 $515,633 
Schedule of Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of
September 30,
2025		December 31,
2024
Prepaid expenses$33,868 $32,384 
Other receivables
14,294 92 
Inventory12,630 12,583 
Deferred costs, current12,407 12,211 
Other13,696 7,737 
Total prepaid expenses and other current assets$86,895 $65,007 
Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
As of
September 30,
2025		December 31,
2024
Accrued payroll and employee related liabilities$52,634 $42,892 
Cash due to promoters119,452 109,078 
Capital expenditure accruals
132,372 142,989 
Accrued legal fees 20,021 22,046 
Other accrued expenses61,084 71,365 
Total Accrued expenses and other current liabilities$385,563 $388,370 
v3.25.3
Description of Business and Basis of Presentation (Details)
guest in Thousands, ft² in Thousands
 9 Months Ended
Sep. 30, 2025
ft²
segment
network
guest
ft
Conversion of Stock [Line Items]  
Number of reportable segments | segment 2
Number of networks | network 2
Venue occupancy, number of guests | guest 20
Building height, feet (in feet) | ft 100
Studio Campus  
Conversion of Stock [Line Items]  
Building, square footage (in square feet) 68
Big Dome  
Conversion of Stock [Line Items]  
Building, square footage (in square feet) 28
Exosphere  
Conversion of Stock [Line Items]  
Building, square footage (in square feet) 580
v3.25.3
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers $ 262,072 $ 227,145 $ 824,380 $ 820,333
Revenues from subleases 439 768 1,382 2,305
Total revenues [1] 262,511 227,913 825,762 822,638
Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 173,651 126,304 505,840 446,348
Revenues from subleases 439 768 1,382 2,305
Total revenues 174,090 127,072 507,222 448,653
MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 88,421 100,841 318,540 373,985
Revenues from subleases 0 0 0 0
Total revenues 88,421 100,841 318,540 373,985
Sponsorship, signage, Exosphere advertising, and suite license revenues        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 17,191 13,258 63,989 74,125
Sponsorship, signage, Exosphere advertising, and suite license revenues | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 17,191 13,258 63,989 74,125
Sponsorship, signage, Exosphere advertising, and suite license revenues | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Other        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6,790 4,151 19,271 4,151
Other | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6,790 4,151 19,271 4,151
Other | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Ticketing and venue license fee revenues        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 124,653 92,101 349,790 307,729
Ticketing and venue license fee revenues | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 124,653 92,101 349,790 307,729
Ticketing and venue license fee revenues | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Food, beverage, and merchandise revenues        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 25,017 16,794 72,790 60,343
Food, beverage, and merchandise revenues | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 25,017 16,794 72,790 60,343
Food, beverage, and merchandise revenues | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Media networks revenues        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 88,421 100,841 318,540 373,985
Media networks revenues | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Media networks revenues | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 88,421 100,841 318,540 373,985
Transferred over Time | Event-related        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 155,717 112,346 442,868 380,517
Transferred over Time | Event-related | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 155,717 112,346 442,868 380,517
Transferred over Time | Event-related | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Transferred over Time | Sponsorship, signage, Exosphere advertising, and suite license revenues        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 11,472 9,790 45,285 59,854
Transferred over Time | Sponsorship, signage, Exosphere advertising, and suite license revenues | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 11,144 8,476 43,701 57,270
Transferred over Time | Sponsorship, signage, Exosphere advertising, and suite license revenues | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 328 1,314 1,584 2,584
Transferred over Time | Media related, primarily from affiliation agreements        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 87,959 99,382 313,607 368,102
Transferred over Time | Media related, primarily from affiliation agreements | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 0
Transferred over Time | Media related, primarily from affiliation agreements | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 87,959 99,382 313,607 368,102
Transferred at Point in Time | Other        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6,924 5,627 22,620 11,860
Transferred at Point in Time | Other | Sphere | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6,790 5,482 19,271 8,561
Transferred at Point in Time | Other | MSG Networks | Operating segments        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers $ 134 $ 145 $ 3,349 $ 3,299
[1] See Note 14. Related Party Transactions, for further information on related party revenues and expenses.
v3.25.3
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Contract Assets and Liabilities [Line Items]      
Contract with customer, liability, revenue recognized, including opening balance $ 3,134 $ 87,059  
Related Party      
Contract Assets and Liabilities [Line Items]      
Contracts with customers, assets, net 1,013 1,013 $ 325
Receivables from contracts with customers, net      
Contract Assets and Liabilities [Line Items]      
Contracts with customers, assets, net 171,978 171,978 154,949
Contract assets, current      
Contract Assets and Liabilities [Line Items]      
Contracts with customers, assets, net 2,005 2,005 1,500
Contract assets, non-current      
Contract Assets and Liabilities [Line Items]      
Contracts with customers, assets, net 591 591 1,307
Deferred revenue, including non-current portion      
Contract Assets and Liabilities [Line Items]      
Deferred revenue, including non-current portion $ 220,887 $ 220,887 $ 138,057
v3.25.3
Revenue Recognition - Remaining Performance Obligation (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 410,747
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 42.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 58.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.25.3
Restructuring Charges - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring and Related Activities [Abstract]        
Restructuring charges $ 5,993 $ 913 $ 8,781 $ 5,721
Share-based compensation expense $ 8,533 $ 15,567 $ 48,978 $ 45,612
v3.25.3
Restructuring Charges - Schedule of Restructuring Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Liability        
Balance as of December 31, 2024     $ 3,590  
Restructuring charges $ 5,993 $ 913 8,781 $ 5,721
Payments     (5,872)  
Balance as of September 30, 2025 $ 6,499   $ 6,499  
v3.25.3
Investments - Schedule Without Readily Determinable Fair Values (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Investments [Line Items]          
Investments $ 40,373   $ 40,373   $ 40,396
Affiliated Entities          
Schedule of Investments [Line Items]          
Equity securities, FV-NI, unrealized gain $ 160 $ 157 $ 400 $ 464  
Equity method investments | SACO Technologies Inc.          
Schedule of Investments [Line Items]          
Ownership Percentage as of September 30, 2025 30.00%   30.00%    
Investments $ 18,518   $ 18,518   18,095
Equity method investments | Gotham Advanced Media and Entertainment, LLC          
Schedule of Investments [Line Items]          
Ownership Percentage as of September 30, 2025 50.00%   50.00%    
Investments $ 9,426   $ 9,426   10,000
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 $ 3,708   $ 3,708   $ 3,580
v3.25.3
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 3,516,049 $ 3,528,414
Less accumulated depreciation and amortization (738,757) (492,684)
Property and equipment, net 2,777,292 3,035,730
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 0 43,838
Buildings    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 2,269,239 2,263,750
Equipment, furniture, and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 1,216,833 1,189,495
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 23,839 23,835
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 6,138 $ 7,496
v3.25.3
Property and Equipment, net - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]          
Capital expenditure accruals $ 132,372   $ 132,372   $ 142,989
Depreciation and amortization expense on property and equipment $ 82,446 $ 80,115 247,326 $ 240,088  
Stratford, London Land          
Property, Plant and Equipment [Line Items]          
Proceeds from sale, land, held-for-use     48,757    
Proceeds from sale, related expenses     1,915    
Disposal group, not discontinued operation, loss on disposal     3,741    
Foreign currency translation gains (losses)     $ (6,175)    
v3.25.3
Original Immersive Production Content - Schedule of Deferred Immersive Production Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Other Industries [Abstract]          
Released, less amortization $ 151,642   $ 151,642   $ 52,782
In-process 23,205   23,205   49,837
Total production content 174,847   174,847   $ 102,619
Produced content costs $ 8,574 $ 6,185 $ 21,663 $ 21,067  
v3.25.3
Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2025
Goodwill [Roll Forward]      
Beginning balance   $ 470,152,000 $ 410,172,000
Acquisitions   1,220,000  
Impairments $ (65,400,000) (61,200,000) (65,400,000)
Ending balance 344,772,000 410,172,000 344,772,000
Sphere      
Goodwill [Roll Forward]      
Beginning balance   45,644,000 46,864,000
Acquisitions   1,220,000  
Impairments 0 0 0
Ending balance 46,864,000 46,864,000 46,864,000
MSG Networks      
Goodwill [Roll Forward]      
Beginning balance   424,508,000 363,308,000
Acquisitions   0  
Impairments   (61,200,000) (65,400,000)
Ending balance $ 297,908,000 $ 363,308,000 $ 297,908,000
v3.25.3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill [Line Items]          
Impairments $ 65,400,000   $ 61,200,000 $ 65,400,000  
Amortization of intangible assets 1,656,000 $ 1,798,000   4,912,000 $ 4,029,000
MSG Networks          
Goodwill [Line Items]          
Impairments     61,200,000 65,400,000  
Sphere          
Goodwill [Line Items]          
Impairments $ 0   $ 0 $ 0  
v3.25.3
Goodwill and Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 100,584 $ 100,584
Accumulated amortization (77,111) (72,201)
Intangible assets, net 23,473 28,383
Affiliate relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 83,044 83,044
Accumulated amortization (72,142) (69,806)
Intangible assets, net 10,902 13,238
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 15,508 15,508
Accumulated amortization (4,394) (2,068)
Intangible assets, net 11,114 13,440
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 2,032 2,032
Accumulated amortization (575) (327)
Intangible assets, net $ 1,457 $ 1,705
v3.25.3
Commitments and Contingencies - Schedule of Commitments in the Normal Course of Business (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Loss Contingencies [Line Items]  
Letter of credit, to be paid, 2025 (Remainder) $ 10,000
Letter of credit, to be paid 2026 (Remainder) 40,000
Letter of credit, to be paid 2027 315,000
Letter of credit, to be paid 2028 298,750
Line of credit, to be paid, thereafter 0
Total debt 733,750
Contractual obligation, to be paid, 2025 (Remainder) 62,387
Contractual obligation, to be paid, 2026 242,696
Contractual obligation, to be paid, 2027 240,550
Contractual obligation, to be paid, 2028 204,742
Contractual obligation, to be paid, 2029 113,008
Contractual obligation, to be paid, thereafter 39,393
Total Commitments 902,776
2029 70,000
Sphere  
Loss Contingencies [Line Items]  
Other commitments, to be paid​, 2025 (Remainder) 3,670
Other commitments, to be paid​, 2026 22,086
Other commitments, to be paid, 2027 15,333
Other commitments, to be paid​, 2028 0
Other commitments, to be paid, 2029 0
Other commitments, to be paid, thereafter 0
Other commitment, total 41,089
Letter of credit, to be paid, 2025 (Remainder) 906
Letter of credit, to be paid 2026 (Remainder) 0
Letter of credit, to be paid 2027 0
Letter of credit, to be paid 2028 0
Line of credit, to be paid, thereafter 0
Total debt 906
2029 0
MSG Networks  
Loss Contingencies [Line Items]  
Other commitments, to be paid​, 2025 (Remainder) 58,717
Other commitments, to be paid​, 2026 220,610
Other commitments, to be paid, 2027 225,217
Other commitments, to be paid​, 2028 204,742
Other commitments, to be paid, 2029 113,008
Other commitments, to be paid, thereafter 39,393
Other commitment, total 861,687
Purchase Obligation, to be paid, 2025 (Remainder) 9,518
Purchase commitment, to be paid, 2026 22,357
Purchase commitment, to be paid, 2027 16,607
Purchase commitment, to be paid, 2028 3,065
Purchase commitment, to be paid, 2029 0
Purchase commitment, to be paid, thereafter 0
Purchase commitment, total 51,547
Event-related commitments | Sphere  
Loss Contingencies [Line Items]  
Other commitments, to be paid​, 2025 (Remainder) 2,264
Other commitments, to be paid​, 2026 20,086
Other commitments, to be paid, 2027 15,000
Other commitments, to be paid​, 2028 0
Other commitments, to be paid, 2029 0
Other commitments, to be paid, thereafter 0
Other commitment, total 37,350
Other | Sphere  
Loss Contingencies [Line Items]  
Other commitments, to be paid​, 2025 (Remainder) 500
Other commitments, to be paid​, 2026 2,000
Other commitments, to be paid, 2027 333
Other commitments, to be paid​, 2028 0
Other commitments, to be paid, 2029 0
Other commitments, to be paid, thereafter 0
Other commitment, total 2,833
Broadcast rights | MSG Networks  
Loss Contingencies [Line Items]  
Other commitments, to be paid​, 2025 (Remainder) 49,199
Other commitments, to be paid​, 2026 198,253
Other commitments, to be paid, 2027 208,610
Other commitments, to be paid​, 2028 201,677
Other commitments, to be paid, 2029 113,008
Other commitments, to be paid, thereafter 39,393
Other commitment, total $ 810,140
v3.25.3
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Apr. 06, 2023
USD ($)
Mar. 14, 2023
USD ($)
Sep. 10, 2021
complaint
Sep. 30, 2023
USD ($)
Sep. 30, 2025
USD ($)
complaint
Dec. 31, 2024
USD ($)
Sep. 27, 2021
complaint
Loss Contingencies [Line Items]              
Contractual obligation         $ 902,776    
Loss contingency, number of complaints filed | complaint         15    
Loss contingency, remaining claims filed involving fiduciary breaches | complaint         2    
Loss contingency, claims filed, number | complaint     2        
Loss contingency, number of consolidated claims | complaint             4
MSGE Settlement Agreement | Settled Litigation              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party   $ 85,000          
Gain (loss) from litigation settlement       $ 62,600      
MSGE Networks Term Sheet | Settled Litigation              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded to other party $ 48,500            
Payments for legal settlements 28,000            
Loss contingency accrual         $ 18,000 $ 18,000  
MSGE Networks Term Sheet | Settled Litigation | Insurance              
Loss Contingencies [Line Items]              
Payments for legal settlements $ 20,500            
Networks Merger              
Loss Contingencies [Line Items]              
Loss contingency, claims filed with incomplete and misleading information | complaint         9    
Loss contingency, claims filed involving fiduciary breaches | complaint         6    
v3.25.3
Credit Facilities and Convertible Notes - Debt Outstanding and Deferred Financing Costs (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Dec. 08, 2023
Current portion      
Principal $ 88,788 $ 829,125  
Unamortized Deferred Financing Costs 0 0  
Net 88,788 829,125  
Non-current portion      
Principal 793,765 533,750  
Debt Discount (4,527) (5,595)  
Unamortized Deferred Financing Costs (3,169) (4,145)  
Net 786,069 524,010  
Line of Credit | MSGN Term Loan Facility      
Current portion      
Principal 88,788 829,125  
Unamortized Deferred Financing Costs 0 0  
Net 88,788 829,125  
Line of Credit | MSGN Term Loan Facility | Secured Debt      
Non-current portion      
Principal 260,015 0  
Debt Discount 0 0  
Unamortized Deferred Financing Costs 0 0  
Net 260,015 0  
Line of Credit | LV Sphere Term Loan Facility      
Non-current portion      
Principal 275,000 275,000  
Debt Discount 0 0  
Unamortized Deferred Financing Costs (2,425) (3,240)  
Net $ 272,575 271,760  
Convertible Debt | 3.50% Convertible Senior Notes      
Debt Instrument [Line Items]      
Interest rate 3.50%   3.50%
Non-current portion      
Principal $ 258,750 258,750  
Debt Discount (4,527) (5,595)  
Unamortized Deferred Financing Costs (744) (905)  
Net $ 253,479 $ 252,250  
v3.25.3
Credit Facilities and Convertible Notes - MSG Networks - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 27, 2025
Oct. 11, 2024
Oct. 10, 2024
Oct. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 26, 2025
Debt Instrument [Line Items]                    
Gain on extinguishment of debt           $ 0 $ 0 $ 346,092 $ 0  
Prior MSGN Credit Facilities | MSG Networks | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Principal     $ 0              
Prior MSGN Credit Facilities | Secured Debt                    
Debt Instrument [Line Items]                    
Face amount                   $ 1,100,000
Prior MSGN Credit Facilities | Secured Debt | Minimum | Measurement Input, Interest Coverage Ratio                    
Debt Instrument [Line Items]                    
Debt instrument, measurement input 2.00         2.00   2.00    
Prior MSGN Credit Facilities | Secured Debt | Maximum | Measurement Input, Leverage Ratio                    
Debt Instrument [Line Items]                    
Debt instrument, measurement input 5.50         5.50   5.50    
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Measurement Input, Default Rate                    
Debt Instrument [Line Items]                    
Debt instrument, interest rate, increase (decrease)     2.00%              
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     0.10%              
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Minimum | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     1.25%              
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Maximum | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     2.25%              
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Variable Component One | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       0.10%            
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Variable Component One | Minimum | Base Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       0.25%            
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Variable Component One | Maximum | Base Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       1.25%            
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Variable Component Two | Minimum | Base Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       1.25%            
Prior MSGN Credit Facilities | Secured Debt | MSG Networks | Variable Component Two | Maximum | Base Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate       2.25%            
Prior MSGN Credit Facilities | Revolving Credit Facility | MSG Networks                    
Debt Instrument [Line Items]                    
Face amount                   250,000
Prior MSGN Credit Facilities | Line of Credit | Secured Debt                    
Debt Instrument [Line Items]                    
Face amount     $ 829,125              
MSGN Term Loan Facility                    
Debt Instrument [Line Items]                    
Principal   $ 724,125               $ 804,125
Line of credit facility, maximum borrowing capacity   210,000                
Gain on extinguishment of debt   $ 346,092           $ 346,092    
MSGN Term Loan Facility | Subsequent Event                    
Debt Instrument [Line Items]                    
Mandatory cash sweep         $ 31,063          
MSGN Term Loan Facility | MSGN Holdings L.P                    
Debt Instrument [Line Items]                    
Debt instrument, percentage of free cash flow required to repay principal   100.00%                
MSGN Term Loan Facility | Secured Debt                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity $ 210,000 $ 210,000       $ 210,000   $ 210,000    
Debt instrument, default, interest rate, increase   2.00%                
Line of credit facility, interest rate at period end 9.27%         9.27%   9.27%    
Debt instrument, quarterly fixed amortization $ 10,000                  
Fixed amortization payment $ 10,000                  
Debt instrument, annual payment, percentage of cash balance   50.00%                
Debt instrument, covenant, debt repayment threshold   $ 100,000                
MSGN Term Loan Facility | Secured Debt | Base Rate                    
Debt Instrument [Line Items]                    
Basis spread on variable rate   4.00%                
MSGN Term Loan Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Debt instrument, variable rate, adjustment   0.10%                
Basis spread on variable rate   5.00%                
MSGN Term Loan Facility | Secured Debt | MSG Networks                    
Debt Instrument [Line Items]                    
Noncontrolling interest holders’ capital contributions   $ 15,000                
MSGN Term Loan Facility | Secured Debt | MSG Networks | Sphere                    
Debt Instrument [Line Items]                    
Noncontrolling interest holders’ capital contributions   15,000                
MSGN Term Loan Facility | Secured Debt | MSGN Holdings L.P                    
Debt Instrument [Line Items]                    
Repayments of long-term debt   $ 80,000                
v3.25.3
Credit Facilities and Convertible Notes - Schedule of Gain On Extinguishment of Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 26, 2025
Debt Instrument [Line Items]            
Gain on extinguishment of debt   $ 0 $ 0 $ 346,092 $ 0  
Total initial carrying amount on June 27, 2025   733,750   733,750    
MSGN Term Loan Facility            
Debt Instrument [Line Items]            
Gain on extinguishment of debt $ 346,092     346,092    
Original carrying amount before restructuring 724,125         $ 804,125
June 27, 2025 repayment (80,000)          
Original carrying amount after repayment 724,125         $ 804,125
Principal 210,000          
Undiscounted interest payments (at current rates) 53,970          
Contingent Interest Units 100,000          
Total initial carrying amount on June 27, 2025 $ 363,970 200,000   200,000    
Reduction in recorded carrying amount:   $ 360,155   360,155    
Fees and expenses and other direct costs       $ (14,063)    
v3.25.3
Credit Facilities and Convertible Notes - LV Sphere - Narrative (Details) - LV Sphere Term Loan Facility
$ in Thousands
Dec. 22, 2022
USD ($)
Sep. 30, 2025
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Interest rate   8.63%  
Minimum Liquidity Step-Down      
Debt Instrument [Line Items]      
Debt covenant, minimum consolidated liquidity     $ 50,000
Debt instrument, covenant, held in cash     $ 25,000
Measurement Input, Historical Debt Service Coverage Ratio      
Debt Instrument [Line Items]      
Debt instrument, measurement input     1.35
Measurement Input, Historical Debt Service Coverage Ratio | Minimum      
Debt Instrument [Line Items]      
Debt instrument, contingent measurement input     1.50
Measurement Input, Prospective Debt Service Coverage Ratio      
Debt Instrument [Line Items]      
Debt instrument, measurement input     1.35
Measurement Input, Prospective Debt Service Coverage Ratio | Minimum      
Debt Instrument [Line Items]      
Debt instrument, contingent measurement input     1.50
Base Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate 3.375%    
Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Basis spread on variable rate 0.10%    
Debt instrument, interest rate, increase (decrease) 4.375%    
Secured Debt      
Debt Instrument [Line Items]      
Debt instrument term 5 years    
Face amount $ 275,000    
v3.25.3
Credit Facilities and Convertible Notes - 3.5% Senior Notes - Narrative (Details) - 3.50% Convertible Senior Notes - Convertible Debt - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 08, 2023
Line of Credit Facility [Line Items]    
Interest rate 3.50% 3.50%
Face amount   $ 258,750
v3.25.3
Credit Facilities and Convertible Notes - Long-Term Debt Maturity Schedule (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 27, 2025
Dec. 08, 2023
Debt Instrument [Line Items]      
2025 (remainder) $ 10,000    
2026 40,000    
2027 315,000    
2028 298,750    
2029 70,000    
Thereafter 0    
Total debt 733,750    
MSGN Term Loan Facility      
Debt Instrument [Line Items]      
2025 (remainder) 10,000    
2026 40,000    
2027 40,000    
2028 40,000    
2029 70,000    
Thereafter 0    
Total debt 200,000 $ 363,970  
Long-term line of credit $ 348,803    
LV Sphere Term Loan Facility      
Debt Instrument [Line Items]      
Interest rate 8.63%    
2025 (remainder) $ 0    
2026 0    
2027 275,000    
2028 0    
2029 0    
Thereafter 0    
Total debt 275,000    
3.50% Convertible Senior Notes      
Debt Instrument [Line Items]      
2025 (remainder) 0    
2026 0    
2027 0    
2028 258,750    
2029 0    
Thereafter 0    
Total debt $ 258,750    
3.50% Convertible Senior Notes | Convertible Debt      
Debt Instrument [Line Items]      
Interest rate 3.50%   3.50%
v3.25.3
Credit Facilities and Convertible Notes - Schedule of Interest, Carrying Value, and Fair Value (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 27, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Line of Credit Facility [Line Items]        
Unamortized deferred financing costs   $ 3,169   $ 4,145
MSG Networks, LV Sphere, 3.5% Senior Notes        
Line of Credit Facility [Line Items]        
Interest Payments   64,784 $ 74,770  
Loan Principal Repayments   115,000 61,875  
Total debt   878,026   1,357,280
Total long-term debt, fair value   945,655   962,667
MSGN Term Loan Facility        
Line of Credit Facility [Line Items]        
Loan Principal Repayments $ 80,000      
MSGN Term Loan Facility | Debt        
Line of Credit Facility [Line Items]        
Carrying Value   348,803   829,125
Fair Value   183,000   335,796
MSGN Term Loan Facility | MSG Networks        
Line of Credit Facility [Line Items]        
Interest Payments   41,359 50,117  
Loan Principal Repayments   115,000 61,875  
LV Sphere Term Loan Facility | Debt        
Line of Credit Facility [Line Items]        
Carrying Value   275,000   275,000
Fair Value   270,875   273,625
LV Sphere Term Loan Facility | LV Sphere Term Loan Facility        
Line of Credit Facility [Line Items]        
Interest Payments   18,897 20,301  
Loan Principal Repayments   0 0  
3.50% Convertible Senior Notes        
Line of Credit Facility [Line Items]        
Interest Payments   4,528 4,352  
Loan Principal Repayments   0 $ 0  
3.50% Convertible Senior Notes | Debt        
Line of Credit Facility [Line Items]        
Carrying Value   254,223   253,155
Fair Value   $ 491,780   $ 353,246
v3.25.3
Pension Plans and Other Postretirement Benefit Plan - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
plan
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
plan
Sep. 30, 2024
USD ($)
Apr. 20, 2023
Apr. 19, 2023
plan
Defined Contribution Plan Disclosure [Line Items]            
Defined benefit plan, number of contributory welfare plans | plan           2
Defined benefit plan, number of sponsored plans | plan 1   1      
Deferred compensation arrangement with individual, compensation expense $ 160 $ 157 $ 400 $ 326    
Madison Square Garden Entertainment | Spinoff | MSG Stockholders            
Defined Contribution Plan Disclosure [Line Items]            
Noncontrolling interest, ownership percentage by parent         67.00%  
Savings Plan            
Defined Contribution Plan Disclosure [Line Items]            
Defined contribution plan, cost 2,020 2,134 6,032 5,297    
Other Pension, Postretirement and Supplemental Plans            
Defined Contribution Plan Disclosure [Line Items]            
Defined benefit plan, plan assets, contributions by employer $ 500 $ 500 $ 500 $ 500    
v3.25.3
Pension Plans and Other Postretirement Benefit Plan - Schedule of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost $ 48 $ 61 $ 144 $ 182
Interest cost 494 499 1,482 1,626
Expected return on plan assets (238) (243) (714) (1,079)
Recognized actuarial loss (gain) 85 84 255 523
Net periodic benefit cost 389 401 1,167 1,252
Postretirement Plan        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 4 5 12 13
Interest cost 24 22 72 77
Expected return on plan assets 0 0 0 0
Recognized actuarial loss (gain) 0 (6) 0 5
Net periodic benefit cost $ 28 $ 21 $ 84 $ 95
v3.25.3
Pension Plans and Other Postretirement Benefit Plan - Schedule of Deferred Compensation Plan Amounts Recognized On Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Non-current assets (included in Investments) $ 3,719 $ 3,580
Non-current liabilities (included in Other non-current liabilities) $ (3,719) $ (3,580)
v3.25.3
Share-based Compensation - Restricted Stock Units Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 8,533 $ 15,567 $ 48,978 $ 45,612
Share-based compensation capitalized in property and equipment     723 1,444
Performance Stock Units and Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 10,608 16,083 51,526 46,510
Fair value of awards vested and exercised $ 36,969 $ 32,270 48,429 44,112
Share-based compensation capitalized in property and equipment     723 1,444
Severance costs     $ 0 $ 1,166
v3.25.3
Share-based Compensation - Additional Information (Details)
shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
plan
shares
Sep. 30, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of share-based compensation plans | plan 3  
Unrecognized compensation cost | $ $ 78,095  
Options, granted (in shares) 1,685 2,275
Exercise of stock options (in shares) 20 184
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 465 508
Vested (in shares) 547 492
Performance Stock Units (PSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 368 35
Vested (in shares) 451 367
Employee    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Period for recognition 1 year 10 months 24 days  
v3.25.3
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Preferred stock, shares authorized (in shares) 15,000,000 15,000,000 15,000,000  
Preferred stock, par or stated value per share (in shares) $ 0.01 $ 0.01 $ 0.01  
Preferred stock, shares outstanding (in shares) 0 0 0  
Common Class A        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stock repurchase program, authorized amount       $ 350,000
Shares repurchased 1,054,000 1,054,000    
Repurchases of Class A common stock, inclusive of excise tax $ 50,040 $ 50,040    
Excise tax   40    
Shares repurchased remaining amount $ 300,000 $ 300,000    
v3.25.3
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Other comprehensive (loss) income:                
Balance at the beginning of the period $ 2,313,687 $ 2,142,064 $ 2,201,419 $ 2,415,552 $ 2,443,599 $ 2,465,164 $ 2,201,419 $ 2,465,164
Other comprehensive loss before reclassifications (101) 2,546 1,941 3,461 837 (968)    
Amounts reclassified from accumulated other comprehensive loss (234) 5,941 (233) (53) (478) 77    
Income tax (expense) benefit 89 (2,998) 277 (898) 48 231 (2,632) (619)
Other comprehensive (loss) income, net of income taxes (246) 5,489 1,985 2,510 407 (660) 7,228 2,257
Balance at the end of the period 2,155,101 2,313,687 2,142,064 2,314,174 2,415,552 2,443,599 2,155,101 2,314,174
Pension Plans and Postretirement Plan                
Other comprehensive (loss) income:                
Balance at the beginning of the period (6,219) (6,048) (5,877) (5,534) (5,182) (5,240) (5,877) (5,240)
Other comprehensive loss before reclassifications 0 0 0 0 0 0    
Amounts reclassified from accumulated other comprehensive loss (234) (234) (233) (53) (478) 77    
Income tax (expense) benefit 124 63 62 14 126 (19)    
Other comprehensive (loss) income, net of income taxes (110) (171) (171) (39) (352) 58    
Balance at the end of the period (6,329) (6,219) (6,048) (5,573) (5,534) (5,182) (6,329) (5,573)
Cumulative Translation Adjustments                
Other comprehensive (loss) income:                
Balance at the beginning of the period 6,185 525 (1,631) (1,033) (1,792) (1,074) (1,631) (1,074)
Other comprehensive loss before reclassifications (101) 2,546 1,941 3,461 837 (968)    
Amounts reclassified from accumulated other comprehensive loss 0 6,175 0 0 0 0    
Income tax (expense) benefit (35) (3,061) 215 (912) (78) 250    
Other comprehensive (loss) income, net of income taxes (136) 5,660 2,156 2,549 759 (718)    
Balance at the end of the period 6,049 6,185 525 1,516 (1,033) (1,792) 6,049 1,516
Accumulated Other Comprehensive Loss                
Other comprehensive (loss) income:                
Balance at the beginning of the period (34) (5,523) (7,508) (6,567) (6,974) (6,314) (7,508) (6,314)
Other comprehensive (loss) income, net of income taxes (246) 5,489 1,985 2,510 407 (660)    
Balance at the end of the period $ (280) $ (34) $ (5,523) $ (4,057) $ (6,567) $ (6,974) $ (280) $ (4,057)
v3.25.3
Related Party Transactions - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Jun. 27, 2025
Jan. 01, 2025
Dec. 31, 2024
Related Party              
Related Party Transaction [Line Items]              
Sales commissions and fees $ 614 $ 1,747   $ 5,495      
Equity Method Investee              
Related Party Transaction [Line Items]              
Accrued liabilities     $ 18,204       $ 18,242
Transaction Support Agreement Knicks | MSG Networks              
Related Party Transaction [Line Items]              
Increase (decrease) in annual rights fees payable, percentage           (28.00%)  
Transaction Support Agreement Rangers | MSG Networks              
Related Party Transaction [Line Items]              
Increase (decrease) in annual rights fees payable, percentage           (18.00%)  
Dolan Family Group              
Related Party Transaction [Line Items]              
Common stock exercisable term     60 days        
MSG Sports              
Related Party Transaction [Line Items]              
Warrant liability         $ 0    
MSG Sports | MSG Networks              
Related Party Transaction [Line Items]              
Class of warrants or rights outstanding, percentage of equity interests exercisable         19.90%    
Common Class B              
Related Party Transaction [Line Items]              
Common stock, par or stated value per share (in dollars per share)     $ 0.01       $ 0.01
Common Class A              
Related Party Transaction [Line Items]              
Common stock, par or stated value per share (in dollars per share)     $ 0.01       $ 0.01
Dolan Family Group              
Related Party Transaction [Line Items]              
Noncontrolling interest, ownership percentage by parent     72.50%        
Dolan Family Group | Common Class B              
Related Party Transaction [Line Items]              
Noncontrolling interest, ownership percentage by parent     100.00%        
Common stock, par or stated value per share (in dollars per share)     $ 0.01        
Dolan Family Group | Common Class A              
Related Party Transaction [Line Items]              
Noncontrolling interest, ownership percentage by parent     6.80%        
v3.25.3
Related Party Transactions - Schedule of Transactions by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]        
Revenues [1] $ 262,511 $ 227,913 $ 825,762 $ 822,638
Operating expenses:        
Total operating expenses, net (129,717) (117,619) (258,485) (229,389)
Direct operating expenses [1] 136,984 139,696 426,625 443,255
Rights fee expense [1] 99,692 118,977 326,984 349,166
Related Party        
Related Party Transaction [Line Items]        
Revenues 1,298 21 3,784 1,559
Operating expenses:        
Total operating expenses, net (54,035) (73,346) (167,500) (227,528)
Direct operating expenses 34,436 46,232 106,134 134,746
Rights fee expense 19,599 27,114 61,366 92,782
Related Party | Media fees        
Operating expenses:        
Other direct operating expenses (33,329) (45,017) (102,453) (131,809)
Related Party | Origination, master control and technical services        
Operating expenses:        
Other direct operating expenses (1,161) (1,282) (3,483) (3,847)
Related Party | Other operating expenses (credits), net        
Operating expenses:        
Other direct operating expenses (3,343) (3,556) (10,840) (13,532)
MSG Entertainment | Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement        
Operating expenses:        
Other direct operating expenses $ (16,202) $ (23,491) $ (50,724) $ (78,340)
[1] See Note 14. Related Party Transactions, for further information on related party revenues and expenses.
v3.25.3
Segment Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.25.3
Segment Information - Schedule of Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues [1] $ 262,511 $ 227,913 $ 825,762 $ 822,638
Event-related expenses (71,611) (55,433) (202,457) (172,868)
Rights fee expense (47,869) (65,456) (154,318) (200,038)
Network programming and production costs (10,382) (11,791) (46,687) (50,604)
Other direct operating expenses (7,122) (7,016) (23,163) (19,745)
Overhead expenses (99,692) (118,977) (326,984) (349,166)
Other segment expenses (155,552) (86,859) (330,638) (259,606)
Operating loss (129,717) (117,619) (258,485) (229,389)
Gain on extinguishment of debt 0 0 346,092 0
Interest income 2,737 7,039 10,699 22,422
Interest expense (9,399) (26,974) (61,467) (81,014)
Other expense, net (328) (695) (2,068) (6,564)
(Loss) income from continuing operations before income taxes (136,707) (138,249) 34,771 (294,545)
Share-based compensation expense 8,533 15,567 48,978 45,612
Depreciation and amortization 84,102 81,913 252,238 244,117
Restructuring charges 5,993 913 8,781 5,721
Impairment and other losses, net 65,457 4,033 69,619 9,768
Merger, debt work-out, and acquisition related costs, net of insurance recoveries 257 4,820 7,530 765
Amortization for capitalized cloud computing arrangement costs 1,579 22 4,737 65
Remeasurement of deferred compensation plan liabilities 160 157 400 325
Adjusted operating (loss) income 36,364 (10,194) 133,798 76,984
Operating segments | Sphere        
Segment Reporting Information [Line Items]        
Revenues 174,090 127,072 507,222 448,653
Event-related expenses (71,611) (55,433) (202,457) (172,868)
Rights fee expense 0 0 0 0
Network programming and production costs 0 0 0 0
Other direct operating expenses (7,122) (7,016) (23,163) (19,745)
Overhead expenses (92,697) (104,950) (285,490) (316,035)
Other segment expenses (87,094) (84,754) (257,756) (253,114)
Operating loss (84,434) (125,081) (261,644) (313,109)
Share-based compensation expense 12,409 13,180 50,316 38,790
Depreciation and amortization 81,996 79,838 245,708 237,665
Restructuring charges 5,041 883 7,829 5,681
Impairment and other losses, net 57 4,033 4,219 9,768
Merger, debt work-out, and acquisition related costs, net of insurance recoveries 257 692 3,596 2,018
Amortization for capitalized cloud computing arrangement costs 1,579 0 4,737 0
Remeasurement of deferred compensation plan liabilities 160 157 400 325
Adjusted operating (loss) income 17,065 (26,298) 55,161 (18,862)
Operating segments | MSG Networks        
Segment Reporting Information [Line Items]        
Revenues 88,421 100,841 318,540 373,985
Event-related expenses 0 0 0 0
Rights fee expense (47,869) (65,456) (154,318) (200,038)
Network programming and production costs (10,382) (11,791) (46,687) (50,604)
Other direct operating expenses 0 0 0 0
Overhead expenses (6,995) (14,027) (41,494) (33,131)
Other segment expenses (68,458) (2,105) (72,882) (6,492)
Operating loss (45,283) 7,462 3,159 83,720
Share-based compensation expense (3,876) 2,387 (1,338) 6,822
Depreciation and amortization 2,106 2,075 6,530 6,452
Restructuring charges 952 30 952 40
Impairment and other losses, net 65,400 0 65,400 0
Merger, debt work-out, and acquisition related costs, net of insurance recoveries 0 4,128 3,934 (1,253)
Amortization for capitalized cloud computing arrangement costs 0 22 0 65
Remeasurement of deferred compensation plan liabilities 0 0 0 0
Adjusted operating (loss) income $ 19,299 $ 16,104 $ 78,637 $ 95,846
[1] See Note 14. Related Party Transactions, for further information on related party revenues and expenses.
v3.25.3
Segment Information - Schedule of Concentration Risk (Details) - Customer Concentration Risk
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounts Receivable | Customer A          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage     12.00%   14.00%
Accounts Receivable | Customer B          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage     9.00%   14.00%
Accounts Receivable | Customer C          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage     8.00%   10.00%
Revenue Benchmark | Customer 1          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage 11.00% 14.00% 11.00% 12.00%  
Revenue Benchmark | Customer 2          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage 9.00% 14.00% 6.00% 12.00%  
Revenue Benchmark | Customer 3          
Revenue, Major Customer [Line Items]          
Concentration risk, percentage 8.00% 11.00% 8.00% 9.00%  
v3.25.3
Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Additional Financial Information [Abstract]    
Cash and cash equivalents $ 384,835 $ 501,954
Restricted cash 13,419 13,679
Total cash, cash equivalents and restricted cash $ 398,254 $ 515,633
v3.25.3
Additional Financial Information - Schedule of Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Additional Financial Information [Abstract]    
Prepaid expenses $ 33,868 $ 32,384
Other receivables 14,294 92
Inventory 12,630 12,583
Deferred costs, current 12,407 12,211
Other 13,696 7,737
Total prepaid expenses and other current assets $ 86,895 $ 65,007
v3.25.3
Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Additional Financial Information [Abstract]    
Accrued payroll and employee related liabilities $ 52,634 $ 42,892
Cash due to promoters 119,452 109,078
Capital expenditure accruals 132,372 142,989
Accrued legal fees 20,021 22,046
Other accrued expenses 61,084 71,365
Total Accrued expenses and other current liabilities $ 385,563 $ 388,370
v3.25.3
Additional Financial Information - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Additional Financial Information [Abstract]    
Income taxes paid, net $ 2,279 $ 15,934