$ 536,203

$ 1,220,045

$ 1,026,889

$ 573,831

(165,232)

(336,411)

(256,494)

(103,375)

(65,233)

(69,781)

(121,473)

224,831

(5,164)

(11,520)

(9,486)

(260,560)

(229,564)

(341,241)

(273,042)

Income (loss) from continuing operations before income taxes

(44)

(2,265)

35,197

536,887

(306,579)

57,215

(360,225)

275,430

Income tax (expense) benefit

75,346

(23,810)

135,592

(103,403)

Income (loss) from continuing operations

(231,233)

33,405

(224,633)

172,027

Income from discontinued operations, net of taxes

0

23,984

333,653

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

(231,233)

33,405

(200,649)

505,680

3,925

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

$ (231,233)

$ 33,405

$ (200,649)

$ 502,772

Basic earnings (loss) per common share

$ (6.45)

$ 0.93

$ (6.36)

$ 4.96

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

0

0.68

9.55

(6.45)

0.93

(5.68)

14.51

Diluted earnings (loss) per common share

(6.45)

0.74

(6.36)

4.93

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

0

0.68

9.47

$ (6.45)

$ 0.74

$ (5.68)

$ 14.40

Weighted-average number of common shares outstanding:

36,069

35,301

34,651

35,859

45,298

35,301

34,929

Continuing Operations

Direct operating expenses

^[1]

$ 536,203

$ 1,220,045

$ 1,026,889

$ 573,831

^[1]

(306,871)

(589,979)

(547,824)

(342,211)

Selling, general and administrative expenses

^[1]

(254,263)

(441,918)

(432,853)

(452,142)

(165,232)

(336,411)

(256,494)

(30,716)

(65,233)

(69,781)

(121,473)

6,120

(5,164)

(11,520)

(9,486)

(27,924)

Gain on extinguishment of debt

(260,560)

(229,564)

(341,241)

(273,042)

0

346,092

0

Interest income

11,413

13,498

25,687

11,585

Interest expense

(57,388)

(70,546)

(79,868)

0

Income (loss) from continuing operations before income taxes

(44)

(2,265)

35,197

536,887

(306,579)

(360,225)

275,430

Income tax (expense) benefit

75,346

(23,810)

135,592

(103,403)

Income from discontinued operations, net of taxes

0

Basic earnings (loss) per common share

$ (231,233)

33,405

(200,649)

505,680

$ (6.45)

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

0

(6.45)

Diluted earnings (loss) per common share

(6.45)

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

0

$ (6.45)

Weighted-average number of common shares outstanding:

35,859

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

35,859

Discontinued Operations

$ 0

0

3,925

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

$ 0

$ (1,017)

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ (231,233)	$ 33,405	$ (200,649)	$ 505,680
Pension plans and postretirement plans:
Other comprehensive income (loss), net of income taxes				6,876
Less: Comprehensive income attributable to redeemable noncontrolling interests from discontinued operations				3,925
Comprehensive income (loss) attributable to Sphere Entertainment Co.’s stockholders	(232,174)	40,131	(202,278)	509,648
Continuing Operations
Net income (loss)	(231,233)	33,405	(200,649)	505,680
Pension plans and postretirement plans:
Amortization of net actuarial loss and prior service credit included in net periodic benefit cost, net	169	689	312	1,755
Net unamortized loss arising during the period	(635)	(2,170)	(851)	0
Cumulative translation adjustments	(813)	10,529	(1,851)	6,656
Other comprehensive income (loss), before income taxes	(1,279)	9,048	(2,390)	8,411
Income tax (expense) benefit	338	(2,322)	761	(1,535)
Other comprehensive income (loss), net of income taxes	(941)	6,726	(1,629)	6,876
Comprehensive income (loss)	(232,174)	40,131	(202,278)	512,556
Discontinued Operations
Pension plans and postretirement plans:
Less: Comprehensive income attributable to redeemable noncontrolling interests from discontinued operations	0	0	0	3,925
Less: Comprehensive loss attributable to nonredeemable noncontrolling interests from discontinued operations	$ 0	$ 0	$ 0	$ (1,017)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income (loss)	$ (231,233)	$ 33,405	$ (200,649)	$ 505,680
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	165,232	336,411	256,494	103,375
Impairments and other losses (gains), net	65,233	69,781	121,473	(224,831)
Amortization of debt discount and deferred financing costs	1,685	2,737	3,181	5,063
Amortization of deferred production content	15,797	34,412	20,427	0
Deferred income tax expense (benefit)	(75,958)	20,920	(132,540)	123,467
Share-based compensation expense	34,094	59,005	48,010	62,658
Net unrealized and realized loss (gains) on equity investments with readily determinable fair value and loss (earnings) in nonconsolidated affiliates	29	1,633	22,971	(548,690)
Gain on extinguishment of debt	0	(360,155)	0	0
Other non-cash adjustments	272	2,955	486	(538)
Change in assets and liabilities, net of dispositions:
Accounts receivable, net	74,134	(17,125)	(115,096)	7,103
Related party receivables and payables, net	(15,048)	6,069	(31,218)	35,811
Prepaid expenses and other current and non-current assets	(46,772)	(108,237)	(50,610)	(178,758)
Accounts payable	14,731	(9,013)	(20,397)	34,327
Accrued expenses and other current and non-current liabilities	(4,189)	60,812	(7,659)	82,951
Deferred revenue	40,906	112,114	61,515	135,448
Right-of-use lease assets and operating lease liabilities	1,914	(2,378)	3,954	10,525
Net cash provided by (used in) operating activities	40,827	243,346	(19,658)	153,591
INVESTING ACTIVITIES:
Capital expenditures, net	(48,941)	(52,347)	(264,700)	(1,058,978)
Investments and loans in nonconsolidated affiliates	(9,321)	0	(731)	(5,949)
Purchase of business, net of cash acquired	(1,261)	0	(9,424)	0
Proceeds from sale of MSGE Retained Interest	0	0	256,501	204,676
Capitalized interest	0	0	(25,053)	(116,044)
Proceeds from dispositions, net	0	48,757	0	318,003
Proceeds from sale of investments	0	0	0	4,369
Other investing activities	(633)	(311)	(1,776)	0
Net cash used in investing activities	(60,156)	(3,901)	(45,183)	(653,923)
FINANCING ACTIVITIES:
Principal repayments on debt	(20,625)	(165,266)	(83,848)	(72,875)
Taxes paid in lieu of shares issued for share-based compensation	(17,301)	(24,542)	(16,543)	(16,625)
Proceeds from issuance of 3.50% Convertible Senior Notes due 2028	0	0	251,634	0
Borrowings under Delayed Draw Term Loan Facility	0	0	65,000	0
Proceeds from exercise of stock options	0	6,487	8,827	0
Purchase of capped call related to 3.50% Convertible Senior Notes due 2028	0	0	(14,309)	0
Payments for debt financing costs	0	0	(1,030)	(5,238)
Proceeds from term loans, net of issuance discount	0	0	0	302,668
Noncontrolling interest holders’ capital contributions	0	0	0	3,000
Distribution to MSG Entertainment	0	0	0	(119,119)
Distribution to related parties associated with the settlement of certain share-based awards	0	0	0	(2,388)
Repayment of revolving credit facilities	0	0	0	(2,000)
Distributions to noncontrolling interest holders	0	0	0	(1,881)
Stock repurchases, inclusive of excise tax	0	(50,024)	0	0
Net cash (used in) provided by financing activities	(37,926)	(233,345)	209,731	85,542
Effect of exchange rates on cash, cash equivalents and restricted cash	(345)	(469)	(771)	(2,106)
Net increase (decrease) in cash, cash equivalents and restricted cash	(57,600)	5,631	144,119	(416,896)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period	573,233	515,633	429,114	760,312
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period	0	0	0	85,698
Cash, cash equivalents and restricted cash at beginning of period	573,233	515,633	429,114	846,010
Cash, cash equivalents and restricted cash from continuing operations, end of period	515,633	521,264	573,233	429,114
Cash, cash equivalents and restricted cash from discontinued operations, end of period	0	0	0	0
Cash, cash equivalents and restricted cash at end of period	515,633	521,264	573,233	429,114
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	10,739	4,485	49,834	248,041
Share-based compensation capitalized in property and equipment, net	1,248	763	2,193	3,642
Non-cash repayment of the Delayed Draw Term Loan Facility	0	0	65,512	0
Non-cash forgiveness of Holoplot Loan	0	0	9,626	0
Investments and loans to nonconsolidated affiliates	$ 0	$ 0	$ 0	$ 113

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2025	Dec. 08, 2023
3.50% Convertible Senior Notes \| Convertible Debt
Interest rate	3.50%	3.50%

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Total Sphere Entertainment Co. Stockholders’ Equity	Common Stock Issued	Additional Paid-In Capital	Treasury Stock	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss	Nonredeemable Noncontrolling Interests
Beginning balance at Jun. 30, 2022	$ 1,975,384	$ 1,963,221	$ 342	$ 2,301,970		$ (290,736)	$ (48,355)	$ 12,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	501,755	502,772				502,772		(1,017)
Net (loss) income	502,772
Other comprehensive income (loss), net of taxes	6,876	6,876					6,876
Comprehensive income (loss)	508,631	509,648						(1,017)
Comprehensive income (loss)	509,648
Redeemable noncontrolling interest adjustment to redemption fair value	126,375	126,375		126,375
Share-based compensation expense	64,406	64,406		64,406
Accretion of put options	(895)	(895)		(895)
Tax withholding associated with shares issued for share-based compensation	(16,620)	(16,620)	5	(16,625)
Distribution to related parties associated with the settlement of certain share-based awards	(1,736)	(1,736)		(1,736)
Contribution from noncontrolling interest holders	3,000							3,000
Distributions to noncontrolling interest holders	(1,881)							(1,881)
Disposition of TAO	(4,582)	7,683		4,859			2,824	(12,265)
Distribution of MSG Entertainment	(68,217)	(68,217)		(101,934)			33,717
Ending balance at Jun. 30, 2023		$ 2,583,865					(4,938)	$ 0
Balance at the end of the period at Jun. 30, 2023	2,583,865		347	2,376,420		212,036	(4,938)
Beginning balance at Jun. 30, 2022	184,192
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)	3,925
Comprehensive income (loss)	3,925
Redeemable noncontrolling interest adjustment to redemption fair value	(126,375)
Accretion of put options	2,786
Distribution to related parties associated with the settlement of certain share-based awards	(652)
Distributions to noncontrolling interest holders	(3,141)
Disposition of TAO	(60,735)
Ending balance at Jun. 30, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(200,649)					(200,649)
Other comprehensive income (loss), net of taxes							(1,629)
Other comprehensive loss, net of taxes	(1,629)						(1,629)
Comprehensive income (loss)	(202,278)						(1,629)
Share-based compensation expense	50,203			50,203
Tax withholding associated with shares issued for share-based compensation	(16,543)		6	(16,549)
Distribution of MSG Entertainment	5,787			5,787
Purchase of capped call related to 3.50% Convertible Senior Notes due 2028	(14,309)			(14,309)
Stock options exercised	8,827		1	8,826
Ending balance at Jun. 30, 2024							(6,567)
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 (loss) income	(231,233)					(231,233)
Other comprehensive income (loss), net of taxes							(941)
Other comprehensive loss, net of taxes	(941)						(941)
Comprehensive income (loss)	(232,174)						(941)
Share-based compensation expense	35,342			35,342
Tax withholding associated with shares issued for share-based compensation	(17,301)		5	(17,306)
Ending balance at Dec. 31, 2024							(7,508)
Balance at the end of the period at Dec. 31, 2024	2,201,419		359	2,428,414	$ 0	(219,846)	(7,508)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	33,405					33,405
Other comprehensive income (loss), net of taxes							6,726
Other comprehensive loss, net of taxes	6,726						6,726
Comprehensive income (loss)	40,131						6,726
Share-based compensation expense	59,768			59,768
Tax withholding associated with shares issued for share-based compensation	(24,542)		7	(24,549)
Stock options exercised	6,487			6,487
Repurchases of Class A common stock, inclusive of excise tax	(50,024)				(50,024)
Ending balance at Dec. 31, 2025							(782)
Balance at the end of the period at Dec. 31, 2025	$ 2,233,239		$ 366	$ 2,470,120	$ (50,024)	$ (186,441)	$ (782)

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical)	Dec. 31, 2025	Dec. 08, 2023
3.50% Convertible Senior Notes \| Convertible Debt
Interest rate	3.50%	3.50%

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


			(Additions) / Deductions
	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
Year Ended December 31, 2025
Allowance for doubtful accounts / credit losses	$	(35)	$	(111)			$	136	$	(10)
Deferred tax valuation allowance	(28,952)		27,295		—		—		(1,657)
	$	(28,987)	$	27,184	$	—	$	136	$	(1,667)
Six Months Ended December 31, 2024
Allowance for doubtful accounts / credit losses	$	(10)	$	(25)	$	—	$	—	$	(35)
Deferred tax valuation allowance	(29,219)		267		—		—		(28,952)
	$	(29,229)	$	242	$	—	$	—	$	(28,987)
Year Ended June 30, 2024
Allowance for doubtful accounts / credit losses	$	(171)	$	—	$	—	$	161	$	(10)
Deferred tax valuation allowance	(30)		(29,189)		—		—		(29,219)
	$	(201)	$	(29,189)	$	—	$	161	$	(29,229)
Year Ended June 30, 2023
Allowance for doubtful accounts / credit losses	$	(843)	$	(3)	$	—	$	675	$	(171)
Deferred tax valuation allowance	(2,923)		2,053		840		—		(30)
	$	(3,766)	$	2,050	$	840	$	675	$	(201)

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 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 experiences, technology and media and is comprised of two reportable segments, Sphere and MSG Networks. Sphere® is an experiential medium powered by advanced technologies, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer (“DTC”) and authenticated streaming product. Sphere: This segment reflects Sphere, an experiential medium powered by advanced technologies that bring storytelling to a new level. The Company’s first Sphere venue opened in Las Vegas on September 29, 2023. The entire exterior surface of Sphere, referred to as the Exosphere®, is covered with nearly 580,000 square feet of fully programmable LED lighting, creating the largest LED screen in the world and an impactful display for artistic and branded content. Inside, the venue features a 16K x 16K interior display plane – the world’s highest-resolution LED screen that wraps up, over, and around the audience creating a fully immersive visual environment. In addition, Sphere’s advanced technologies include Sphere Immersive SoundTM – Sphere’s proprietary audio system – as well as haptic seating and 4D environmental effects. The venue can accommodate up to 20,000 guests and hosts a wide variety of events year-round, including The Sphere ExperienceTM, which features original immersive productions, as well as concerts and residencies from renowned artists, and marquee sports and brand events (formerly referred to as corporate events). Production efforts for Sphere events are supported by Sphere StudiosTM, an immersive content studio dedicated to creating multi-sensory experiences exclusively for Sphere, using proprietary technology, tools and production facilities. Sphere Studios is home to a team of creative, production, technology and software engineering experts who provide full in-house creative and production services. The studio campus in Burbank includes a 68,000-square-foot development facility, as well as Big Dome, a 28,000-square-foot, 100-foot high custom dome, with a quarter-sized version of the interior display plane at Sphere in Las Vegas, that serves as a specialized screening, production facility, and lab for content at Sphere. The Company is focused on creating a global network of Spheres. The Company is working with the Department of Culture and Tourism – Abu Dhabi (“DCT Abu Dhabi”) to bring Sphere to Abu Dhabi, United Arab Emirates. In January 2026, the Company, the State of Maryland, Prince George’s County, and Peterson Companies announced the Company’s intent to develop a new Sphere venue at National Harbor, Maryland. 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 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. MSG Entertainment Distribution The Company (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. (“MSG Sports”). On April 17, 2020, MSG Sports distributed all outstanding common stock of the Company to MSG Sports’ stockholders (the “2020 Entertainment Distribution”). On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. (“MSG Entertainment”) to its stockholders (the “MSGE Distribution”), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the “MSGE Retained Interest”). Following the MSGE Distribution Date, the Company retained the Sphere and MSG Networks businesses and MSG Entertainment now owns the traditional live entertainment business previously owned and operated by the Company through its Entertainment business segment, excluding the Sphere business. In the MSGE Distribution, stockholders of the Company received (a) one share of MSG Entertainment’s Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock, par value $0.01 per share (“Class A Common Stock”), held of record as of the close of business, New York City time, on April 14, 2023 (the “Record Date”), and (b) one share of MSG Entertainment’s Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock, par value $0.01 per share (“Class B Common Stock”), held of record as of the close of business, New York City time, on the Record Date. As of April 20, 2023, the MSG Entertainment business met the criteria for discontinued operations. See Note 4. Discontinued Operations, for more information about the MSGE Distribution. Following the sales of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined under Note 14. Credit Facilities and Convertible Notes) with MSG Entertainment using a portion of the MSGE Retained Interest, as of September 2023 the Company no longer held any of the outstanding common stock of MSG Entertainment. See Note 8. Investments and Note 14. Credit Facilities and Convertible Notes for more information about the MSGE Retained Interest. Tao Group Hospitality Disposition On May 3, 2023, the Company completed the sale of its 66.9% majority interest in TAO Group Sub-Holdings LLC (“Tao Group Hospitality”) to a subsidiary of Mohari Hospitality Limited, a global investment company focused on the luxury lifestyle and hospitality sectors (the “Tao Group Hospitality Disposition”). Since March 31, 2023, the Tao Group Hospitality segment met the criteria for discontinued operations and was classified as a discontinued operation. See Note 4. Discontinued Operations for more information about the Tao Group Hospitality Disposition. Basis of Presentation The Company historically reported on a fiscal year basis ending on June 30th. On June 26, 2024, the Company’s Board of Directors (the “Board of Directors”) approved a change in the Company’s fiscal year-end from June 30 to December 31, effective December 31, 2024, resulting in a six-month transition period from July 1, 2024 to December 31, 2024 (the “Transition Period”). In these consolidated financial statements, the fiscal years ended June 30, 2024 and 2023 are referred to as “Fiscal Year 2024” and “Fiscal Year 2023,” respectively, and reflect financial results for the respective twelve-month periods from July 1 to June 30. Unless otherwise noted, all references to “fiscal year” in these financial statements refer to the twelve month fiscal years that, prior to the Transition Period, ended on June 30 and after the Transition Period end on December 31. When financial results for the Transition Period are compared to financial results for the same period in 2023, the results compare the six-month period from July 1, 2024 through December 31, 2024 to the six-month period from July 1, 2023 through December 31, 2023. The results for the six months ended December 31, 2023 are unaudited. See Note 3. Change in Fiscal Year-End for more information. The Company has presented both the MSG Entertainment business and Tao Group Hospitality as discontinued operations for all periods presented. See Note 4. Discontinued Operations for more information about the MSGE Distribution and Tao Group Hospitality Disposition.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A. Principles of Consolidation

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

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

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

B. Business Combinations and Noncontrolling Interests

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

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

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

C. Use of Estimates

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

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

D. Revenue Recognition

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

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

Arrangements with Multiple Performance Obligations

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

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

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

Principal versus Agent Revenue Recognition

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

Contract Balances

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

E. Direct Operating Expenses

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

Direct operating expenses for the MSG Networks segment primarily represent media rights fees and other direct programming and production costs, such as the salaries of on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission services and

facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on the segment’s networks are typically expensed on a straight-line basis over the applicable annual contract or license period.

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

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

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

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

G. Advertising Expenses

Advertising costs are typically charged to expense when incurred. Total advertising costs expensed were $32,206, $25,295, $16,977 and $10,960 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively.

H. Nonmonetary Transactions

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

I. Income Taxes

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

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

J. Share-based Compensation

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

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

K. Earnings (Loss) Per Common Share

Basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income (loss) attributable to the Company’s common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options only in the periods in which such effect would have been dilutive through the application of the treasury stock method. For the periods when a net loss is reported, the computation of diluted EPS equals the basic EPS calculation since common stock equivalents would be antidilutive due to losses from continuing operations. Holders of Class A common stock and Class B common stock are entitled to receive dividends equally on a per-share basis if and when such dividends are declared. As the holders of Class A and Class B common stock are entitled to identical dividend and liquidation rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net earnings (loss) per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

The Company applies the two-class method for participating warrants issued by MSG Networks to MSG Sports as these warrants participate in distributions of MSG Networks. Net loss of MSG Networks attributable to common stockholders of MSG Networks is not allocated to MSG Sports, the warrants holder, as MSG Sports does not have a contractual obligation to share in losses.

L. Cash and Cash Equivalents

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

M. Restricted Cash

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

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

N. Accounts Receivable

Accounts receivable are recorded at net realizable value. The Company maintains an allowance for credit losses to reserve for potentially uncollectible receivables. The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company adopted Accounting Standards Update (“ASU”) 2025-05 during the fourth quarter of 2025 by electing the practical expedient under ASU 2025-05 Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASC 326-20-30-10C through 30-10D), for estimating expected credit losses on current accounts receivable and current contract assets. As a result, the Company assumes that current conditions as of the balance sheet date, will remain unchanged for the remaining life of these assets. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

The Company recognized an allowance of $10 and $35 as of December 31, 2025 and December 31, 2024, respectively.

O. Investments

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

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

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

Impairment of Investments

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

P. Property and Equipment and Other Long-Lived Assets

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

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

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

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

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

Q. Goodwill

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

R. Impairment of Long-Lived Assets

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

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

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

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

S. Leases

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

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

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

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

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

T. Interest Capitalization

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

U. Contingencies

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

V. Contingent Consideration

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

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

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

W. Defined Benefit Pension Plans and Other Postretirement Benefit Plan

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

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

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

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

X. Fair Value Measurements

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

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

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

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

Y. Foreign Currency Translations

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

Z. Concentrations of Risk

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

AA. Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued 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 interim reporting periods beginning after 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 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides a comprehensive list within Topic 270 of required interim disclosures, establishes a principle requiring disclosure of events or changes occurring after the end of the most recent annual reporting period that have a material impact on interim results and clarifies the form and content requirements applicable to interim financial statements. According to the ASU, the FASB does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The update will be effective for the Company for interim reporting periods within the year ending December 31, 2028. The Company does not expect the adoption to have a material impact on the Company’s interim consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to (i) clarify, (ii) correct errors in, or (iii) make other minor improvements to a variety of topics in the Accounting Standards Codification. The amendments are intended to make the Accounting Standards Codification easier to understand and apply. The standard is effective for the Company’s year ending December 31, 2027, including interim periods within the year. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard 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 20. 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 was effective for the Company’s annual period ended December 31, 2025 and was adopted on a prospective basis, with the required disclosures included in Note 18. Income Taxes.

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 is effective for the Company in the first quarter of the annual period ending December 31, 2026 and early adoption is permitted. The Company early adopted ASU 2025-05 as of the fourth quarter of 2025. Adoption of the ASU did not have a material impact on our consolidated financial statements.

Change in Fiscal Year-End

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Change in Fiscal Year-End

On June 26, 2024, the Board of Directors approved a change in the Company’s fiscal year-end from June 30 to December 31, effective December 31, 2024, resulting in a six-month Transition Period from July 1, 2024 to December 31, 2024. Financial statements for the years ended June 30, 2024 and 2023 continue to be presented on the basis of the Company’s previous fiscal year-end. When financial results for the Transition Period are compared to financial results for the same period in 2023, the results compare the six-month period from July 1, 2024 through December 31, 2024 to the six-month period from July 1, 2023 through December 31, 2023. The results for the six months ended December 31, 2023 are unaudited.

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


	Six Months Ended
	December 31,
		2024		(Unaudited) 2023
Revenues		$	536,203	$	432,164
Direct operating expenses		(306,871)		(244,265)
Selling, general, and administrative expenses		(254,263)		(202,664)
Depreciation and amortization		(165,232)		(94,290)
Impairment and other losses, net		(65,233)		(115,738)
Restructuring charges		(5,164)		(4,678)
Operating loss		(260,560)		(229,471)

Interest income		11,413		10,304
Interest expense		(57,388)		(25,828)
Other (expense) income, net		(44)		41,066
Loss from continuing operations before income taxes		(306,579)		(203,929)
Income tax benefit		75,346		97,753
Loss from continuing operations		(231,233)		(106,176)
Loss from discontinued operations, net of taxes		—		(647)
Net loss		$	(231,233)	$	(106,823)

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

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

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

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

MSG Entertainment

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

Indirect corporate and administrative costs do not qualify for discontinued operations presentation, and these costs are included in continuing operations for all periods presented through April 20, 2023. After the MSGE Distribution Date and through December 31, 2024, these corporate and administrative services were provided to the Company by MSG Entertainment under a Transition Services Agreement (“MSGE TSA”), with the related costs included in continuing operations from April 21, 2023 through June 30, 2023. After

December 31, 2024, the Company receives these services under the MSGE Services Agreement (as defined in note 19). As noted above, results from continuing operations, prior to the MSGE Distribution Date, include certain corporate overhead expenses that the Company did not incur in the period after the completion of the MSGE Distribution, and the Company does not expect to incur such expenses in future periods.

Tao Group Hospitality

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

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


	Year Ended June 30, 2023

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

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

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



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

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


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


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

_________________

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

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


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

Depreciation and amortization	$	49,423	$	23,236
Impairments and other gains, net	(4,361)		(214,350)

Share-based compensation expense	4,710		7,224





Cash flow from investing activities:
Capital expenditures, net	12,832		17,488


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

_________________

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

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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

Sphere Segment

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

MSG Networks Segment

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

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

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

revenue either when MSG Networks provides the required additional advertising time, or additional performance requirements become remote, which may be at the time the guarantee obligation contractually expires.

Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31, 2025
	Sphere		MSG Networks		Total

Event-related (a)	$	689,254	$	—	$	689,254
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	68,103		1,584		69,687
Media related, primarily from affiliation agreements (b)	—		431,476		431,476
Other	22,233		5,573		27,806
Total revenues from contracts with customers	$	779,590	$	438,633	$	1,218,223
Revenues from subleases	1,822		—		1,822
Total revenues	$	781,412	$	438,633	$	1,220,045


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Event-related (a)	$	253,305	$	—	$	253,305
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	28,726		723		29,449
Media related, primarily from affiliation agreements (b)	—		237,280		237,280
Other	12,614		2,108		14,722
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203


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


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total

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

_________________

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

(b) Sponsorship and signage, Exosphere advertising, suite licenses, and media related revenues are generally recognized over time.

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 year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023.



	Year Ended December 31, 2025
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	560,807	$	—	$	560,807
Sponsorship, signage, Exosphere advertising, and suite revenues	96,151		—		96,151
Food, beverage and merchandise revenues	100,399		—		100,399
Media networks revenues (b)	—		438,633		438,633
Other	22,233		—		$	22,233
Total revenues from contracts with customers	$	779,590	$	438,633	$	1,218,223
Revenues from subleases	1,822		—		1,822
Total revenues	$	781,412	$	438,633	$	1,220,045



	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	207,024	$	—	$	207,024
Sponsorship, signage, Exosphere advertising, and suite revenues	40,104		—		40,104
Food, beverage and merchandise revenues	34,903		—		34,903
Media networks revenues (b)	—		240,111		240,111
Other	12,614		—		12,614
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203



	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	335,328	$	—	$	335,328
Sponsorship, signage, Exosphere advertising, and suite revenues	87,173		—		87,173
Food, beverage and merchandise revenues	66,702		—		66,702
Media networks revenues (b)	—		529,730		529,730
Other	4,928		—		4,928
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total




Media networks revenues (b)	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831

_________________

(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 (iii) brand events (formerly referred to as corporate events) and (iv) 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 December 31, 2025 and 2024 and as of June 30, 2024.


	As of December 31,				As of June 30,
	2025		2024		2024
Receivables from contracts with customers, net (a)	$	173,525	$	154,949	$	228,230
Contract assets, current (b)	445		1,500		1,500
Contract assets, non-current (b)	—		1,307		907
Deferred revenue, including non-current portion (c)	250,170		138,057		97,151

_________________

(a) As of December 31, 2025 and 2024 and June 30, 2024 the Company’s receivables from contracts with customers above included $1,895, $325 and $0, respectively, related to various related parties. See Note 19. 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 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) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the year ended December 31, 2025 relating to the deferred revenue balance as of December 31, 2024 was $92,973.

Transaction Price Allocated to the Remaining Performance Obligations

The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2025. This includes 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.


	As of December 31, 2025
Year ending December 31, 2026	$	116,446
Year ending December 31, 2027	78,737
Year ending December 31, 2028	53,387
Year ending December 31, 2029	33,389
Year ending December 31, 2030	22,083
Thereafter	97,792
	$	401,834

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Restructuring and Related Activities [Abstract]

Restructuring Charges

12 Months Ended

Dec. 31, 2025

Restructuring Charges

During the year ended December 31, 2025, the Company incurred costs for termination benefits for certain executives and employees. As a result, the Company recognized restructuring charges of $11,520 which were recorded in Accrued expenses and other current liabilities and Other non-current liabilities on the consolidated balance sheets.

During the six months ended December 31, 2024, the Company incurred costs of $5,164, inclusive of $700 of share-based compensation expenses for termination benefits, for certain executives and employees, which were recorded in Accrued expenses and other current liabilities, Other non-current liabilities, and Additional paid-in capital on the consolidated balance sheets. During the years ended June 30, 2024 and 2023, the Company incurred costs of $9,486, inclusive of $1,166 of share-based compensation expenses, and $27,924, inclusive of $8,118 of share-based compensation expenses, respectively, as a result of the Company’s cost reduction program, which were recorded in Accrued expenses and other current liabilities, Other non-current liabilities, and Additional paid-in capital on the consolidated balance sheets.

Changes to the Company’s restructuring liability through December 31, 2025 were as follows:


	Restructuring Liability
December 31, 2024	$	3,590
Restructuring charges (excluding share-based compensation expense)	11,520
Payments	(6,892)
December 31, 2025	$	8,218

Computation of (loss) earnings per-share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Computation of (loss) earnings per-share

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


	Year Ended December 31,	Six Months Ended December 31,	Years Ended June 30,
	2025	2024	2024	2023









Weighted-average shares (denominator):
Weighted-average shares for basic EPS	36,069	35,859	35,301	34,651
Dilutive effect of shares related to 3.50% convertible notes	7,286	—	—	—
Dilutive effect of shares issuable under share-based compensation plans (a)	1,943	—	—	278
Weighted-average shares for diluted EPS	45,298	35,859	35,301	34,929
Weighted-average anti-dilutive shares (a)	3,637	—	—	800

_________________

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

Investments

12 Months Ended

Dec. 31, 2025

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

Investments

As of December 31, 2025 and 2024, the Company’s investments are included within Investments in the accompanying consolidated balance sheets and consisted of the following:


	Investment Ownership Percentage as of December 31, 2025	Investment as of December 31,
		2025		2024
Equity method investments:
SACO Technologies Inc. (“SACO”)	30%	$	16,981	$	18,095

Gotham Advanced Media and Entertainment, LLC (“GAME”)	50%	9,354		10,000



Equity investments without readily determinable fair values		8,721		8,721
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (a)		3,669		3,580
Total investments		$	38,725	$	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 based on quoted prices in active markets. Refer to Note 15. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.

Equity Method Investments

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

SACO

In Fiscal Year 2019, the Company acquired a 30% interest in SACO, a global provider of high-performance LED video lighting and media solutions, for a total consideration of $47,244. The Company is utilizing SACO as a preferred display technology provider for Sphere in Las Vegas based upon commercial terms. The total consideration consisted of a $42,444 payment at closing and a $4,800

deferred payment, which was made in October 2018. As of the acquisition date, the carrying amount of the investment was greater than the Company’s equity interest in the underlying net assets of SACO. As such, the Company allocated the difference to amortizable intangible assets of $25,350 and is amortizing these intangible assets on a straight-line basis over the expected useful lives ranging from 6 years to 12 years as a basis adjustment to the carrying amount of the investment. The Company’s share of SACO’s results is reported on a three month lag.

GAME

In January 2024, MSG Networks and YES Network (“YES”) announced the formation of GAME, a 50/50 joint venture aimed at capitalizing on technical and operational synergies associated with YES’ and MSG Network’s streaming services. During the year ended December 31, 2024, the Company contributed a total of $9,320 to GAME as part of its ownership stake. The Company’s share of GAME’s results is reported on a three month lag.

MSG Entertainment

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

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


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

_________________

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

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

Executive Deferred Compensation Plan

The Company holds other equity investments with readily determinable fair values in trust under the Company’s Executive Deferred Compensation Plan. The Company recorded unrealized gains of $467, $92, $307, and $218 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, within Other (expense) income, net to reflect the remeasurement of the fair value of assets under the Executive Deferred Compensation Plan.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

As of December 31, 2025 and 2024, property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
Land	$	—	$	43,838
Buildings	2,270,557		2,263,750




Equipment, furniture and fixtures	1,231,690		1,189,495
Leasehold improvements	23,896		23,835
Construction in progress	5,873		7,496
Total property and equipment, gross	3,532,016		3,528,414
Less accumulated depreciation and amortization	(821,373)		(492,684)
Total property and equipment, net	$	2,710,643	$	3,035,730

The property and equipment balances above include $130,061 and $142,989 of capital expenditure accruals (primarily related to Sphere construction) as of December 31, 2025 and 2024, respectively, which are reflected in Accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Depreciation expense on property and equipment was $329,844, $161,732, $252,706, and $27,601 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively.

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

Original Immersive Production Content

12 Months Ended

Dec. 31, 2025

Other Industries [Abstract]

Original Immersive Production Content

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

As of December 31, 2025 and 2024, total deferred immersive production content costs consisted of the following:


	As of December 31,
	2025		2024
Production content:
Released, less amortization	$	133,915	$	52,782

In-process	36,877		49,837

Total production content	$	170,792	$	102,619

The following table summarizes the Company’s amortization of production content costs, which is reported in Direct operating expenses in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 as follows:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Production content costs (a)	$	34,412	$	15,797	$	20,427	$	—

_________________

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

Based on the Company’s existing immersive production content, the Company’s annual amortization expense for released deferred immersive production content for each of the succeeding three years as of December 31, 2025 is expected to be as follows:


	As of December 31, 2025
Production content released:
Year ending December 31, 2026	$	39,115
Year ending December 31, 2027	11,068
Year ending December 31, 2028	8,589

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
ROU assets	$	91,372	$	93,920
Lease liabilities:
Operating leases, current	17,186		19,268
Operating leases, non-current	113,824		116,668
Total lease liabilities	$	131,010	$	135,936

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Line Item in the Company’s Consolidated Statements of Operations	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
		2025		2024		2024		2023
Operating lease cost	Direct operating expenses	$	4,988	$	3,124	$	3,984	$	1,676
Operating lease cost	Selling, general and administrative expenses	14,745		6,864		14,549		15,925
Variable lease cost	Direct operating expenses	1,500		750		1,740		—
Variable lease cost	Selling, general and administrative expenses	267		—		28		1
Total lease cost		$	21,500	$	10,738	$	20,301	$	17,602

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

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


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	20,992	$	10,049	$	19,000	$	12,332
Lease assets obtained in exchange for new lease obligations	8,394		—		33,900		6,435

For the six months ended December 31, 2024, and the year ended June 30, 2024, the Company received $1,581 and $5,833, respectively, of tenant incentives from a landlord for capital expenditures on behalf of the Company. There were no tenant incentives received in the years ended December 31, 2025 and June 30, 2023, respectively.

As of December 31, 2025, maturities of operating lease liabilities were as follows:


	As of December 31, 2025
Year ending December 31, 2026	$	18,200
Year ending December 31, 2027	17,082
Year ending December 31, 2028	17,170
Year ending December 31, 2029	17,276
Year ending December 31, 2030	17,510
Thereafter	89,812
Total lease payments	177,050
Less imputed interest	46,040
Total lease liabilities	$	131,010

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term (in years)	10.4		11.3
Weighted average discount rate	5.86	%	5.82	%

As of December 31, 2025, the Company’s existing operating leases, which are recorded on the accompanying financial statements, have remaining lease terms ranging from 0.3 years to 16.1 years.

Lessor Arrangements

The Company has sublease arrangements for office and storage spaces where the operating lease revenue is recognized on a straight-line basis over the lease term. The Company had sublease revenues of $1,822, $1,447, $3,028 and $2,610 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively.

The maturities of operating lease cash flows to be received on an undiscounted basis for non-cancelable subleases are $1,026 through the year ending December 31, 2026.

Leases

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
ROU assets	$	91,372	$	93,920
Lease liabilities:
Operating leases, current	17,186		19,268
Operating leases, non-current	113,824		116,668
Total lease liabilities	$	131,010	$	135,936

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Line Item in the Company’s Consolidated Statements of Operations	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
		2025		2024		2024		2023
Operating lease cost	Direct operating expenses	$	4,988	$	3,124	$	3,984	$	1,676
Operating lease cost	Selling, general and administrative expenses	14,745		6,864		14,549		15,925
Variable lease cost	Direct operating expenses	1,500		750		1,740		—
Variable lease cost	Selling, general and administrative expenses	267		—		28		1
Total lease cost		$	21,500	$	10,738	$	20,301	$	17,602

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

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


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	20,992	$	10,049	$	19,000	$	12,332
Lease assets obtained in exchange for new lease obligations	8,394		—		33,900		6,435

For the six months ended December 31, 2024, and the year ended June 30, 2024, the Company received $1,581 and $5,833, respectively, of tenant incentives from a landlord for capital expenditures on behalf of the Company. There were no tenant incentives received in the years ended December 31, 2025 and June 30, 2023, respectively.

As of December 31, 2025, maturities of operating lease liabilities were as follows:


	As of December 31, 2025
Year ending December 31, 2026	$	18,200
Year ending December 31, 2027	17,082
Year ending December 31, 2028	17,170
Year ending December 31, 2029	17,276
Year ending December 31, 2030	17,510
Thereafter	89,812
Total lease payments	177,050
Less imputed interest	46,040
Total lease liabilities	$	131,010

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term (in years)	10.4		11.3
Weighted average discount rate	5.86	%	5.82	%

As of December 31, 2025, the Company’s existing operating leases, which are recorded on the accompanying financial statements, have remaining lease terms ranging from 0.3 years to 16.1 years.

Lessor Arrangements

The Company has sublease arrangements for office and storage spaces where the operating lease revenue is recognized on a straight-line basis over the lease term. The Company had sublease revenues of $1,822, $1,447, $3,028 and $2,610 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively.

The maturities of operating lease cash flows to be received on an undiscounted basis for non-cancelable subleases are $1,026 through the year ending December 31, 2026.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets

Goodwill and Intangible Assets

The carrying amounts and activity of goodwill from June 30, 2024 through December 31, 2025 were as follows:


	Sphere		MSG Networks		Total
Balance as of June 30, 2024	$	45,644	$	424,508	$	470,152
Acquisitions	1,220		—		1,220
Impairments	—		(61,200)		(61,200)
Balance as of December 31, 2024	$	46,864	$	363,308	$	410,172

Impairments	—		(65,400)		(65,400)
Balance as of December 31, 2025	$	46,864	$	297,908	$	344,772

During August 2025 and 2024, 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. For MSG Networks’ August 2024 test, the Company also determined that there were no impairments identified as of the impairment test date.

With respect to the MSG Networks’ segment August 2025 annual impairment test, 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 for MSG Networks, estimates of future operating costs for MSG Networks, 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. 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. No additional indicators of impairment were identified through the remainder of the year ended December 31, 2025.

On December 31, 2024, MSG Networks’ affiliation agreement with Altice USA (“Altice”), one of its major Distributors, expired, and as a result, the Company’s networks were not carried by Altice from January 1, 2025 through February 21, 2025. On February 22, 2025, MSG Networks and Altice entered into a multi-year renewal of the MSG Networks affiliation agreement and Altice resumed carriage of the Company's networks.. In connection with the preparation of the financial statements as of December 31, 2024, and in light of changes affecting the MSG Networks reporting unit and the programming industry, the Company concluded that a triggering event had occurred for the reporting unit as of December 31, 2024, and performed an interim quantitative impairment test. For the interim impairment test, the Company estimated the fair value of the MSG Networks reporting unit based on a discounted cash flow model (income approach). This approach relied on numerous assumptions and judgments within the model that were subject to various risks and uncertainties. Principal assumptions utilized, all of which are considered Level III inputs under the fair value hierarchy, include the Company’s estimates of future revenue for MSG Networks, estimates of future operating costs for MSG Networks, margin assumptions, terminal growth rates and the discount rate applied to estimate future cash flows. As a result of the interim impairment test, the Company recorded a non-cash goodwill impairment charge of $61,200 as of December 31, 2024 within the MSG Networks segment.

The Company’s intangible assets subject to amortization as of December 31, 2025 and 2024 were as follows:


	As of
	December 31, 2025						December 31, 2024
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(72,921)	$	10,123	$	83,044	$	(69,806)	$	13,238
Technology	15,508		(5,169)		10,339		15,508		(2,068)		13,440
Trade name	2,032		(677)		1,355		2,032		(327)		1,705

Total	$	100,584	$	(78,767)	$	21,817	$	100,584	$	(72,201)	$	28,383

Amortization expense for intangible assets was $6,567, $3,500, $3,788, and $3,115 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively.

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


	For the years ending December 31,
	2026		2027		2028		2029		2030
Estimated amortization expense	$	(6,623)	$	(6,623)	$	(6,623)	$	(1,948)	$	—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of December 31, 2025, commitments of the Company in the normal course of business were as follows:


	Commitments
	2026		2027		2028		2029		2030		Thereafter		Total
Sphere
Event-related commitments	$	20,385	$	15,000	$	—	$	—	$	—	$	—	$	35,385
Letter of credit	913		—		—		—		—		—		913
Other	2,000		333		—		—		—		—		2,333
Total Sphere Commitments	$	23,298	$	15,333	$	—	$	—	$	—	$	—	$	38,631
MSG Networks
Broadcast rights	$	197,230	$	208,335	$	201,494	$	113,008	$	26,262	$	13,131	$	759,460
Purchase commitments	28,890		17,149		4,085		559		—		—		50,683


Total MSG Networks Commitments	$	226,120	$	225,484	$	205,579	$	113,567	$	26,262	$	13,131	$	810,143

Total Commitments	$	249,418	$	240,817	$	205,579	$	113,567	$	26,262	$	13,131	$	848,774

See Note 11. Leases for more information regarding the Company’s contractually obligated minimum lease payments for operating leases having an initial noncancelable term in excess of one year.

See Note 14. 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 (expense) income, net on the consolidated statements of operations in connection with the settlement payment to the Company.

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

On April 6, 2023, the parties to the MSG Networks Litigation reached an agreement in principle to settle the MSG Networks Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGN Settlement Agreement”) that was filed with the Court on May 18, 2023. The MSGN Settlement Agreement provided for, among other things, the final dismissal of the MSG Networks Litigation in exchange for a settlement payment to the plaintiffs and the class of approximately $48,500, of which approximately $28,000 has been paid by the Company and approximately $20,500 has been paid to the plaintiffs by insurers (who agreed to advance these costs subject to final resolution of the parties’ insurance coverage dispute). The MSGN Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. MSG Networks Inc. has a dispute with its insurers over whether and to what extent there is insurance coverage for the settlement (and has settled with one of the insurers). As of December 31, 2025, approximately $18,000 has been accrued in Accrued expenses and other current liabilities (reduced from approximately $20,500 accrued as of March 31, 2024 in connection with the aforementioned settlement). Unless MSG Networks Inc. and the remaining insurers settle that insurance dispute, it is expected to be finally resolved in a pending Delaware insurance coverage action.

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

Credit Facilities and Convertible Notes

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Credit Facilities and Convertible Notes

The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of December 31, 2025 and 2024:


	As of
	December 31, 2025						December 31, 2024
	Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Current portion
MSG Networks term loan facility (a)	$	63,009	$	—	$	63,009	$	829,125	$	—	$	829,125




Current portion of long-term debt, net	$	63,009	$	—	$	63,009	$	829,125	$	—	$	829,125

_________________

(a) The December 31, 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 14.


	As of
	December 31, 2025								December 31, 2024
	Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Debt Discount		Unamortized Deferred Financing Costs		Net
Non-current portion
MSG Networks term loan facility (a)	$	240,695	$	—	$	—	$	240,695	$	—	$	—	$	—	$	—
LV Sphere Term Loan Facility	275,000		—		(2,151)		272,849		275,000		—		(3,240)		271,760
3.50% Convertible Senior Notes	258,750		(4,168)		(687)		253,895		258,750		(5,595)		(905)		252,250
Long-term debt, net	$	774,445	$	(4,168)	$	(2,838)	$	767,439	$	533,750	$	(5,595)	$	(4,145)	$	524,010

________________

(a) The December 31, 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 14.

MSG Networks Credit Facilities

General. MSGN Holdings, L.P. (“MSGN L.P.”), MSGN Eden, LLC, an indirect, wholly-owned subsidiary of the Company and the general partner of MSGN L.P. (“MSGN Eden”), Regional MSGN Holdings LLC, an indirect, wholly-owned 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 $158,937 as of December 31, 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 December 31, 2025 was 8.82%.

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, which commenced on September 30, 2025. During the quarters ending September 30, 2025 and December 31, 2025, MSGN L.P. made fixed amortization payments 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. In January 2026, MSGN L.P made a $5,468 mandatory cash sweep payment based on excess cash as of December 31, 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 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.

2022 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 prior to January 29, 2026, the “2022 LV Sphere Term Loan Facility”).

Interest Rates. Borrowings under the 2022 LV Sphere Term Loan Facility bore interest at a floating rate, which at the option of MSG LV may have been 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 2022 LV Sphere Term Loan Facility as of December 31, 2025 was 8.19%.

Principal Repayments. The 2022 LV Sphere Term Loan Facility would have matured on December 22, 2027. The principal obligations under the 2022 LV Sphere Term Loan Facility were due at the maturity of the facility, with no amortization payments prior to maturity. Under certain circumstances, MSG LV would have been 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 2022 LV Sphere Term Loan Facility and related guaranty by Sphere Entertainment Group included 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 were required to be at least 1.35:1.00. As of December 31, 2025, the historical and prospective debt service coverage ratio requirements were met. In addition, among other

conditions, MSG LV was not permitted to make distributions to Sphere Entertainment Group unless the historical and prospective debt service coverage ratios were at least 1.50:1.00. The minimum liquidity level for Sphere Entertainment Group was set at $50,000, with $25,000 required to be held in cash or cash equivalents, and was 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 2022 LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements contained certain customary representations and warranties, affirmative and negative covenants and events of default. The 2022 LV Sphere Term Loan Facility contained 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 2022 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 2022 LV Sphere Term Loan Facility were guaranteed by Sphere Entertainment Group. All obligations under the 2022 LV Sphere Term Loan Facility, including the guarantees of those obligations, were 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.

2026 LV Sphere Facilities

General. On January 29, 2026, MSG LV entered into a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and L/C Issuer, and the lenders party thereto, which refinanced in full the 2022 LV Sphere Term Loan Facility. The new credit agreement provides for (i) a $275,000 senior secured term loan facility (the “2026 LV Sphere Term Loan Facility”), the proceeds of which were used to refinance the 2022 LV Sphere Term Loan Facility, and (ii) a senior secured revolving credit facility in the maximum principal amount of $275,000 (the “2026 LV Sphere Revolving Credit Facility” and collectively, the “2026 LV Sphere Facilities”), the proceeds of which are expected to be used for working capital and general corporate purposes, including distributions to the Sphere Entertainment Group. All obligations under the 2026 LV Sphere Facilities are guaranteed by Sphere Entertainment Group. None of the Company, MSG Networks, MSGN L.P. or any of the subsidiaries of MSGN L.P. are parties to the 2026 LV Sphere Facilities.

Financial Covenants. The 2026 LV Sphere Facilities include financial covenants requiring MSG LV to maintain a minimum debt service coverage ratio of 2.50:1.00 and a maximum total leverage ratio of 3.50:1.00. Both covenants are tested quarterly based on the four consecutive fiscal quarters of MSG LV then most recently ended.

Principal Repayments. The 2026 LV Sphere Facilities will mature on January 29, 2031. Commencing with the first fiscal quarter to occur after the second anniversary of the closing of the 2026 LV Sphere Term Loan Facility, the principal obligations under the 2026 LV Sphere Term Loan Facility will be subject to amortization payments of 5% per annum, paid in quarterly installments, with the remainder of the term loans due at maturity. Under certain circumstances, MSG LV is required to make mandatory prepayments on the loans, 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.

Interest Rates. Borrowings under the 2026 LV Sphere Facilities will bear interest at a floating rate, which at the option of MSG LV may be either (i) Term SOFR (as defined in the 2026 LV Sphere Facilities) plus a margin that ranges from 2.50% to 3.00% based on MSG LV’s total leverage ratio or (ii) the Alternative Base Rate (as defined in the 2026 LV Sphere Facilities) plus a margin that ranges from 1.50% to 2.00% based on MSG LV’s total leverage ratio.

Guarantors and Collateral. All obligations under the 2026 LV Sphere Facilities are guaranteed by Sphere Entertainment Group. All obligations under the 2026 LV Sphere Facilities, including the guarantees of those obligations, are secured by all of the assets of MSG LV and a pledge of the equity interests in MSG LV held directly by Sphere Entertainment Group including, but not limited to, MSG LV’s leasehold interest in the land on which the Sphere in Las Vegas is located.

Covenants. In addition to the financial covenants described above, the 2026 LV Sphere Facilities and the related guaranty and security and pledge agreements contain certain customary representations and warranties, affirmative and negative covenants and events of default. The 2026 LV Sphere Facilities contain certain restrictions on the ability of MSG LV to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the 2026 LV Sphere Facilities, including the following: (i) incurring additional indebtedness; (ii) incurring liens on its assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions to the extent a default or event of default under the 2026 LV Sphere Facilities is in effect at

such time or the debt service reserve account is not funded to the extent required; (v) changing its lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending organizational documents; (viii) merging or consolidating; and (ix) making certain dispositions.

Delayed Draw Term Loan Facility

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

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

3.50% Convertible Senior Notes

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

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

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

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

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

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

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

If certain corporate events occur or the Company delivers a notice of redemption prior to the maturity date of the 3.50% Convertible Senior Notes, and a holder elects to convert its 3.50% Convertible Senior Notes in connection with such corporate event or notice of redemption, as the case may be, the Company will, under certain circumstances, increase the conversion rate for the 3.50% Convertible Senior Notes so surrendered for conversion by a number of additional shares of Class A Common Stock in accordance

with the Indenture. No adjustment to the conversion rate will be made if the price paid or deemed to be paid per share of Class A Common Stock in such corporate event or redemption, as the case may be, is either less than $28.41 per share or exceeds $280.00 per share.

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

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

On December 5, 2023, in connection with the pricing of the 3.50% Convertible Senior Notes, and on December 6, 2023, in connection with the exercise in full by the initial purchasers of their option to purchase additional 3.50% Convertible Senior Notes, the Company entered into capped call transactions with certain of the initial purchasers of the 3.50% Convertible Senior Notes or their respective affiliates and other financial institutions, pursuant to capped call confirmations. The capped call transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon any conversion of the 3.50% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 3.50% Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to approximately $42.62 per share (which represents a premium of approximately 50% over the last reported sale price of the Class A Common Stock of $28.41 per share on the NYSE on December 5, 2023), and is subject to certain adjustments under the terms of the capped call transactions.

Debt Maturities

Debt maturities over the next five years for the outstanding principal balance under the MSGN Term Loan Facility, 2022 LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of December 31, 2025 were as follows:


	MSGN Term Loan Facility (a)		2022 LV Sphere Term Loan Facility		3.50% Convertible Senior Notes		Total

Year ending December 31, 2026	45,468		—		—		45,468
Year ending December 31, 2027	40,000		275,000		—		315,000
Year ending December 31, 2028	40,000		—		258,750		298,750
Year ending December 31, 2029	33,469		—		—		33,469
Year ending December 31, 2030	—		—		—		—
Thereafter	—		—		—		—
Total debt	$	158,937	$	275,000	$	258,750	$	692,687

_________________

(a) The carrying amount of the MSGN term loan facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, was $303,704 as of December 31, 2025. 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 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 were as follows:


	Interest Payments								Loan Principal Repayments
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
MSG Networks term loan facility (a)	$	45,396	$	35,074	$	68,297	$	58,311	$	156,063	$	20,625	$	82,500	$	66,000
2022 LV Sphere Term Loan Facility	25,192		13,429		26,894		12,825		—		—		—		—
Delayed Draw Term Loan Facility	—		—		460		—		—		—		65,000		—
3.50% Convertible Senior Notes	9,056		4,528		4,352		—		—		—		—		—
Total Payments	$	79,644	$	53,031	$	100,003	$	71,136	$	156,063	$	20,625	$	147,500	$	66,000

_________________

(a) As a result of June 27, 2025 refinancing, the MSG Networks Term Loan Facility is accounted for under the troubled debt restructuring guidance. For purposes of this disclosure and for comparability to prior periods, interest payments and principal payments are presented based on the contractual nature of the cash flows.

The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	As of
	December 31, 2025				December 31, 2024
	Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
Liabilities:
MSG Networks Credit Facilities	$	303,704	$	147,811	$	829,125	$	335,796
2022 LV Sphere Term Loan Facility	275,000		270,875		275,000		273,625
3.50% Convertible Senior Notes	254,582		711,097		253,155		353,246
Total debt	$	833,286	$	1,129,783	$	1,357,280	$	962,667

_________________

(a) The total carrying value of the Company’s debt as of December 31, 2025 and 2024 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $2,838 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.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension Plans and Other Postretirement Benefit Plan

12 Months Ended

Dec. 31, 2025

Pension Plans and Other Postretirement Benefit Plan

Defined Benefit Pension Plans and Postretirement Benefit Plan

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

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

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

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

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

The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Change in benefit obligation:
Benefit obligation at beginning of period	$	37,373	$	37,765	$	1,831	$	1,726
Service cost	188		97		16		9
Interest cost	1,944		989		89		47
Actuarial loss (gain) (a)	1,552		(233)		704		488
Benefits paid	(2,449)		(1,185)		(1,059)		(439)

Plan settlements paid	—		(60)		—		—


Benefit obligation at end of period	38,608		37,373		1,581		1,831
Change in plan assets:
Fair value of plan assets at beginning of period	17,732		17,668		—		—
Actual return on plan assets	1,451		178		—		—
Employer contributions	500		500		—		—
Benefits paid	(1,233)		(614)		—		—

Fair value of plan assets at end of period	18,450		17,732		—		—
Funded status at end of period	$	(20,158)	$	(19,641)	$	(1,581)	$	(1,831)

_________________

(a) In the year ended December 31, 2025, the actuarial loss on the benefit obligation was primarily due to a net decrease in discount rate. In the year ended and December 31, 2024, the actuarial gain on the benefit obligation was primarily due to a net increase in discount rates.

Amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 consisted of:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Current liabilities (included in Accrued expenses and other current liabilities)	$	(1,817)	$	(1,487)	$	(144)	$	(207)
Non-current liabilities (included in Other non-current liabilities)	(18,340)		(18,154)		(1,437)		(1,624)
	$	(20,157)	$	(19,641)	$	(1,581)	$	(1,831)

Accumulated other comprehensive loss, before income tax, as of December 31, 2025 and 2024 consisted of the following amounts that have not yet been recognized in net periodic benefit cost:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Actuarial (loss) gain	$	(8,177)	$	(7,353)	$	(1,033)	$	(369)

The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023. Service cost is recognized in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other (expense) income, net.


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
Service cost	$	188	$	97	$	243	$	245	$	16	$	9	$	18	$	20
Interest cost	1,944		989		1,995		1,755		89		47		89		68
Expected return on plan assets	(982)		(476)		(970)		(853)		—		—		—		—
Recognized actuarial loss (gain)	395		169		335		358		39		—		(23)		(69)
Settlement gain	—		1		—		(12)		—		—		—		—
Net periodic benefit cost	$	1,545	$	780	$	1,603	$	1,493	$	144	$	56	$	84	$	19

Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 were as follows:


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
Actuarial (loss) gain, net	$	(1,218)	$	(148)	$	(463)	$	288	$	(703)	$	(488)	$	(60)	$	(292)
Recognized actuarial loss (gain)	395		169		335		358		39		—		(23)		(69)
Settlement gain	—		1		—		(12)		—		—		—		—
Total recognized in other comprehensive income (loss)	$	(823)	$	22	$	(128)	$	634	$	(664)	$	(488)	$	(83)	$	(361)

Funded Status

The accumulated benefit obligation for the pension plans aggregated to $38,441 and $37,208 at December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, each of the pension plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets.

Pension Plans and Postretirement Plan Assumptions

Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of December 31, 2025 and 2024 were as follows:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Discount rate	5.25	%	5.59	%	4.67	%	5.32	%
Rate of compensation increase	3.00	%	3.00	%	n/a		n/a
Interest crediting rate	4.69	%	4.32	%	n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		8.00	%	7.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		2038		2035

Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 are as follows:


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023

Discount rate - projected benefit obligation	5.58	%	5.51	%	5.33	%	4.81	%	5.32	%	5.39	%	5.41	%	4.66	%
Discount rate - service cost	5.86	%	5.69	%	5.52	%	5.06	%	5.52	%	5.48	%	5.39	%	4.89	%
Discount rate - interest cost	5.33	%	5.43	%	5.40	%	4.55	%	5.14	%	5.39	%	5.47	%	4.38	%
Expected long-term return on plan assets	6.36	%	6.13	%	5.65	%	5.00	%	n/a		n/a		n/a		n/a
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a		n/a
Interest crediting rate	4.32	%	4.55	%	4.55	%	3.77	%	n/a		n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		n/a		7.50	%	6.75	%	7.00	%	6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		n/a		5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		n/a		2035		2032		2032		2027

The discount rates were determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of December 31, 2025 and 2024 and June 30, 2024 and 2023 to select a rate at which the Company believed the plans’ benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. The expected long-term return on plan assets is based on a periodic review and modeling of the plans’ asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (i) historical returns for the asset classes covered by the investment policy and (ii) projections of returns over the long-term period during which benefits are payable to plan participants.

Plan Assets and Investment Policy

The weighted-average asset allocation of the pension plan assets as of December 31, 2025 and 2024 was as follows:


	As of December 31,
Asset Classes (a):	2025		2024
Fixed income securities	97	%	95	%

Cash equivalents	3	%	5	%
	100	%	100	%

_________________

(a) The Company’s target allocation for the assets of the Networks 1212 Plan is 100% fixed income securities as of December 31, 2025 and 2024.

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

Investments at Estimated Fair Value

The cumulative fair values of the individual plan assets at December 31, 2025 and 2024 by asset class were as follows:


	Fair Value Hierarchy	As of December 31,
		2025		2024


Money market fund (a)	I	$	569	$	990




U.S. Government agency obligations (a)	I	3,724		3,681
Common collective trust (b)	II	14,157		13,061
Total investments measured at fair value		$	18,450	$	17,732

_________________

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

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

Contributions for Qualified Defined Benefit Pension Plans

During September 2025, the Company contributed $500 to the Networks 1212 Plan. The Company expects to contribute $950 to the Networks 1212 Plan in 2026.

Estimated Future Benefit Payments

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


	Pension Plans		Postretirement Plan
Year ending December 31, 2026	$	3,479	$	147
Year ending December 31, 2027	$	3,064	$	157
Year ending December 31, 2028	$	3,100	$	173
Year ending December 31, 2029	$	3,303	$	189
Year ending December 31, 2030	$	3,102	$	195
Years ending December 31, 2031 – 2035	$	15,047	$	873

Defined Contribution Plan

The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan and the Sphere Entertainment Excess Savings Plan. The Company also participates in the Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”) and the Madison Square Garden 401(k) Union Plan. For the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, expenses related to the Savings Plans that are included in the accompanying consolidated statements of operations were $8,515, $4,322, $6,376 and $7,421, respectively.

Multiemployer Plans

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

Multiemployer Defined Benefit Pension Plans

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

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

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

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

The Company was listed in the Form 5500 for the multiemployer plan, Nevada Resort Association I.A.T.S.E. Local 720 Retirement Plan, as providing more than 5% of the total contributions for the plan years ending December 31, 2024 and 2023. There were no multiemployer defined benefit pension plans, to which the Company contributes, that were in a redzone (which are plans that are generally less than 65% funded) for the most recent Pension Protection Act zone status available as of December 31, 2025.

The Company contributed $1,747, $746, $1,134 and $677 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, for multiemployer defined benefit pension plans.

Multiemployer Defined Contribution Plans

The Company contributed $244, $114, $250, and $142 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, to multiemployer defined contribution plans.

Executive Deferred Compensation Plan

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

In accordance with ASC Topic 710, the Company remeasures the deferred compensation liability, with a charge (or credit) to compensation cost in the Company’s consolidated statements of operations, to reflect changes in the fair value of the assets owed to the participants of the Deferred Compensation Plan. The Company remeasures the fair value of the assets held in trust in accordance with ASC Topic 321, Investments – Equity Securities, and recognizes unrealized gains and losses in Other (expense) income, net in the Company’s consolidated statements of operations. The Company recorded compensation expense of $467, $92, $307, and $218 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, within Selling, general and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains of $467, $92, $307, and $218 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, within Other (expense) income, net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.

Amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 related to the Deferred Compensation Plan consisted of:


	As of December 31,
	2025		2024
Non-current assets (included in Investments)	$	3,669	$	3,580

Non-current liabilities (included in Other non-current liabilities)	$	(3,680)	$	(3,580)

The entire disclosure for retirement benefits.

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Share-Based Payment Arrangement, Disclosure [Abstract]

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-based Compensation

Share-based Compensation Expense

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

Share-based compensation expense is generally recognized straight-line over the vesting term of the award, which typically provides for three-year cliff or graded vesting subject to continued employment.

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

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

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

The following table summarizes the Company’s share-based compensation expense for the year ended December 31, 2025, the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Share-based compensation expense (a)	$	65,357	$	33,968	$	47,382	$	42,607

_________________

(a) Share-based compensation expense excludes costs that have been capitalized of $763, $1,250, $2,193 and $3,642 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively. For the year ended December 31, 2025, the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023, share-based compensation expense also excludes costs of $0, $700, $1,166 and $8,118 respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations, as detailed in Note 6. Restructuring Charges.

As of December 31, 2025, there was $85,367 of unrecognized compensation cost related to unvested awards held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 1.7 years.

RSU and PSU Award Activity

The following table summarizes activity related to the Company’s RSUs and PSUs, held by the Company, MSG Sports and MSG Entertainment employees for the year ended December 31, 2025:


	Number of		Weighted-Average Grant-date Fair Vale (b)
	RSUs	PSUs
Unvested award balance as of December 31, 2024	917	805	$	40.33
Granted	474	375	$	51.99
Vested (a)	(570)	(478)	$	38.46
Forfeited	(169)	(143)	$	37.02
Unvested award balance as of December 31, 2025	652	559	$	50.97

_________________

(a) Upon delivery, RSUs and PSUs granted under the Employee Stock Plan and the MSG Networks Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 463 awards, with an aggregate value of $24,549 were retained by the Company during the year ended December 31, 2025.

(b) The weighted-average grant-date fair value for unvested awards granted prior to the MSGE Distribution Date reflects the impact of the MSGE Distribution as described above.

The following table summarizes additional information about RSUs and PSUs for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months December 31,		Years Ended June 30,
	2025		2024		2024		2023
Weighted average grant date fair value per share of awards granted	$	51.99	$	48.27	$	36.94	$	50.81
Fair value of awards vested	$	51,667	$	37,533	$	45,263	$	42,467

Stock Options Award Activity

Compensation expense for the Company’s existing stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes or Monte Carlo options-pricing models. Stock options generally cliff-vest after a three year service period and expire 5 to 10 years from the date of grant.

The following table summarizes activity related to the Company’s stock options for the year ended December 31, 2025:


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

Balance as of December 31, 2024	5,532	$	42.62	8.65	$	11,601
Options granted	1,685	$	38.72
Options exercised	(191)	$	33.90
Options forfeited	(159)	$	57.09
Balance as of December 31, 2025	6,867	$	41.55	7.80	$	367,515
Exercisable as of December 31, 2025	902	$	39.32	3.04	$	50,310

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

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

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

SARs Award Activity

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

The following table summarizes activity related to the Company’s SARs for the year ended December 31, 2025:


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

Balance as of December 31, 2024	188	$	46.17	1.80	$	—
SARs granted	—	$	—
SARs forfeited	(13)	$	46.17
Balance as of December 31, 2025	175	$	46.17	0.82	$	8,533
Exercisable as of December 31, 2025	—	$	—	—	$	—

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholder’s Equity

Preferred Stock

The Company is authorized to issue 15,000 shares of preferred stock, par value $0.01. As of December 31, 2025 and 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 year ended December 31, 2025, the Company repurchased 1,054 shares of Class A Common Stock for approximately $50,024, inclusive of $24 in excise taxes. As of December 31, 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 loss before reclassifications	—		4,354		4,354
Amounts reclassified from accumulated other comprehensive loss (a)	(1,481)		6,175		4,694
Income tax benefit	504		(2,826)		(2,322)
Other comprehensive (loss) income, total	(977)		7,703		6,726
Balance as of December 31, 2025	$	(6,854)	$	6,072	$	(782)


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


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)

Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(1,851)		(1,851)
Amounts reclassified from accumulated other comprehensive loss (a)	(539)		—		(539)
Income tax benefit	143		618		761
Other comprehensive loss, total	(396)		(1,233)		(1,629)
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)
Other comprehensive income:
Other comprehensive income before reclassifications	—		6,656		6,656
Amounts reclassified from accumulated other comprehensive loss (a)	1,755		—		1,755
Income tax expense	(323)		(1,212)		(1,535)
Other comprehensive income, total	1,432		5,444		6,876
Disposition of Tao Group Hospitality	—		2,824		2,824
Distribution of MSG Entertainment	33,717		—		33,717
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)

_________________

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

The entire disclosure for equity.

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Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income tax paid after and prior to the adoption of ASU 2023-09, attributable to continuing operations, is comprised of the following components:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Federal	$	—	$	—	$	—	$	—
State and local:
New Jersey	636		—		—		—
New York City	1,910		—		—		—
Other	3		—		—		—
	2,549		—		—		—
Total cash paid for income taxes (net of refunds)	$	2,549	$	—	$	—	$	—
Total cash paid for income taxes (prior to ASU 2023-09)	$	—	$	(15,599)	$	18,649	$	7,288

Income (or loss) from continuing operations before Income tax (expense) benefit is comprised of the following components:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Domestic	$	70,065	$	(299,422)	$	(244,488)	$	269,817
Foreign	(12,850)		(7,157)		(115,737)		5,613

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


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Current (expense) benefit:
Federal	$	—	$	—	$	8,200	$	1,389
State and local	(2,890)		(746)		(4,103)		(4,672)
Foreign	—		134		(1,045)		—
	(2,890)		(612)		3,052		(3,283)
Deferred (expense) benefit:
Federal	(17,384)		54,234		93,322		(59,253)
State and local	(5,599)		19,257		39,382		(41,517)
Foreign	2,063		2,467		(164)		650
	(20,920)		75,958		132,540		(100,120)
Income tax (expense) benefit	$	(23,810)	$	75,346	$	135,592	$	(103,403)

As previously disclosed for the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


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

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


	Year Ended December 31,
	2025		Percentage
Income from continuing operations before income taxes	57,215

Federal tax (expense) benefit at statutory federal rate	(12,015)		(21)	%
State and local income taxes, net of federal benefit (a)	(2,110)		(4)	%
Foreign Tax Effects:
United Kingdom:
Statutory rate difference between United Kingdom and United States	108		—	%
Change in Valuation Allowance	(672)		(1)	%
Germany:
Statutory rate difference between Germany and United States	914		2	%
Change in Valuation Allowance	(985)		(2)	%
Effect of Cross Border Tax Laws
Recognize foreign outside basis difference	18,227		32	%
Nontaxable or Nondeductible Items:
Nondeductible officers’ compensation	(7,600)		(13)	%
Nondeductible expenses	(256)		—	%
Permanent difference related to cancellation of debt income	(20,701)		(36)	%
Tax Credits:
FICA Credit	688		1	%

Excess tax (expense) benefit related to share-based payment awards	531		1	%
Other Adjustments	61		—	%
Income tax (expense) benefit	$	(23,810)	(42)	%

_________________

(a) State and local taxes in New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.

The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	106,075	$	279,813
Capital loss carryback	23,378		—
Tax credit carryforwards	1,645		934
Accrued employee benefits	23,167		15,817
Restricted stock units and stock options	2,864		4,684

Right-of-use lease assets and lease liabilities, net	10,167		11,204
Investments	5,024		8,211
Accrued litigation	4,566		4,712
Deferred debt restructuring costs	37,133		—
Other	8,770		13,184
Total deferred tax assets	$	222,789	$	338,559
Less valuation allowance	(1,657)		(28,952)
Deferred tax assets, net	$	221,132	$	309,607

Deferred tax liabilities:
Intangible and other assets	$	(191,168)	$	(215,820)
Property and equipment	(183,263)		(222,703)
Prepaid expenses	(6,300)		(6,142)
Deferred interest	(12,512)		(13,812)

Total deferred tax liabilities	$	(393,243)	$	(458,477)

Deferred tax liabilities, net	$	(172,111)	$	(148,870)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the utilization of its federal net operating loss carryforward and its future deductible temporary differences. As of December 31, 2025, based on current facts and circumstances, management believes that it is more likely than not that the Company will not realize its deferred tax assets related to foreign NOLs. The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis.

The federal NOL carryforward as of December 31, 2025 was approximately $440,000 and is carried forward indefinitely.

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

The Company has not recorded any tax expense for uncertain tax positions as of December 31, 2025 and 2024.

For US income tax purposes, the Company is required to recognize cancellation of debt income (“CODI”) on the difference between the face value of debt exchanged and the fair market value of new debt issued. On June 27, 2025, in connection with the execution of the A&R MSGN Credit Agreement, the Company recognized CODI of approximately $613,000, all of which was excluded from taxable income under the insolvency provisions of Internal Revenue Code Section 108.

The entire disclosure for income tax.

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

Related Party Transactions

12 Months Ended

Dec. 31, 2025

As of December 31, 2025, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 6.7% of the

Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of December 31, 2025). Such shares of Class A Common Stock and Class B Common Stock, collectively, represent approximately 72.3% of the aggregate voting power of Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Entertainment, MSG Sports and AMC Networks Inc. (“AMC Networks”).

Related Party Arrangements Following the MSGE Distribution

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

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

•MSGE Services Agreement (as defined below) pursuant to which the Company receives certain services from MSG Entertainment, such as information technology, human resources, finance, security, payroll, tax, certain legal functions, booking functions, 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 (previously provided through the MSGE TSA through December 31, 2024). The Company also provides certain corporate services to MSG Entertainment in exchange for service fees;

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

•Arrangements with (i) MSG Entertainment, pursuant to which MSG Entertainment provides certain sponsorship-related account management services to the Company in exchange for service fees in addition to certain advertising sales and representation services to MSG Networks in exchange for a commission and certain cost reimbursements, and (ii) MSG Sports, pursuant to which MSG Sports provides certain business operations services to the Company in exchange for service fees;

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

•Arrangements with MSG Entertainment pursuant to which the Company, through its Holoplot business, is providing certain technology services to MSG Entertainment venues;

•A sublease agreement, pursuant to which the Company subleases office space from MSG Entertainment;

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

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

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

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

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

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 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 (as may be amended from time to time, the “MSGE Services Agreement”), to continue to receive certain services from MSG Entertainment as described above.

The Company has entered into certain commercial agreements with its equity method investment nonconsolidated affiliates in connection with Sphere. For the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, the Company recorded $530, $8,311 and $93,823 respectively, of capital expenditures in connection with services provided to the Company under these agreements. The Company did not record any capital expenditures in connection with these services for the year ended December 31, 2025.

These commercial agreements also included 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 $4,704 and $5,618 for the six months ended December 31, 2024 and year ended June 30, 2024, respectively. The Company did not record any commission expense for the year ended June 30, 2023. 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 December 31, 2025 and 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 consolidated balance sheets.

Related Party Arrangements Prior to the MSGE Distribution

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

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

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

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

Company. Pursuant to the terms of the agreements, CFD could lease on a non-exclusive, “time sharing” basis, certain Company aircraft.

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

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

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

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

Revenues and Operating Expenses

The following table summarizes the composition and amounts of the transactions with the Company’s related parties. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Revenues	$	6,039	$	914	$	3,585	$	2,079
Operating (expenses) credits:
Media fees	(136,529)		(90,723)		(175,462)		(172,581)
Cost reimbursement from MSG Sports - MSG Sports Services Agreement	—		—		—		29,836
Corporate general and administrative expenses, net - MSG Entertainment Transition/Services Agreement (a)	(68,228)		(47,717)		(110,966)		(27,494)
Origination, master control and technical services	(4,644)		(2,564)		(5,079)		(4,982)
Other operating expenses, net (b)	(14,665)		(10,691)		(18,017)		(261)
Total operating expenses, net (c)	$	(224,066)	$	(151,695)	$	(309,524)	$	(175,482)

_________________

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

(b) Other operating expenses, net, includes reimbursements to MSG Entertainment for aircraft-related expenses, professional and payroll fees, and CPC commissions as well as AMC Networks consulting service fees.

(c) Of the total operating (expenses) credits, net, $(141,506), $(93,343), $(182,051) and $(206,804) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, are included in direct operating expenses in the accompanying consolidated statements of operations. Of the total operating (expenses) credits, net, $(82,560), $(58,352), $(127,473) and $31,322 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

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

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Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

As of December 31, 2025, the Company was comprised of two reportable segments: Sphere and MSG Networks.

Sphere

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

MSG Networks

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

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

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

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

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

(ii) amortization for capitalized cloud computing arrangement costs,

(iii) share-based compensation expense,

(iv) restructuring charges or credits,

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

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

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

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

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

under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other (expense) income, net, which is not reflected in Operating loss (income).

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

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

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


	Year Ended December 31, 2025
	Sphere		MSG Networks		Total
Revenues	$	781,412	$	438,633	$	1,220,045
Event-related expenses (a)	(288,734)		—		(288,734)
Rights fee expense	—		(204,473)		(204,473)
Network programming and production costs	—		(67,241)		(67,241)
Other direct operating expenses (a)	(29,531)		—		(29,531)
Overhead expenses(b)	(389,594)		(52,324)		(441,918)
Other segment expenses(c)	(341,710)		(76,002)		(417,712)
Operating (loss) income	$	(268,157)	$	38,593	$	(229,564)
Gain on extinguishment of debt					346,092
Interest income					13,498
Interest expense					(70,546)
Other expense, net					(2,265)
Income from operations before income taxes					$	57,215

Reconciliation of operating (loss) income to adjusted operating income:
Operating (loss) income	$	(268,157)	$	38,593	$	(229,564)
Adjustments:
Share-based compensation expense	60,272		(1,267)		59,005
Depreciation and amortization	327,769		8,642		336,411
Restructuring charges	9,560		1,960		11,520
Impairment and other losses, net	4,381		65,400		69,781
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	3,954		3,934		7,888
Amortization for capitalized cloud computing costs	6,316		—		6,316
Remeasurement of deferred compensation plan liabilities	467		—		467
Adjusted operating income	$	144,562	$	117,262	$	261,824


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Revenues	$	296,092	$	240,111	$	536,203
Event-related expenses (a)	(118,971)		—		(118,971)
Rights fee expense	—		(135,081)		(135,081)
Network programming and production costs	—		(36,676)		(36,676)
Other direct operating expenses (a)	(16,143)		—		(16,143)
Overhead expenses(b)	(223,953)		(30,310)		(254,263)
Other segment expenses(c)	(170,007)		(65,622)		(235,629)
Operating loss	(232,982)		(27,578)		(260,560)
Interest income					11,413
Interest expense					(57,388)
Other expense, net					(44)
Loss from operations before income taxes					$	(306,579)

Reconciliation of operating loss to adjusted operating (loss) income:
Operating loss	$	(232,982)	$	(27,578)	$	(260,560)
Adjustments:
Share-based compensation expense	29,363		4,031		33,394
Depreciation and amortization	160,840		4,392		165,232
Restructuring charges	5,134		30		5,164
Impairment and other losses, net	4,033		61,200		65,233
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,843		7,534		12,377
Amortization for capitalized cloud computing costs	1,579		152		1,731
Remeasurement of deferred compensation plan liabilities	91		—		91
Adjusted operating (loss) income	$	(27,099)	$	49,761	$	22,662


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Revenues	$	497,159	$	529,730	$	1,026,889
Event-related expenses (a)	(187,610)		—		(187,610)
Rights fee expense	—		(268,747)		(268,747)
Network programming and production costs	—		(73,770)		(73,770)
Other direct operating expenses (a)	(17,697)		—		(17,697)
Overhead expenses(b)	(393,039)		(39,814)		(432,853)
Other segment expenses(c)	(379,197)		(8,256)		(387,453)
Operating (loss) income	(480,384)		139,143		(341,241)
Interest income					25,687
Interest expense					(79,868)
Other income, net					35,197
Loss from operations before income taxes					$	(360,225)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(480,384)	$	139,143	$	(341,241)
Adjustments:
Share-based compensation expense	40,514		6,330		46,844
Depreciation and amortization	248,248		8,246		256,494
Restructuring charges	9,476		10		9,486
Impairment and other (gains) losses, net	121,473		—		121,473
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(1,176)		(11,542)		(12,718)
Amortization for capitalized cloud computing costs	—		87		87
Remeasurement of deferred compensation plan liabilities	306		—		306
Adjusted operating (loss) income	$	(61,543)	$	142,274	$	80,731


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Revenues	$	2,610	$	571,221	$	573,831

Rights fee expense	—		(266,670)		(266,670)
Network programming and production costs	—		(69,996)		(69,996)
Other direct operating expenses (a)	(5,545)		—		(5,545)
Overhead expenses(b)	(325,660)		(126,482)		(452,142)
Other segment expenses(c)	(40,955)		(11,565)		(52,520)
Operating (loss) income	(369,550)		96,508		(273,042)
Interest income					11,585
Interest expense					—
Other income, net					536,887
Income from operations before income taxes					$	275,430

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(369,550)	$	96,508	$	(273,042)
Adjustments:
Share-based compensation expense	36,188		6,419		42,607
Depreciation and amortization	24,048		6,668		30,716
Restructuring charges	23,136		4,788		27,924
Impairment and other gains, net	(6,229)		109		(6,120)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(189)		55,236		55,047
Amortization for capitalized cloud computing costs	—		161		161
Remeasurement of deferred compensation plan liabilities	187		—		187
Adjusted operating (loss) income	$	(292,409)	$	169,889	$	(122,520)

_________________

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

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

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

Concentration of Risk

Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2025 and 2024 included amounts due from the following individual customers, substantially derived from the MSG Networks segment, which accounted for the noted percentages of the gross balance:


	As of December 31,
	2025		2024
Customer A	11	%	14	%
Customer B	9	%	14	%
Customer C	8	%	10	%

Revenues in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 included amounts from the following individual customers, primarily derived from the MSG Networks segment, which accounted for the noted percentages of the total:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Customer 1	10	%	12	%	13	%	26	%
Customer 2	7	%	9	%	10	%	21	%
Customer 3	6	%	12	%	14	%	26	%

As of December 31, 2025, the Company employed approximately 3,300 full-time and part-time employees, of which approximately 16% are subject to CBAs. Approximately 0% of those union employees are subject to CBAs that expired as of December 31, 2025 and approximately 14% are subject to CBAs that will expire by December 31, 2026, if they are not extended prior thereto.

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

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Additional Financial Information [Abstract]

Additional Financial Information

12 Months Ended

Dec. 31, 2025

Additional Financial Information

The following table provides a summary of the amounts recorded as Cash, cash equivalents and restricted cash as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
Cash and cash equivalents	$	507,776	$	501,954
Restricted cash	13,488		13,679
Total Cash and cash equivalents, and restricted cash	$	521,264	$	515,633

The Company’s cash equivalents consist of money market accounts and time deposits of $99,433 and $224,037 as of December 31, 2025 and 2024, respectively. Cash, cash equivalents, and restricted cash are measured at fair value within Level I of the fair value hierarchy on a recurring basis using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in interest-bearing escrow accounts related to credit support, debt facilities, collateral for its operating leases, and general liability insurance obligations.

Prepaid expenses and other current assets as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024
Prepaid expenses	$	38,543	$	32,384


Other receivables	10,839		92

Inventory	14,453		12,583

Deferred cost, current	17,627		12,211
Other	11,362		7,737
Total prepaid expenses and other current assets	$	92,824	$	65,007

Accrued expenses and other current liabilities as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024
Accrued payroll and employee related liabilities	$	63,542	$	42,892
Cash due to promoters	163,499		109,078

Capital expenditure accruals	130,061		142,989
Accrued legal fees	19,361		22,046
Other accrued expenses	55,014		71,365
Total accrued expenses and other current liabilities	$	431,477	$	388,370

Other (expense) income, net for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 included the following:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note 8 for further detail	$	—	$	—	$	(19,027)	$	545,715
Gain on litigation settlement	—		—		62,647		—
Unrealized gain on equity investments without readily determinable fair value	—		—		—		1,969
Loss on equity method investments	(600)		(120)		(6,677)		(8,184)
Other	(1,665)		76		(1,746)		(2,613)
Total other (expense) income, net	$	(2,265)	$	(44)	$	35,197	$	536,887

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 29, 2026, MSG LV, an indirect, wholly-owned subsidiary of the Company, entered into a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and L/C Issuer, and the lenders party thereto, which refinanced in full the 2022 LV Sphere Term Loan Facility. The new credit agreement provides for (i) a $275,000 senior secured term loan facility, the proceeds of which were used to refinance the 2022 LV Sphere Term Loan Facility, and (ii) a senior secured revolving credit facility in the maximum principal amount of $275,000, the proceeds of which are expected to be used for working capital and general corporate purposes, including distributions to the Sphere Entertainment Group. See Note 14. Credit Facilities and Convertible Notes for additional information with respect to the 2026 LV Sphere Facilities.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	All companies utilizing technology are subject to the risk of breaches of or unauthorized access to their computer systems. The Company maintains a cyber risk management program designed to assess, identify and manage cybersecurity threats. The Company’s cyber risk management program has been integrated into our overall risk management program. The Audit Committee of our Board of Directors and our management are involved in the oversight of our risk management program, of which cybersecurity represents an important component. We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats and incidents. Our policies and processes include, among other things: •regular system security testing; •a cybersecurity incident response policy (including the use of third-party vendors, as needed); •periodic and ongoing security awareness training for employees; •the use of several comprehensive vulnerability analysis systems to evaluate software vulnerabilities both internally and externally; and •mechanisms to detect and monitor unusual network activity. The Company also requires that all third-party vendors that have access to or handle sensitive information undergo a risk-based vendor security assessment. We also maintain controls and procedures that are designed to promptly escalate certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Audit Committee of our Board of Directors in a timely manner. There can be no guarantee that our policies and processes will be properly followed in every instance or that those policies and processes will be effective.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company maintains a cyber risk management program designed to assess, identify and manage cybersecurity threats. The Company’s cyber risk management program has been integrated into our overall risk management program. The Audit Committee of our Board of Directors and our management are involved in the oversight of our risk management program, of which cybersecurity represents an important component.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy. The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company and the occurrence of cybersecurity-related events during each quarter. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company and the occurrence of cybersecurity-related events during each quarter. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	The Company has established a cybersecurity leadership response team consisting of members of senior management, including the Chief Security Officer (“CSO”) of MSG Entertainment (who provides services to the Company), the Company’s Chief Financial Officer (“CFO”), and the Company’s General Counsel (“GC”), as well as a tactical incident response team comprised of employees from the threat management department. The CSO is primarily responsible for leading the tactical incident response team, including the implementation of defense capabilities and risk mitigation strategies, and communicating with senior management and the cybersecurity leadership response team. The CSO has over 20 years of security operations, information technology and cybersecurity experience. He has served as Executive Vice President and Chief Security Officer at MSG Entertainment since April 2023 and, prior to the MSGE Distribution, held senior roles at the Company, including serving as Executive Vice President and Chief Security Officer from 2021 to April 2023 and Senior Vice President and Chief Security Officer from 2020 to 2021, and served as MSG Sports’ Senior Vice President and Chief Security Officer from 2018 to 2020 prior to the 2020 Entertainment Distribution. He is supported by his direct reports and their teams. The cybersecurity leadership response team also includes other senior members from the legal, internal audit, communications and threat management departments. This leadership response team meets as needed to review various cybersecurity and data privacy matters as escalated by the tactical incident response team and receives periodic updates from the tactical incident response team on such matters. The tactical incident response team is responsible for maintaining processes to assess, identify and manage material risks from cybersecurity threats and has primary responsibility for executing the response to any cybersecurity incident. In addition, the CSO and/or the tactical incident response team have identified third party vendors that can assist as needed with responding to any cybersecurity incident and determine if members of the cybersecurity leadership response team or other employees or vendors should be involved in the Company’s response. Our Audit Committee is responsible for overseeing the Company’s risk management on behalf of our Board of Directors, which includes overseeing the Company’s management of its cybersecurity and data privacy. The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company and the occurrence of cybersecurity-related events during each quarter. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company has established a cybersecurity leadership response team consisting of members of senior management, including the Chief Security Officer (“CSO”) of MSG Entertainment (who provides services to the Company), the Company’s Chief Financial Officer (“CFO”), and the Company’s General Counsel (“GC”), as well as a tactical incident response team comprised of employees from the threat management department.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CSO has over 20 years of security operations, information technology and cybersecurity experience. He has served as Executive Vice President and Chief Security Officer at MSG Entertainment since April 2023 and, prior to the MSGE Distribution, held senior roles at the Company, including serving as Executive Vice President and Chief Security Officer from 2021 to April 2023 and Senior Vice President and Chief Security Officer from 2020 to 2021, and served as MSG Sports’ Senior Vice President and Chief Security Officer from 2018 to 2020 prior to the 2020 Entertainment Distribution.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CSO (or a senior member of his team) reports annually to the Audit Committee regarding the Company’s information security and cybersecurity risks. In addition, the Company’s CFO and GC communicate with the Company’s Audit Committee or its chair upon the occurrence of specified types of cybersecurity-related events, in accordance with the Company’s incident response policy. The GC, the CFO and the Vice President, Internal Audit & SOX also attend quarterly meetings of the Audit Committee to provide quarterly reports with updates on, among other things, cybersecurity risks facing the Company and the occurrence of cybersecurity-related events during each quarter. The Audit Committee reports to the Board of Directors at least annually regarding its responsibilities and actions taken throughout the year, which includes any significant activities regarding its oversight of risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

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

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

Principles of Consolidation

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

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

Business Combinations and Noncontrolling Interests

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

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

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

Use of Estimates

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

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

Revenue Recognition

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

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

Arrangements with Multiple Performance Obligations

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

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

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

Principal versus Agent Revenue Recognition

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

Contract Balances

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

Direct Operating Expenses

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

Direct operating expenses for the MSG Networks segment primarily represent media rights fees and other direct programming and production costs, such as the salaries of on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission services and

facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on the segment’s networks are typically expensed on a straight-line basis over the applicable annual contract or license period.

Production Costs for the Company’s Original Immersive Productions

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

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

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

Advertising Expenses

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

Nonmonetary Transactions

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

Income Taxes

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

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

Share-based Compensation

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

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

Share-based compensation expense is generally recognized straight-line over the vesting term of the award, which typically provides for three-year cliff or graded vesting subject to continued employment.

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

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

Earnings (Loss) Per Common Share

Basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income (loss) attributable to the Company’s common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options only in the periods in which such effect would have been dilutive through the application of the treasury stock method. For the periods when a net loss is reported, the computation of diluted EPS equals the basic EPS calculation since common stock equivalents would be antidilutive due to losses from continuing operations. Holders of Class A common stock and Class B common stock are entitled to receive dividends equally on a per-share basis if and when such dividends are declared. As the holders of Class A and Class B common stock are entitled to identical dividend and liquidation rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net earnings (loss) per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

The Company applies the two-class method for participating warrants issued by MSG Networks to MSG Sports as these warrants participate in distributions of MSG Networks. Net loss of MSG Networks attributable to common stockholders of MSG Networks is not allocated to MSG Sports, the warrants holder, as MSG Sports does not have a contractual obligation to share in losses.

Cash and Cash Equivalents

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

Restricted Cash

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

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

Accounts Receivable

Accounts receivable are recorded at net realizable value. The Company maintains an allowance for credit losses to reserve for potentially uncollectible receivables. The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company adopted Accounting Standards Update (“ASU”) 2025-05 during the fourth quarter of 2025 by electing the practical expedient under ASU 2025-05 Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASC 326-20-30-10C through 30-10D), for estimating expected credit losses on current accounts receivable and current contract assets. As a result, the Company assumes that current conditions as of the balance sheet date, will remain unchanged for the remaining life of these assets. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Investments

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

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

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

Impairment of Investments

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

Property and Equipment and Other Long-Lived Assets

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

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

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

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

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

Goodwill and Impairment of Long-Lived Assets

Goodwill

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

R. Impairment of Long-Lived Assets

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

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

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

Leases

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

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

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

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

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

T

Interest Capitalization

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

Contingencies and Contingent Consideration

Contingencies

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

V. Contingent Consideration

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

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

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

Defined Benefit Pension Plans and Other Postretirement Benefit Plan

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

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

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

Fair Value Measurements

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

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

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

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

Foreign Currency Translations

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

Concentrations of Risk

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

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued 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 interim reporting periods beginning after 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 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides a comprehensive list within Topic 270 of required interim disclosures, establishes a principle requiring disclosure of events or changes occurring after the end of the most recent annual reporting period that have a material impact on interim results and clarifies the form and content requirements applicable to interim financial statements. According to the ASU, the FASB does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The update will be effective for the Company for interim reporting periods within the year ending December 31, 2028. The Company does not expect the adoption to have a material impact on the Company’s interim consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to (i) clarify, (ii) correct errors in, or (iii) make other minor improvements to a variety of topics in the Accounting Standards Codification. The amendments are intended to make the Accounting Standards Codification easier to understand and apply. The standard is effective for the Company’s year ending December 31, 2027, including interim periods within the year. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard 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 20. 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 was effective for the Company’s annual period ended December 31, 2025 and was adopted on a prospective basis, with the required disclosures included in Note 18. Income Taxes.

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 is effective for the Company in the first quarter of the annual period ending December 31, 2026 and early adoption is permitted. The Company early adopted ASU 2025-05 as of the fourth quarter of 2025. Adoption of the ASU did not have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

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

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

As of December 31, 2025 and 2024, property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
Land	$	—	$	43,838
Buildings	2,270,557		2,263,750




Equipment, furniture and fixtures	1,231,690		1,189,495
Leasehold improvements	23,896		23,835
Construction in progress	5,873		7,496
Total property and equipment, gross	3,532,016		3,528,414
Less accumulated depreciation and amortization	(821,373)		(492,684)
Total property and equipment, net	$	2,710,643	$	3,035,730

Schedule of Intangible Assets Subject to Amortization

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

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

The Company’s intangible assets subject to amortization as of December 31, 2025 and 2024 were as follows:


	As of
	December 31, 2025						December 31, 2024
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(72,921)	$	10,123	$	83,044	$	(69,806)	$	13,238
Technology	15,508		(5,169)		10,339		15,508		(2,068)		13,440
Trade name	2,032		(677)		1,355		2,032		(327)		1,705

Total	$	100,584	$	(78,767)	$	21,817	$	100,584	$	(72,201)	$	28,383

Change in Fiscal Year-End (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Change in Reporting Entity

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


	Six Months Ended
	December 31,
		2024		(Unaudited) 2023
Revenues		$	536,203	$	432,164
Direct operating expenses		(306,871)		(244,265)
Selling, general, and administrative expenses		(254,263)		(202,664)
Depreciation and amortization		(165,232)		(94,290)
Impairment and other losses, net		(65,233)		(115,738)
Restructuring charges		(5,164)		(4,678)
Operating loss		(260,560)		(229,471)

Interest income		11,413		10,304
Interest expense		(57,388)		(25,828)
Other (expense) income, net		(44)		41,066
Loss from continuing operations before income taxes		(306,579)		(203,929)
Income tax benefit		75,346		97,753
Loss from continuing operations		(231,233)		(106,176)
Loss from discontinued operations, net of taxes		—		(647)
Net loss		$	(231,233)	$	(106,823)

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

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

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

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

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


	Year Ended June 30, 2023

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

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

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



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

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


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


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

_________________

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

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


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

Depreciation and amortization	$	49,423	$	23,236
Impairments and other gains, net	(4,361)		(214,350)

Share-based compensation expense	4,710		7,224





Cash flow from investing activities:
Capital expenditures, net	12,832		17,488


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

_________________

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

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

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Revenue from Contract with Customer [Abstract]

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

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 year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31, 2025
	Sphere		MSG Networks		Total

Event-related (a)	$	689,254	$	—	$	689,254
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	68,103		1,584		69,687
Media related, primarily from affiliation agreements (b)	—		431,476		431,476
Other	22,233		5,573		27,806
Total revenues from contracts with customers	$	779,590	$	438,633	$	1,218,223
Revenues from subleases	1,822		—		1,822
Total revenues	$	781,412	$	438,633	$	1,220,045


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Event-related (a)	$	253,305	$	—	$	253,305
Sponsorship, signage, Exosphere advertising, and suite licenses (b)	28,726		723		29,449
Media related, primarily from affiliation agreements (b)	—		237,280		237,280
Other	12,614		2,108		14,722
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203


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


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total

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

_________________

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

(b) Sponsorship and signage, Exosphere advertising, suite licenses, and media related revenues are generally recognized over time.

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 year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023.



	Year Ended December 31, 2025
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	560,807	$	—	$	560,807
Sponsorship, signage, Exosphere advertising, and suite revenues	96,151		—		96,151
Food, beverage and merchandise revenues	100,399		—		100,399
Media networks revenues (b)	—		438,633		438,633
Other	22,233		—		$	22,233
Total revenues from contracts with customers	$	779,590	$	438,633	$	1,218,223
Revenues from subleases	1,822		—		1,822
Total revenues	$	781,412	$	438,633	$	1,220,045



	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	207,024	$	—	$	207,024
Sponsorship, signage, Exosphere advertising, and suite revenues	40,104		—		40,104
Food, beverage and merchandise revenues	34,903		—		34,903
Media networks revenues (b)	—		240,111		240,111
Other	12,614		—		12,614
Total revenues from contracts with customers	$	294,645	$	240,111	$	534,756
Revenues from subleases	1,447		—		1,447
Total revenues	$	296,092	$	240,111	$	536,203



	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Ticketing and venue license fee revenues (a)	$	335,328	$	—	$	335,328
Sponsorship, signage, Exosphere advertising, and suite revenues	87,173		—		87,173
Food, beverage and merchandise revenues	66,702		—		66,702
Media networks revenues (b)	—		529,730		529,730
Other	4,928		—		4,928
Total revenues from contracts with customers	$	494,131	$	529,730	$	1,023,861
Revenues from subleases	3,028		—		3,028
Total revenues	$	497,159	$	529,730	$	1,026,889


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total




Media networks revenues (b)	$	—	$	571,221	$	571,221
Revenues from subleases	2,610		—		2,610
Total revenues	$	2,610	$	571,221	$	573,831

_________________

(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 (iii) brand events (formerly referred to as corporate events) and (iv) 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 December 31, 2025 and 2024 and as of June 30, 2024.


	As of December 31,				As of June 30,
	2025		2024		2024
Receivables from contracts with customers, net (a)	$	173,525	$	154,949	$	228,230
Contract assets, current (b)	445		1,500		1,500
Contract assets, non-current (b)	—		1,307		907
Deferred revenue, including non-current portion (c)	250,170		138,057		97,151

_________________

(a) As of December 31, 2025 and 2024 and June 30, 2024 the Company’s receivables from contracts with customers above included $1,895, $325 and $0, respectively, related to various related parties. See Note 19. 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 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) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the year ended December 31, 2025 relating to the deferred revenue balance as of December 31, 2024 was $92,973.

Remaining Performance Obligation

The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2025. This includes 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.


	As of December 31, 2025
Year ending December 31, 2026	$	116,446
Year ending December 31, 2027	78,737
Year ending December 31, 2028	53,387
Year ending December 31, 2029	33,389
Year ending December 31, 2030	22,083
Thereafter	97,792
	$	401,834

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

Changes to the Company’s restructuring liability through December 31, 2025 were as follows:


	Restructuring Liability
December 31, 2024	$	3,590
Restructuring charges (excluding share-based compensation expense)	11,520
Payments	(6,892)
December 31, 2025	$	8,218

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

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

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


	Year Ended December 31,	Six Months Ended December 31,	Years Ended June 30,
	2025	2024	2024	2023









Weighted-average shares (denominator):
Weighted-average shares for basic EPS	36,069	35,859	35,301	34,651
Dilutive effect of shares related to 3.50% convertible notes	7,286	—	—	—
Dilutive effect of shares issuable under share-based compensation plans (a)	1,943	—	—	278
Weighted-average shares for diluted EPS	45,298	35,859	35,301	34,929
Weighted-average anti-dilutive shares (a)	3,637	—	—	800

_________________

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

Investments (Tables)

12 Months Ended

Dec. 31, 2025

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

Cost and Equity Method Investments

As of December 31, 2025 and 2024, the Company’s investments are included within Investments in the accompanying consolidated balance sheets and consisted of the following:


	Investment Ownership Percentage as of December 31, 2025	Investment as of December 31,
		2025		2024
Equity method investments:
SACO Technologies Inc. (“SACO”)	30%	$	16,981	$	18,095

Gotham Advanced Media and Entertainment, LLC (“GAME”)	50%	9,354		10,000



Equity investments without readily determinable fair values		8,721		8,721
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan (a)		3,669		3,580
Total investments		$	38,725	$	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 based on quoted prices in active markets. Refer to Note 15. Pension Plans and Other Postretirement Benefit Plan, for further detail on the Company’s Executive Deferred Compensation Plan.

Gain (Loss) on Securities

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


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

_________________

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

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

Executive Deferred Compensation Plan

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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

Estimated Useful Lives

Buildings

Up to 40 years

Equipment

1 year to 30 years

Furniture and fixtures

1 year to 10 years

Leasehold improvements

Shorter of term of lease or useful life of improvement

As of December 31, 2025 and 2024, property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
Land	$	—	$	43,838
Buildings	2,270,557		2,263,750




Equipment, furniture and fixtures	1,231,690		1,189,495
Leasehold improvements	23,896		23,835
Construction in progress	5,873		7,496
Total property and equipment, gross	3,532,016		3,528,414
Less accumulated depreciation and amortization	(821,373)		(492,684)
Total property and equipment, net	$	2,710,643	$	3,035,730

Original Immersive Production Content (Tables)

12 Months Ended

Dec. 31, 2025

Other Industries [Abstract]

Schedule Of Deferred Immersive Production Costs

As of December 31, 2025 and 2024, total deferred immersive production content costs consisted of the following:


	As of December 31,
	2025		2024
Production content:
Released, less amortization	$	133,915	$	52,782

In-process	36,877		49,837

Total production content	$	170,792	$	102,619

Schedule Of Amortization Of Deferred Immersive Production Costs

The following table summarizes the Company’s amortization of production content costs, which is reported in Direct operating expenses in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 as follows:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Production content costs (a)	$	34,412	$	15,797	$	20,427	$	—

_________________

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

Schedule Of Amortization By Fiscal Year Of Deferred Immersive Production Costs

Based on the Company’s existing immersive production content, the Company’s annual amortization expense for released deferred immersive production content for each of the succeeding three years as of December 31, 2025 is expected to be as follows:


	As of December 31, 2025
Production content released:
Year ending December 31, 2026	$	39,115
Year ending December 31, 2027	11,068
Year ending December 31, 2028	8,589

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of ROU Assets and Lease Liabilities

The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
ROU assets	$	91,372	$	93,920
Lease liabilities:
Operating leases, current	17,186		19,268
Operating leases, non-current	113,824		116,668
Total lease liabilities	$	131,010	$	135,936

Lease, Cost

The following table summarizes the activity recorded within the Company’s consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Line Item in the Company’s Consolidated Statements of Operations	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
		2025		2024		2024		2023
Operating lease cost	Direct operating expenses	$	4,988	$	3,124	$	3,984	$	1,676
Operating lease cost	Selling, general and administrative expenses	14,745		6,864		14,549		15,925
Variable lease cost	Direct operating expenses	1,500		750		1,740		—
Variable lease cost	Selling, general and administrative expenses	267		—		28		1
Total lease cost		$	21,500	$	10,738	$	20,301	$	17,602

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


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	20,992	$	10,049	$	19,000	$	12,332
Lease assets obtained in exchange for new lease obligations	8,394		—		33,900		6,435

The weighted average remaining lease term and weighted average discount rate for our operating leases as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Weighted average remaining lease term (in years)	10.4		11.3
Weighted average discount rate	5.86	%	5.82	%

Operating Lease Maturity Schedule

As of December 31, 2025, maturities of operating lease liabilities were as follows:


	As of December 31, 2025
Year ending December 31, 2026	$	18,200
Year ending December 31, 2027	17,082
Year ending December 31, 2028	17,170
Year ending December 31, 2029	17,276
Year ending December 31, 2030	17,510
Thereafter	89,812
Total lease payments	177,050
Less imputed interest	46,040
Total lease liabilities	$	131,010

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill by Reportable Segment

The carrying amounts and activity of goodwill from June 30, 2024 through December 31, 2025 were as follows:


	Sphere		MSG Networks		Total
Balance as of June 30, 2024	$	45,644	$	424,508	$	470,152
Acquisitions	1,220		—		1,220
Impairments	—		(61,200)		(61,200)
Balance as of December 31, 2024	$	46,864	$	363,308	$	410,172

Impairments	—		(65,400)		(65,400)
Balance as of December 31, 2025	$	46,864	$	297,908	$	344,772

Schedule of Intangible Assets Subject to Amortization

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

Estimated Useful Lives

Affiliate relationships

24 years

Technology

5 years

Trade name

5 years

The Company’s intangible assets subject to amortization as of December 31, 2025 and 2024 were as follows:


	As of
	December 31, 2025						December 31, 2024
	Gross carrying amount		Accumulated amortization		Intangible assets, net		Gross carrying amount		Accumulated amortization		Intangible assets, net
Affiliate relationships	$	83,044	$	(72,921)	$	10,123	$	83,044	$	(69,806)	$	13,238
Technology	15,508		(5,169)		10,339		15,508		(2,068)		13,440
Trade name	2,032		(677)		1,355		2,032		(327)		1,705

Total	$	100,584	$	(78,767)	$	21,817	$	100,584	$	(72,201)	$	28,383

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


	For the years ending December 31,
	2026		2027		2028		2029		2030
Estimated amortization expense	$	(6,623)	$	(6,623)	$	(6,623)	$	(1,948)	$	—

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Commitments in the Normal Course of Business

As of December 31, 2025, commitments of the Company in the normal course of business were as follows:


	Commitments
	2026		2027		2028		2029		2030		Thereafter		Total
Sphere
Event-related commitments	$	20,385	$	15,000	$	—	$	—	$	—	$	—	$	35,385
Letter of credit	913		—		—		—		—		—		913
Other	2,000		333		—		—		—		—		2,333
Total Sphere Commitments	$	23,298	$	15,333	$	—	$	—	$	—	$	—	$	38,631
MSG Networks
Broadcast rights	$	197,230	$	208,335	$	201,494	$	113,008	$	26,262	$	13,131	$	759,460
Purchase commitments	28,890		17,149		4,085		559		—		—		50,683


Total MSG Networks Commitments	$	226,120	$	225,484	$	205,579	$	113,567	$	26,262	$	13,131	$	810,143

Total Commitments	$	249,418	$	240,817	$	205,579	$	113,567	$	26,262	$	13,131	$	848,774

Credit Facilities and Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [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 December 31, 2025 and 2024:


	As of
	December 31, 2025						December 31, 2024
	Principal		Unamortized Deferred Financing Costs		Net		Principal		Unamortized Deferred Financing Costs		Net
Current portion
MSG Networks term loan facility (a)	$	63,009	$	—	$	63,009	$	829,125	$	—	$	829,125




Current portion of long-term debt, net	$	63,009	$	—	$	63,009	$	829,125	$	—	$	829,125

_________________

(a) The December 31, 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 14.


	As of
	December 31, 2025								December 31, 2024
	Principal		Debt Discount		Unamortized Deferred Financing Costs		Net		Principal		Debt Discount		Unamortized Deferred Financing Costs		Net
Non-current portion
MSG Networks term loan facility (a)	$	240,695	$	—	$	—	$	240,695	$	—	$	—	$	—	$	—
LV Sphere Term Loan Facility	275,000		—		(2,151)		272,849		275,000		—		(3,240)		271,760
3.50% Convertible Senior Notes	258,750		(4,168)		(687)		253,895		258,750		(5,595)		(905)		252,250
Long-term debt, net	$	774,445	$	(4,168)	$	(2,838)	$	767,439	$	533,750	$	(5,595)	$	(4,145)	$	524,010

________________

(a) The December 31, 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 14.

Interest payments and loan principal repayments made by the Company under the credit agreements for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 were as follows:


	Interest Payments								Loan Principal Repayments
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
MSG Networks term loan facility (a)	$	45,396	$	35,074	$	68,297	$	58,311	$	156,063	$	20,625	$	82,500	$	66,000
2022 LV Sphere Term Loan Facility	25,192		13,429		26,894		12,825		—		—		—		—
Delayed Draw Term Loan Facility	—		—		460		—		—		—		65,000		—
3.50% Convertible Senior Notes	9,056		4,528		4,352		—		—		—		—		—
Total Payments	$	79,644	$	53,031	$	100,003	$	71,136	$	156,063	$	20,625	$	147,500	$	66,000

_________________

(a) As a result of June 27, 2025 refinancing, the MSG Networks Term Loan Facility is accounted for under the troubled debt restructuring guidance. For purposes of this disclosure and for comparability to prior periods, interest payments and principal payments are presented based on the contractual nature of the cash flows.

The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	As of
	December 31, 2025				December 31, 2024
	Carrying Value (a)		Fair Value		Carrying Value (a)		Fair Value
Liabilities:
MSG Networks Credit Facilities	$	303,704	$	147,811	$	829,125	$	335,796
2022 LV Sphere Term Loan Facility	275,000		270,875		275,000		273,625
3.50% Convertible Senior Notes	254,582		711,097		253,155		353,246
Total debt	$	833,286	$	1,129,783	$	1,357,280	$	962,667

_________________

(a) The total carrying value of the Company’s debt as of December 31, 2025 and 2024 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $2,838 and $4,145, respectively.

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, 2022 LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of December 31, 2025 were as follows:


	MSGN Term Loan Facility (a)		2022 LV Sphere Term Loan Facility		3.50% Convertible Senior Notes		Total

Year ending December 31, 2026	45,468		—		—		45,468
Year ending December 31, 2027	40,000		275,000		—		315,000
Year ending December 31, 2028	40,000		—		258,750		298,750
Year ending December 31, 2029	33,469		—		—		33,469
Year ending December 31, 2030	—		—		—		—
Thereafter	—		—		—		—
Total debt	$	158,937	$	275,000	$	258,750	$	692,687

_________________

(a) The carrying amount of the MSGN term loan facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, was $303,704 as of December 31, 2025. 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.

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 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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension Plans and Other Postretirement Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Net Funded Status

The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Change in benefit obligation:
Benefit obligation at beginning of period	$	37,373	$	37,765	$	1,831	$	1,726
Service cost	188		97		16		9
Interest cost	1,944		989		89		47
Actuarial loss (gain) (a)	1,552		(233)		704		488
Benefits paid	(2,449)		(1,185)		(1,059)		(439)

Plan settlements paid	—		(60)		—		—


Benefit obligation at end of period	38,608		37,373		1,581		1,831
Change in plan assets:
Fair value of plan assets at beginning of period	17,732		17,668		—		—
Actual return on plan assets	1,451		178		—		—
Employer contributions	500		500		—		—
Benefits paid	(1,233)		(614)		—		—

Fair value of plan assets at end of period	18,450		17,732		—		—
Funded status at end of period	$	(20,158)	$	(19,641)	$	(1,581)	$	(1,831)

_________________

(a) In the year ended December 31, 2025, the actuarial loss on the benefit obligation was primarily due to a net decrease in discount rate. In the year ended and December 31, 2024, the actuarial gain on the benefit obligation was primarily due to a net increase in discount rates.

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 consisted of:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Current liabilities (included in Accrued expenses and other current liabilities)	$	(1,817)	$	(1,487)	$	(144)	$	(207)
Non-current liabilities (included in Other non-current liabilities)	(18,340)		(18,154)		(1,437)		(1,624)
	$	(20,157)	$	(19,641)	$	(1,581)	$	(1,831)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Accumulated other comprehensive loss, before income tax, as of December 31, 2025 and 2024 consisted of the following amounts that have not yet been recognized in net periodic benefit cost:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Actuarial (loss) gain	$	(8,177)	$	(7,353)	$	(1,033)	$	(369)

Schedule of Net Periodic Benefit Cost

The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023. Service cost is recognized in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other (expense) income, net.


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
Service cost	$	188	$	97	$	243	$	245	$	16	$	9	$	18	$	20
Interest cost	1,944		989		1,995		1,755		89		47		89		68
Expected return on plan assets	(982)		(476)		(970)		(853)		—		—		—		—
Recognized actuarial loss (gain)	395		169		335		358		39		—		(23)		(69)
Settlement gain	—		1		—		(12)		—		—		—		—
Net periodic benefit cost	$	1,545	$	780	$	1,603	$	1,493	$	144	$	56	$	84	$	19

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 were as follows:


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023
Actuarial (loss) gain, net	$	(1,218)	$	(148)	$	(463)	$	288	$	(703)	$	(488)	$	(60)	$	(292)
Recognized actuarial loss (gain)	395		169		335		358		39		—		(23)		(69)
Settlement gain	—		1		—		(12)		—		—		—		—
Total recognized in other comprehensive income (loss)	$	(823)	$	22	$	(128)	$	634	$	(664)	$	(488)	$	(83)	$	(361)

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of December 31, 2025 and 2024 were as follows:


	Pension Plans				Postretirement Plan
	As of December 31,				As of December 31,
	2025		2024		2025		2024
Discount rate	5.25	%	5.59	%	4.67	%	5.32	%
Rate of compensation increase	3.00	%	3.00	%	n/a		n/a
Interest crediting rate	4.69	%	4.32	%	n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		8.00	%	7.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		2038		2035

Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 are as follows:


	Pension Plans								Postretirement Plan
	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,				Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023		2025		2024		2024		2023

Discount rate - projected benefit obligation	5.58	%	5.51	%	5.33	%	4.81	%	5.32	%	5.39	%	5.41	%	4.66	%
Discount rate - service cost	5.86	%	5.69	%	5.52	%	5.06	%	5.52	%	5.48	%	5.39	%	4.89	%
Discount rate - interest cost	5.33	%	5.43	%	5.40	%	4.55	%	5.14	%	5.39	%	5.47	%	4.38	%
Expected long-term return on plan assets	6.36	%	6.13	%	5.65	%	5.00	%	n/a		n/a		n/a		n/a
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%	n/a		n/a		n/a		n/a
Interest crediting rate	4.32	%	4.55	%	4.55	%	3.77	%	n/a		n/a		n/a		n/a
Healthcare cost trend rate assumed for next year	n/a		n/a		n/a		n/a		7.50	%	6.75	%	7.00	%	6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	n/a		n/a		n/a		n/a		5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	n/a		n/a		n/a		n/a		2035		2032		2032		2027

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the pension plan assets as of December 31, 2025 and 2024 was as follows:


	As of December 31,
Asset Classes (a):	2025		2024
Fixed income securities	97	%	95	%

Cash equivalents	3	%	5	%
	100	%	100	%

_________________

(a) The Company’s target allocation for the assets of the Networks 1212 Plan is 100% fixed income securities as of December 31, 2025 and 2024.

Schedule of Changes in Fair Value of Plan Assets

The cumulative fair values of the individual plan assets at December 31, 2025 and 2024 by asset class were as follows:


	Fair Value Hierarchy	As of December 31,
		2025		2024


Money market fund (a)	I	$	569	$	990




U.S. Government agency obligations (a)	I	3,724		3,681
Common collective trust (b)	II	14,157		13,061
Total investments measured at fair value		$	18,450	$	17,732

_________________

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

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

Schedule of Expected Benefit Payments

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


	Pension Plans		Postretirement Plan
Year ending December 31, 2026	$	3,479	$	147
Year ending December 31, 2027	$	3,064	$	157
Year ending December 31, 2028	$	3,100	$	173
Year ending December 31, 2029	$	3,303	$	189
Year ending December 31, 2030	$	3,102	$	195
Years ending December 31, 2031 – 2035	$	15,047	$	873

Schedule of Defined Benefit Plans Disclosures

Amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 related to the Deferred Compensation Plan consisted of:


	As of December 31,
	2025		2024
Non-current assets (included in Investments)	$	3,669	$	3,580

Non-current liabilities (included in Other non-current liabilities)	$	(3,680)	$	(3,580)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Disclosure [Abstract]

Share-Based Payment Arrangement, Restricted Stock Unit and Performance Stock Unit, Activity

The following table summarizes the Company’s share-based compensation expense for the year ended December 31, 2025, the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Share-based compensation expense (a)	$	65,357	$	33,968	$	47,382	$	42,607

_________________

(a) Share-based compensation expense excludes costs that have been capitalized of $763, $1,250, $2,193 and $3,642 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively. For the year ended December 31, 2025, the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023, share-based compensation expense also excludes costs of $0, $700, $1,166 and $8,118 respectively, that have been reclassified to Restructuring charges in the consolidated statements of operations, as detailed in Note 6. Restructuring Charges.

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes activity related to the Company’s RSUs and PSUs, held by the Company, MSG Sports and MSG Entertainment employees for the year ended December 31, 2025:


	Number of		Weighted-Average Grant-date Fair Vale (b)
	RSUs	PSUs
Unvested award balance as of December 31, 2024	917	805	$	40.33
Granted	474	375	$	51.99
Vested (a)	(570)	(478)	$	38.46
Forfeited	(169)	(143)	$	37.02
Unvested award balance as of December 31, 2025	652	559	$	50.97

_________________

(a) Upon delivery, RSUs and PSUs granted under the Employee Stock Plan and the MSG Networks Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 463 awards, with an aggregate value of $24,549 were retained by the Company during the year ended December 31, 2025.

(b) The weighted-average grant-date fair value for unvested awards granted prior to the MSGE Distribution Date reflects the impact of the MSGE Distribution as described above.

The following table summarizes additional information about RSUs and PSUs for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months December 31,		Years Ended June 30,
	2025		2024		2024		2023
Weighted average grant date fair value per share of awards granted	$	51.99	$	48.27	$	36.94	$	50.81
Fair value of awards vested	$	51,667	$	37,533	$	45,263	$	42,467

Share-based Payment Arrangement, Option, Activity

The following table summarizes activity related to the Company’s stock options for the year ended December 31, 2025:


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

Balance as of December 31, 2024	5,532	$	42.62	8.65	$	11,601
Options granted	1,685	$	38.72
Options exercised	(191)	$	33.90
Options forfeited	(159)	$	57.09
Balance as of December 31, 2025	6,867	$	41.55	7.80	$	367,515
Exercisable as of December 31, 2025	902	$	39.32	3.04	$	50,310

Share-Based Payment Arrangement, Stock Appreciation Right, Activity

The following table summarizes activity related to the Company’s SARs for the year ended December 31, 2025:


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

Balance as of December 31, 2024	188	$	46.17	1.80	$	—
SARs granted	—	$	—
SARs forfeited	(13)	$	46.17
Balance as of December 31, 2025	175	$	46.17	0.82	$	8,533
Exercisable as of December 31, 2025	—	$	—	—	$	—

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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 loss before reclassifications	—		4,354		4,354
Amounts reclassified from accumulated other comprehensive loss (a)	(1,481)		6,175		4,694
Income tax benefit	504		(2,826)		(2,322)
Other comprehensive (loss) income, total	(977)		7,703		6,726
Balance as of December 31, 2025	$	(6,854)	$	6,072	$	(782)


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


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)

Other comprehensive loss:
Other comprehensive loss before reclassifications	—		(1,851)		(1,851)
Amounts reclassified from accumulated other comprehensive loss (a)	(539)		—		(539)
Income tax benefit	143		618		761
Other comprehensive loss, total	(396)		(1,233)		(1,629)
Balance as of June 30, 2024	$	(5,534)	$	(1,033)	$	(6,567)


	Pension Plans and Postretirement Plan		Cumulative Translation Adjustments		Accumulated Other Comprehensive Loss
Balance as of June 30, 2022	$	(40,287)	$	(8,068)	$	(48,355)
Other comprehensive income:
Other comprehensive income before reclassifications	—		6,656		6,656
Amounts reclassified from accumulated other comprehensive loss (a)	1,755		—		1,755
Income tax expense	(323)		(1,212)		(1,535)
Other comprehensive income, total	1,432		5,444		6,876
Disposition of Tao Group Hospitality	—		2,824		2,824
Distribution of MSG Entertainment	33,717		—		33,717
Balance as of June 30, 2023	$	(5,138)	$	200	$	(4,938)

_________________

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Paid

Income tax paid after and prior to the adoption of ASU 2023-09, attributable to continuing operations, is comprised of the following components:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Federal	$	—	$	—	$	—	$	—
State and local:
New Jersey	636		—		—		—
New York City	1,910		—		—		—
Other	3		—		—		—
	2,549		—		—		—
Total cash paid for income taxes (net of refunds)	$	2,549	$	—	$	—	$	—
Total cash paid for income taxes (prior to ASU 2023-09)	$	—	$	(15,599)	$	18,649	$	7,288

Schedule of Components of Income Tax Expense (Benefit)

Income (or loss) from continuing operations before Income tax (expense) benefit is comprised of the following components:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Domestic	$	70,065	$	(299,422)	$	(244,488)	$	269,817
Foreign	(12,850)		(7,157)		(115,737)		5,613

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


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Current (expense) benefit:
Federal	$	—	$	—	$	8,200	$	1,389
State and local	(2,890)		(746)		(4,103)		(4,672)
Foreign	—		134		(1,045)		—
	(2,890)		(612)		3,052		(3,283)
Deferred (expense) benefit:
Federal	(17,384)		54,234		93,322		(59,253)
State and local	(5,599)		19,257		39,382		(41,517)
Foreign	2,063		2,467		(164)		650
	(20,920)		75,958		132,540		(100,120)
Income tax (expense) benefit	$	(23,810)	$	75,346	$	135,592	$	(103,403)

Schedule of Effective Income Tax Rate Reconciliation

As previously disclosed for the six months ended December 31, 2024 and the years ended June 30, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


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

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


	Year Ended December 31,
	2025		Percentage
Income from continuing operations before income taxes	57,215

Federal tax (expense) benefit at statutory federal rate	(12,015)		(21)	%
State and local income taxes, net of federal benefit (a)	(2,110)		(4)	%
Foreign Tax Effects:
United Kingdom:
Statutory rate difference between United Kingdom and United States	108		—	%
Change in Valuation Allowance	(672)		(1)	%
Germany:
Statutory rate difference between Germany and United States	914		2	%
Change in Valuation Allowance	(985)		(2)	%
Effect of Cross Border Tax Laws
Recognize foreign outside basis difference	18,227		32	%
Nontaxable or Nondeductible Items:
Nondeductible officers’ compensation	(7,600)		(13)	%
Nondeductible expenses	(256)		—	%
Permanent difference related to cancellation of debt income	(20,701)		(36)	%
Tax Credits:
FICA Credit	688		1	%

Excess tax (expense) benefit related to share-based payment awards	531		1	%
Other Adjustments	61		—	%
Income tax (expense) benefit	$	(23,810)	(42)	%

_________________

(a) State and local taxes in New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	106,075	$	279,813
Capital loss carryback	23,378		—
Tax credit carryforwards	1,645		934
Accrued employee benefits	23,167		15,817
Restricted stock units and stock options	2,864		4,684

Right-of-use lease assets and lease liabilities, net	10,167		11,204
Investments	5,024		8,211
Accrued litigation	4,566		4,712
Deferred debt restructuring costs	37,133		—
Other	8,770		13,184
Total deferred tax assets	$	222,789	$	338,559
Less valuation allowance	(1,657)		(28,952)
Deferred tax assets, net	$	221,132	$	309,607

Deferred tax liabilities:
Intangible and other assets	$	(191,168)	$	(215,820)
Property and equipment	(183,263)		(222,703)
Prepaid expenses	(6,300)		(6,142)
Deferred interest	(12,512)		(13,812)

Total deferred tax liabilities	$	(393,243)	$	(458,477)

Deferred tax liabilities, net	$	(172,111)	$	(148,870)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The following table summarizes the composition and amounts of the transactions with the Company’s related parties. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Revenues	$	6,039	$	914	$	3,585	$	2,079
Operating (expenses) credits:
Media fees	(136,529)		(90,723)		(175,462)		(172,581)
Cost reimbursement from MSG Sports - MSG Sports Services Agreement	—		—		—		29,836
Corporate general and administrative expenses, net - MSG Entertainment Transition/Services Agreement (a)	(68,228)		(47,717)		(110,966)		(27,494)
Origination, master control and technical services	(4,644)		(2,564)		(5,079)		(4,982)
Other operating expenses, net (b)	(14,665)		(10,691)		(18,017)		(261)
Total operating expenses, net (c)	$	(224,066)	$	(151,695)	$	(309,524)	$	(175,482)

_________________

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

(b) Other operating expenses, net, includes reimbursements to MSG Entertainment for aircraft-related expenses, professional and payroll fees, and CPC commissions as well as AMC Networks consulting service fees.

(c) Of the total operating (expenses) credits, net, $(141,506), $(93,343), $(182,051) and $(206,804) for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, are included in direct operating expenses in the accompanying consolidated statements of operations. Of the total operating (expenses) credits, net, $(82,560), $(58,352), $(127,473) and $31,322 for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023, respectively, are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

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


	Year Ended December 31, 2025
	Sphere		MSG Networks		Total
Revenues	$	781,412	$	438,633	$	1,220,045
Event-related expenses (a)	(288,734)		—		(288,734)
Rights fee expense	—		(204,473)		(204,473)
Network programming and production costs	—		(67,241)		(67,241)
Other direct operating expenses (a)	(29,531)		—		(29,531)
Overhead expenses(b)	(389,594)		(52,324)		(441,918)
Other segment expenses(c)	(341,710)		(76,002)		(417,712)
Operating (loss) income	$	(268,157)	$	38,593	$	(229,564)
Gain on extinguishment of debt					346,092
Interest income					13,498
Interest expense					(70,546)
Other expense, net					(2,265)
Income from operations before income taxes					$	57,215

Reconciliation of operating (loss) income to adjusted operating income:
Operating (loss) income	$	(268,157)	$	38,593	$	(229,564)
Adjustments:
Share-based compensation expense	60,272		(1,267)		59,005
Depreciation and amortization	327,769		8,642		336,411
Restructuring charges	9,560		1,960		11,520
Impairment and other losses, net	4,381		65,400		69,781
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	3,954		3,934		7,888
Amortization for capitalized cloud computing costs	6,316		—		6,316
Remeasurement of deferred compensation plan liabilities	467		—		467
Adjusted operating income	$	144,562	$	117,262	$	261,824


	Six Months Ended December 31, 2024
	Sphere		MSG Networks		Total
Revenues	$	296,092	$	240,111	$	536,203
Event-related expenses (a)	(118,971)		—		(118,971)
Rights fee expense	—		(135,081)		(135,081)
Network programming and production costs	—		(36,676)		(36,676)
Other direct operating expenses (a)	(16,143)		—		(16,143)
Overhead expenses(b)	(223,953)		(30,310)		(254,263)
Other segment expenses(c)	(170,007)		(65,622)		(235,629)
Operating loss	(232,982)		(27,578)		(260,560)
Interest income					11,413
Interest expense					(57,388)
Other expense, net					(44)
Loss from operations before income taxes					$	(306,579)

Reconciliation of operating loss to adjusted operating (loss) income:
Operating loss	$	(232,982)	$	(27,578)	$	(260,560)
Adjustments:
Share-based compensation expense	29,363		4,031		33,394
Depreciation and amortization	160,840		4,392		165,232
Restructuring charges	5,134		30		5,164
Impairment and other losses, net	4,033		61,200		65,233
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	4,843		7,534		12,377
Amortization for capitalized cloud computing costs	1,579		152		1,731
Remeasurement of deferred compensation plan liabilities	91		—		91
Adjusted operating (loss) income	$	(27,099)	$	49,761	$	22,662


	Year Ended June 30, 2024
	Sphere		MSG Networks		Total
Revenues	$	497,159	$	529,730	$	1,026,889
Event-related expenses (a)	(187,610)		—		(187,610)
Rights fee expense	—		(268,747)		(268,747)
Network programming and production costs	—		(73,770)		(73,770)
Other direct operating expenses (a)	(17,697)		—		(17,697)
Overhead expenses(b)	(393,039)		(39,814)		(432,853)
Other segment expenses(c)	(379,197)		(8,256)		(387,453)
Operating (loss) income	(480,384)		139,143		(341,241)
Interest income					25,687
Interest expense					(79,868)
Other income, net					35,197
Loss from operations before income taxes					$	(360,225)

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(480,384)	$	139,143	$	(341,241)
Adjustments:
Share-based compensation expense	40,514		6,330		46,844
Depreciation and amortization	248,248		8,246		256,494
Restructuring charges	9,476		10		9,486
Impairment and other (gains) losses, net	121,473		—		121,473
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(1,176)		(11,542)		(12,718)
Amortization for capitalized cloud computing costs	—		87		87
Remeasurement of deferred compensation plan liabilities	306		—		306
Adjusted operating (loss) income	$	(61,543)	$	142,274	$	80,731


	Year Ended June 30, 2023
	Sphere		MSG Networks		Total
Revenues	$	2,610	$	571,221	$	573,831

Rights fee expense	—		(266,670)		(266,670)
Network programming and production costs	—		(69,996)		(69,996)
Other direct operating expenses (a)	(5,545)		—		(5,545)
Overhead expenses(b)	(325,660)		(126,482)		(452,142)
Other segment expenses(c)	(40,955)		(11,565)		(52,520)
Operating (loss) income	(369,550)		96,508		(273,042)
Interest income					11,585
Interest expense					—
Other income, net					536,887
Income from operations before income taxes					$	275,430

Reconciliation of operating (loss) income to adjusted operating (loss) income:
Operating (loss) income	$	(369,550)	$	96,508	$	(273,042)
Adjustments:
Share-based compensation expense	36,188		6,419		42,607
Depreciation and amortization	24,048		6,668		30,716
Restructuring charges	23,136		4,788		27,924
Impairment and other gains, net	(6,229)		109		(6,120)
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries	(189)		55,236		55,047
Amortization for capitalized cloud computing costs	—		161		161
Remeasurement of deferred compensation plan liabilities	187		—		187
Adjusted operating (loss) income	$	(292,409)	$	169,889	$	(122,520)

_________________

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

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

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

Schedules of Concentration of Risk, by Risk Factor

Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2025 and 2024 included amounts due from the following individual customers, substantially derived from the MSG Networks segment, which accounted for the noted percentages of the gross balance:


	As of December 31,
	2025		2024
Customer A	11	%	14	%
Customer B	9	%	14	%
Customer C	8	%	10	%

Revenues in the accompanying consolidated statements of operations for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 included amounts from the following individual customers, primarily derived from the MSG Networks segment, which accounted for the noted percentages of the total:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Customer 1	10	%	12	%	13	%	26	%
Customer 2	7	%	9	%	10	%	21	%
Customer 3	6	%	12	%	14	%	26	%

Additional Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Additional Financial Information [Abstract]

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 December 31, 2025 and 2024:


	As of December 31,
	2025		2024
Cash and cash equivalents	$	507,776	$	501,954
Restricted cash	13,488		13,679
Total Cash and cash equivalents, and restricted cash	$	521,264	$	515,633

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 December 31, 2025 and 2024:


	As of December 31,
	2025		2024
Cash and cash equivalents	$	507,776	$	501,954
Restricted cash	13,488		13,679
Total Cash and cash equivalents, and restricted cash	$	521,264	$	515,633

Schedule of Other Current Assets

Prepaid expenses and other current assets as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024
Prepaid expenses	$	38,543	$	32,384


Other receivables	10,839		92

Inventory	14,453		12,583

Deferred cost, current	17,627		12,211
Other	11,362		7,737
Total prepaid expenses and other current assets	$	92,824	$	65,007

Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2025 and 2024 consisted of the following:


	As of December 31,
	2025		2024
Accrued payroll and employee related liabilities	$	63,542	$	42,892
Cash due to promoters	163,499		109,078

Capital expenditure accruals	130,061		142,989
Accrued legal fees	19,361		22,046
Other accrued expenses	55,014		71,365
Total accrued expenses and other current liabilities	$	431,477	$	388,370

Schedule of Other Nonoperating Income (Expense)

Other (expense) income, net for the year ended December 31, 2025, the six months ended December 31, 2024, and the years ended June 30, 2024 and 2023 included the following:


	Year Ended December 31,		Six Months Ended December 31,		Years Ended June 30,
	2025		2024		2024		2023
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note 8 for further detail	$	—	$	—	$	(19,027)	$	545,715
Gain on litigation settlement	—		—		62,647		—
Unrealized gain on equity investments without readily determinable fair value	—		—		—		1,969
Loss on equity method investments	(600)		(120)		(6,677)		(8,184)
Other	(1,665)		76		(1,746)		(2,613)
Total other (expense) income, net	$	(2,265)	$	(44)	$	35,197	$	536,887

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ (29,229)	$ (28,987)	$ (201)	$ (3,766)
(Additions) / Deductions Charged to Costs and Expenses	242	27,184	(29,189)	2,050
(Additions) / Deductions Charged to Other Accounts	0	0	0	840
Deductions	0	136	161	675
Balance at End of Period	(28,987)	(1,667)	(29,229)	(201)
Allowance for doubtful accounts / credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	(10)	(35)	(171)	(843)
(Additions) / Deductions Charged to Costs and Expenses	(25)	(111)	0	(3)
(Additions) / Deductions Charged to Other Accounts	0		0	0
Deductions	0	136	161	675
Balance at End of Period	(35)	(10)	(10)	(171)
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	(29,219)	(28,952)	(30)	(2,923)
(Additions) / Deductions Charged to Costs and Expenses	267	27,295	(29,189)	2,053
(Additions) / Deductions Charged to Other Accounts	0	0	0	840
Deductions	0	0	0	0
Balance at End of Period	$ (28,952)	$ (1,657)	$ (29,219)	$ (30)

Description of Business and Basis of Presentation (Details) guest in Thousands, ft² in Thousands		12 Months Ended
	Apr. 20, 2023 $ / shares shares	Dec. 31, 2025 ft² guest segment network ft $ / shares	Dec. 31, 2024 $ / shares	May 03, 2023
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
Discontinued Operations, Disposed of by Sale \| Tao Group Hospitality
Conversion of Stock [Line Items]
Disposal group, including discontinued operation, ownership percentage in disposed asset				66.90%
Class A Common Stock
Conversion of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01
Class B Common Stock
Conversion of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01
Spinoff \| MSG Entertainment \| Class A Common Stock
Conversion of Stock [Line Items]
Number of shares received for every one common stock shares held on record date (in shares) \| shares	1
Common stock, par or stated value per share (in dollars per share)	$ 0.01
Spinoff \| MSG Entertainment \| Class B Common Stock
Conversion of Stock [Line Items]
Number of shares received for every one common stock shares held on record date (in shares) \| shares	1
Common stock, par or stated value per share (in dollars per share)	$ 0.01
MSG Entertainment \| Spinoff \| MSG Stockholders
Conversion of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent	67.00%
Noncontrolling interest, ownership percentage by noncontrolling owners	33.00%
Exosphere
Conversion of Stock [Line Items]
Building, square footage (in square feet) \| ft²		580
Studio Campus
Conversion of Stock [Line Items]
Building, square footage (in square feet) \| ft²		68
Big Dome
Conversion of Stock [Line Items]
Building, square footage (in square feet) \| ft²		28

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Production costs, estimate of future revenue, period		10 years
Advertising costs	$ 25,295	$ 32,206	$ 16,977	$ 10,960
Accounts receivable, allowance for credit loss	$ 35	$ 10
Equity method investments, recognition of proportionate share of income, lag period		3 months

Summary of Significant Accounting Policies - Schedule of Property and Equipment and Intangible Assets (Details)	Dec. 31, 2025
Affiliate relationships
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	24 years
Technology
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Trade name
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Minimum \| Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Maximum \| Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Change in Fiscal Year-End (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

6 Months Ended

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2025

Jun. 30, 2024

Jun. 30, 2023

Change in Accounting Estimate [Line Items]

$ 536,203

$ 1,220,045

$ 1,026,889

$ 573,831

(165,232)

(336,411)

(256,494)

(103,375)

(65,233)

(69,781)

(121,473)

224,831

(5,164)

(11,520)

(9,486)

(260,560)

(229,564)

(341,241)

(273,042)

Income (loss) from continuing operations before income taxes

(44)

(2,265)

35,197

536,887

(306,579)

57,215

(360,225)

275,430

Income tax benefit

75,346

(23,810)

135,592

(103,403)

Loss from discontinued operations, net of taxes

0

23,984

333,653

$ (231,233)

$ 33,405

$ (200,649)

$ 505,680

Basic loss per common share

$ (6.45)

$ 0.93

$ (6.36)

$ 4.96

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

0

0.68

9.55

(6.45)

0.93

(5.68)

14.51

Diluted loss per common share

(6.45)

0.74

(6.36)

4.93

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

0

0.68

9.47

$ (6.45)

$ 0.74

$ (5.68)

$ 14.40

Weighted-average number of common shares outstanding:

36,069

35,301

34,651

Change in Accounting Estimate [Line Items]

35,859

45,298

35,301

34,929

Continuing Operations

Direct operating expenses

$ 536,203

^[1]

$ 432,164

$ 1,220,045

^[1]

$ 1,026,889

^[1]

$ 573,831

^[1]

(306,871)

^[1]

(244,265)

(589,979)

^[1]

(547,824)

^[1]

(342,211)

^[1]

Selling, general, and administrative expenses

(254,263)

^[1]

(202,664)

(441,918)

^[1]

(432,853)

^[1]

(452,142)

^[1]

(165,232)

(94,290)

(336,411)

(256,494)

(30,716)

(65,233)

(115,738)

(69,781)

(121,473)

6,120

(5,164)

(4,678)

(11,520)

(9,486)

(27,924)

(260,560)

(229,471)

(229,564)

(341,241)

(273,042)

Interest income

11,413

10,304

13,498

25,687

11,585

Interest expense

(57,388)

(25,828)

(70,546)

(79,868)

0

Income (loss) from continuing operations before income taxes

(44)

41,066

(2,265)

35,197

536,887

(306,579)

(203,929)

(360,225)

275,430

Income tax benefit

75,346

97,753

(23,810)

135,592

(103,403)

Income (loss) from continuing operations

(231,233)

(106,176)

Loss from discontinued operations, net of taxes

0

(647)

$ (231,233)

$ (106,823)

$ 33,405

$ (200,649)

$ 505,680

Basic loss per common share

$ (6.45)

$ (3.02)

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

0

(0.02)

(6.45)

(3.04)

Diluted loss per common share

(6.45)

(3.02)

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

0

(0.02)

$ (6.45)

$ (3.04)

Weighted-average number of common shares outstanding:

35,859

35,110

35,859

35,110

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

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
(Loss) gain on disposition	$ (23,984)	$ 212,857
Income tax expense (benefit)	$ 1,020	$ 1,020

Discontinued Operations - Schedule of Disposed Income Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense			$ (1,020)	$ (1,020)
Gain on disposal, net of taxes			(23,984)	212,857
Net income (loss) from discontinued operations	$ 0	$ 0	$ 23,984	333,653
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues				1,177,467
Direct operating expenses				(683,269)
Selling, general, and administrative expenses				(270,498)
Depreciation and amortization				(72,659)
Impairment and other gains, net				4,834
Restructuring charges				(7,435)
Operating income				148,440
Interest income				3,029
Interest expense				(3,582)
Other income, net				12,121
Income from discontinued operations before income taxes				160,008
Income tax expense				(39,212)
Income (loss) from discontinued operations, net of taxes				120,796
Gain on disposal before income taxes				213,877
Income tax expense				(1,020)
Gain on disposal, net of taxes				212,857
Net income (loss) from discontinued operations				333,653
Less: Net income attributable to redeemable noncontrolling interests				3,925
Less: Net loss attributable to nonredeemable noncontrolling interests				(1,017)
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders				330,745
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Eliminations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues				(1,761)
Direct operating expenses				1,371
Selling, general, and administrative expenses				(195)
Depreciation and amortization				0
Impairment and other gains, net				0
Restructuring charges				0
Operating income				(585)
Interest income				0
Interest expense				0
Other income, net				0
Income from discontinued operations before income taxes				(585)
Income tax expense				0
Income (loss) from discontinued operations, net of taxes				(585)
Gain on disposal before income taxes				0
Income tax expense				0
Gain on disposal, net of taxes				0
Net income (loss) from discontinued operations				(585)
Less: Net income attributable to redeemable noncontrolling interests				0
Less: Net loss attributable to nonredeemable noncontrolling interests				0
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders				(585)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization				(49,423)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment \| Operating Segments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues				731,299
Direct operating expenses				(421,440)
Selling, general, and administrative expenses				(119,032)
Depreciation and amortization				(49,423)
Impairment and other gains, net				4,361
Restructuring charges				(7,435)
Operating income				138,330
Interest income				2,880
Interest expense				(1,031)
Other income, net				11,456
Income from discontinued operations before income taxes				151,635
Income tax expense				(5,517)
Income (loss) from discontinued operations, net of taxes				146,118
Gain on disposal before income taxes				0
Income tax expense				0
Gain on disposal, net of taxes				0
Net income (loss) from discontinued operations				146,118
Less: Net income attributable to redeemable noncontrolling interests				0
Less: Net loss attributable to nonredeemable noncontrolling interests				(553)
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders				146,671
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization				(23,236)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality \| Operating Segments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues				447,929
Direct operating expenses				(263,200)
Selling, general, and administrative expenses				(151,271)
Depreciation and amortization				(23,236)
Impairment and other gains, net				473
Restructuring charges				0
Operating income				10,695
Interest income				149
Interest expense				(2,551)
Other income, net				665
Income from discontinued operations before income taxes				8,958
Income tax expense				(33,695)
Income (loss) from discontinued operations, net of taxes				(24,737)
Gain on disposal before income taxes				213,877
Income tax expense				(1,020)
Gain on disposal, net of taxes				212,857
Net income (loss) from discontinued operations				188,120
Less: Net income attributable to redeemable noncontrolling interests				3,925
Less: Net loss attributable to nonredeemable noncontrolling interests				(464)
Net income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders				$ 184,659

Discontinued Operations - Schedule of Disposed Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Non-cash items included in net income (loss):
Share-based compensation expense	$ 34,094	$ 59,005	$ 48,010	$ 62,658
Cash flow from investing activities:
Capital expenditures, net	48,941	52,347	264,700	1,058,978
Non-cash investing activities:
Capital expenditures incurred but not yet paid	$ 10,739	$ 4,485	$ 49,834	248,041
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Non-cash items included in net income (loss):
Depreciation and amortization				72,659
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| MSG Entertainment
Non-cash items included in net income (loss):
Depreciation and amortization				49,423
Impairments and other gains, net				(4,361)
Share-based compensation expense				4,710
Cash flow from investing activities:
Capital expenditures, net				12,832
Non-cash investing activities:
Capital expenditures incurred but not yet paid				780
Investments and loans to nonconsolidated affiliates				0
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Tao Group Hospitality
Non-cash items included in net income (loss):
Depreciation and amortization				23,236
Impairments and other gains, net				(214,350)
Share-based compensation expense				7,224
Cash flow from investing activities:
Capital expenditures, net				17,488
Non-cash investing activities:
Capital expenditures incurred but not yet paid				817
Investments and loans to nonconsolidated affiliates				$ 113

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 534,756	$ 1,218,223	$ 1,023,861	$ 571,221
Revenues from subleases	1,447	1,822	3,028	2,610
Total revenues	536,203	1,220,045	1,026,889	573,831
Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	294,645	779,590	494,131	0
Revenues from subleases	1,447	1,822	3,028	2,610
Total revenues	296,092	781,412	497,159	2,610
MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	240,111	438,633	529,730	571,221
Revenues from subleases	0	0	0	0
Total revenues	240,111	438,633	529,730	571,221
Sponsorship, signage, Exosphere advertising, and suite license revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	40,104	96,151	87,173
Sponsorship, signage, Exosphere advertising, and suite license revenues \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	40,104	96,151	87,173
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
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	12,614	22,233	4,928
Other \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	12,614	22,233	4,928
Other \| MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Ticketing and venue license fee revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	207,024	560,807	335,328
Ticketing and venue license fee revenues \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	207,024	560,807	335,328
Ticketing and venue license fee revenues \| MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Food, beverage and merchandise revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34,903	100,399	66,702
Food, beverage and merchandise revenues \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34,903	100,399	66,702
Food, beverage and merchandise revenues \| MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Media networks revenues
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	240,111	438,633	529,730	571,221
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	240,111	438,633	529,730	571,221
Transferred over Time \| Event-related
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	253,305	689,254	420,327
Transferred over Time \| Event-related \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	253,305	689,254	420,327
Transferred over Time \| Event-related \| MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	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	29,449	69,687	71,054	6,990
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	28,726	68,103	68,876	0
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	723	1,584	2,178	6,990
Transferred over Time \| Media related, primarily from affiliation agreements
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	237,280	431,476	521,611	558,362
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	237,280	431,476	521,611	558,362
Transferred at Point in Time \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	14,722	27,806	10,869	5,869
Transferred at Point in Time \| Other \| Sphere \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	12,614	22,233	4,928	0
Transferred at Point in Time \| Other \| MSG Networks \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 2,108	$ 5,573	$ 5,941	$ 5,869

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024
Contract Balances [Line Items]
Contract with customer, liability, revenue recognized, including opening balance	$ 92,973
Related Party
Contract Balances [Line Items]
Contracts with customers, assets, net	1,895	$ 325	$ 0
Receivables from contracts with customers, net
Contract Balances [Line Items]
Contracts with customers, assets, net	173,525	154,949	228,230
Contract assets, current
Contract Balances [Line Items]
Contracts with customers, assets, net	445	1,500	1,500
Contract assets, non-current
Contract Balances [Line Items]
Contracts with customers, assets, net	0	1,307	907
Deferred revenue, including non-current portion
Contract Balances [Line Items]
Deferred revenue, including non-current portion	$ 250,170	$ 138,057	$ 97,151

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 401,834
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 116,446
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 78,737
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 53,387
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 33,389
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 22,083
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 97,792
Revenue, remaining performance obligation, expected timing of satisfaction, period

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,164	$ 11,520	$ 9,486
Share-based compensation expense	33,394	59,005	46,844
2025 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 11,520
December 2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,164
Share-based compensation expense	$ 700
June 2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			9,486
Share-based compensation expense			$ 1,166
June 2023 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 27,924
Share-based compensation expense				$ 8,118

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Restructuring Charges - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2024		$ 3,590
Restructuring charges (excluding share-based compensation expense)	$ 5,164	11,520	$ 9,486
Payments		(6,892)
Balance as of December 31, 2025	$ 3,590	$ 8,218

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

Computation of (loss) earnings per-share (Details) - shares shares in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 08, 2023
Weighted-average shares (denominator):
Weighted-average shares for basic EPS (in shares)		36,069	35,301	34,651
Dilutive effect of shares related to 3.50% convertible notes (in shares)	0	7,286	0	0
Dilutive effect of shares issuable under share-based compensation plans (in shares)	0	1,943	0	278
Weighted-average shares for diluted EPS (in shares)	35,859	45,298	35,301	34,929
Weighted-average anti-dilutive shares (in shares)	0	3,637	0	800
3.50% Convertible Senior Notes \| Convertible Debt
Weighted-average shares (denominator):
Interest rate		3.50%			3.50%

Investments - Equity and Other Investments without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2024	Jun. 30, 2019
Schedule of Investments [Line Items]
Total investments	$ 38,725	$ 40,396
SACO Technologies Inc. (“SACO”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2025				30.00%
Gotham Advanced Media and Entertainment, LLC (“GAME”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2025			50.00%
Equity method investments \| SACO Technologies Inc. (“SACO”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2025	30.00%
Total investments	$ 16,981	18,095
Equity method investments \| Gotham Advanced Media and Entertainment, LLC (“GAME”)
Schedule of Investments [Line Items]
Investment Ownership Percentage as of December 31, 2025	50.00%
Total investments	$ 9,354	10,000
Equity investments without readily determinable fair values
Schedule of Investments [Line Items]
Total investments	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]
Total investments	$ 3,669	$ 3,580

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2018	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Equity method investments, recognition of proportionate share of income, lag period				3 months
Defined benefit plan, plan assets, period increase (decrease)			$ 92	$ 467	$ 307	$ 218
SACO Technologies Inc. (“SACO”)
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)							30.00%
Difference between carrying amount of investment and equity in underlying assets							$ 25,350
Equity method investments, recognition of proportionate share of income, lag period							3 months
SACO Technologies Inc. (“SACO”) \| Minimum
Schedule of Equity Method Investments [Line Items]
Intangible asset, useful life							6 years
SACO Technologies Inc. (“SACO”) \| Maximum
Schedule of Equity Method Investments [Line Items]
Intangible asset, useful life							12 years
SACO Technologies Inc. (“SACO”) \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)				30.00%
Purchase price for interest acquired							$ 47,244
Investments and loans in nonconsolidated affiliates		$ 4,800					$ 42,444
Gotham Advanced Media and Entertainment, LLC (“GAME”)
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)	50.00%
Equity method investments, recognition of proportionate share of income, lag period	3 months
Investments			$ 9,320
Gotham Advanced Media and Entertainment, LLC (“GAME”) \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Interest acquired (as a percent)				50.00%

Investments - Schedule of Readily Determinable Fair Value (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Unrealized gain	$ 0	$ 0	$ 0	$ 1,969
Total realized and unrealized (loss) gain	$ (29)	$ (1,633)	(22,971)	548,690
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Unrealized gain			0	341,039
Total realized and unrealized (loss) gain			(19,027)	545,715
MSG Entertainment
Schedule of Equity Method Investments [Line Items]
(Loss) gain from shares sold			$ (19,027)	$ 204,676
Supplemental information on realized (loss) gain:
Shares of common stock disposed (in shares)			1,923	0
Shares of common stock sold (in shares)			8,221	6,878
Cash proceeds from common stock sold			$ 256,501	$ 204,676

Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 3,532,016	$ 3,528,414
Less accumulated depreciation and amortization	(821,373)	(492,684)
Total property and equipment, net	2,710,643	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	2,270,557	2,263,750
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,231,690	1,189,495
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	23,896	23,835
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 5,873	$ 7,496

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Capital expenditure accruals				$ 142,989	$ 130,061
Depreciation and amortization expense on property and equipment				$ 161,732	$ 329,844	$ 252,706	$ 27,601
Property, plant and equipment, transfers and changes			$ 3,130,028
Impairment charges		$ 116,541
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, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment and other (losses) gains, net
Disposal group, not discontinued operation, loss on disposal	$ 3,741
Foreign currency translation gains (losses)	$ (6,175)

Original Immersive Production Content - Schedule of Deferred Immersive Production Costs (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Other Industries [Abstract]
Released, less amortization	$ 52,782	$ 133,915
In-process	49,837	36,877
Total production content	102,619	170,792
Produced content costs	$ 15,797	$ 34,412	$ 20,427	$ 0

Original Immersive Production Content - Amortization of Deferred Immersive Production Content (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Other Industries [Abstract]
Year ending December 31, 2026	$ 39,115
Year ending December 31, 2027	11,068
Year ending December 31, 2028	$ 8,589

Leases - Schedule of Lease Assets and Liabilities Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use lease assets	Right-of-use lease assets
Right-of-use lease assets	$ 91,372	$ 93,920
Lease liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, current	Operating lease liabilities, current
Operating lease liabilities, current	$ 17,186	$ 19,268
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, non-current	Operating lease liabilities, non-current
Operating lease liabilities, non-current	$ 113,824	$ 116,668
Total lease liabilities	$ 131,010	$ 135,936

Leases - Schedule of Lease Costs Incurred In The Period (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Total lease cost	$ 10,738	$ 21,500	$ 20,301	$ 17,602
Direct operating expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	3,124	4,988	3,984	1,676
Variable lease cost	750	1,500	1,740	0
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	6,864	14,745	14,549	15,925
Variable lease cost	$ 0	$ 267	$ 28	$ 1

Leases - Narrative (Details)		6 Months Ended	12 Months Ended
Leases - Narrative (Details)	Jul. 14, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
After-tax cash flow to be received (as a percent)	0.25
Lessee, ground lease, funding	$ 75,000,000
Ground lease, term of contract	50 years
Proceeds from tenant incentives		$ 1,581,000	$ 0	$ 5,833,000	$ 0
Revenues from subleases		$ 1,447,000	1,822,000	$ 3,028,000	$ 2,610,000
Cash flows from non-cancelable subleases, year one			$ 1,026,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract			3 months 18 days
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract			16 years 1 month 6 days

Leases - Schedule of Supplemental Lease Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 10,049	$ 20,992	$ 19,000	$ 12,332
Lease assets obtained in exchange for new lease obligations	$ 0	$ 8,394	$ 33,900	$ 6,435

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Year ending December 31, 2026	$ 18,200
Year ending December 31, 2027	17,082
Year ending December 31, 2028	17,170
Year ending December 31, 2029	17,276
Year ending December 31, 2030	17,510
Thereafter	89,812
Total lease payments	177,050
Less imputed interest	46,040
Total lease liabilities	$ 131,010	$ 135,936
Weighted average remaining lease term (in years)	10 years 4 months 24 days	11 years 3 months 18 days
Weighted average discount rate	5.86%	5.82%

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($)		1 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2024	Aug. 31, 2025	Aug. 31, 2024	Aug. 30, 2024	Dec. 31, 2024	Dec. 31, 2025
Goodwill [Roll Forward]
Beginning balance					$ 470,152,000	$ 410,172,000
Acquisitions					1,220,000
Impairments					(61,200,000)	(65,400,000)
Ending balance	$ 410,172,000				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	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)	$ 0	$ (65,400,000)	(61,200,000)	(65,400,000)
Ending balance	$ 363,308,000				$ 363,308,000	$ 297,908,000

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)		1 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2024	Aug. 31, 2025	Aug. 31, 2024	Aug. 30, 2024	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Line Items]
Impairments					$ 61,200,000	$ 65,400,000
Amortization of intangible assets					3,500,000	6,567,000	$ 3,788,000	$ 3,115,000
Sphere
Goodwill [Line Items]
Impairments		$ 0	$ 0		0	0
MSG Networks
Goodwill [Line Items]
Impairments	$ 61,200,000	$ 65,400,000	$ 0	$ 65,400,000	$ 61,200,000	$ 65,400,000
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]				Impairment and other (losses) gains, net

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Goodwill and Intangible Assets - Schedule of Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 100,584	$ 100,584
Accumulated amortization	(78,767)	(72,201)
Intangible assets, net	21,817	28,383
Affiliate relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	83,044	83,044
Accumulated amortization	(72,921)	(69,806)
Intangible assets, net	10,123	13,238
Technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	15,508	15,508
Accumulated amortization	(5,169)	(2,068)
Intangible assets, net	10,339	13,440
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,032	2,032
Accumulated amortization	(677)	(327)
Intangible assets, net	$ 1,355	$ 1,705

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ (6,623)
2027	(6,623)
2028	(6,623)
2029	(1,948)
2030	$ 0

Commitments and Contingencies - Schedule of Commitments in the Normal Course of Business (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Letter of credit, to be paid, December 31, 2026	$ 45,468
Letter of credit, to be paid, December 31, 2027	315,000
Letter of credit, to be paid, December 31, 2028	298,750
Letter of credit, to be paid, December 31, 2029	33,469
Letter of credit, to be paid, December 31, 2030	0
Letter of credit, to be paid, thereafter	0
Total debt	692,687
Contractual obligation, to be paid, December 31, 2026	249,418
Contractual obligation, to be paid, December 31, 2027	240,817
Contractual obligation, to be paid, December 31, 2028	205,579
Contractual obligation, to be paid, December 31, 2029	113,567
Contractual obligation, to be paid, December 31, 2030	26,262
Contractual obligation, to be paid, thereafter	13,131
Total Commitments	848,774
Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2026	23,298
Other commitments, to be paid, December 31, 2027	15,333
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, December 31, 2030	0
Other commitments, to be paid, thereafter	0
Other commitment, total	38,631
Letter of credit, to be paid, December 31, 2026	913
Letter of credit, to be paid, December 31, 2027	0
Letter of credit, to be paid, December 31, 2028	0
Letter of credit, to be paid, December 31, 2029	0
Letter of credit, to be paid, December 31, 2030	0
Letter of credit, to be paid, thereafter	0
Total debt	913
MSG Networks
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2026	226,120
Other commitments, to be paid, December 31, 2027	225,484
Other commitments, to be paid, December 31, 2028	205,579
Other commitments, to be paid, December 31, 2029	113,567
Other commitments, to be paid, December 31, 2030	26,262
Other commitments, to be paid, thereafter	13,131
Other commitment, total	810,143
Purchase commitment, to be paid, December 31, 2026	28,890
Purchase commitment, to be paid, December 31, 2027	17,149
Purchase commitment, to be paid, December 31, 2028	4,085
Purchase commitment, to be paid, December 31, 2029	559
Purchase commitment, to be paid, December 31, 2030	0
Purchase commitment, to be paid, thereafter	0
Purchase commitment, total	50,683
Event-related commitments \| Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2026	20,385
Other commitments, to be paid, December 31, 2027	15,000
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, December 31, 2030	0
Other commitments, to be paid, thereafter	0
Other commitment, total	35,385
Other \| Sphere
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2026	2,000
Other commitments, to be paid, December 31, 2027	333
Other commitments, to be paid, December 31, 2028	0
Other commitments, to be paid, December 31, 2029	0
Other commitments, to be paid, December 31, 2030	0
Other commitments, to be paid, thereafter	0
Other commitment, total	2,333
Broadcast rights \| MSG Networks
Other Commitments [Line Items]
Other commitments, to be paid, December 31, 2026	197,230
Other commitments, to be paid, December 31, 2027	208,335
Other commitments, to be paid, December 31, 2028	201,494
Other commitments, to be paid, December 31, 2029	113,008
Other commitments, to be paid, December 31, 2030	26,262
Other commitments, to be paid, thereafter	13,131
Other commitment, total	$ 759,460

Commitments and Contingencies - Narrative (Details) $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 06, 2023 USD ($)	Mar. 14, 2023 USD ($)	Sep. 10, 2021 complaint	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) complaint	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Sep. 27, 2021 complaint
Long-term Purchase Commitment [Line Items]
Loss contingency, number of complaints filed \| complaint						15
Loss contingency, remaining claims filed involving fiduciary breaches \| complaint						2
Loss contingency, new claims filed, number \| complaint			2
Gain (loss) from litigation settlement					$ 0	$ 0	$ 62,647	$ 0
Loss contingency, number of consolidated claims \| complaint										4
MSGE Settlement Agreement \| Settled Litigation
Long-term Purchase Commitment [Line Items]
Litigation settlement, amount awarded from other party		$ 85,000
Gain (loss) from litigation settlement				$ 62,600
MSGE Networks Term Sheet \| Settled Litigation
Long-term Purchase Commitment [Line Items]
Litigation settlement, amount awarded to other party	$ 48,500
Payments for legal settlements	28,000
Loss contingency accrual						$ 18,000			$ 20,500
MSGE Networks Term Sheet \| Settled Litigation \| Plaintiff's Insurers
Long-term Purchase Commitment [Line Items]
Payments for legal settlements	$ 20,500
Networks Merger
Long-term Purchase Commitment [Line Items]
Loss contingency, new claims filed with incomplete and misleading information, number \| complaint						9
Loss contingency, new claims filed involving fiduciary breaches \| complaint						6

Credit Facilities and Convertible Notes - Debt Outstanding and Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 08, 2023
Current portion
Principal	$ 63,009	$ 829,125
Unamortized Deferred Financing Costs	0	0
Net	63,009	829,125
Non-current portion
Principal	774,445	533,750
Debt Discount	(4,168)	(5,595)
Unamortized Deferred Financing Costs	(2,838)	(4,145)
Net	767,439	524,010
Line of Credit \| MSGN Term Loan Facility
Current portion
Principal	63,009	829,125
Unamortized Deferred Financing Costs	0	0
Net	63,009	829,125
Line of Credit \| MSGN Term Loan Facility \| Secured Debt
Non-current portion
Principal	240,695	0
Debt Discount	0	0
Unamortized Deferred Financing Costs	0	0
Net	240,695	0
Line of Credit \| 2022 LV Sphere Term Loan Facility
Non-current portion
Principal	275,000	275,000
Debt Discount	0	0
Unamortized Deferred Financing Costs	(2,151)	(3,240)
Net	$ 272,849	271,760
Convertible Debt \| 3.50% Convertible Senior Notes
Non-current portion
Interest rate	3.50%		3.50%
Principal	$ 258,750	258,750
Debt Discount	(4,168)	(5,595)
Unamortized Deferred Financing Costs	(687)	(905)
Net	$ 253,895	$ 252,250

Credit Facilities and Convertible Notes - MSG Networks Credit Facilities - Narrative (Details) - USD ($) $ in Thousands					1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 27, 2025	Oct. 11, 2024	Oct. 10, 2024	Jan. 31, 2026	Oct. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 26, 2025
Debt Instrument [Line Items]
Long-term debt							$ 692,687			$ 692,687
Noncontrolling interest holders’ capital contributions									$ 0	$ 0	$ 0	$ 3,000
Prior MSGN Credit Facilities \| MSG Networks \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			$ 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
Prior MSGN Credit Facilities \| Secured Debt \| Maximum \| Measurement Input Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input							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 \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Secured Overnight Financing Rate (SOFR) \| Variable Component One
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Base Rate \| Variable Component One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Base Rate \| Variable Component One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Base Rate \| Variable Component Two \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Prior MSGN Credit Facilities \| Secured Debt \| MSG Networks \| Base Rate \| Variable Component Two \| Maximum
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]
Long-term debt, gross		$ 724,125											$ 804,125
Principal		210,000
Long-term debt		$ 363,970
Mandatory cash sweep						$ 31,063
MSGN Term Loan Facility \| Subsequent Event
Debt Instrument [Line Items]
Mandatory cash sweep					$ 5,468
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]
Principal		$ 210,000					$ 210,000			$ 210,000
Long-term debt							158,937			$ 158,937
Fixed amortization payment							$ 10,000	$ 10,000
Debt instrument, default, interest rate, increase		2.00%
Debt instrument, quarterly fixed amortization	$ 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 \| 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 \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
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
MSG Networks Credit Facilities \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end							8.82%			8.82%

Credit Facilities and Convertible Notes - Schedule of Gain On Extinguishment of Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 27, 2025	Dec. 31, 2025	Jun. 26, 2025
Debt Instrument [Line Items]
Total initial carrying amount on June 27, 2025		$ 692,687
MSG Networks term loan facility
Debt Instrument [Line Items]
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
Reduction in recorded carrying amount:		360,155
Fees and expenses and other direct costs		(14,063)
Gain on extinguishment of debt	$ 346,092	$ 346,092

Credit Facilities and Convertible Notes - 2022 LV Sphere Facility - Narrative (Details) - 2022 LV Sphere Term Loan Facility $ in Thousands	Dec. 22, 2022 USD ($)	Dec. 31, 2025	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Interest rate		8.19%
Minimum Liquidity Step-Down
Line of Credit Facility [Line Items]
Debt covenant, minimum consolidated liquidity			$ 50,000
Debt instrument, covenant, held in cash			$ 25,000
Measurement Input, Prospective Debt Service Coverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input			1.35
Measurement Input, Prospective Debt Service Coverage Ratio \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, contingent measurement input			1.50
Measurement Input, Historical Debt Service Coverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input			1.35
Measurement Input, Historical Debt Service Coverage Ratio \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, contingent measurement input			1.50
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.375%
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Debt instrument, interest rate, increase (decrease)	4.375%
Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Face amount	$ 275,000

Credit Facilities and Convertible Notes - 2026 LV Sphere Facility - Narrative (Details) - Subsequent Event $ in Thousands	Jan. 29, 2026 USD ($)
2026 LV Sphere Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Face amount	$ 275,000
Debt instrument, amortization payment, annual percentage	5.00%
2026 LV Sphere Revolving Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Face amount	$ 275,000
2026 LV Sphere Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
2026 LV Sphere Facilities \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
2026 LV Sphere Facilities \| Minimum \| Measurement Input, Debt Service Coverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input	2.50
2026 LV Sphere Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%
2026 LV Sphere Facilities \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
2026 LV Sphere Facilities \| Maximum \| Measurement Input Leverage Ratio
Line of Credit Facility [Line Items]
Debt instrument, measurement input	3.50

Credit Facilities and Convertible Notes - Delayed Draw Term Loan Facility - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	Aug. 09, 2023	Jul. 14, 2023	Apr. 20, 2023
MSG Entertainment
Line of Credit Facility [Line Items]
Equity securities, FV-NI, shares disposed (in shares)	1,923
Delayed Draw Term Loan Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, term			18 months
Secured Debt \| Delayed Draw Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Loans receivable, maximum borrowing amount			$ 65,000
Proceeds from long-term lines of credit		$ 65
Sphere \| Secured Debt \| Delayed Draw Term Loan Facility \| Line of Credit \| MSG Entertainment Holdings
Line of Credit Facility [Line Items]
Loans receivable, maximum borrowing amount			$ 65

Credit Facilities and Convertible Notes - 3.5% Senior Notes - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 08, 2023 USD ($) day $ / shares	Dec. 05, 2023 $ / shares	Dec. 31, 2025
Common Class A
Line of Credit Facility [Line Items]
Option indexed to issuer's equity, cap price (in dollars per share)		$ 42.62
Option indexed to issuer's equity, premium on stock price, percentage		50.00%
Share price (in dollars per share)		$ 28.41
3.50% Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Interest rate	3.50%		3.50%
Face amount \| $	$ 258,750
Purchases of capped calls \| $	$ 14,309
Debt instrument, convertible, conversion ratio	0.0281591
Debt instrument, convertible, conversion price (in dollars per share)	$ 35.51
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms One
Line of Credit Facility [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days \| day	20
Debt instrument, convertible, threshold consecutive trading days \| day	30
Debt instrument, redemption price, percentage of principal amount redeemed	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Two \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 28.41
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Two \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 280.00
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Three
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Four
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	100.00%
3.50% Convertible Senior Notes \| Convertible Debt \| Debt Conversion, Terms Four \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, aggregate principal amount, percentage	25.00%

Credit Facilities and Convertible Notes - Long-Term Debt Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 27, 2025
Debt Instrument [Line Items]
Year ending December 31, 2026	$ 45,468
Year ending December 31, 2027	315,000
Year ending December 31, 2028	298,750
Year ending December 31, 2029	33,469
Year ending December 31, 2030	0
Thereafter	0
Total debt	692,687
MSGN Term Loan Facility
Debt Instrument [Line Items]
Year ending December 31, 2026	45,468
Year ending December 31, 2027	40,000
Year ending December 31, 2028	40,000
Year ending December 31, 2029	33,469
Year ending December 31, 2030	0
Thereafter	0
Total debt		$ 363,970
Long-term line of credit	$ 303,704
2022 LV Sphere Term Loan Facility
Debt Instrument [Line Items]
Interest rate	8.19%
Year ending December 31, 2026	$ 0
Year ending December 31, 2027	275,000
Year ending December 31, 2028	0
Year ending December 31, 2029	0
Year ending December 31, 2030	0
Thereafter	0
Total debt	275,000
3.50% Convertible Senior Notes
Debt Instrument [Line Items]
Year ending December 31, 2026	0
Year ending December 31, 2027	0
Year ending December 31, 2028	258,750
Year ending December 31, 2029	0
Year ending December 31, 2030	0
Thereafter	0
Total debt	$ 258,750

Credit Facilities and Convertible Notes - Schedule of Interest, Carrying Value, and Fair Value (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 27, 2025	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 08, 2023
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 4,145	$ 2,838
MSG Networks, LV Sphere, Delayed Draw, 3.5% Senior Notes
Line of Credit Facility [Line Items]
Interest Payments		53,031	79,644	$ 100,003	$ 71,136
Loan Principal Repayments		20,625	156,063	147,500	66,000
Total debt		1,357,280	833,286
Total long-term debt, fair value		962,667	1,129,783
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		829,125	303,704
Fair Value		335,796	147,811
MSGN Term Loan Facility \| MSG Networks
Line of Credit Facility [Line Items]
Interest Payments		35,074	45,396	68,297	58,311
Loan Principal Repayments		20,625	$ 156,063	82,500	66,000
2022 LV Sphere Term Loan Facility
Line of Credit Facility [Line Items]
Interest rate			8.19%
2022 LV Sphere Term Loan Facility \| Debt
Line of Credit Facility [Line Items]
Carrying Value		275,000	$ 275,000
Fair Value		273,625	270,875
2022 LV Sphere Term Loan Facility \| LV Sphere
Line of Credit Facility [Line Items]
Interest Payments		13,429	25,192	26,894	12,825
Loan Principal Repayments		0	0	0	0
Delayed Draw Term Loan Facility
Line of Credit Facility [Line Items]
Interest Payments		0	0	460	0
Loan Principal Repayments		0	0	65,000	0
3.50% Convertible Senior Notes
Line of Credit Facility [Line Items]
Interest Payments		4,528	9,056	4,352	0
Loan Principal Repayments		0	$ 0	$ 0	$ 0
3.50% Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Interest rate			3.50%			3.50%
3.50% Convertible Senior Notes \| Debt
Line of Credit Facility [Line Items]
Carrying Value		253,155	$ 254,582
Fair Value		$ 353,246	$ 711,097

Pension Plans and Other Postretirement Benefit Plan - Narrative (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023	Apr. 19, 2023 plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, number of contributory welfare plans \| plan								2
Funded percentage		5.00%	0.00%	5.00%			5.00%
Defined benefit plan, plan assets, period increase (decrease)		$ 92	$ 467		$ 307	$ 218
Red Zone
Defined Benefit Plan Disclosure [Line Items]
Funded percentage			65.00%
Savings Plans
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost		4,322	$ 8,515		6,376	7,421
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, accumulated benefit obligation		37,208	38,441	$ 37,208
Employer contributions			500	$ 500
Other Pension, Postretirement and Supplemental Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 500
Defined benefit plan, expected future employer contributions, next fiscal year			950
Multiemployer Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, pension, significant, employer contribution, cost		746	1,747		1,134	677
Multiemployer Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, pension, significant, employer contribution, cost		$ 114	$ 244		$ 250	$ 142

Pension Plans and Other Postretirement Benefit Plan - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Change in plan assets:
Fair value of plan assets at beginning of period		$ 17,732
Fair value of plan assets at end of period	$ 17,732	18,450	$ 17,732
Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of period		37,373	37,765
Service cost	97	188	97	$ 243	$ 245
Interest cost	989	1,944	989	1,995	1,755
Actuarial loss (gain)		1,552	(233)
Benefits paid		(2,449)	(1,185)
Plan settlements paid		0	(60)
Benefit obligation at end of period	37,373	38,608	37,373
Change in plan assets:
Fair value of plan assets at beginning of period		17,732	17,668
Actual return on plan assets		1,451	178
Employer contributions		500	500
Benefits paid		(1,233)	(614)
Fair value of plan assets at end of period	17,732	18,450	17,732
Funded status at end of period	(19,641)	(20,158)	(19,641)
Postretirement Plan
Change in benefit obligation:
Benefit obligation at beginning of period		1,831	1,726
Service cost	9	16	9	18	20
Interest cost	47	89	47	$ 89	$ 68
Actuarial loss (gain)		704	488
Benefits paid		(1,059)	(439)
Plan settlements paid		0	0
Benefit obligation at end of period	1,831	1,581	1,831
Change in plan assets:
Fair value of plan assets at beginning of period		0	0
Actual return on plan assets		0	0
Employer contributions		0	0
Benefits paid		0	0
Fair value of plan assets at end of period	0	0	0
Funded status at end of period	$ (1,831)	$ (1,581)	$ (1,831)

Pension Plans and Other Postretirement Benefit Plan - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Current liabilities (included in Accrued expenses and other current liabilities)	$ (1,817)	$ (1,487)
Non-current liabilities (included in Other non-current liabilities)	(18,340)	(18,154)
Defined benefit plan, amounts for asset (liability) recognized in statement of financial position	(20,157)	(19,641)
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities (included in Accrued expenses and other current liabilities)	(144)	(207)
Non-current liabilities (included in Other non-current liabilities)	(1,437)	(1,624)
Defined benefit plan, amounts for asset (liability) recognized in statement of financial position	$ (1,581)	$ (1,831)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Pension Plans and Other Postretirement Benefit Plan - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pension Plans
Defined Contribution Plan Disclosure [Line Items]
Actuarial (loss) gain	$ (8,177)	$ (7,353)
Postretirement Plan
Defined Contribution Plan Disclosure [Line Items]
Actuarial (loss) gain	$ (1,033)	$ (369)

Pension Plans and Other Postretirement Benefit Plan - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 97	$ 188	$ 97	$ 243	$ 245
Interest cost	989	1,944	989	1,995	1,755
Expected return on plan assets	(476)	(982)		(970)	(853)
Recognized actuarial loss (gain)	169	395		335	358
Settlement gain	1	0		0	(12)
Net periodic benefit cost	780	1,545		1,603	1,493
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	9	16	9	18	20
Interest cost	47	89	$ 47	89	68
Expected return on plan assets	0	0		0	0
Recognized actuarial loss (gain)	0	39		(23)	(69)
Settlement gain	0	0		0	0
Net periodic benefit cost	$ 56	$ 144		$ 84	$ 19

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pension Plans and Other Postretirement Benefit Plan - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income (Loss) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (loss) gain, net	$ (148)	$ (1,218)	$ (463)	$ 288
Recognized actuarial loss (gain)	169	395	335	358
Settlement gain	1	0	0	(12)
Total recognized in other comprehensive income (loss)	22	(823)	(128)	634
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial (loss) gain, net	(488)	(703)	(60)	(292)
Recognized actuarial loss (gain)	0	39	(23)	(69)
Settlement gain	0	0	0	0
Total recognized in other comprehensive income (loss)	$ (488)	$ (664)	$ (83)	$ (361)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

Pension Plans and Other Postretirement Benefit Plan - Schedule of Assumptions Used (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Pension Plans
Discount rate used to determine benefit obligations
Discount rate	5.59%	5.25%
Rate of compensation increase	3.00%	3.00%
Interest crediting rate	4.32%	4.69%
Discount rate used to determine net periodic benefit cost
Discount rate - projected benefit obligation	5.51%	5.58%	5.33%	4.81%
Discount rate - service cost	5.69%	5.86%	5.52%	5.06%
Discount rate - interest cost	5.43%	5.33%	5.40%	4.55%
Expected long-term return on plan assets	6.13%	6.36%	5.65%	5.00%
Rate of compensation increase	3.00%	3.00%	3.00%	3.00%
Interest crediting rate	4.55%	4.32%	4.55%	3.77%
Postretirement Plan
Discount rate used to determine benefit obligations
Discount rate	5.32%	4.67%
Healthcare cost trend rate assumed for next year	7.50%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%	5.00%
Discount rate used to determine net periodic benefit cost
Discount rate - projected benefit obligation	5.39%	5.32%	5.41%	4.66%
Discount rate - service cost	5.48%	5.52%	5.39%	4.89%
Discount rate - interest cost	5.39%	5.14%	5.47%	4.38%
Healthcare cost trend rate assumed for next year	6.75%	7.50%	7.00%	6.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%	5.00%

Pension Plans and Other Postretirement Benefit Plan - Schedule of Allocation of Plan Assets (Details)	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	100.00%	100.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	97.00%	95.00%
Defined benefit plan, plan assets, target allocation, percentage	100.00%	100.00%
Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	3.00%	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pension Plans and Other Postretirement Benefit Plan - Investment at Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Total investments measured at fair value	$ 18,450	$ 17,732
Money market funds \| Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments measured at fair value	569	990
U.S. Government agency obligations \| Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments measured at fair value	3,724	3,681
Common collective trust \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments measured at fair value	$ 14,157	$ 13,061

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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Pension Plans and Other Postretirement Benefit Plan - Schedule of Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Year ending December 31, 2026	$ 3,479
Year ending December 31, 2027	3,064
Year ending December 31, 2028	3,100
Year ending December 31, 2029	3,303
Year ending December 31, 2030	3,102
Years ending December 31, 2031 – 2035	15,047
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Year ending December 31, 2026	147
Year ending December 31, 2027	157
Year ending December 31, 2028	173
Year ending December 31, 2029	189
Year ending December 31, 2030	195
Years ending December 31, 2031 – 2035	$ 873

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pension Plans and Other Postretirement Benefit Plan - Schedule of Deferred Compensation Plan Amounts Recognized On Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-current assets (included in Investments)	$ 3,669	$ 3,580
Non-current liabilities (included in Other non-current liabilities)	$ (3,680)	$ (3,580)

Share-based Compensation - Narrative (Details) $ in Thousands			12 Months Ended
	Apr. 20, 2023 option d shares	Apr. 17, 2020 plan	Dec. 31, 2025 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plan		2	3
Share-based payment award, vesting period			3 years
Number of equity award options \| option	2
Share-based compensation arrangement, threshold trading days \| d	10
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Common Class A \| Employee Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Awards granted (in shares)			11,600,000
Share-based compensation arrangement by share-based payment award, expiration period, increase			1 year
Common Class A \| MSG Entertainment \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Common Class A \| MSG Entertainment \| Spinoff \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Common Class A \| Sphere \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Performance Stock Units and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost not yet recognized \| $			$ 85,367
Share-based compensation cost not yet recognized, period for recognition			1 year 8 months 12 days
Performance Stock Units and Restricted Stock Units \| MSG Entertainment \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Performance Stock Units and Restricted Stock Units \| Sphere \| Spinoff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
RSUs \| Sphere \| Spinoff \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for every one common stock shares held on record date (in shares)	1
Employee Stock \| Common Class A \| Employee Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award requisite service period			90 days
Employee Stock \| Common Class A \| Non-Employee Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period			10 years
Awards granted (in shares)			500,000
Share-based compensation arrangement by share-based payment award, expiration period, increase			1 year
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, vesting period			3 years

Share-based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 33,394	$ 59,005	$ 46,844
Share-based compensation capitalized in property and equipment, net	1,248	763	2,193	$ 3,642
Performance Stock Units and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	33,968	65,357	47,382	42,607
Share-based compensation capitalized in property and equipment, net	1,250	763	2,193	3,642
Severance costs	$ 700	$ 0	$ 1,166	$ 8,118

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Share-based Compensation - Schedule of Share-based Compensation, Restricted Stock Units Award Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Weighted-Average Grant-date Fair Vale (b)
Payment, tax withholding	$ 17,301	$ 24,542	$ 16,543	$ 16,625
RSUs
Unvested Share Units Awards [Roll Forward]
Unvested award beginning balance (in shares)		917
Granted (in shares)		474
Vested (in shares)		(570)
Forfeited (in shares)		(169)
Unvested award ending balance (in shares)	917	652
PSUs
Unvested Share Units Awards [Roll Forward]
Unvested award beginning balance (in shares)		805
Granted (in shares)		375
Vested (in shares)		(478)
Forfeited (in shares)		(143)
Unvested award ending balance (in shares)	805	559
Performance Stock Units and Restricted Stock Units
Weighted-Average Grant-date Fair Vale (b)
Unvested award beginning balance (in usd per share)		$ 40.33
Granted (in usd per share)	$ 48.27	51.99	$ 36.94	$ 50.81
Vested (in usd per share)		38.46
Forfeited (in usd per share)		37.02
Unvested award ending balance (in usd per share)	$ 40.33	$ 50.97
Shares withheld for tax withholding obligation (in shares)		463
Payment, tax withholding		$ 24,549

Share-based Compensation - Additional Information about PSUs and RSUs (Details) - Performance Stock Units and Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share of awards granted (in dollars per share)	$ 48.27	$ 51.99	$ 36.94	$ 50.81
Fair value of awards vested	$ 37,533	$ 51,667	$ 45,263	$ 42,467

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Share-based Compensation - Schedule of Time Vesting Options (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Stock Options
Beginning balance (in shares)	5,532
Options granted (in shares)	1,685
Options exercised (in shares)	(191)
Options forfeited (in shares)	(159)
Ending balance (in shares)	6,867	5,532
Exercisable (in shares)	902
Weighted-Average Exercise Price Per Share
Beginning balance (in usd per share)	$ 42.62
Options granted (in usd per share)	38.72
Options exercised (in dollars per share)	33.90
Options forfeited (in usd per share)	57.09
Ending balance (in usd per share)	41.55	$ 42.62
Exercisable (in usd per share)	$ 39.32
Weighted-Average Remaining Contractual Term (In Years)
Weighted average remaining contractual term	7 years 9 months 18 days	8 years 7 months 24 days
Exercisable weighted average remaining contractual term	3 years 14 days
Aggregate intrinsic value as of December 31, 2025	$ 367,515	$ 11,601
Exercisable intrinsic value as of December 31, 2025	$ 50,310

Share-based Compensation - Schedule of Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of SARs
Beginning balance, outstanding (in shares)	188
SARs granted (in shares)	0
SARs forfeited (in shares)	(13)
Ending balance, outstanding (in shares)	175	188
Exercisable (in shares)	0
Weighted-Average Price
Weighted-average price, outstanding (in dollars per share)	$ 46.17	$ 46.17
SARs granted (in dollars per share)	0
SARs forfeited (in dollars per share)	46.17
Exercisable (in dollars per share)	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, outstanding (in years)	9 months 25 days	1 year 9 months 18 days
Aggregate intrinsic value	$ 8,533	$ 0

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 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
Preferred stock, par or stated value per share (in shares)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount			$ 350,000
Shares repurchased (in shares)	1,054,000
Repurchase of Class A common stock, inclusive of excise tax	$ 50,024
Excise tax	24
Shares repurchased remaining amount	$ 300,000

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance				$ 1,975,384
Other comprehensive income (loss), net of income taxes				6,876
Pension Plans and Postretirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (5,534)	$ (5,877)	$ (5,138)	(40,287)
Other comprehensive loss before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	(466)	(1,481)	(539)	1,755
Income tax (expense) benefit	123	504	143	(323)
Other comprehensive income (loss), net of income taxes	(343)	(977)	(396)	1,432
Disposition of Tao Group Hospitality				0
Distribution of MSG Entertainment				33,717
Ending balance	(5,877)	(6,854)	(5,534)	(5,138)
Cumulative Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,033)	(1,631)	200	(8,068)
Other comprehensive loss before reclassifications	(813)	4,354	(1,851)	6,656
Amounts reclassified from accumulated other comprehensive loss	0	6,175	0	0
Income tax (expense) benefit	215	(2,826)	618	(1,212)
Other comprehensive income (loss), net of income taxes	(598)	7,703	(1,233)	5,444
Disposition of Tao Group Hospitality				2,824
Distribution of MSG Entertainment				0
Ending balance	(1,631)	6,072	(1,033)	200
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,567)	(7,508)	(4,938)	(48,355)
Other comprehensive loss before reclassifications	(813)	4,354	(1,851)	6,656
Amounts reclassified from accumulated other comprehensive loss	(466)	4,694	(539)	1,755
Income tax (expense) benefit	338	(2,322)	761	(1,535)
Other comprehensive income (loss), net of income taxes	(941)	6,726	(1,629)	6,876
Disposition of Tao Group Hospitality				2,824
Distribution of MSG Entertainment				33,717
Ending balance	$ (7,508)	$ (782)	$ (6,567)	$ (4,938)

Income Taxes - Schedule of Income Tax Paid (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0	$ 0	$ 0	$ 0
State and local	0	2,549	0	0
Total cash paid for income taxes (net of refunds)	0	2,549	0	0
Total cash paid for income taxes (prior to ASU 2023-09)	(15,599)	0	18,649	7,288
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	0	636	0	0
New York City
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	0	1,910	0	0
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	$ 0	$ 3	$ 0	$ 0

Income Taxes - Schedule of Income (or Loss) from Continuing Operations Before Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (299,422)	$ 70,065	$ (244,488)	$ 269,817
Foreign	$ (7,157)	$ (12,850)	$ (115,737)	$ 5,613

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Deferred (expense) benefit:
Deferred income tax benefit (expense)	$ 75,958		$ (20,920)	$ 132,540	$ (123,467)
Income tax (expense) benefit	75,346		(23,810)	135,592	(103,403)
Continuing Operations
Current (expense) benefit:
Federal	0		0	8,200	1,389
State and local	(746)		(2,890)	(4,103)	(4,672)
Foreign	134		0	(1,045)	0
Current income tax benefit (expense)	(612)		(2,890)	3,052	(3,283)
Deferred (expense) benefit:
Federal	54,234		(17,384)	93,322	(59,253)
State and local	19,257		(5,599)	39,382	(41,517)
Foreign	2,467		2,063	(164)	650
Deferred income tax benefit (expense)	75,958		(20,920)	132,540	(100,120)
Income tax (expense) benefit	$ 75,346	$ 97,753	$ (23,810)	$ 135,592	$ (103,403)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Federal tax benefit (expense) at statutory federal rate	$ 64,382	$ (12,015)	$ 75,648	$ (57,840)
State income taxes, net of federal benefit	14,403	(2,110)	13,337	(35,656)
Change in the estimated applicable tax rate used to determine deferred taxes	0		60,877	(1,286)
Change in valuation allowance	267		(29,189)	2,053
Nondeductible officers’ compensation	(4,706)		(5,554)	(4,814)
Nondeductible expenses	(82)	(256)	(1,564)	(291)
Nontaxable gain on repayment of Term Loan	0		13,757	0
Return to provision	0		4,881	(672)
Excess tax (expense) benefit related to share-based payment awards	(248)	531	974	(4,678)
Other	1,330	61	2,425	(219)
Income tax (expense) benefit	$ 75,346	$ (23,810)	$ 135,592	$ (103,403)

Income Taxes - Schedule of Income Tax Benefit (Expense) Attributable to Continuing Operations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income from continuing operations before income taxes	$ (306,579)	$ 57,215	$ (360,225)	$ 275,430
Amount
Federal tax benefit (expense) at statutory federal rate	64,382	(12,015)	75,648	(57,840)
State and local income taxes, net of federal benefit	14,403	(2,110)	13,337	(35,656)
Change in valuation allowance	267		(29,189)	2,053
Recognize foreign outside basis difference		18,227
Nondeductible officers’ compensation		(7,600)
Nondeductible expenses	(82)	(256)	(1,564)	(291)
Permanent difference related to cancellation of debt income		(20,701)
FICA Credit		688
Excess tax (expense) benefit related to share-based payment awards	(248)	531	974	(4,678)
Other	1,330	61	2,425	(219)
Income tax (expense) benefit	$ 75,346	$ (23,810)	$ 135,592	$ (103,403)
Percent
Federal tax (expense) benefit at statutory federal rate		(21.00%)
State and local income taxes, net of federal benefit		(4.00%)
Recognize foreign outside basis difference		32.00%
Nondeductible officers’ compensation		(13.00%)
Nondeductible expenses		0.00%
Permanent difference related to cancellation of debt income		(36.00%)
FICA Credit		1.00%
Excess tax (expense) benefit related to share-based payment awards		1.00%
Other Adjustments		0.00%
Income tax (expense) benefit		(42.00%)
United Kingdom
Amount
Statutory rate difference		$ 108
Change in valuation allowance		$ (672)
Percent
Statutory rate difference		0.00%
Change in Valuation Allowance		(1.00%)
Germany
Amount
Statutory rate difference		$ 914
Change in valuation allowance		$ (985)
Percent
Statutory rate difference		2.00%
Change in Valuation Allowance		(2.00%)

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$ 106,075	$ 279,813
Capital loss carryback	23,378	0
Tax credit carryforwards	1,645	934
Accrued employee benefits	23,167	15,817
Restricted stock units and stock options	2,864	4,684
Right-of-use lease assets and lease liabilities, net	10,167	11,204
Investments	5,024	8,211
Accrued litigation	4,566	4,712
Deferred debt restructuring costs	37,133	0
Other	8,770	13,184
Total deferred tax assets	222,789	338,559
Less valuation allowance	(1,657)	(28,952)
Deferred tax assets, net	221,132	309,607
Deferred tax liabilities:
Intangible and other assets	(191,168)	(215,820)
Property and equipment	(183,263)	(222,703)
Prepaid expenses	(6,300)	(6,142)
Deferred interest	(12,512)	(13,812)
Total deferred tax liabilities	(393,243)	(458,477)
Deferred tax liabilities, net	$ (172,111)	$ (148,870)

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 440,000
Income from cancellation of debt	$ 613,000

Related Party Transactions - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 27, 2025	Jan. 01, 2025	Apr. 20, 2023
Related Party
Related Party Transaction [Line Items]
Capital expenditures		$ 530,000	$ 0	$ 8,311,000	$ 93,823,000
Sales commissions and fees	$ 1,747,000	4,704,000		$ 5,618,000	$ 0
Equity Method Investee
Related Party Transaction [Line Items]
Accrued liabilities		$ 18,204,000	$ 18,242,000
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%)
Secured Debt \| Delayed Draw Term Loan Facility \| Line of Credit
Related Party Transaction [Line Items]
Loans receivable, maximum borrowing amount								$ 65,000,000
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%
Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			72.30%
Dolan Family Group \| Common Class B
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			100.00%
Dolan Family Group \| Common Class A
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			6.70%

Related Party Transactions - Schedule of Transactions by Type (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 536,203	$ 1,220,045	$ 1,026,889	$ 573,831
Operating (expenses) credits:
Total operating expenses, net	(260,560)	(229,564)	(341,241)	(273,042)
Restructuring charges	5,164	11,520	9,486
Related Party
Related Party Transaction [Line Items]
Revenues	914	6,039	3,585	2,079
Operating (expenses) credits:
Total operating expenses, net	(151,695)	(224,066)	(309,524)	(175,482)
Direct operating expenses	93,343	141,506	182,051	206,804
Selling, general and administrative expense	58,352	82,560	127,473	31,322
Media fees \| Related Party
Operating (expenses) credits:
Other operating expenses, net	(90,723)	(136,529)	(175,462)	(172,581)
Cost reimbursement from MSG Sports - MSG Sports Services Agreement \| MSG Sports
Operating (expenses) credits:
Other operating expenses, net	0	0	0	29,836
Corporate general and administrative expenses, net - MSG Entertainment Transition/Services Agreement \| MSG Entertainment
Operating (expenses) credits:
Other operating expenses, net	(47,717)	(68,228)	(110,966)	(27,494)
Restructuring charges	0		3,363
Origination, master control and technical services \| Related Party
Operating (expenses) credits:
Other operating expenses, net	(2,564)	(4,644)	(5,079)	(4,982)
Other operating expenses, net \| Related Party
Operating (expenses) credits:
Other operating expenses, net	$ (10,691)	$ (14,665)	$ (18,017)	$ (261)

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 employee segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of Employees, Total \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Full-time and part-time, number of employees \| employee	3,300
Concentration risk, percentage	16.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	0.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	14.00%

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2025

Jun. 30, 2024

Jun. 30, 2023

Network programming and production costs

$ 536,203

$ 1,220,045

$ 1,026,889

$ 573,831

Event-related expenses

(118,971)

(288,734)

(187,610)

Rights fee expense

(135,081)

(204,473)

(268,747)

(266,670)

(36,676)

(67,241)

(73,770)

(69,996)

Other direct operating expenses

(16,143)

(29,531)

(17,697)

(5,545)

Overhead expenses

(254,263)

(441,918)

(432,853)

(452,142)

Other segment expenses

(235,629)

(417,712)

(387,453)

(52,520)

(260,560)

(229,564)

(341,241)

(273,042)

Income (loss) from continuing operations before income taxes

(44)

(2,265)

35,197

536,887

(306,579)

57,215

(360,225)

275,430

Reconciliation of operating loss to adjusted operating (loss) income:

(260,560)

(229,564)

(341,241)

(273,042)

33,394

59,005

46,844

165,232

336,411

256,494

103,375

5,164

11,520

9,486

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

65,233

69,781

121,473

(224,831)

12,377

7,888

(12,718)

Remeasurement of deferred compensation plan liabilities

1,731

6,316

87

91

467

306

22,662

261,824

80,731

Continuing Operations

536,203

^[1]

$ 432,164

1,220,045

^[1]

1,026,889

^[1]

573,831

^[1]

Gain on extinguishment of debt

(260,560)

(229,471)

(229,564)

(341,241)

(273,042)

0

346,092

0

Interest income

11,413

10,304

13,498

25,687

11,585

Interest expense

(57,388)

(25,828)

(70,546)

(79,868)

0

Income (loss) from continuing operations before income taxes

(44)

41,066

(2,265)

35,197

536,887

(306,579)

(203,929)

(360,225)

275,430

Reconciliation of operating loss to adjusted operating (loss) income:

(260,560)

(229,471)

(229,564)

(341,241)

(273,042)

42,607

165,232

94,290

336,411

256,494

30,716

5,164

4,678

11,520

9,486

27,924

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

65,233

$ 115,738

69,781

121,473

(6,120)

55,047

Remeasurement of deferred compensation plan liabilities

161

187

Sphere | Operating Segments

(122,520)

Network programming and production costs

296,092

781,412

497,159

2,610

Event-related expenses

(118,971)

(288,734)

(187,610)

Rights fee expense

0

0

Other direct operating expenses

(16,143)

(29,531)

(17,697)

(5,545)

Overhead expenses

(223,953)

(389,594)

(393,039)

(325,660)

Other segment expenses

(170,007)

(341,710)

(379,197)

(40,955)

Reconciliation of operating loss to adjusted operating (loss) income:

(232,982)

(268,157)

(480,384)

(369,550)

(232,982)

(268,157)

(480,384)

(369,550)

29,363

60,272

40,514

160,840

327,769

248,248

5,134

9,560

9,476

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

4,033

4,381

121,473

4,843

3,954

(1,176)

Remeasurement of deferred compensation plan liabilities

1,579

6,316

0

91

467

306

Sphere | Operating Segments | Continuing Operations

(27,099)

144,562

(61,543)

Reconciliation of operating loss to adjusted operating (loss) income:

(369,550)

(369,550)

36,188

24,048

23,136

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

(6,229)

(189)

Remeasurement of deferred compensation plan liabilities

0

187

MSG Networks | Operating Segments

(292,409)

Network programming and production costs

240,111

438,633

529,730

571,221

Event-related expenses

0

Rights fee expense

(135,081)

(204,473)

(268,747)

(266,670)

(36,676)

(67,241)

(73,770)

(69,996)

Other direct operating expenses

0

Overhead expenses

(30,310)

(52,324)

(39,814)

(126,482)

Other segment expenses

(65,622)

(76,002)

(8,256)

(11,565)

Reconciliation of operating loss to adjusted operating (loss) income:

(27,578)

38,593

139,143

96,508

(27,578)

38,593

139,143

96,508

4,031

(1,267)

6,330

4,392

8,642

8,246

30

1,960

10

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

61,200

65,400

0

7,534

3,934

(11,542)

Remeasurement of deferred compensation plan liabilities

152

0

87

0

MSG Networks | Operating Segments | Continuing Operations

$ 49,761

$ 117,262

$ 142,274

Reconciliation of operating loss to adjusted operating (loss) income:

96,508

96,508

6,419

6,668

4,788

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

109

55,236

Remeasurement of deferred compensation plan liabilities

161

0

$ 169,889

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

Segment Information - Schedule of Concentration Risk (Details) - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%	14.00%
Customer B \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		9.00%	14.00%
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		8.00%	10.00%
Customer 1 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	10.00%		13.00%	26.00%
Customer 2 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	7.00%		10.00%	21.00%
Customer 3 \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	6.00%		14.00%	26.00%

Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Total Cash and cash equivalents, and restricted cash	$ 521,264	$ 515,633
Continuing Operations
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	507,776	501,954
Restricted cash	13,488	13,679
Total Cash and cash equivalents, and restricted cash	$ 521,264	$ 515,633

Additional Financial Information - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Money Market Accounts, Time Deposits, U.S Treasury Bills
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 99,433	$ 224,037

Additional Financial Information - Schedule of Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Additional Financial Information [Abstract]
Prepaid expenses	$ 38,543	$ 32,384
Other receivables	10,839	92
Inventory	14,453	12,583
Deferred cost, current	17,627	12,211
Other	11,362	7,737
Total prepaid expenses and other current assets	$ 92,824	$ 65,007

Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Additional Financial Information [Abstract]
Accrued payroll and employee related liabilities	$ 63,542	$ 42,892
Cash due to promoters	163,499	109,078
Capital expenditure accruals	130,061	142,989
Accrued legal fees	19,361	22,046
Other accrued expenses	55,014	71,365
Total accrued expenses and other current liabilities	$ 431,477	$ 388,370

Additional Financial Information - Schedule of Other Expense (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Realized and unrealized (loss) gain on MSGE Retained Interest, see Note $8 for further detail	$ 0	$ 0	$ (19,027)	$ 545,715
Gain on litigation settlement	0	0	62,647	0
Unrealized gain on equity investments without readily determinable fair value	0	0	0	1,969
Loss on equity method investments	(120)	(600)	(6,677)	(8,184)
Other	76	(1,665)	(1,746)	(2,613)
Total other (expense) income, net	$ (44)	$ (2,265)	$ 35,197	$ 536,887

Amount of income (loss) for proportionate share of equity method investee's income (loss).