AG真人官方

Sphere Entertainment Co. reported a quarter with a large, non-cash financial benefit that swung results to a profit. On a GAAP basis (amounts in thousands), the company recorded a $346,092 gain on extinguishment of debt related to the restructuring of MSG Networks鈥� term loan, which produced income from continuing operations of $151,816 for the three months ended June 30, 2025 and basic EPS of $4.18. Excluding that extinguishment gain, operating results remained weak: operating loss was $50,159 as depreciation and SG&A remained significant.

Balance sheet and liquidity changed materially: cash and restricted cash declined to $368,927 from $515,633, total assets fell to $4,199,061, and total stockholders' equity rose to $2,313,687 as the accumulated deficit narrowed. The company completed a refinancing under an amended MSGN credit agreement that replaced the prior facility with a $210,000 MSGN term loan (maturing 2029) and created contingent interest units; the carrying amount of the restructured MSGN loan under troubled debt guidance was $363,970. Material legacy items include a prior goodwill impairment of $61,200 for MSG Networks and significant future commitments, including broadcast rights totaling $861,131.

Sphere Entertainment Co. announced that it has reported its financial results for the second quarter ended June 30, 2025 and has furnished a press release containing that announcement as Exhibit 99.1 to this Form 8-K. The filing does not include the company鈥檚 financial tables or metrics within the body of the 8-K itself.

The company states the information provided in Item 2.02 and Exhibit 99.1 is being furnished (not "filed") for purposes of the Exchange Act and therefore is not subject to Section 18 liabilities nor incorporated by reference into other filings. The registrant鈥檚 trading symbol appears as SPHR on the New York Stock Exchange.

Sphere Entertainment Co. (NYSE: SPHR) filed an 8-K to disclose the closing of a comprehensive debt restructuring and related agreements for its wholly-owned subsidiary MSG Networks Inc. and the direct borrower MSGN Holdings, L.P. (the 鈥淏orrower鈥�). The centerpiece is a $210 million senior secured term loan maturing December 2029 that replaces the 2019 credit facility in its entirety. The new loan carries interest at SOFR + 5.00% and requires fixed amortization of $10 million per quarter beginning Q3-25, plus a 100% excess-cash sweep each quarter. SPHR contributed $15 million of equity on the 27 June 2025 effective date, allowing the Borrower to make an $80 million cash payment to lenders on closing.

The facility is backed by guarantees from the holding entities and all existing and future domestic subsidiaries of the Borrower, with a full security package that pledges equity interests and other assets. Sphere Entertainment Group and its non-credit subsidiaries are expressly excluded from repayment obligations and collateral pledges.

Covenants are broadly restrictive, limiting additional debt, liens, dividends, affiliate transactions, asset sales and other corporate actions, while allowing voluntary prepayments at par (subject to standard breakage).

Parallel agreements were executed to bolster liquidity and align incentives:

• Investor Agreement: SPHR forgives intercompany service balances through 30 June 2025, will continue to provide shared services at a reduced rate through 2029 and formally includes the Borrower in SPHR鈥檚 consolidated U.S. tax group.
• Amended LPA: Lenders received Contingent Interest Units that, after the term loan is fully repaid, give them 50% of excess cash (above agreed cushions) and 50% of M&A proceeds, in each case capped at $100 million through 2029.
• Media-rights amendments: Annual rights fees to the New York Knicks and New York Rangers are reduced by 28% and 18%, respectively, escalators are removed, and contract terms now end after the 2028-29 season with MSG Networks retaining a right of first refusal.
• MSG Networks issued penny warrants to MSG Sports covering 19.9% of its common stock.

Overall, the transaction extends debt maturities by roughly four and a half years, injects fresh equity, lowers near-term cash interest on a smaller principal balance, and meaningfully reduces sports-rights cash outflows, albeit at the cost of tighter covenants, a high spread over SOFR, and potential future cash sharing and equity dilution.