James Dolan will continue as executive chairman/CEO of Sphere Entertainment Co. for another three years. Sphere Entertainment gave Dolan a three-year contract extension that runs from July 1 to June 30, 2027, according to a July 3 document. regulatory filing.
Sphere Entertainment is comprised of Sphere, the $2.3 billion flagship Las Vegas venue. MSG Networks, which operates two regional sports networks, MSG Network and MSG Sportsnet. and the MSG+ streaming platform. Sphere Entertainment outbid MSG Entertainment, a live events company that owns venues like Madison Square Garden, in 2023.
According to Billboard Boxscore, the ballpark grossed $170 million in the quarter ended March 31, the second full quarter since U2 opened the dazzling venue in September with a 40-year residency that earned $245 million in ticket sales. A deal to build a second Sphere in London fell through in January, but the company is “in discussions with multiple markets” and has seen “plenty of interest around the world,” Dolan said during a May 10 earnings call.
The new contract will pay Dolan a base salary of at least $230,000 and an annual target bonus opportunity of at least 200% of his base salary. It will receive non-vested performance vesting rights to purchase 1.8 million Class A shares of Sphere Entertainment and performance vesting rights to purchase 984,700 shares. Through his participation in the company's long-term incentive programs, Dolan is expected to receive one or more long-term awards with an annual target value of at least $11.8 million.
Dolan was also extended as executive chairman/CEO of MSG Entertainment on June 21. He holds the same titles at MSG Sports as the owner of the New York Knicks and New York Rangers.
from our partners at https://www.billboard.com/pro/james-dolan-sphere-entertainment-ceo-three-more-years/
