Billionaire hedge fund titan Steve CohenPoint72 Asset Management has acquired a 5.5% stake in Sphere Entertainment Co, the MSG Entertainment spin-off company that owns the state-of-the-art Las Vegas Sphere venue.
Point72 disclosed in a regulatory filing on Monday (June 24) that it acquired 1.56 million shares of Sphere Entertainment Co in the second quarter, including 582,400 shares of Class A Common Stock, which are issuable upon the exercise of options. This is the second time Point72 has acquired a chunk of Sphere shares, having previously held 262,102 shares at the end of 2023, which it sold in the first quarter. New York Post mentionted.
The much-anticipated Sphere has wowed music fans with residencies by U2, Phish and the Grateful Dead and attracted nearly one million guests to some 270 shows in the quarter ending March 31. President/CEO of MSG Entertainment James Dolan wants to replicate the $2.3 billion project in other cities. In January, the company withdrew its plans to build a Sphere arena in London after the city's mayor, Sadiq Khanblocked plans for the 21,500-capacity, 300-foot-tall building, citing the negative impact it believed it would have on the surrounding area, including high energy use and the “significant light intrusion” it would cause to local residents.
While best known for its concerts, the Sphere is set to host its first televised event this National Hockey League draft weekend. Point72's investment aligns two New York sports team owners: Cohen, who owns the New York Mets, and Dolan, who owns the New York Knicks and New York Rangers.
from our partners at https://www.billboard.com/pro/sphere-entertainment-stake-acquired-point72-asset-management/
