Sphere Entertainment enters debt restructuring and media rights amendments for MSG Networks

Sphere Entertainment Co.

Sphere to contribute $15M capital; existing credit facilities replaced with $210M term loan maturing Dec 2029 at SOFR+5.00%.
Knicks rights fee reduced 28% and Rangers 18%; annual escalators eliminated; contracts end of 2028-29 season with right of first refusal for MSG Networks.
Minimum cash payment of $80M to lenders upon closing; 100% excess free cash flow to repay principal until fully repaid.
MSG Networks to issue penny warrants to MSG Sports for 19.9% of equity; Mutual release agreement among parties.
Transactions expected to close by June 27, 2025.

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