{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-094762","form_type":"8-K","ticker":"SPHR","cik":"0001795250","company_name":"Sphere Entertainment Co.","filed_at":"2025-04-25T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.750051+00:00","generated_at":"2026-05-23T05:59:23.431171+00:00","sec_items":["1.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Sphere Entertainment enters debt restructuring and media rights amendments for MSG Networks","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-094762","json":"https://secwatch.observer/filing/0001193125-25-094762.json","markdown":"https://secwatch.observer/filing/0001193125-25-094762.md","text":"https://secwatch.observer/filing/0001193125-25-094762.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1795250/000119312525094762/0001193125-25-094762-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1795250/000119312525094762/d574684d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-23T05:59:23.431171+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}