---
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"
generated_at: "2026-05-23T05:59:23.431171+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-094762
- JSON: https://secwatch.observer/filing/0001193125-25-094762.json
- Plain text: https://secwatch.observer/filing/0001193125-25-094762.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.