Sphere Entertainment hires Oscar winner Glenn Derry

Published 04/02/2025, 18:26
Sphere Entertainment hires Oscar winner Glenn Derry

BURBANK, Calif. - Sphere Entertainment Co. (NYSE: SPHR), a $1.62 billion market cap entertainment technology company, today announced the appointment of Glenn Derry, an Academy Award-winning technologist, as Executive Vice President of MSG Ventures, a subsidiary focused on developing advanced technologies for live entertainment. According to InvestingPro data, the company has demonstrated remarkable growth with revenue nearly doubling in the last twelve months.

Derry, known for pioneering virtual production in Hollywood, brings over three decades of experience to Sphere Entertainment. His role will involve leading technology initiatives to enhance the immersive experiences offered by Sphere venues, including the one opened in Las Vegas in September 2023. Derry will be stationed at Sphere Studios in Burbank, reporting to Jim Dolan, Executive Chairman and CEO of Sphere Entertainment. With the company’s stock trading at $45.31 and showing strong price momentum according to InvestingPro’s analysis, investors are closely watching this strategic appointment.

Jim Dolan expressed confidence in Derry’s ability to contribute to Sphere’s vision of combining innovative technologies with storytelling to deliver unique audience experiences. Derry echoed this sentiment, emphasizing his commitment to advancing entertainment technologies in line with Sphere’s standards for immersive experiences.

Derry’s background includes serving as President of Production Technology at AGBO, where he was instrumental in establishing virtual production and animation pipelines. He was also the founder and CEO of Technoprops, an R&D firm acquired by 20th Century Fox Studios, where he later served as Vice President of Visual Effects. His work has significantly influenced the film and gaming industry, earning him an Academy of Motion Picture Arts and Sciences Technical Achievement Award.

Sphere Entertainment, a leading live entertainment and media company, operates the innovative Sphere platform and MSG Networks (NYSE:MSGN). The company’s ventures aim to redefine the future of entertainment with state-of-the-art technologies and content creation.

This strategic hire underscores Sphere Entertainment’s commitment to maintaining its position at the forefront of immersive live entertainment. With the company’s next earnings report due in 2 days and maintaining a "GOOD" overall Financial Health Score according to InvestingPro, investors will be watching closely to see how this appointment impacts the company’s growth trajectory. The information for this report is based on a press release statement from Sphere Entertainment Co. and InvestingPro data, which offers comprehensive analysis and additional insights through its Pro Research Reports, available for over 1,400 US stocks.

In other recent news, Sphere Entertainment Co. has been able to secure multiple extensions on its forbearance agreement with lenders. The agreement, linked to a missed payment by its subsidiary, MSGN Holdings L.P., was initially set to expire in November 2024, but has been extended multiple times, most recently to February 4, 2025. The extensions provide Sphere Entertainment additional time to address its financial obligations and avoid potential default remedies.

Meanwhile, Guggenheim Securities has raised Sphere Entertainment’s price target from $64.00 to $69.00, maintaining a Buy rating on the shares. This adjustment reflects an optimistic outlook for the company’s concert segment in the upcoming years 2025 and 2026. Guggenheim analysts have revised their projections for Sphere Entertainment’s adjusted operating income, based on the company’s robust concert schedule and heightened venue utilization rates.

In addition, Sphere Entertainment has announced the appointment of Robert Langer as Executive Vice President, Chief Financial Officer, and Treasurer. Langer, with over three decades of financial leadership experience, will provide strategic financial guidance and oversight of all financial operations. His appointment is expected to support Sphere Entertainment’s long-term objectives and ongoing initiatives.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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