Sphere Entertainment repurchases $50 million in common stock

NEW YORK - Sphere Entertainment Co. (NYSE:SPHR), currently trading near its 52-week high at $56.96 with a market capitalization of $2.05 billion, has repurchased a total of 1,054,247 shares of its Class A common stock at an average price of $47.43 per share for an aggregate purchase price of $50 million in 2025 to date, according to a press release statement. InvestingPro analysis shows the stock has delivered an impressive 78.6% return over the past six months.

The company’s most recent repurchase activity occurred between September 3 and September 11, during which it bought back 425,219 shares at an average price of $52.91 per share, totaling approximately $22.5 million. These repurchases were funded using cash on hand.

Sphere Entertainment stated it will continue to evaluate additional opportunistic share repurchases going forward. The company has approximately $300 million remaining under its existing share repurchase authorization.

The entertainment company owns and operates Sphere, a next-generation entertainment venue that opened in Las Vegas in September 2023. Sphere Entertainment’s portfolio also includes MSG Networks, which operates regional sports and entertainment networks MSG Network and MSG Sportsnet, as well as a streaming product called MSG+.

In other recent news, Sphere Entertainment reported its second-quarter 2025 financial results, which exceeded consensus expectations for both revenue and adjusted operating income. Goldman Sachs has reiterated its Buy rating with a $50.00 price target, citing strong ticket sales for the upcoming "The Wizard of Oz" production. In contrast, Benchmark maintained a Sell rating with a $35.00 price target, expressing concerns about structural challenges in Sphere’s monetization strategies despite a modest 3% year-over-year revenue growth. Additionally, Sphere Entertainment has repurchased 629,028 shares of its Class A common stock for approximately $27.5 million, funded using cash on hand. The company still has about $322.5 million remaining under its share repurchase authorization. Guggenheim raised its price target to $76.00, maintaining a Buy rating, following the successful initial performance of "The Wizard of Oz" experience. Sphere Entertainment also announced the departure of Andrea Greenberg, CEO of its subsidiary MSG Networks, after her employment agreement expired. Greenberg will receive certain benefits contingent upon her execution of a release agreement.

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