Sphere Entertainment Co., a provider of amusement and recreation services with a market capitalization of $1.5 billion, has announced the appointment of Robert Langer as Executive Vice President, Chief Financial Officer, and Treasurer, effective January 13, 2025.
According to InvestingPro analysis, the company’s stock is currently trading near Fair Value, with analysts setting price targets between $36 and $64. Langer, 60, brings extensive financial leadership experience from his previous tenure at The Walt Disney Company (NYSE:DIS), where he served as Global Leader of Enterprise-Wide Financial Planning and Corporate Strategy.
Langer’s association with Disney spanned over two decades, holding various significant roles, including CFO of Disney ABC Television Group and General Manager for Disney Consumer Products in Europe. Before Disney, he worked at The Boston Consulting Group as a Senior Case Leader.
The appointment, as reported in a recent 8-K filing, comes with an employment agreement dated January 6, 2025. Langer’s compensation includes an annual base salary of $1 million, an annual target bonus of 100% of his base salary, and participation in long-term incentive programs. He is also expected to receive annual long-term awards with a target value of $1.7 million and a one-time special award of restricted stock units valued at $500,000. Moreover, Langer will receive a one-time special cash payment of $250,000.
In other recent news, Sphere Entertainment has been facing significant financial challenges. Guggenheim analysts maintained a Buy rating on the company, despite noting a recent breakdown in negotiations between MSG Networks (NYSE:MSGN) and Altice USA, which could potentially lead to substantial revenue loss. Sphere Entertainment has also extended its forbearance agreement with lenders to January 2025, providing additional time to meet its financial obligations.
The company has seen changes in its executive team, with David F. Byrnes leaving his position as Executive Vice President, Chief Financial Officer, and Treasurer, and Gregory Brunner stepping in as interim principal financial officer. At the annual meeting of stockholders, several directors were elected and the company’s independent registered public accounting firm was ratified.
Analyst firms Benchmark and Guggenheim revised their stock targets for Sphere Entertainment due to a 16% sequential drop in third-quarter revenue and a substantial operating loss of $26 million. However, the company reported first-quarter fiscal year 2025 revenues of $228 million, with its Las Vegas venue generating about $127 million in revenue from over 225 events. Sphere Entertainment is also expanding globally with a new venue in Abu Dhabi.
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