Sphere Entertainment
36 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Customers
MSG Networks top four Distributors
earns from · substantially all of our affiliation fee revenuenamed as a riskAffiliation fees constitute a significant majority of our MSG Networks revenues and substantially all of our affiliation fee revenue comes from our top four Distributors.Risk factors (Item 1A)
Traditional MVPD subscribers
earns from · 13% decrease in 2025named as a riskAs a result of these factors, MSG Networks has experienced a decrease in subscribers in each of the last several fiscal years, including a 13% decrease in 2025, which has adversely affected our operating results.Risk factors (Item 1A)
Comcast
earns fromnamed as a riskPrior to that, MSG Networks was not able to renew its affiliation agreement with Comcast when it expired in September 2021, which caused a reduction in annual affiliation revenue, operating income and adjusted operating income.Risk factors (Item 1A)
Charter Communications and Cox Enterprises merger
earns fromnamed as a riskAdditionally, Charter Communications, Inc. and Cox Enterprises, Inc. recently announced that they have entered into a definitive agreement for Cox to combine its residential cable business with Charter.Risk factors (Item 1A)
Fubo and Hulu + Live TV combination
earns fromnamed as a riskFor example, FuboTV Inc. and The Walt Disney Company recently announced the entry into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company.Risk factors (Item 1A)
Suppliers
SACO Technologies Inc.
depends on · 30% interestThe Company utilized SACO as a preferred display technology provider for Sphere in Las Vegas.Business (Item 1)
Madison Square Garden Entertainment Corp. (MSG Entertainment)
depends onnamed as a riskFor example, we receive certain information technology services from MSG Entertainment under our services agreement, and in December 2025, MSG Entertainment identified and, with the assistance of a security firm, has taken measures to address a security incident involving our Oracle E-Business Suite Enterprise Resource Planning system.Risk factors (Item 1A)
Also named by LYV
AMC Networks
depends onnamed as a riskIn addition, we are party to an agreement with AMC Networks Inc. (“AMC Networks”), pursuant to which AMC Networks provides us with certain origination, master control and technical services which are necessary to distribute our programming networks.Risk factors (Item 1A)
Music performing rights organizations (PROs)
depends onnamed as a riskIf we lose or are unable to obtain these licenses, or are unable to obtain them on terms consistent with past practice, it may have a negative effect on our business and results of operations.Risk factors (Item 1A)
Partners and platforms
New York Knicks
depends on · approximately $129.8 millionnamed as a riskRights fees under these media rights agreements amounted to approximately $129.8 million for Fiscal Year 2025.Risk factors (Item 1A)
Venetian Venue Propco, LLC (The Venetian)
depends on · 25% of the after-tax cash flowThe ground lease has no fixed rent; however, if certain return objectives are achieved, The Venetian will receive 25% of the after-tax cash flow in excess of such objectives.Business (Item 1)
YES Network
50/50 joint ventureIn January 2024 MSG Networks and YES announced the formation of GAME, a 50/50 joint venture aimed at capitalizing on technical and operational synergies associated with MSG Networks’ and YES’ streaming services.Business (Item 1)
New York Rangers
depends onnamed as a riskOn June 27, 2025, in connection with the MSG Networks debt restructuring (see “Part II — Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Factors Affecting Comparability— MSG Networks Debt Restructuring” of this Form 10-K), the media rights agreements between MSG Networks, on the one hand, and the Knicks and the Rangers, on the other hand, were amended to (among other things) reduce the rights fees payable by MSG Networks and reduce the term of those agreements to expire after the 2028-29 NBA and NHL seasons, respectively, subject to a right of first refusal in favor of MSG Networks.Risk factors (Item 1A)
New York Islanders, New Jersey Devils and Buffalo Sabres
depends onnamed as a riskMSG Networks also has multi-year media rights agreements with the Islanders, Devils and Sabres.Business (Item 1)
Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi)
earns fromnamed as a riskThe Company has received and/or expects to continue to receive certain service fees, franchise fees and royalties in connection with such agreements but to the extent there are delays in connection with construction or completion of the project, the receipt of such fees could be delayed or materially impacted.Risk factors (Item 1A)
Other companies
MSGN Term Loan Facility
$158.9 millionnamed as a riskAs of December 31, 2025, the principal balance outstanding under the MSGN Term Loan Facility was $158.9 million, which was further reduced to $153.5 million in January 2026 following a $5.5 million mandatory cash sweep payment based on excess cash as of December 31, 2025.Risk factors (Item 1A)
The Wizard of Oz at Sphere
over $100 millionnamed as a riskWe invested approximately $80 million to develop the first original immersive production, Postcard from Earth, and over $100 million to develop The Wizard of Oz at Sphere (which was our first original immersive production to use artificial intelligence), and there can be no assurances as to the cost of future immersive productions, which we expect to be significant.Risk factors (Item 1A)
Writers Guild of America and SAG-AFTRA
named as a riskFor example, members of the Writers Guild of America and SAG-AFTRA commenced work stoppages in May and July, 2023, respectively, which lasted several months.Risk factors (Item 1A)
Madison Square Garden Sports Corp. (MSG Sports)
depends onnamed as a riskFor example, MSG Networks’ media rights agreements with MSG Sports provide us with the exclusive live local media rights to Knicks and Rangers games.Risk factors (Item 1A)
Holoplot
operates innamed as a riskFollowing the acquisition of Holoplot on April 25, 2024, which is based in Berlin, Germany, we are also exposed to market risk resulting from foreign currency fluctuations related to the Euro.Market risk (Item 7A)
Competitors
Places
London Sphere project
$116.5 millionnamed as a riskIn addition, during the second quarter of Fiscal Year 2024, we recorded an impairment charge of $116.5 million in connection with our decision in November 2023 to no longer pursue the development of a Sphere in London.Risk factors (Item 1A)
New York City metropolitan area
concentrated innamed as a riskA majority of the Company’s revenues and assets are concentrated in the New York City metropolitan area and Las Vegas.Business (Item 1)
Also named by MSGS
Las Vegas
concentrated innamed as a riskThe Sphere business currently operates only in Las Vegas with one venue and, as a result, is subject to significantly greater degrees of risk than competitors with more operating properties or that operate in more markets.Risk factors (Item 1A)
New York State
concentrated innamed as a riskTherefore, the Company is particularly vulnerable to adverse events (including acts of terrorism, natural disasters, epidemics, pandemics, weather conditions, labor market disruptions and government actions) and economic conditions in Las Vegas and New York State, and surrounding areas.Risk factors (Item 1A)
Abu Dhabi, United Arab Emirates
operates innamed as a riskFor example, in July 2025, we entered into agreements with DCT Abu Dhabi to bring Sphere to Abu Dhabi, United Arab Emirates.Risk factors (Item 1A)
National Harbor, Maryland
operates innamed as a riskAny construction, development, financing and operation of a Sphere venue at National Harbor is contingent upon, among other things, negotiation and execution of definitive agreements, as well as receipt of certain governmental incentives and approvals from Prince George’s County and the State of Maryland.Business (Item 1)
Las Vegas tourism
concentrated innamed as a riskThese risks are exacerbated in our business in light of the fact that we only have one operational venue in Las Vegas, which is dependent on tourism travel for its success.Risk factors (Item 1A)
Commodities and inputs
Euro
exposed to its price · change of $130named as a riskAs of December 31, 2025, a uniform hypothetical 10% fluctuation in the EUR/USD exchange rate would have resulted in a change of $130 in the Company’s net asset value.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
British pound sterling
exposed to its price · change of $100named as a riskAs of December 31, 2025, a uniform hypothetical 10% fluctuation in the GBP/USD exchange rate would have resulted in a change of $100 in the Company’s net asset value.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
Regulators
Federal Communications Commission (FCC)
subject tonamed as a riskOur MSG Networks business is also subject to regulation by the Federal Communications Commission (the “FCC”).Business (Item 1)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
National Basketball Association (NBA)
subject tonamed as a riskIn addition, in July 2024, the NBA finalized new national media rights arrangements with Disney/ESPN, NBC Universal/Peacock, and Amazon, which beginning with the 2025-26 NBA season, increased the total number of NBA (and each team’s) games that can be selected for distribution by national broadcasters (which, for the 2025-26 NBA season, is expected to result in a reduction in the number of NBA games available for exclusive exhibition by our networks as compared to the 2024-25 NBA season).Risk factors (Item 1A)
National Hockey League (NHL)
subject tonamed as a riskThe governing bodies of the NBA and the NHL have imposed, and may impose in the future, various rules, regulations, guidelines, bulletins, directives, policies and agreements (collectively, “League Rules”) that we may not be able to control, which could affect the value of our media rights agreements, including a decision to alter the number of games played during a season or the number of team games that can be selected by national broadcasters (which could reduce the number of games available for exclusive exhibition by our networks).Risk factors (Item 1A)
Also named by MSGS
Laws and programs
Video Privacy Protection Act (VPPA)
subject tonamed as a riskAdditionally, at the federal level, our MSG Networks’ video content delivered via the Internet may in some cases be subject to the privacy requirements of the VPPA.Risk factors (Item 1A)
MSGE Distribution tax-free status (Internal Revenue Code)
subject tonamed as a riskIf the MSGE Distribution does not qualify for tax-free treatment for U.S. federal income tax purposes, then, in general, we would recognize taxable gain in an amount equal to the excess of the fair market value of MSG Entertainment common stock distributed in the MSGE Distribution over our tax basis therein (i.e., as if we had sold such MSG Entertainment common stock in a taxable sale for its fair market value).Risk factors (Item 1A)
Technology
Oracle E-Business Suite
depends onnamed as a riskThe incident resulted from an Oracle system vulnerability that was exploited by a threat actor that targeted hundreds of companies using Oracle E-Business Suite.Risk factors (Item 1A)
Also named by MSGS