UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)). |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)). |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.06 | Material Impairments. |
On November 21, 2023, Sphere Entertainment Co. (the “Company”) announced that it was formally notified by the Mayor of London that its planning application for a Sphere venue in Stratford, London was not approved.
In light of this decision, the Company no longer plans to allocate resources towards the development of a Sphere in the United Kingdom. The Company continues to have substantive discussions regarding the development of Sphere in other international markets.
In connection with this decision, the Company expects to record a non-cash impairment charge for project costs (primarily related to professional fees) of approximately $80 million in the quarter ending December 31, 2023. The Company does not expect any significant estimated future cash expenditures associated with the impairment charge. In addition, the Company is evaluating its options regarding the disposition of approximately $77 million of real estate acquired in connection with this project and may incur an additional non-cash impairment charge associated with such capitalized real estate.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SPHERE ENTERTAINMENT CO. (Registrant) | ||
By: | /s/ Gregory Brunner | |
Name: | Gregory Brunner | |
Title: | Senior Vice President, Controller and Principal Accounting Officer |
Dated: November 21, 2023
2
Document and Entity Information |
Nov. 20, 2023 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001795250 |
Document Type | 8-K |
Document Period End Date | Nov. 20, 2023 |
Entity Registrant Name | SPHERE ENTERTAINMENT CO. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-39245 |
Entity Tax Identification Number | 84-3755666 |
Entity Address, Address Line One | Two Pennsylvania Plaza |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10121 |
City Area Code | (725) |
Local Phone Number | 258-0001 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Class A Common Stock |
Trading Symbol | SPHR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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end
%7P19]O0;3M$H3?!3/P@9F,(N_?_GU&QZOCI/4:?'*EM N.^DQX50DUT>T6;?HFSKI.'N$$PAC+
MN,F-EKAYV+'*Z(J&BJ"A?W\8&@,S@Y.#R,_^N)LSUY*/$YHSG