New York Mets owner Steve Cohen is continuing to explore opportunities in the entertainment space with a new stake in Sphere Entertainment (NYSE:SPHR).
Cohen’s firm, Point72 Capital, reportedly took a 5.5% stake in Sphere Entertainment Co., which owns and operates the highly-acclaimed Sphere Las Vegas. A securities filing shows Point72 now owns 1.5 million shares with a market value of over $50 million. This will mark the second time Cohen’s firm has invested in the Sphere; previously, it owned 262,102 shares at the end of 2023, which were sold during the first quarter of this year.
The Sphere is controlled by James Dolan, who owns NBA’s New York Teams Knicks and NHL’s New York Rangers, as well as Madison Square Garden.
This is the latest news for Point72; in March, the firm disclosed a 5% stake in Fox Corp., which was valued at about $350 million at the time. Another one of Cohen’s firms has also invested heavily in Range Media Partners — delving into the sports sector.
While the Sphere has solely hosted concerts at this point — including U2, Phish, Dead & Company, and forthcoming shows by the Eagles — it is also set to embark into the world of sports later this year with a UFC fight.Â
