Sphere Entertainment Co. has repurchased more than 629,000 shares of its Class A common stock, the company announced, signaling confidence in the long-term prospects of its Las Vegas venue and media businesses.
The buyback, completed between Aug. 21 and Aug. 29, totaled approximately $27.5 million at an average price of $43.72 per share. The company said the move was funded with cash on hand.
The repurchase program leaves Sphere Entertainment with roughly $322.5 million remaining under its current authorization, which the company indicated it will continue to evaluate for future “opportunistic” buybacks.
“These share repurchases reflect the Company’s confidence in the long-term growth potential of its Sphere business,” Sphere Entertainment said in a statement.
Sphere Entertainment operates the Sphere in Las Vegas, a high-tech venue that opened in 2023 and has since hosted concerts, residencies, and immersive film experiences. The company also owns MSG Networks, which operates the MSG Network and MSG Sportsnet regional sports channels as well as its direct-to-consumer streaming product MSG+.
The Las Vegas venue has quickly become a major draw in live entertainment, with residencies by U2, Phish, and Dead & Company showcasing the arena’s massive LED screen and immersive audio technology.
Sphere Entertainment trades on the New York Stock Exchange under the ticker SPHR.
