MSG Networks, a subsidiary of Sphere Leisure Co. and a part of the enterprise empire run by James Dolan, has one other week to repay greater than $800 million of debt with out going through penalties from its lenders, the corporate introduced Thursday (March 27) in an SEC submitting. The corporate first introduced in October 2024 that it was making an attempt to refinance its time period mortgage and had entered right into a forbearance settlement with its lenders. That forbearance was initially rescheduled to run out on Nov. 8, 2024, and subsequently was prolonged to March 26.
If MSG Networks is unable to realize a “refinancing or work-out of its indebtedness,” the corporate would search chapter safety, or the lenders may foreclose on the MSG Networks enterprise, based on the corporate’s newest annual report. Even when MSG Networks is ready to refinance the debt, the brand new phrases could be “on phrases materially much less favorable to MSG Networks than the present phrases,” the report says.
In February, MSG Networks, a regional sports activities cable community with a web-based subscription providing, made a principal reimbursement of $25 million. The debt, which at present stands at $804 million, applies solely to MSG Networks, not the division that operates the Sphere venue in Las Vegas. Within the quarter ended December 31, MSG Networks had income of $139.3 million, down 7.1% from the prior-year interval, and an working lack of $35.0 million. MSG Networks is separate from stay occasions firm MSG Leisure, which spun off from the remainder of the corporate in 2023.
Sphere income topped $300 million within the newest quarter, barely decrease than the prior-year interval. The quarter included reveals by rock legends the Eagles and EDM producer Anyma. As for 2025, Sphere has introduced residencies by nation star Kenny Chesney and ‘90s boy band Backstreet Boys. A second Sphere is within the works in Abu Dhabi, the capital of the United Arab Emirates.
