# EDGAR Filing Document

**Accession Number:** 0001795250
**File Stem:** 0001193125-25-206155
**Filing Date:** 2025-9
**Character Count:** 11293
**Document Hash:** 8a2636655338d865356d6af33aa9950a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-206155.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001193125-25-206155

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250915

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250917

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** DOLAN JAMES LAWRENCE
- **CENTRAL INDEX KEY:** 0000933028

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39245
- **FILM NUMBER:** 251320038

**MAIL ADDRESS:**
- **STREET 1:** BAKER BOTTS L.L.P.
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Dolan Kristin A
- **CENTRAL INDEX KEY:** 0001480991

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39245
- **FILM NUMBER:** 251320037

**MAIL ADDRESS:**
- **STREET 1:** C/O MSG TWO PENN PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sphere Entertainment Co.
- **CENTRAL INDEX KEY:** 0001795250
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 843755666
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121
- **BUSINESS PHONE:** (212) 465-6000

**MAIL ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison Square Garden Entertainment Corp.
- **DATE OF NAME CHANGE:** 20200417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSG ENTERTAINMENT SPINCO, INC.
- **DATE OF NAME CHANGE:** 20191126

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>DOLAN JAMES LAWRENCE<br><sub>(Last) (First) (Middle)</sub><br>TWO PENNSYLVANIA PLAZA<br><sub>(Street)</sub><br>NEW YORK, NY 10121<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-09-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [X] Other (specify below)<br>_Executive Chairman and CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Sphere Entertainment Co. [ SPHR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Dolan Kristin A<br><sub>(Last) (First) (Middle)</sub><br>TWO PENNSYLVANIA PLAZA<br><sub>(Street)</sub><br>NEW YORK, NY 10121<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-09-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Sphere Entertainment Co. [ SPHR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2025-09-15 |  | M |  | 32917 | A | 0<sup>(1)</sup> | 931849<sup>(2)</sup> | D<sup>(3)</sup> |  |
| Class A Common Stock | 2025-09-15 |  | M |  | 26896 | A | 0<sup>(4)</sup> | 958745<sup>(2)</sup> | D<sup>(3)</sup> |  |
| Class A Common Stock | 2025-09-15 |  | F<sup>(5)</sup> |  | 30534 | D | $60.29 | 928211<sup>(2)</sup> | D<sup>(3)</sup> |  |
| Class A Common Stock | 2025-09-15 |  | M |  | 98750 | A | 0<sup>(6)</sup> | 1026961<sup>(2)</sup> | D<sup>(3)</sup> |  |
| Class A Common Stock | 2025-09-15 |  | F<sup>(7)</sup> |  | 48493 | D | $60.29 | 978468<sup>(2)</sup> | D<sup>(3)</sup> |  |
| Class A Common Stock |  |  |  |  |  |  |  | 14119 | I<sup>(8)</sup> | By Spouse |
| Class A Common Stock |  |  |  |  |  |  |  | 746 | I<sup>(9)</sup> | By Minor Children and Household Members |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2025-09-15 |  | M |  |  | 32917 | <sup>(1)</sup> | 2025-09-15 | Class A Common Stock | 32917 | $0 | 0 | D |  |
| Restricted Stock Units | <sup>(4)</sup> | 2025-09-15 |  | M |  |  | 26896 | <sup>(4)</sup> | 2026-09-15 | Class A Common Stock | 26896 | $0 | 26897 | D |  |
| Performance Restricted Stock Units | <sup>(6)</sup> | 2025-09-15 |  | M |  |  | 98750 | <sup>(6)</sup> | 2025-09-15 | Class A Common Stock | 98750 | $0 | 0 | D |  |

---

### Footnotes:

(1) Each restricted stock unit ("RSU") was granted on August 31, 2022 under the Sphere Entertainment Co. ("SPHR") 2020 Employee Stock Plan, as amended (the "2020 Employee Stock Plan"), and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 15, 2023. One-third of the RSUs vested and were settled on September 13, 2024. The remaining one-third of the RSUs vested and were settled on September 15, 2025.

(2) Includes shares held jointly with spouse.

(3) Securities held directly by James L. Dolan, Kristin A. Dolan's spouse, or jointly by James L. Dolan and Kristin A. Dolan. Ms. Dolan disclaims beneficial ownership of these securities beneficially owned or deemed to be beneficially owned by Mr. Dolan (other than securities held jointly with her spouse) and this report shall not be deemed to be an admission that she is, for purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

(4) Each RSU was granted on September 1, 2023 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 13, 2024. One-third of the RSUs vested and were settled on September 15, 2025. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2026.

(5) Represents RSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs described in footnotes 1 and 4, exempt under Rule 16b-3.

(6) Each performance restricted stock unit ("PSU") was granted on August 31, 2022 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The Compensation Committee of the Board of Directors of SPHR deemed such PSUs earned at 100% of target on March 27, 2024. The PSUs vested and were settled on September 15, 2025.

(7) Represents PSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of PSUs described in footnote 6, exempt under Rule 16b-3.

(8) Securities held directly by Kristin A. Dolan, James L. Dolan's spouse. Mr. Dolan disclaims beneficial ownership of these securities beneficially owned or deemed to be beneficially owned by Ms. Dolan (other than securities in which he has a direct pecuniary interest) and this report shall not be deemed to be an admission that Mr. Dolan is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

(9) The reporting persons disclaim beneficial ownership of all securities of SPHR beneficially owned and deemed to be beneficially owned by their minor children and household members and this report shall not be deemed an admission that reporting persons are, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

**Signature:** /s/ James L. Dolan  
**Date:** 2025-09-17

**Signature:** /s/ Mark C. Cresitello, Attorney-in-Fact for Kristin A. Dolan  
**Date:** 2025-09-17

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**