Sphere Entertainment Co.
SPHRHIGH VELOCITYFILING INTENSITYSphere Entertainment Co. reads as High Velocity (composite 70/100); pressure / disclosure signals dominate the posture this cycle · primary market Media & Education.
Lens
Disclosed M&A capital (2023–2025)
$9M
vs N/A in 2020–2022
Disclosed transactions
1
1/3 active fiscal years in window
Buyer archetype
Selective Buyer
Acquisition use is visible but targeted.
Composite score
70
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $9M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 35d
- 100 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 8 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 4 spin pre-registrations
- Latest event 6.2y ago; heavily discounted
- 8 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 8 activism filings
- Latest activism 2.3y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 8 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 auditor change
- Latest event 5.5y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 100 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $5.1B
- 10-Q 35d ago
- 4 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $9M · Peak count: 2
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | 1 | $9M | $9M | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | 1 | N/A | N/A | N/A |
| 2021 | 2 | N/A | N/A | N/A |
| 2020 | 1 | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On33%
- Platform33%
- Geographic Expansion33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- platform
- geographic_expansion
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Given that we depend on a limited number of distributors for a significant portion of our MSG Networks revenues, further industry consolidation could adversely affect our business and results of operations.”
“Tao Group Hospitality has been expanding in select markets both domestically and internationally”
“acquisition of the business of Hakkasan USA, Inc. in April 2021 increased its domestic reach”
“Tao Group Hospitality’s venue expansion plans”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Media & Education
- Market spend (2023–2025)
- $31.8B
- Market spend (2020–2022)
- $74.8B
- Recent vs prior
- −57%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
SPHR trades at a -2.8-turn discount to the Media & Education peer median of 12.1×.
- EV / Revenue
- 3.9×
- Net debt / EBITDA
- 0.1×
- Peer median EV / EBITDA
- 12.1×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 21.6× | 2.0× | -0.2× | $8.8B | $55M | |
| 19.2× | 1.5× | -3.6× | $25.6B | $196M | |
Sphere Entertainment Co.SPHR | 9.3× | 3.9× | 0.1× | $1.3B | $9M |
| 4.9× | 1.8× | 2.2× | $37.2B | $100M | |
| 3.0× | 0.2× | 14.1× | $2.1B | $14M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Media & Education. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)72026-02-12
- 10-Q (quarterly)192026-05-05
- 8-K (event)1002026-05-05
- Proxy / DEF 14A122026-04-28
- Activism (13D / DFAN / PREC)82024-03-01
Signals on file
- elevated
Auditor change
2020-11-241 Item 4.01 filing on file; certifying accountant change.
- elevated
Spin registration
2020-04-014 Form 10-12 filings on file; pre-spin registration.
- elevated
Activism on file
2024-03-018 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Spin/Carve candidate
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.