Financial services giant Morgan Stanley has added 1.5 million shares to its position in Sphere Entertainment since June 30 and now owns 2.05 million shares, or a 7.2% stake in the Jim Dolan-led company, according to a Friday SEC filing. The move comes after Morgan Stanley increased its Sphere position by 49.5% in the second quarter to 541,781 shares.
Morgan Stanley is now the fifth-largest shareholder after the Dolan family, Ariel Investments, Vanguard Group and Jericho Capital Asset Management, based on the most recent 13G and 13D filings that highlight stock ownership stakes.
Earlier this year, Sphere’s stock attracted a pair of high-profile investors. New York Mets owner Steve Cohen amassed a new 5.5% stake, according to a June SEC filing. During the same period, hedge fund titan Ken Griffin more than tripled his stake in the company and now owns 5.3% of the shares through his investment firm Citadel.
Morgan Stanley also owns stakes in another pair of Dolan-controlled public companies, including 3% of Madison Square Garden Entertainment, which owns Madison Square Garden, Radio City Music Hall and other venues, and 1.4% of Madison Square Garden Sports, which owns the New York Knicks and New York Rangers.
Morgan Stanley did not immediately respond to a request to comment on its increased Sphere investment.
The $2.3 billion Las Vegas Sphere opened in September 2023 and has captivated visitors with its imagery. U2 launched the venue with a 40-concert run, and Phish, Dead & Company and The Eagles were later added to the concert schedule. The Sphere also hosted the 2024 NHL Draft and UFC 306.
Last month, Sphere Entertainment and the Department of Culture and Tourism in Abu Dhabi announced that the United Arab Emirates capital would be the home of the second Sphere. DCT Abu Dhabi will fund construction, with Sphere employees providing their expertise. No timetable was provided for the building opening.
Sphere Entertainment’s stock is up 31% over the past year, compared to 37% for the S&P 500.
