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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amounts of goodwill as of March 31, 2026 were as follows:
|  | Sphere |  | MSG Networks |  | Consolidated
Goodwill |  | $ | 46,864 |  |  | $ | 424,508 |  |  | $ | 471,372 |
Accumulated impairment losses |  | — |  |  | (126,600) |  |  | (126,600) |
Balance at December 31, 2025 |  | $ | 46,864 |  |  | $ | 297,908 |  |  | $ | 344,772 |
Acquisitions |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |
Balance at March 31, 2026 |  | $ | 46,864 |  |  | $ | 297,908 |  |  | $ | 344,772 |
During the quarterly period ended September 30, 2025, the Company performed its annual impairment tests of goodwill. With respect to the Sphere segment, the Company performed a qualitative assessment and determined that, as of the annual impairment test date, there was no impairment of the Sphere segment’s goodwill. With respect to the MSG Networks’ segment, the Company could not support the conclusion that it is not more likely than not that the fair value of the reporting unit is greater than its carrying amount as of the annual impairment testing date and thus elected to perform a quantitative goodwill impairment test to identify potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill. In doing so, the Company estimated the fair value of the MSG Networks reporting unit based on a discounted cash flow model (income approach). This approach relied on numerous assumptions and judgments within the model that were subject to various risks and uncertainties. Principal assumptions utilized, all of which are considered Level III inputs under the fair value hierarchy, include the Company’s estimates of future revenue, estimates of future operating cost, margin assumptions, terminal growth rates and the discount rate applied to estimate future cash flows. Based upon the results of the Company’s annual quantitative impairment test, the Company concluded that the carrying value of the MSG Networks reporting unit exceeded its estimated fair value as of the annual impairment testing date and recorded a non-cash goodwill impairment charge of $65,400 as a result of projected declines in the reporting unit’s business. No additional indicators of impairment were identified through March 31, 2026. The Company continues to closely monitor the performance and fair value of its MSG Networks reporting unit. A significant adverse change in market factors or the business outlook for the MSG Networks reporting unit could negatively impact the fair value of the MSG Networks reporting unit and result in an additional goodwill impairment charge at that time. The Company’s intangible assets subject to amortization as of March 31, 2026 and December 31, 2025 were as follows:
|  | As of
|  | March 31, 2026 |  | December 31, 2025
|  | Gross carrying amount |  | Accumulated amortization |  | Intangible assets, net |  | Gross carrying amount |  | Accumulated amortization |  | Intangible assets, net
Affiliate relationships |  | $ | 83,044 |  |  | $ | (73,700) |  |  | $ | 9,344 |  |  | $ | 83,044 |  |  | $ | (72,921) |  |  | $ | 10,123 |
Technology |  | 15,508 |  |  | (5,945) |  |  | 9,563 |  |  | 15,508 |  |  | (5,169) |  |  | 10,339 |
Trade name |  | 2,032 |  |  | (778) |  |  | 1,254 |  |  | 2,032 |  |  | (677) |  |  | 1,355 |
Total |  | $ | 100,584 |  |  | $ | (80,423) |  |  | $ | 20,161 |  |  | $ | 100,584 |  |  | $ | (78,767) |  |  | $ | 21,817 |
The Company recognized amortization expense on intangible assets of $1,656 and $1,600 for the three months ended March 31, 2026 and 2025, respectively, which is recorded in Depreciation and amortization in the accompanying condensed consolidated statements of operations.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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