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Credit Facilities and Convertible Notes (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Debt Outstanding and Deferred Financing Costs | The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements and convertible notes as of March 31, 2026 and December 31, 2025:
|  | As of
|  | March 31, 2026 |  | December 31, 2025
|  | Principal |  | Unamortized Deferred Financing Costs |  | Net |  | Principal |  | Unamortized Deferred Financing Costs |  | Net
Current portion |  |  |  |  |  |  |  |  |  |  |  |
MSG Networks term loan facility (a) |  | $ | 57,690 |  |  | $ | — |  |  | $ | 57,690 |  |  | $ | 63,009 |  |  | $ | — |  |  | $ | 63,009 |
Current portion of long-term debt, net |  | $ | 57,690 |  |  | $ | — |  |  | $ | 57,690 |  |  | $ | 63,009 |  |  | $ | — |  |  | $ | 63,009 |
_________________ (a) The March 31, 2026 carrying amount of the MSG Networks term loan facility is calculated pursuant to the troubled debt restructuring guidance as further discussed below in this Note 10.
|  | As of
|  | March 31, 2026 |  | December 31, 2025
|  | Principal |  | Debt Discount |  | Unamortized Deferred Financing Costs |  | Net |  | Principal |  | Debt Discount |  | Unamortized Deferred Financing Costs |  | Net
Non-current portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MSG Networks term loan facility (a) |  | $ | 227,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 227,162 |  |  | $ | 240,695 |  |  | $ | — |  |  | $ | — |  |  | $ | 240,695 |
2026 LV Sphere Term Loan Facility |  | 275,000 |  |  | — |  |  | (3,779) |  |  | 271,221 |  |  | — |  |  | — |  |  | — |  |  | — |
2022 LV Sphere Term Loan Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | 275,000 |  |  | — |  |  | (2,151) |  |  | 272,849 |
3.50% Convertible Senior Notes |  | 258,750 |  |  | (3,816) |  |  | (617) |  |  | 254,317 |  |  | 258,750 |  |  | (4,168) |  |  | (687) |  |  | 253,895 |
Long-term debt, net |  | $ | 760,912 |  |  | $ | (3,816) |  |  | $ | (4,396) |  |  | $ | 752,700 |  |  | $ | 774,445 |  |  | $ | (4,168) |  |  | $ | (2,838) |  |  | $ | 767,439 |
_________________ (a) The March 31, 2026 carrying amount of the MSG Networks term loan facility is calculated pursuant to the troubled debt restructuring guidance, as further discussed below in this Note 10. Interest payments and loan principal repayments made by the Company under the credit agreements and convertible notes for the three months ended March 31, 2026 and 2025 were as follows:
|  | Interest Payments |  | Loan Principal Repayments
|  | Three Months Ended |  | Three Months Ended
|  | March 31, |  | March 31,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
MSG Networks term loan facility (a) |  | $ | 3,383 |  |  | $ | 18,559 |  |  | $ | 15,468 |  |  | $ | 25,000 |
2026 LV Sphere Term Loan Facility |  | 4,808 |  |  | — |  |  | — |  |  | — |
2022 LV Sphere Term Loan Facility |  | — |  |  | 6,257 |  |  | — |  |  | — |
3.50% Convertible Senior Notes |  | — |  |  | — |  |  | — |  |  | — |
Total Payments |  | $ | 8,191 |  |  | $ | 24,816 |  |  | $ | 15,468 |  |  | $ | 25,000 |
_________________ (a) As a result of the June 27, 2025 refinancing, the MSG Networks term loan facility is accounted for under the troubled debt restructuring guidance. For purposes of this disclosure and for comparability to prior periods, interest payments and principal payments are presented based on the contractual nature of the cash flows. The carrying value and fair value of the Company’s debt recorded in the accompanying condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows:
|  | As of
|  | March 31, 2026 |  | December 31, 2025
|  | Carrying Value (a) |  | Fair Value |  | Carrying Value (a) |  | Fair Value
Liabilities: |  |  |  |  |  |  |  |
MSG Networks term loan facility (a) |  | $ | 284,852 |  |  | $ | 137,013 |  |  | $ | 303,704 |  |  | 147,811 |
2026 LV Sphere Term Loan Facility |  | 275,000 |  |  | 270,875 |  |  | — |  |  | — |
2022 LV Sphere Term Loan Facility |  | — |  |  | — |  |  | 275,000 |  |  | 270,875 |
3.50% Convertible Senior Notes |  | 254,934 |  |  | 872,686 |  |  | 254,582 |  |  | 711,097 |
Total debt |  | $ | 814,786 |  |  | $ | 1,280,574 |  |  | $ | 833,286 |  |  | $ | 1,129,783 |
_________________ (a) The total carrying value of the Company’s debt as of March 31, 2026 and December 31, 2025 is equal to the current and non-current principal payments for the Company’s debt, excluding unamortized deferred financing costs of $4,396 and $2,838, respectively.
Schedule of Maturities of Long-term Debt | Debt maturities over the next five years for the outstanding principal balance under the MSGN Term Loan Facility, 2026 LV Sphere Term Loan Facility and 3.50% Convertible Senior Notes as of March 31, 2026 were as follows:
|  | MSGN Term Loan Facility (a) |  | 2026 LV Sphere Term Loan Facility |  | 3.50% Convertible Senior Notes |  |  |  |  |  | Total
Year ending December 31, 2026 |  | $ | 47,837 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  | $ | 47,837 |
Year ending December 31, 2027 |  | 40,000 |  |  | — |  |  | — |  |  |  |  |  |  | 40,000 |
Year ending December 31, 2028 |  | 40,000 |  |  | 13,750 |  |  | 258,750 |  |  |  |  |  |  | 312,500 |
Year ending December 31, 2029 |  | 15,632 |  |  | 13,750 |  |  | — |  |  |  |  |  |  | 29,382 |
Year ending December 31, 2030 |  | — |  |  | 13,750 |  |  | — |  |  |  |  |  |  | 13,750 |
Thereafter |  | — |  |  | 233,750 |  |  | — |  |  |  |  |  |  | 233,750 |
Total debt |  | $ | 143,469 |  |  | $ | 275,000 |  |  | $ | 258,750 |  |  |  |  |  |  | $ | 677,219 |
_________________ (a) The carrying amount of the MSGN Term Loan Facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, was $284,852 as of March 31, 2026. Due to uncertainty in amounts payable and timing, Contingent Interest Units and undiscounted interest payments are excluded from the table above. Furthermore, the debt maturities shown above do not reflect potential acceleration from quarterly mandatory cash sweeps other than the quarterly cash flow sweep paid in April 2026.

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