XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.26.1

Credit Facilities and Convertible Notes (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2026 and December 31, 2025:
|  | As of
|  | June 30, 2026 |  | December 31, 2025
|  | Principal |  | Unamortized Deferred Financing Costs |  | Net |  | Principal |  | Unamortized Deferred Financing Costs |  | Net
Current portion |  |  |  |  |  |  |  |  |  |  |  |
MSG Networks term loan facility (a) |  | $ | 58,263 |  |  | $ | — |  |  | $ | 58,263 |  |  | $ | 63,009 |  |  | $ | — |  |  | $ | 63,009 |
Current portion of long-term debt, net |  | $ | 58,263 |  |  | $ | — |  |  | $ | 58,263 |  |  | $ | 63,009 |  |  | $ | — |  |  | $ | 63,009 |
_________________ (a) The June 30, 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
|  | June 30, 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) |  | $ | 195,990 |  |  | $ | — |  |  | $ | — |  |  | $ | 195,990 |  |  | $ | 240,695 |  |  | $ | — |  |  | $ | — |  |  | $ | 240,695 |
2026 LV Sphere Term Loan Facility |  | 275,000 |  |  | — |  |  | (3,577) |  |  | 271,423 |  |  | — |  |  | — |  |  | — |  |  | — |
2022 LV Sphere Term Loan Facility |  | — |  |  | — |  |  | — |  |  | — |  |  | 275,000 |  |  | — |  |  | (2,151) |  |  | 272,849 |
3.50% Convertible Senior Notes |  | 258,750 |  |  | (3,460) |  |  | (561) |  |  | 254,729 |  |  | 258,750 |  |  | (4,168) |  |  | (687) |  |  | 253,895 |
Long-term debt, net |  | $ | 729,740 |  |  | $ | (3,460) |  |  | $ | (4,138) |  |  | $ | 722,142 |  |  | $ | 774,445 |  |  | $ | (4,168) |  |  | $ | (2,838) |  |  | $ | 767,439 |
_________________ (a) The June 30, 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 six months ended June 30, 2026 and 2025 were as follows:
|  | Interest Payments |  | Loan Principal Repayments
|  | Six Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
MSG Networks term loan facility (a) |  | $ | 6,200 |  |  | $ | 36,187 |  |  | $ | 43,305 |  |  | $ | 105,000 |
2026 LV Sphere Term Loan Facility |  | 9,254 |  |  | — |  |  | — |  |  | — |
2022 LV Sphere Term Loan Facility |  | — |  |  | 12,574 |  |  | — |  |  | — |
3.50% Convertible Senior Notes |  | 4,528 |  |  | 4,528 |  |  | — |  |  | — |
Total Payments |  | $ | 19,982 |  |  | $ | 53,289 |  |  | $ | 43,305 |  |  | $ | 105,000 |
_________________ (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 June 30, 2026 and December 31, 2025 were as follows:
|  | As of
|  | June 30, 2026 |  | December 31, 2025
|  | Carrying Value (a) |  | Fair Value |  | Carrying Value (a) |  | Fair Value
Liabilities: |  |  |  |  |  |  |  |
MSG Networks term loan facility |  | $ | 254,253 |  |  | $ | 110,428 |  |  | $ | 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 |  | 255,290 |  |  | 1,268,030 |  |  | 254,582 |  |  | 711,097 |
Total debt |  | $ | 784,543 |  |  | $ | 1,649,333 |  |  | $ | 833,286 |  |  | $ | 1,129,783 |
_________________ (a) The total carrying value of the Company’s debt as of June 30, 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 $4,138 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 June 30, 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 |  | $ | 20,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,000 |
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 |  | $ | 115,632 |  |  | $ | 275,000 |  |  | $ | 258,750 |  |  | $ | 649,382 |
_________________ (a) The carrying amount of the MSGN Term Loan Facility, which is calculated by applying the troubled debt restructuring guidance as discussed above, was $254,253 as of June 30, 2026. Due to uncertainty in amounts payable and timing, Contingent Interest Units and undiscounted interest payments are excluded from the table above.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration