Sphere Entertainment Co. Completes Sale of Its Majority Interest in Tao Group Hospitality
May 03 2023 - 9:31AM
Business Wire
Sphere Entertainment Co. (NYSE: SPHR) (the “Company” or “Sphere
Entertainment”) today announced it has completed the sale of its
66.9% majority interest in Tao Group Hospitality to Mohari
Hospitality, a global investment company focused on the luxury
lifestyle and hospitality sectors.
The completion of the sale follows a successful bidding process
with multiple parties, which reflects that since the Company
acquired a majority interest in 2017, Tao Group Hospitality has
transformed into a global powerhouse in entertainment dining and
hospitality. As previously disclosed, in connection with the sale,
Sphere Entertainment has also entered into a multi-year agreement
with Tao Group Hospitality for ongoing consulting, marketing, and
support services.
About Sphere Entertainment Co. Sphere Entertainment Co.
is a premier live entertainment and media company. The Company
includes Sphere, a next-generation entertainment medium powered by
cutting-edge technologies to redefine the future of entertainment.
The first Sphere venue is currently under construction in Las
Vegas. In addition, the Company includes MSG Networks, which
operates two regional sports and entertainment networks, MSG
Network and MSG Sportsnet, as well as a companion streaming
service, MSG GO, delivering a wide range of live sports content and
other programming. More information is available at
www.sphereentertainmentco.com.
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Mikyl Cordova Communications & Marketing (212) 631-4337
Ari Danes, CFA Investor Relations, Financial Communications
& Treasury (212) 465-6072
Justin Blaber Financial Communications (212) 465-6109
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