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New York Post
Ken Griffin’s Citadel boosts stake in James Dolan’s Sphere weeks after Steve Cohen’s investment
By Ariel Zilber,
6 hours ago
Ken Griffin’s Citadel has boosted its stake in James Dolan’s Sphere Entertainment just weeks after another hedge fund titan, Mets owner Steve Cohen, revealed that he invested in the company.
Since April 1, Citadel has bought up 900,000 additional shares of the publicly-traded company — bringing its total to around 1.5 million shares.
Citadel, the hedge fund founded by billionaire Ken Griffin, has upped its stake in Jim Dolan’s Sphere Entertainment, according to SEC filings. Getty Images
Sphere shares ticked down less than 1% Thursday, trading at $43.45.
Last month, Cohen’s Point72 Asset Management disclosed a 5.5% stake in Sphere Entertainment.
The sticking point turned out to be Beyoncé’s demand for the Sphere to go dark for two weeks so that she can rehearse, sources close to the situation said.
During its most recent quarter, Sphere generated $100.5 million in total revenue.
Shares of Sphere were trading flat on Thursday — though the stock is up by around 30% since Jan. 1.
Dolan, the son of Cablevision founder Charles Dolan, recently signed three-year contract extensions to continue in his role as executive chairman of Sphere, MSG Sports and MSG Entertainment.
Mets owner Steve Cohen’s Point72 Asset Management revealed its ownership stake in Sphere earlier this month. Charles Wenzelberg / New York Post
MSG Sports is the holding company whose properties include the NBA’s New York Knicks and the NHL’s New York Rangers.
MSG Entertainment is the subsidiary that oversees the teams’ home arena, Madison Square Garden, as well as Radio City Music Hall and Beacon Theatre.
Additional Reporting by Josh Kosman
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