The MSG Sphere Reports Loss Of $98.4 Million And CFO Quits
*Featured Cover Photo Credit: MSG Sphere
The MSG Sphere just reported a lost $98.4 million and as a result, the CFO, Gautam Ranji, resigned from the multi-billion dollar venue. According to an article from the New York Post, MSG Sphere’s CEO, James Dolan, “yelled and screamed” at Ranji. Afterwards, Ranji, who then “calmly” left the office and in another meeting, he gave his notice to the executives present, including Dolan himself. A Securities and Exchange Commissions filing stated that the CFO’s resignation was “not a result of any disagreement with the company’s independent auditors or any member of management on any matter of accounting principles or practices, financial statement disclosure or internal controls“. The same filing confirmed that Ranji’s last day was Friday, November 3rd.
What led up to the MSG Sphere reporting its loss and the resignation of the CFO
The same article from the New York Post also said that the MSG Sphere, before reporting its loss of $98.4 million, predicted revenues of $117.3 million, which is down 71% from the year-ago quarter. The venue officially opened up on September 29th, which was the first date of U2’s residency there. Mixmag reported that the MSG Sphere’s revenues included “$4.1 million from the two sold-out U2 shows and $2.6 million from suite licensing and advertising on its exosphere“. Markets Insider then stated that four Wall Street analysts expected losses of $1.648 per share compared to losses of $0.600 per share in the same quarter of the previous year.
The MSG Sphere also operates Madison Square Garden Networks. Next week, the venue will host a multi-day takeover of the Las Vegas F1 Grand Prix. Before this week, barely anyone knew about the turmoil that happened in the boardroom. It is unlikely that the firing of Gautam Ranji will affect the multi-day takeover of the F1 Grand Prix. However, there are news of potential residencies at the MSG Sphere in 2024 and the organization will have to ensure a smooth transition financially heading into the New Year.
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By: Ken Ngo
Title: The MSG Sphere Reports Loss Of $98.4 Million And CFO Quits
Sourced From: www.edmtunes.com/2023/11/msg-sphere-reports-loss-cfo-quits/?utm_source=rss&utm_medium=rss&utm_campaign=msg-sphere-reports-loss-cfo-quits
Published Date: Fri, 10 Nov 2023 15:53:39 +0000