{
  "ticker": "SPHR",
  "company": "Sphere Entertainment Co.",
  "cik": "0001795250",
  "exchange": null,
  "gics_sector": "Communication Services",
  "industry": "Communication Services",
  "logo_url": "https://www.google.com/s2/favicons?domain=spherecorp.com&sz=128",
  "from_state": "DE",
  "to_state": "NV",
  "effective_date_iso": "2025-06-05",
  "actual_effective_date_iso": "2025-06-05",
  "proposed_effective_date_iso": null,
  "source_confidence": "VERIFIED_VOTE",
  "is_legal_precedent": 0,
  "vote_mechanism": "MEETING",
  "approval_basis": "For \u00f7 outstanding voting power (DGCL \u00a7266 conversion)",
  "threshold_result": "PASSED",
  "event_type": "REINCORPORATION",
  "two_attempt_flag": 0,
  "prior_failed_vote_flag": 0,
  "governance_concession_redo_flag": 0,
  "subsequent_event_flag": 0,
  "subsequent_event_type": null,
  "subsequent_event_date_iso": null,
  "subsequent_event_note": null,
  "public_tier": "VERIFIED_TRACKER",
  "event_study_announcement_json": "{\"event_date\":\"2025-04-08\",\"event_tag\":\"announcement\",\"estimation_window\":\"2024-04-23 to 2025-04-07 (240 days)\",\"specifications\":[{\"name\":\"Synthetic control (14-donor Communication Services peer pool)\",\"day0_ar\":-0.021588308118230787,\"p_value\":null,\"p_label\":\"no inference (point estimate)\",\"extra\":{\"pre_rmspe\":0.026441290164497328,\"n_donors\":14,\"top_weights\":{\"META\":0.2939,\"WBD\":0.1941,\"FOXA\":0.1725,\"TTWO\":0.1457,\"DIS\":0.0808},\"r2_pre\":-4.13277569050769}},{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":-0.018188443237552903,\"p_value\":0.49814773784850774,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":-0.0014984030512185636,\"beta\":1.4689213464866682,\"r2\":0.23526343467173194}},{\"name\":\"Sector-augmented model (SPY + Communication Services ETF (XLC))\",\"day0_ar\":-0.01811954640366844,\"p_value\":0.4967883040134715,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":-0.001597743051275524,\"beta_mkt\":1.225142947908996,\"beta_sector\":0.2711981627424227,\"r2\":0.238121664973047},\"is_headline\":true},{\"name\":\"Matched pair (vs META, market-model-adjusted)\",\"day0_ar\":-0.027272031257601557,\"p_value\":0.38393347253054655,\"p_label\":\"two-sided p-value\",\"extra\":{\"se\":0.03132298134375327,\"t\":-0.8706716311038639}},{\"name\":\"Raw differential vs META\",\"day0_ar\":-0.03145917658181696,\"p_value\":null,\"p_label\":\"no inference\",\"extra\":{}}],\"robustness\":{\"pretrend_test\":{\"slope_pct_per_day\":-0.0037493909086228614,\"p_slope\":0.18517564222386151,\"verdict\":\"no_pretrend_detected\"},\"sign_test\":{\"n_same_direction\":13,\"n_total\":14,\"binomial_p_two_sided\":0.0018310546875},\"synth_fit\":{\"pearson_corr\":0.03347044592319821,\"r_squared_levels\":-4.13277569050769,\"durbin_watson\":2.0857905824338037}},\"per_window\":[],\"_source\":\"Source A: phase4v cohort runner (5 specs + robustness, 2026-04-28 yfinance pull); joined into data.json by phase5z_join_full_battery.py\",\"event_kind\":\"announcement\",\"t0_source_field\":\"announcement_date_iso\"}",
  "announcement_date_iso": "2025-04-08",
  "meeting_date_iso": "2025-06-04",
  "vote_result": "APPROVED",
  "status_label": "COMPLETED",
  "market_cap_usdmm": 1620.0,
  "bucket_class": "B2",
  "public_bucket_code": "C",
  "public_bucket_label": "Post-SB29 DExit completed (Nevada)",
  "public_bucket_subcode": "C-NV",
  "panel_eligibility": "PANEL_B_post_SB29",
  "transaction_status": "COMPLETED",
  "audit_status": "VERIFIED",
  "audit_notes": "Phase 3F: cleared future meeting_date_iso=2026-06-04 \u2014 firm already moved (eff_date=2025-06-05); the future date was the next annual meeting at the new domicile, not the reincorporation vote. | Phase 3F vote-result inferred APPROVED from status=COMPLETED + populated eff date (2025-06-05). Original vote_result was 'SCHEDULED'. Verify with 8-K if uncertain. | [2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investor.sphereentertainmentco.com/ | [2026-04-28] Phase 4K: corrected year error (announcement 2026-04-02 -> 2025-04-08). Annual meeting 2025-06-04; eff 2025-06-05. Dolan-cluster firm (with MSGE/MSGS/AMCX). Mcap at effective ~$1.3B. | [2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. | [2026-04-28] Phase 4Q: audit_status PENDING_TRANSACTION -> VERIFIED. Effective 2025-06-05; Dolan-cluster firm with MSGE/MSGS/AMCX.\n[2026-04-28] phase5c: vote source 8-K 0001193125-25-135929 (2025-06-05, \u0394=1d) applied from EDGAR pull (status=AUTO_RESOLVED)\n[2026-04-28] phase5c: vote source 8-K 0001193125-25-135929 (2025-06-05, \u0394=1d) applied from EDGAR pull (status=AUTO_RESOLVED)\n[2026-04-29] phase5r: bucket 'D' -> 'B2' (DE->NV effective 2025-06-05 >= SB29 -> bucket B2)\n[2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) | [2026-04-29] v3.75: VERIFIED \u2014 DGCL \u00a7266 conversion at annual meeting June 4, 2025. Dolan-family-controlled. Per Glass Lewis 2025 DExit report: of Dolan-controlled DExit firms, MSGE and SPHR received majority support from unaffiliated shareholders. Item 5.07 pincite still pending. | [2026-04-30] v3.84-rev5r-patch: SPHR panel letter correction (PANEL_A -> PANEL_B): panel_eligibility PANEL_A_post_SB29 -> PANEL_B_post_SB29. SPHR has panel_a_tx_incumbent=0 and panel_b_dexit_mover=1; it is a Delaware-to-Nevada redomestication (not a Texas incumbent), so the panel letter should be B. Pre/post-SB29 timing was already correct. Per Gemini and Grok v2 audit cross-validation.",
  "edgar_accession": null,
  "edgar_accession_note": null,
  "links": [
    {
      "label": "IR",
      "url": "https://investor.sphereentertainmentco.com/",
      "link_type": "ir"
    },
    {
      "label": "EDGAR",
      "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001795250&type=&dateb=&owner=include&count=40",
      "link_type": "search"
    },
    {
      "label": "Proxy",
      "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001795250&type=DEF+14A&dateb=&owner=include&count=40",
      "link_type": "search"
    }
  ],
  "car": {
    "value": 0.04150987316860373,
    "significant_5pct": 0,
    "specification": "panel_A_pooled_3primary",
    "source": "05_REVIEWER_AUDIT_PACKAGE/code/panelA_CAR_BHAR_matrix_v2.3.csv",
    "status": "ESTIMATED",
    "bhar_3mo": 0.634265,
    "bhar_6mo": 1.27876,
    "pooled_3primary": 0.04150987316860373,
    "t0_a": -0.0731365013856153,
    "t0_b": 0.1217651425477357,
    "t0_c": -0.007118767993516656,
    "announce": {
      "value": -0.0731365013856153,
      "pvalue": null,
      "specification": "panel_A_T0_announcement",
      "event_date": null
    },
    "vote": {
      "value": 0.1217651425477357,
      "pvalue": null,
      "specification": "panel_A_T0_vote",
      "event_date": null
    }
  },
  "votes_for": null,
  "votes_against": null,
  "votes_abstain": null,
  "votes_broker_nonvote": null,
  "approval_pct": null,
  "votes_for_disinterested": null,
  "votes_against_disinterested": null,
  "votes_abstain_disinterested": null,
  "votes_broker_nonvote_disinterested": null,
  "approval_pct_disinterested": null,
  "approval_basis_disinterested": null,
  "announcement_PRE_14A_accession": null,
  "announcement_PRE_14A_url": null,
  "vote_source_8k_accession": "0001193125-25-135929",
  "vote_source_8k_url": "https://www.sec.gov/Archives/edgar/data/1795250/000119312525135929/d37807d8k.htm",
  "vote_proposal_title": null,
  "meeting_type": null,
  "approval_standard": "majority of the voting power of the outstanding stock entitled to vote (DGCL \u00a7266 conversion)",
  "companion_proposal": null,
  "proxy_advisors": null,
  "management_response": null,
  "press_coverage": [],
  "prior_vote": null,
  "panel_a_tx_incumbent": 0,
  "panel_b_dexit_mover": 1,
  "texas_statutory_adoptions": {
    "tboc_21_552": {
      "name": "SB 29 \u2014 TBOC \u00a721.552 derivative threshold",
      "adopted": 0,
      "source": null,
      "url": null,
      "date": null
    },
    "tboc_21_373": {
      "name": "SB 1057 \u2014 TBOC \u00a721.373 shareholder-proposal threshold",
      "adopted": null,
      "source": null,
      "url": null,
      "date": null
    }
  },
  "event_study_outcome_json": "{\"event_date\":\"2025-06-05\",\"event_kind\":\"outcome\",\"event_tag\":\"outcome\",\"t0_source_field\":\"actual_effective_date_iso\",\"estimation_window\":\"trailing 240 days; 240 valid after NaN drop\",\"specifications\":[{\"name\":\"Market model (SPY benchmark)\",\"day0_ar\":0.016739691491263635,\"p_value\":0.5503724997043269,\"p_label\":\"Patell-z p-value\",\"extra\":{\"alpha\":0.00014133162131885836,\"beta\":1.6474788612565114,\"r2\":0.3745035768575128,\"sigma\":0.027962440582595904},\"is_headline\":true}],\"_meta\":{\"n_valid_pre_days\":240},\"_source\":\"Source B: phase4v3 NaN-safe runner (outcome/vote window, 2026-04-29 yfinance pull); joined by phase5z_join_full_battery.py\"}",
  "announcement_source_type": null,
  "announcement_accession_verified": "N",
  "date_quality_flag": "LOW",
  "controlled": null,
  "controller_pct_voting_power": null,
  "controller": null,
  "controller_source": "UNKNOWN",
  "event_study_longrun_json": "{\"event_kind\":\"longrun\",\"event_date\":\"2025-06-05\",\"t0_source_field\":\"actual_effective_date_iso\",\"horizons\":[{\"label\":\"BHAR_21d\",\"lay_label\":\"1 month\",\"horizon_days\":21,\"n_days_available\":21,\"bhar_vs_spy\":0.10572642535269261,\"bhar_vs_sector\":0.10953101589236636,\"sector_etf\":\"XLC\",\"patell\":{\"car\":0.09464194450203336,\"z\":0.7494240622553733,\"p_value\":0.45360165248877005,\"n\":21}},{\"label\":\"BHAR_63d\",\"lay_label\":\"3 months\",\"horizon_days\":63,\"n_days_available\":63,\"bhar_vs_spy\":0.2153368131591482,\"bhar_vs_sector\":0.18720054721042345,\"sector_etf\":\"XLC\",\"patell\":{\"car\":0.20853563562652014,\"z\":0.9533747186296584,\"p_value\":0.34040024600553087,\"n\":63}},{\"label\":\"BHAR_126d\",\"lay_label\":\"6 months\",\"horizon_days\":126,\"n_days_available\":126,\"bhar_vs_spy\":1.0563457126319349,\"bhar_vs_sector\":1.0795243312778309,\"sector_etf\":\"XLC\",\"patell\":{\"car\":0.7247579010450581,\"z\":2.3429407817747565,\"p_value\":0.019132419527263744,\"n\":126}},{\"label\":\"BHAR_252d\",\"lay_label\":\"12 months\",\"horizon_days\":252,\"n_days_available\":226,\"bhar_vs_spy\":null,\"bhar_vs_sector\":null,\"sector_etf\":\"XLC\",\"patell\":null}],\"calendar_time_alpha\":{\"vs_spy\":{\"alpha_daily\":0.004583713505728776,\"alpha_annualized\":2.165960709692424,\"t_stat\":2.4671963194045063,\"p_value\":0.01361756747648045,\"n_days\":226,\"se_type\":\"Newey-West HAC, lag=5\"},\"vs_sector\":{\"alpha_daily\":0.005131674166085689,\"alpha_annualized\":2.6323328631385507,\"t_stat\":2.82286242300532,\"p_value\":0.004759699145381232,\"n_days\":226,\"se_type\":\"Newey-West HAC, lag=5\"}},\"estimation_window\":\"trailing 240 days; market-model alpha+beta for Patell-z baseline\",\"_meta\":{\"n_post_days_available\":226,\"elapsed_days\":329,\"as_of\":\"2026-04-30\"},\"_source\":\"phase5z_compute_longrun.py; yfinance pull at run time\"}",
  "_evidence_strength": {
    "badge": "SILVER",
    "score": 55,
    "max": 100,
    "components": {
      "source_confidence": 25,
      "vote_totals": 0,
      "effective_date": 20,
      "car_estimate": 10,
      "edgar_accession": 0
    }
  },
  "_context_callout": "Standard cohort firm (Completed). Included for breadth across destinations and sectors.",
  "_generated_at": "2026-04-30"
}