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Steve Cohen’s Point72 Acquires 5.5% Stake in Sphere Entertainment
A Sphere Entertainment stake was acquired by Point72 Asset Management. Sphere Entertainment owns Las Vegas' Sphere arena.
This is the second time Point72 has acquired a chunk of Sphere stock, having previously owned 262,102 shares at the end of 2023, which it sold in the first quarter, the New York Post reported. The long-awaited Sphere has wowed music fans with residencies by U2, Phish and Grateful Dead and attracted nearly one million guests to some 270 performances in the quarter ending March 31. In January, the company withdrew its plans to build a Sphere arena in London failed after the city’s mayor, Sadiq Khan, blocked plans for the 21,500-capacity, 300-foot-tall building, citing the negative impact he believed it would have on the surrounding area, including high energy use and the “significant light intrusion” it would cause local residents.
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