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Sphere Entertainment (NYSE:SPHR) rose to a 5.8% gain Tuesday afternoon after a late Monday filing disclosed an ownership stake held by investor and New York Mets owner Steve Cohen.
The SEC filing noted Cohen and his Point72 Asset Management owned just over 1.56M shares, adding up to a 5.5% stake in the entertainment venue operator.
With the move higher, Cohen’s stake is worth about $53.6M.
Sphere’s key property is its namesake venue in Las Vegas: The spheroid property opened last September and has hosted live music events so far, though sports events are on the horizon.
The move unites a pair of owners of large New York sports teams: Sphere is controlled by James Dolan, owner of Madison Square Garden as well as basketball’s New York Knicks and hockey’s New York Rangers.