Sphere Stock Hits High Following Successful Dead & Company Residency

Sphere stock is soaring following Dead & Company’s 30-date Dead Forever residency, as the Las Vegas Review-Journal reported. After Sphere Entertainment Co. shares closed “in the high $30s range early last week,” the company hit a 52-week high of $51.83 a share on Friday.

Dead & Company’s Dead Forever Las Vegas Sphere residency kicked off in May and ran throughout the summer. The 30-date run wrapped on August 10.

As per the Las Vegas Review-Journal on Sphere’s success:

Investors were buoyed by news that Dead & Company completed a 30-show run, that the next big act coming to the 17,500-seat performance venue, Eagles have extended their residency to 20 shows and that Anyma’s “The End Of Genesys” will have six shows leading up to New Year’s Day.

Additional events that bolstered Sphere stock were the film Postcard from Earth, a Hewlett Packard corporate event (which D&C performed for) and the NHL Draft, the latter the first live television broadcast from Sphere. The first sporting event at the state-of-the-art venue, UFC 306, takes place in September.

Sphere Entertainment’s portfolio also includes MSG Networks, which broadcast New York Knicks basketball games as well as New York Rangers and New York Islanders hockey games. Sphere Entertainment’s financial boon comes at a time when MSG Networks holds $849.8 million of principal debt and was in refinancing talks with its parent company.