On April 24, 2025, Sphere Entertainment Co. and its subsidiary MSG Networks entered into a Transaction Support Agreement to restructure $210 million in debt and amend media rights agreements with the New York Knicks and Rangers, which include a reduction of their annual rights fees by 28% and 18%, respectively. Additionally, the Company will contribute $15 million and the Borrower is required to repay the new loan with excess cash flow until fully paid.