Sphere’s CFO Gautam Ranji Resigns Abruptly – C-Suite Transitions

More than two decades ago, during the depths of the bear market that followed the bursting of the dot-com bubble, U2 was touring the Pacific Northwest to promote its album All That You Can’t Leave Behind. After paying a huge premium, I was able to score a ticket for the show in Portland, Oregon and it was absolutely amazing watching the band perform.

When I heard about U2 performing at the Sphere in Las Vegas, I brought back memories of that Portland concert in 2001. I watched most of that concert about six feet from the stage but I can’t begin to imagine the experience at the Sphere with the largest LED screen on earth and 167,000 speaker drivers. When I noticed that Sphere’s CFO had resigned recently, I figured it was time for us to dig into this new spin-off to understand if the opportunity for investors is as good as the experience for concert goers.

Sphere Entertainment Co. (SPHR): $34.44

Market Cap: $1.20B

Enterprise Value: $2.10B

Key Insights

• CFO Gautam Ranji resigned within a year of assuming the position because he was not someone suited for a role with a large operational component.
• Madison Square Garden Entertainment CFO David F. Byrnes joins Sphere as the new CFO.
• In light of the strong demand, 11 more U2 shows have been added in January and February 2024, bringing the band’s planned number of performances at the venue to 36 in total.

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