In a regulatory filing, Sphere Entertainment reported that on November 21, the company announced that it was formally notified by the Mayor of London that its planning application for a Sphere venue in Stratford, London was not approved. “In light of this decision, the company no longer plans to allocate resources towards the development of a Sphere in the United Kingdom. The company continues to have substantive discussions regarding the development of Sphere in other international markets. In connection with this decision, the company expects to record a non-cash impairment charge for project costs, primarily related to professional fees, of approximately $80M in the quarter ending December 31, 2023. The company does not expect any significant estimated future cash expenditures associated with the impairment charge. In addition, the company is evaluating its options regarding the disposition of approximately $77M of real estate acquired in connection with this project and may incur an additional non-cash impairment charge associated with such capitalized real estate,” the filing stated.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SPHR:
