Brief: Sphere Entertainment- Mayor Of London Notified That Co's Planning Application For Sphere Venue In Stratford, London Was Not Approved

Sphere Entertainment

21/11/2023 14:21

Nov 21 (Reuters) - Sphere Entertainment Co  SPHR.N :
    * SPHERE ENTERTAINMENT-IT WAS FORMALLY NOTIFIED BY MAYOR OF
LONDON
THAT ITS PLANNING APPLICATION FOR SPHERE VENUE IN STRATFORD,
LONDON WAS NOT APPROVED
    * SPHERE ENTERTAINMENT CO - IN LIGHT OF THIS DECISION,
COMPANY NO
LONGER PLANS TO ALLOCATE RESOURCES TOWARDS DEVELOPMENT OF A
SPHERE IN UNITED KINGDOM
    * SPHERE ENTERTAINMENT CO - CONTINUES TO HAVE SUBSTANTIVE
DISCUSSIONS REGARDING DEVELOPMENT OF SPHERE IN OTHER
INTERNATIONAL MARKETS
    * SPHERE ENTERTAINMENT CO - DOES NOT EXPECT ANY SIGNIFICANT
ESTIMATED FUTURE CASH EXPENDITURES ASSOCIATED WITH IMPAIRMENT
CHARGE
    * SPHERE ENTERTAINMENT CO: EXPECTS TO RECORD A NON-CASH
IMPAIRMENT
CHARGE FOR PROJECT COSTS OF ABOUT $80 MILLION IN QUARTER ENDING
DEC 31, 2023
    * SPHERE ENTERTAINMENT: CO IS ALSO EVALUATING ITS OPTIONS
REGARDING DISPOSITION OF ABOUT $77 MILLION OF REAL ESTATE
ACQUIRED IN CONNECTION WITH PROJECT
    * SPHERE ENTERTAINMENT CO: MAY INCUR AN ADDITIONAL NON-CASH
IMPAIRMENT CHARGE ASSOCIATED WITH SUCH CAPITALIZED REAL ESTATE

Further company coverage:  SPHR.N 

 ((Reuters.Briefs@thomsonreuters.com;))