Ken Griffin’s Citadel increased its stake in James Dolan’s Sphere Entertainment just weeks after it revealed that another hedge fund mogul, Mets owner Steve Cohen, had invested in the company.
Citadel Advisors has increased its stake in the company that owns Las Vegas’ revolutionary concert venue from 1.6% to 5.3%. According to an SEC filing made public on Monday.
Citadel has purchased an additional 900,000 shares of publicly traded companies since April 1, bringing its total holdings to about 1.5 million shares.
Sphere shares were down less than 1% on Thursday, trading at $43.45.
Last month, Cohen’s Point72 Asset Management disclosed that it owned a 5.5% stake in Sphere Entertainment.
The Dolan family owns 8.5 million shares in Sphere Entertainment, giving them voting power in the company.
Both Citadel and Sphere Entertainment declined to comment.
Earlier this month, The Post reported that Sphere’s negotiations with pop superstar Beyoncé over a permanent contract had fallen apart.
According to a source familiar with the situation, the problem was that Beyoncé had requested that the Sphere be grounded for two weeks so she could rehearse.
The $2.3 billion venue, which has been making waves with its immersive shows and concerts, opened to much fanfare a year ago.
Legendary Irish rock band U2 played 40 shows to celebrate the venue’s opening.
Sphere is currently booking Dead & Company for summer dates before the Eagles begin a residency that runs from September through the end of the year.
In the most recent quarter, Sphere generated total revenue of $100.5 million.
Sphere’s shares were flat on Thursday but are up about 30% since Jan. 1.
Dolan, the son of Cablevision founder Charles Dolan, recently signed a three-year contract extension to continue in his role as executive chairman of Sphere, MSG Sports and MSG Entertainment.
MSG Sports is a holding company that owns the NBA’s New York Knicks and the NHL’s New York Rangers.
MSG Entertainment is the subsidiary that manages the team’s home arena, Madison Square Garden, as well as Radio City Music Hall and the Beacon Theatre.
Additional reporting by Josh Cosman
