Steve Cohen continues to discover alternatives within the leisure house.
Cohen, the hedge fund billionaire and proprietor of the New York Mets on Tuesday revealed that his agency, Point72 Capital, has taken a 5.5 % stake in Sphere Leisure Co., the corporate that owns and operates The Sphere in Las Vegas.
In accordance with a securities submitting Monday afternoon, Point72 now owns over 1.5 million shares (together with choices), with a market worth of over $50 million as of writing.
Cohen’s stake within the Sphere follows one other vital funding in a media firm with a heavy sports activities portfolio: Fox Corp. Point72 disclosed a 5 % stake in Fox again in March, valued at about $350 million on the time.
Fox has guess closely on reside sports activities, and is within the drivers seat of the upcoming sports activities streaming three way partnership with Disney and Warner Bros. Discovery. The Sphere, in the meantime, has leaned on reside live shows, and can get into the sports activities enterprise later this 12 months with a reside UFC combat.
One in every of Cohen’s corporations additionally owns a major stake in Vary Media Companions, which is within the sports activities sector by way of its Vary Sports activities enterprise.
Whereas Cohen is among the most high-profile traders within the nation (the character of Bobby “Axe” Axelrod within the Showtime sequence Billions is loosely primarily based on Cohen), he isn’t recognized for operating activist campaigns. As a substitute, Point72 is understood for figuring out opportunistic investments that different corporations might have missed, and making massive, concentrated bets on them.
Sphere, it must also be famous, is managed by one among New York’s different sports activities crew homeowners: James Dolan, who owns the New York Knicks NBA crew and New York Rangers NHL crew. Dolan additionally owns Madison Sq. Backyard.