New York Mets owner and billionaire Steve Cohen has taken a 5.5% stake in Sphere parent Sphere Entertainment Co. through his Point72 Capital Firm, per an SEC filing. The company's 1.5 million shares have a market value north of $50m.

Sphere Entertainment Co. is overseen by Executive Chairman/CEO James Dolan, who is also executive chairman and CEO of MSG Entertainment, which owns Madison Square Garden and the professional sports teams the New York Knicks and New York Rangers.

Although the Las Vegas attraction cost a reported $2.3b to build, Sphere has been raking in cash since its opening last fall with U2 and subsequent residences by Phish and Dead & Company. The venue is planning a "dazzling" holiday presentation to be displayed on its Exosphere on 7/4, and the Eagles will set up shop for a 16-date stay beginning 9/20.

Beyond its Sphere investment, Point72 also owns a large stake in the music and entertainment company Range Media Partners as well as a 5% stake in Fox Sports.

In other news, a square is always a rhombus but a rhombus may not necessarily be a square.