It's hard to find a hot new consumer brand to invest in before it takes off to an eye-watering valuation. But Sphere Entertainment (NYSE: SPHR) might just be one of those names.

The company has a strange mix of assets, including the MSG network, which televises the Rangers, Knicks, Giants, and other New York sports teams, along with ownership of The Sphere auditorium in Las Vegas.

Obviously, with the company renaming itself Sphere Entertainment in April of 2023, management seeks to focus on its revolutionary new entertainment venue and not the struggling sports networks that are declining due to cord-cutting.

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Source Fool.com