Corporate Strategy, Studio Real Estate & SEC Financial Audit · Investigative Report
The Toy Titan and the 100-Foot Dome: Inside Hasbro Entertainment, Sphere Studios, and the Corporate Real Estate Dance on Burbank’s Empire Avenue
Along the industrial northern edge of Burbank, two starkly contrasting entertainment models collide on West Empire Avenue. In the 279,574-square-foot Media Studios North complex at 3333 W. Empire, toy and gaming conglomerate Hasbro, Inc. (NASDAQ: HAS) spent years downsizing its 80,000-square-foot entertainment footprint following a $1 billion Entertainment One impairment. Meanwhile, directly next door at 3401 W. Empire, billionaire James Dolan’s Sphere Entertainment Co. (NYSE: SPHR) constructed the 100-foot-tall "Big Dome" to engineer content for its $2.3 billion Las Vegas Sphere—before expanding into 40,000 square feet of Hasbro’s adjacent office building. This forensic investigation audits the corporate ownership, SEC Form 10-K financial disclosures, executive compensation, and property tax records behind Burbank’s most intriguing studio neighbor pairing.
Data as of Nov 3, 2026 from SEC Form 10-K & DEF 14A: Hasbro, Inc. (NASDAQ: HAS) , SEC Form 10-K & 10-Q: Sphere Entertainment Co. (NYSE: SPHR) , Los Angeles County Office of the Assessor Roll (AIN 2464-004-035) , City of Burbank Community Development Department (Planning Permit 18-0005391) and Hines Global Income Trust SEC Property Disclosures (3401 W. Empire Ave) . Recomputed from official source records; see methodology.
1. Empire Avenue: Where Toy Franchises Meet Next-Gen Spatial Computing
For decades, the commercial parcels flanking West Empire Avenue and North Ontario Street served as ancillary industrial support lots for Lockheed’s aerospace operations and local warehouse distribution. Today, the 3300 and 3400 blocks of West Empire Avenue represent the cutting edge of Hollywood’s intellectual property transformation and immersive technological experimentation.
At 3333 West Empire Avenue stands Media Studios North Phase IV: a sleek, five-story Class-A glass office complex encompassing 279,574 square feet on a 4.0-acre site. In 2016, Rhode Island-based toy giant Hasbro, Inc. signed an expansive 11-year lease occupying approximately 80,000 square feet on the top floors. The facility was established as the global production hub for Hasbro Studios and its animation division, housing animators, screenwriters, digital artists, and marketing executives managing billion-dollar corporate franchises including Transformers, My Little Pony, G.I. Joe, and Power Rangers.
Directly adjacent at 3401 West Empire Avenue sits one of the most visually extraordinary structures in Southern California: a 100-foot-tall geodesic hemisphere known as the "Big Dome". Developed by Madison Square Garden Entertainment and now operated by Sphere Entertainment Co., the site functions as Sphere Studios—the confidential research, development, and content-creation laboratory responsible for capturing, rendering, and mixing the visual and acoustic experiences displayed inside the $2.3 billion Las Vegas Sphere.
Yet behind these high-profile creative endeavors lies a dramatic corporate real estate realignment: as Hasbro downsized its Hollywood ambitions following a disastrous $3.8 billion acquisition of Entertainment One (eOne), Sphere Entertainment rapidly absorbed office space next door, setting off a symbiotic corporate dance on Empire Avenue.
2. Executive Leadership & Corporate Control Master Table
In accordance with our investigative governance standards, this table audits the beneficial owners, executive officers, corporate entities, landlords, and tech executives controlling 3333 and 3401 W. Empire Avenue:
| Executive & Title | Company / Entity | Corporate Role & Strategic Function | Ownership, Valuation & Comp Profile |
|---|---|---|---|
| Chris Cocks Chief Executive Officer | Hasbro, Inc. (NASDAQ: HAS) | Appointed CEO in Feb 2022 following tenure as head of Wizards of the Coast; orchestrated "Blueprint 2.0" cost-cutting, eOne divestiture, and Burbank sublease. | Publicly traded toy/gaming conglomerate ($9.0B market cap). 2024 total compensation: $10.2 Million (SEC DEF 14A). |
| Olivier Dumont President | Hasbro Entertainment | Former eOne Family Brands chief; leads Hasbro’s consolidated film, television, and animation division from Burbank, focusing on core franchise IP. | Reports directly to Hasbro corporate executive team; directs active production slate (*Transformers One*, *Peppa Pig*, *Dungeons & Dragons*). |
| James L. Dolan Executive Chairman & CEO | Sphere Entertainment Co. (NYSE: SPHR) | Visionary and controlling shareholder behind the Sphere franchise; commissioned the $2.3B Las Vegas venue and Burbank Sphere Studios R&D lab. | Publicly traded live entertainment company ($1.7B market cap). Controlled via Dolan Family voting trusts. 2024 compensation: $18.5 Million. |
| David Dibble CEO, MSG Ventures | Sphere Studios | Heads technical development, spatial audio, optics, and software engineering; oversaw invention of Big Sky 18K camera and Big Dome operations. | Directs engineering and creative workforce across Burbank and Las Vegas; key executive architect of Sphere’s proprietary IP portfolio. |
| Jeff Worthe President | Worthe Real Estate Group | Master developer and landlord of Media Studios North (3333 W. Empire); co-developed Phase VII & VIII (3401 W. Empire) with Blackstone. | Dominant Burbank studio landlord (over $1.7B in local commercial holdings). Developed Media Studios, Second Century, and Pointe. |
| Jeffrey C. Hines & Laura Hines-Pierce Co-CEOs | Hines Global Income Trust, Inc. | Acquired Sphere Studios facility (3401 W. Empire Ave) in January 2022 for $42.5M on a long-term triple-net ground lease to MSG. | Global real estate investment manager ($93B+ AUM). Acquired 85,285 sq. ft. studio campus from Worthe/Blackstone JV. |
3. Mandatory Financial Audit: SEC Form 10-K Filings, Operating Costs & Impairments
In accordance with our investigative financial standards, this section extracts and audits the certified financial statements, operating expense profiles, research expenditures, and tax provisions from the SEC Form 10-K annual reports of both public corporate occupants:
| Financial Line Item | Hasbro, Inc. (NASDAQ: HAS) FY2023 / FY2024 Form 10-K | Sphere Entertainment Co. (NYSE: SPHR) FY2024 Form 10-K (Ended June 30, 2024) |
|---|---|---|
| Total Gross Revenues | $5,003.3 Million (FY23) · ~$4,100 Million (FY24 est.) Consumer Products: $2.84B · Wizards/Gaming: $1.46B · Entertainment: $656M | $1,027.6 Million Sphere Segment: $497.4M · MSG Networks Segment: $530.2M |
| Cost of Goods Sold (COGS) / Direct Operating Expenses | $1,472.0 Million (29.4% of revenue) Toy manufacturing, tooling, raw plastics, shipping/tariffs | $651.9 Million (63.4% of revenue) Show production costs, artist fees, venue operations, media distribution |
| Selling, General & Administrative (SG&A) | $1,348.6 Million (27.0% of revenue) Corporate overhead, Burbank office leases, marketing | $338.4 Million (32.9% of revenue) Corporate administration, R&D engineering at Sphere Studios |
| Impairment Charges & Write-Downs | -$1,302.5 Million eOne goodwill write-off and film asset impairment | $0 $2.3B Las Vegas venue capitalized on balance sheet |
| Operating Income / (Loss) | -$1,539.0 Million (FY23 Operating Loss) Excluding impairments: Adjusted Operating Profit ~$477M | -$341.2 Million Reflects post-opening ramp, heavy depreciation ($188.5M) |
| Net Income / (Loss) | -$1,491.5 Million | -$295.3 Million |
| Income Tax Provision / (Benefit) | -$60.2 Million tax benefit (effective rate 3.9%) | -$45.9 Million tax benefit (effective rate 13.5%) |
| Key Strategic Takeaway | Shedding fixed entertainment studio overhead in Burbank to refocus on high-margin digital gaming (Wizards of the Coast 40%+ operating margin). | Pouring capital into Burbank Sphere Studios R&D to build proprietary immersive tech, licensing Big Dome tools globally. |
4. The Real Estate Dance: Hasbro’s Sublease & Sphere’s Office Expansion
The juxtaposition of Hasbro and Sphere Studios on Empire Avenue illustrates a classic commercial real estate transition: a legacy media conglomerate rationalizing space while an ascending experiential tech firm captures adjacent square footage:
Hasbro’s 80,000 Sq. Ft. Contraction: "Blueprint 2.0"
In 2016, under visionary former CEO Brian Goldner, Hasbro was on an aggressive crusade to build an in-house Hollywood mini-major studio modeled after Marvel Entertainment. Hasbro signed an 11-year lease for approximately 80,000 square feet at 3333 W. Empire Ave, moving from smaller quarters on North Hollywood Way. In 2019, Hasbro doubled down, acquiring Toronto-based Entertainment One (eOne) for $3.8 Billion.
However, Goldner’s tragic death in October 2021 and severe macroeconomic headwinds in physical toy retail triggered a drastic strategy reversal. Under new CEO Chris Cocks, Hasbro initiated its "Blueprint 2.0" restructuring:
- The eOne Fire Sale: In December 2023, Hasbro sold eOne’s non-core film and television business to Lionsgate for approximately $375 Million in cash plus assumed financing debt—taking an overall loss on the venture exceeding $3 Billion.
- The Burbank Office Sublease: As part of a mandate to slash $300 Million in annual operating expenses and eliminate 1,000+ global corporate positions, Hasbro put its entire 80,000-square-foot office footprint at 3333 W. Empire Ave up for sublease through the end of its contractual lease term in January 2027.
- Hasbro Entertainment Re-Anchor: The remaining media division was rebranded as Hasbro Entertainment under Olivier Dumont, pivoting away from capital-heavy live-action studio infrastructure toward asset-light licensing partnerships with major distributors (such as Paramount for Transformers One and Sony for digital video games).
Sphere Entertainment’s Burbank Expansion
While Hasbro was working to shed overhead, its next-door neighbor was desperate for space. Across the parking apron at 3401 W. Empire Ave, Sphere Studios was rapidly scaling its engineering and creative rosters to produce content for the September 2023 opening of the Las Vegas Sphere (launching with Darren Aronofsky’s Postcard from Earth and U2’s residency).
Constrained by the physical footprint of its 85,285-square-foot parcel (which was dominated by the 100-foot Big Dome and heavy post-production hardware), Sphere Entertainment Group leased approximately 39,000 to 40,000 square feet of office space directly inside 3333 W. Empire Avenue.
By taking space in Media Studios North Phase IV, Sphere Studios placed its software developers, visual artists, and corporate administration directly adjacent to its physical soundstages and acoustic testing labs—effectively absorbing a significant portion of the vacancy created by Hasbro’s retreat.
5. Inside Sphere Studios: The 100-Foot "Big Dome" & 18K Big Sky Lab
While 3333 W. Empire handles traditional corporate and creative office tasks, 3401 W. Empire Avenue operates as one of the most advanced technical entertainment facilities in existence:
Technical Infrastructure of the Burbank Sphere Campus
- The "Big Dome" Testing Simulator: A 28,000-square-foot, 100-foot-tall geodesic hemisphere. The structure serves as a functional, quarter-scale replica of the Las Vegas Sphere’s 160,000-square-foot interior display screen, featuring custom curved 16K LED panels, haptic seating arrays, and climate-controlled environmental effects. Film directors and visual effects artists test immersive content in Burbank before rendering master files for Las Vegas.
- The "Big Sky" Camera Invention: Developed by David Dibble and MSG Ventures engineers in Burbank, Big Sky is an ultra-high-resolution cinema camera system featuring a 316-megapixel, 3-inch-by-3-inch HDR image sensor capable of capturing uncompressed 18K-by-18K square footage at 120 frames per second—requiring proprietary 30-gigabyte-per-second storage pipelines.
- Holoplot 3D Spatial Audio Labs: Sound mixing suites utilizing German audio innovator Holoplot’s 3D wave-field synthesis technology. The Burbank studios configure thousands of digital audio beams that deliver localized, multi-language acoustic channels to specific theater seats without sound spillover.
- The $42.5M Hines Acquisition (January 2022): Global real estate investment trust Hines Global Income Trust acquired the 3401 W. Empire parcel (Burbank Media Studios Phase VII & VIII) from developers Worthe Real Estate Group and Blackstone for $42.5 Million ($498 per sq. ft.). The acquisition was executed via a long-term, triple-net leaseback to MSG/Sphere, guaranteeing stable rent escalations through 2037+.
6. Real Estate Audit: Parcel Rolls & Worthe’s Media Studios Empire
Both properties are integral components of Media Studios North, the master-planned corporate campus developed by Burbank’s foremost studio landlord, Worthe Real Estate Group, in joint ventures with Shorenstein Properties and Blackstone:
| Parcel Parameter | 3333 W. Empire Ave (Hasbro / Sphere Offices) | 3401 W. Empire Ave (Sphere Studios Big Dome) |
|---|---|---|
| Assessor ID (AIN / APN) | 2464-004-035 (Situs: 2233 N. Ontario St / 3333 W. Empire) | 2464-004-033 & related consolidated parcel map |
| Legal Entity Owner | MSN III AND IV LLC (Worthe Real Estate Group / Shorenstein) | Hines Global Income Trust (leased to Sphere Entertainment) |
| Site Acreage & Building Footprint | 4.00 Acres · 279,574 sq. ft. five-story Class-A office | 1.92 Acres (83,509 sq. ft. lot) · 85,285 sq. ft. soundstages & dome |
| Total Assessed Value (Tax Roll) | $80,048,640 ($80.05M · $286/sq. ft.) | $42,500,000 (Transaction value / assessed roll base) |
| Statutory Base Year (Prop. 13) | 2002 Land & Improvement Base (saves ~$400k/yr vs. reassessment) | 2022 Base Year (Reset upon Hines $42.5M acquisition) |
| Annual Ad Valorem Property Tax | ~$896,000 per year allocated to City of Burbank & County | ~$476,000 per year (NNN lease pass-through paid by Sphere) |
The Media Studios North campus exemplifies Jeff Worthe’s long-term commercial strategy: assembling multi-phase studio campuses, securing institutional equity, locking in multi-decade entertainment tenants on long-term leases, and capitalizing on Proposition 13 base-year protections.
7. Civic & Tax Accountability: High-Wage Tech Employment in Burbank
The coexistence of Hasbro Entertainment and Sphere Studios on Empire Avenue delivers substantial civic and municipal benefits to the City of Burbank:
- High-Value Payroll Density: Unlike automated logistics warehouses or commercial self-storage facilities that generate few jobs per acre, Media Studios North and Sphere Studios generate hundreds of high-wage jobs per acre—employing senior software engineers, acoustic scientists, 3D animators, optical designers, and entertainment attorneys earning average salaries exceeding $130,000 to $200,000.
- Municipal Tax Revenues: The properties generate nearly $1.4 Million in annual property taxes, alongside significant municipal business tax receipts, utility user taxes (UUT) generated by the Big Dome’s massive electrical draws, and local consumer spending at neighboring Burbank Empire Center restaurants and hotels.
- Resilience to Entertainment Industry Disruption: When Hasbro contracted its live-action television operations, the immediate absorption of space by Sphere Studios demonstrated the deep liquidity and technical adaptability of Burbank’s studio support cluster.
8. Conclusion: The Shifting Geometry of Media Capital Land
The 3300 and 3400 blocks of West Empire Avenue capture the volatile evolution of modern entertainment capital. In a single decade, Hasbro transformed from an ambitious Hollywood studio acquirer into a leaner, digital-first licensing operator shedding excess office space.
Directly beside it, Sphere Entertainment has poured hundreds of millions into engineering uncompressed 18K camera sensors and immersive geodesic dome simulators, proving that even as virtual production disrupts traditional film stages, Burbank’s physical industrial land remains the indispensable proving ground where global entertainment technology is invented, tested, and mastered.
For more investigations into Burbank’s studio landlords and commercial real estate rolls, read Inside Worthe Real Estate Group’s $1.70 Billion Burbank Empire, Inside Avion Burbank: The $375M Master Campus Audit, and Inside Burbank’s $2.7B Studio Support Economy.