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    TKO Group Holdings Inc (TKO)

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    TKO Group Holdings is a leading sports and entertainment company formed through the merger of UFC and WWE. The company specializes in combat sports and sports entertainment, offering a wide range of media and content properties. TKO monetizes its offerings through media rights, live events, sponsorships, and consumer product licensing.

    1. UFC Segment - Generates revenue through media rights fees, ticket sales, site fees from global live events, sponsorships, and consumer product licensing agreements for UFC-branded products.
    2. WWE Segment - Earns revenue from media rights fees, ticket sales, site fees from global live events, sponsorships, and consumer product licensing agreements for WWE-branded products.
    3. Corporate Segment - Incurs general and administrative expenses related to corporate activities such as IT, facilities, legal, human resources, finance, and other administrative functions.
    NamePositionExternal RolesShort Bio

    Ariel Emanuel

    ExecutiveBoard

    Executive Chair and Chief Executive Officer

    CEO of Endeavor; Director of Endeavor

    Ariel Emanuel has been the Chief Executive Officer of TKO Group Holdings since September 12, 2023 and was appointed Executive Chair in February 2024. He has extensive leadership experience and holds additional roles at Endeavor as CEO and Director.

    View Report →

    Mark Shapiro

    ExecutiveBoard

    President and Chief Operating Officer

    President and Chief Operating Officer at Endeavor Group Holdings, Inc.; Role at Endeavor Operating Company, LLC

    Mark Shapiro has served as President and Chief Operating Officer and Director of TKO Group Holdings since September 12, 2023, and is recognized for his extensive leadership experience, including his ongoing role at Endeavor Group Holdings, Inc..

    Andrew Schleimer

    Executive

    Chief Financial Officer (CFO)

    Andrew Schleimer is the Chief Financial Officer (CFO) of TKO Group Holdings, Inc. since 2023. He concurrently serves as the CFO of UFC since September 2016.

    Seth Krauss

    Executive

    Chief Legal and Administrative Officer

    Member of the board of directors of the Minority Corporate Counsel Association

    Seth Krauss has served as TKO's Chief Legal and Administrative Officer since September 2023. Previously, he held executive legal roles at Endeavor, Take Two Interactive, and Morgan Stanley, and he currently serves on the board of directors of the Minority Corporate Counsel Association.

    1. Given the strategic shift of UFC events from higher-margin Apex venues to lower-margin international locations, how do you expect this to impact your overall EBITDA margins and cost structure in 2025?
    2. With the new Netflix deal for WWE Raw causing timing-related revenue challenges this quarter, what specific measures are you implementing to mitigate these fluctuations and ensure a smooth transition in your content delivery?
    3. In light of the upcoming acquisition of IMG, On Location, and PBR, what are the key integration challenges you anticipate, and how will you adjust your forward guidance to account for potential short-term disruptions?
    4. Your sponsorship guidance targets $375 million for the year, yet competition from established leagues like the NFL remains strong; how sustainable is this growth, and what steps are you taking to close unsold sponsorship categories?
    5. With the unfavorable impact from the Saudi PLE shift and other one-off events already affecting margins, how do you plan to balance these timing issues to maintain high incremental margins, especially as you expand internationally?
    Program DetailsProgram 1
    Approval DateOctober 24, 2024
    End Date/DurationNo expiration date, expected completion within 3-4 years
    Total Additional Amount$2.0 billion
    Remaining Authorization$125.5 million (as of December 2024)
    DetailsPart of capital return program to enhance shareholder value; timing and amount based on market conditions, share price, and other considerations

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    M-1 Global

    This competitor is one of the alternative providers of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Professional Fighters League

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Combate Global

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Invicta FC

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Cage Warriors

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    AMC Fight Nights

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    ONE Championship

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Rizin Fighting Federation

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Absolute Championship Akhmat

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Pancrase

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Caged Steel

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Eagle Fighting Championship

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    KSW

    This competitor is also an alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Extreme Fighting Championship

    This competitor is another alternative provider of content and events that compete with UFC, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    All Elite Wrestling

    This competitor is an alternative provider of content and events that compete with WWE, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Impact Wrestling

    This competitor is another alternative provider of content and events that compete with WWE, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Ring of Honor

    This competitor is also an alternative provider of content and events that compete with WWE, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    New Japan Pro-Wrestling

    This competitor is another alternative provider of content and events that compete with WWE, which is part of TKO Group Holdings. The company faces competition from a variety of other domestic and foreign companies in the rapidly changing and increasingly fragmented markets within the United States and internationally.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Professional Bull Riders (PBR)

    2025

    TKO Group Holdings completed the acquisition of PBR from Endeavor on February 28, 2025, for a total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment. The deal involved payment in common units and shares, and it added the world’s premier bull riding business—promoting 200 global events annually—to TKO’s portfolio.

    On Location

    2025

    TKO Group Holdings acquired On Location as part of a combined transaction with PBR and certain IMG assets from Endeavor, in a deal valued at $3.25 billion with an extra $50 million purchase price adjustment. This acquisition expanded TKO’s footprint in premium experiential hospitality by integrating live event production, travel management, and ticketing services tied to marquee events.

    IMG Media Business

    2025

    TKO Group Holdings secured the IMG Media Business, a leading global sports marketing agency known for its media rights, production, and event management capabilities, as part of the $3.25 billion deal plus a $50 million purchase price adjustment. The acquisition is designed to enhance TKO’s expertise in sports rights and premium events, while certain non-core IMG businesses remained with Endeavor.

    World Wrestling Entertainment (WWE)

    2023

    In 2023, WWE was merged into TKO Group Holdings through a complex transaction involving a merger, conversion into a Delaware LLC, and an ownership structure where Endeavor holds 51% of the voting power while TKO retains 49%, with the process finalizing on September 12, 2023. This integration consolidated WWE with UFC under the TKO brand, aligning with Endeavor’s strategy of unifying its sports and entertainment assets.

    Recent press releases and 8-K filings for TKO.

    TKO Group Holdings, Inc. Undergoes Change in Control
    TKO
    M&A
    • On March 24, 2025, Silver Lake and its affiliates completed the acquisition of Endeavor Group Holdings, leading to a change in control for TKO Group Holdings, with these parties now beneficially owning approximately 60.9% of the voting securities.
    • The acquisition did not trigger change of control provisions under the Company’s existing credit and incentive agreements.
    Mar 24, 2025, 12:00 AM
    TKO Group Holdings Completes Major Acquisition and Reports Strong Revenue Growth
    TKO
    M&A
    Revenue Acceleration/Inflection
    • TKO completed a significant acquisition under its Endeavor Asset Acquisition, adding the IMG Media Business (including PBR, OLE, and various events businesses) to its portfolio, which expands its sports and entertainment offerings.
    • The MD&A highlights that revenue for the year ended December 31, 2023 increased by $550.8 million (21%) compared to 2022, driven by robust performance in the UFC, WWE, and IMG segments.
    • Historical financial data presented excludes the operational impact of these recent transactions, with management emphasizing integration and improved operational performance.
    Mar 19, 2025, 12:00 AM
    TKO Group Holdings Integrates UFC & WWE with Robust Financial Performance
    TKO
    Dividends
    Share Buyback
    M&A
    • Record revenue and adjusted EBITDA in 2024 with a strong balance sheet (net debt at $1.8 billion) and robust free cash flow conversion over 60%, supported by a $2 billion share buyback program over the next 3-4 years and a quarterly $75 million dividend launch.
    • The company is strategically integrating UFC, WWE, and additional assets (IMG, On Location, PBR) to drive value through diversified revenue streams including live events, media rights, and global sponsorships.
    • TKO is actively positioning for its upcoming UFC domestic rights renewal and leveraging transformative digital deals—such as the notable Netflix arrangement for WWE content—to enhance global reach and dynamic pricing in live event revenue.
    Mar 3, 2025, 8:21 PM
    TKO Group Holdings Completes Acquisition of Sports Assets
    TKO
    M&A
    • Acquisition Finalized: TKO Group Holdings completed the acquisition of IMG, On Location, and Professional Bull Riders from Endeavor, enhancing its portfolio of premier sports and entertainment assets, including UFC and WWE.
    • Strategic Expansion: The deal strengthens TKO’s expertise in sports rights, production, and live events, positioning the company to capitalize on industry growth.
    Feb 28, 2025, 12:00 AM
    TKO Group Holdings Q4 2024 Financial and Operational Highlights
    TKO
    Earnings
    Guidance Update
    Dividends
    Share Buyback
    • Record Q4 2024 Performance: Reported revenue of $642.2 million, Adjusted EBITDA of $238.1 million, and net income of $47.5 million reflecting strong sequential growth and operational efficiency .
    • UFC and WWE Integration: Strategic integration drove milestone achievements with record-breaking live events, enhanced media rights, and sponsorship revenue that exceeded net savings guidance of $100 million .
    • Segment Revenue Breakdown: Detailed performance with UFC generating $343.9 million and WWE $298.3 million in revenue, underscoring robust operational performance .
    • Capital Return Initiatives: Announced a share repurchase program of up to $2 billion along with a $75 million quarterly cash dividend, including an inaugural dividend of $0.38 per share scheduled for March 31 .
    • 2025 Guidance & Outlook: Set full-year 2025 targets with revenue between $2.93 billion and $3.0 billion and Adjusted EBITDA between $1.35 billion and $1.39 billion, highlighting plans for international expansion and strategic event scheduling .
    Feb 26, 2025, 12:00 AM