WWE Margin & FCF
Q: How are margins and FCF performing this quarter?
A: Management highlighted that WWE delivered mid-50% adjusted EBITDA margins driven by cost efficiencies in live events, while free cash flow conversion remains robust even after settlement-related adjustments, reflecting disciplined production cost management.

Ticket Pricing
Q: How are you optimizing ticket prices for live events?
A: They are leveraging dynamic pricing and event format adjustments—sometimes making shows smaller—to boost ticket yields without sacrificing the product, ensuring higher revenue potentials.

UFC PPV
Q: How has UFC pay-per-view pricing evolved recently?
A: UFC partners have adjusted PPV pricing with advanced promotions to counter piracy concerns, resulting in more balanced pricing that supports strong viewership and yields.

Site Fees
Q: What’s the strategy for optimizing site fees?
A: The approach is a balanced one—maximizing both volume and premium pricing by turning single-day events into multi-day cultural experiences that leverage local competition for higher fees.

Sphere Impact
Q: What impact will the Sphere event have on costs and revenue?
A: The Sphere event is set to be the largest gate, with record-setting revenue potential but also significant production costs; it’s viewed as a strategic, long-term investment to boost brand engagement, particularly in key international markets.

Intl Rights
Q: How are international UFC rights performing?
A: Internationally, performance is solid—IMG’s global network is creating opportunities for step-ups in rights fees, even though most current traction is domestic within the U.S..

Intl Growth
Q: How will Netflix drive global expansion?
A: Netflix is being used as a key marketing partner to extend reach into over 170 countries, enhancing fan engagement and opening doors for increased rights fees and new audience growth.

WWE Sponsorship
Q: What’s your strategy for WWE sponsorships?
A: They are not limiting sponsorships to marquee events; rather, they are creatively monetizing every opportunity—whether center stage or peripheral—ensuring robust categories from venues like Wingstop to Budweiser.

PLE Timing
Q: When will WWE PLE deals be revisited relative to UFC?
A: There is no fixed timetable yet; while UFC deals are advancing, discussions for WWE’s premium live events are expected to begin in 2025 without haste, ensuring quality terms.

PBR Asset
Q: Could the PBR asset join the TKO portfolio?
A: Management made it clear that PBR was never part of the merger plan, and there is no current intent to integrate it into the TKO family.