TKO Group Holdings, Inc. yesterday announced financial
results for its third quarter ended September 30, 2024.
Ariel Emanuel, Executive Chair and CEO of TKO, said: “TKO’s
solid third quarter results reflect continued strength
across UFC and WWE, particularly in live events and brand
partnerships. In light of this continued momentum, we now
expect to deliver at the upper end of our full-year 2024
guidance range for both revenue and Adjusted EBITDA.
“Additionally, two weeks ago we announced the authorization
of a robust capital return program and an agreement to
acquire industry-leading sports assets that will power our
profile, give us greater scale, strengthen our position in
the sports marketplace, and accelerate returns for
shareholders. Just over a year since UFC and WWE came
together to form TKO, our conviction in this business is as
strong as ever.”
Revenue increased 52%, or $232.1 million, to $681.2 million.
The increase reflected the increase of $274.7 million of
revenue at WWE, to $326.3 million, partially offset by a
decrease of $42.6 million at UFC, to $354.9 million.
Net Income was $57.7 million, an increase of $35.7 million
from $22.0 million in the prior year period.
When it comes to WWE, the company pulled $227.4 million in
media rights and content, $51.1 million in live events,
$21.7 million in sponsorship, and $26.1 million in consumer
products.
WWE revenue was $51.6 million for the period from September
12, 2023 through September 30, 2023. Including WWE activity
for the period from July 1, 2023 through September 11, 2023,
WWE combined revenue was $287.3 million for the period from
July 1, 2023 through September 30, 2023.
The increase of 14%, or $39.0 million, was primarily driven
by an increase in media rights and content, live events, and
sponsorship revenue. The increase in media rights and
content revenue was primarily related to the contractual
escalation of media rights fees as well as the timing of
WWE’s weekly flagship programming, which resulted in an
additional event in the current year period.
The increase in live events revenue was primarily related to
an increase in ticket sales revenue. The increase in
sponsorship revenue was primarily related to new sponsors
and an increase in fees from renewals compared to the prior
year period.
The full press release is at....
