TKO is expanding beyond WWE and UFC. Announced via press release this morning, the company revealed some corporate restructuring that will see three sports assets — Professional Bull Riders, On Location, and IMG — moved from parent company Endeavor under the umbrella of TKO. Additionally, the company is initiating a stock buyback program that will allow shareholders to sell their TKO stock back to the corporation, along with quarterly cash dividend payouts to those with Class A stock.

Together, the new companies being absorbed are worth an estimated $3.25 billion, greatly increasing the size and scope of TKO. While PBR is self-explanatory, On Location is a company dedicated to providing "premium live event experiences," while IMG is a management company that represents both individuals and businesses, as well as producing live events and media content.

"PBR, On Location, and IMG are industry-leading assets that meaningfully enhance TKO's portfolio and strengthen our position in premium sports globally," said TKO President Mark Shapiro. "Within TKO, they will help power the growth of our revenue streams and position us to capture even more upside from some of the most attractive parts of our sports ecosystem: media rights, live events, ticket sales, premium experiences, brand partnerships, and site fees."

The deal was analyzed by an independent committee representing the TKO Board of Directors, as well as the Board itself, with the agreement receiving unanimous approval. It is expected that the deal will close sometime in the first half of 2025, with the idea being that the restructuring will allow all the companies involved to integrate more closely and maximize profits.

Last year, WWE and UFC merged to create TKO, with Endeavor owning the majority of the company's stock. Since then, WWE has undergone waves of corporate restructuring, including the departure of former CEO Vince McMahon amid a sexual assault and trafficking scandal.