As a long-time fan of UFC and WWE, it’s always exciting to see these powerhouses delivering strong performances quarter after quarter. The Q3 results from TKO, with its core sports properties showing remarkable strength, is a testament to their enduring appeal and the strategic moves they’ve made.
In simple terms, TKO, the company that oversees UFC and WWE, saw strong profits during the third quarter. This was mainly due to the success of content licensing, sponsorship deals, and income from events at their primary sports businesses.
In Q3, TKO’s financial results showed an increase in corporate expenses and costs, primarily due to the restructuring and integration initiatives related to WWE. Furthermore, TKO is currently negotiating a deal with its major shareholder, Endeavor, for the acquisition of the Professional Bull Riders and other sports assets that Endeavor currently owns.
TKO announced a total revenue of $681.2 million and a net profit of $57.7 million. Their adjusted earnings (excluding interest, taxes, depreciation, and amortization) amounted to $310 million.
UFC’s earnings in Q3 2023 decreased compared to the same period last year, primarily because they held three more events during this quarter. Despite a drop of 11% in revenue to approximately $354.9 million due to reduced media licensing income, sponsorship earnings managed to increase by a substantial $10.2 million over the previous year’s figure. The EBITDA for UFC remained strong in Q3 2023.
WWE reported an income of $326 million and an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $175.3 million. This strong performance was largely due to a 14% rise in media rights revenue that was contractually guaranteed.
Last month, it was announced that Endeavor has agreed to sell PBR, its sports production and talent agency IMG, as well as On Location hospitality provider, for $3.25 billion to TKO. This deal is projected to be finalized in the first quarter of next year, meaning Endeavor will retain approximately 59% ownership of the combined company, TKO.
TKO confidently maintains that its full-year 2024 earnings will surpass expectations, landing at the higher end of the predicted range. This includes projected revenue between $2.67 billion and $2.74 billion, and adjusted EBITDA ranging from $1.22 billion to $1.24 billion.
More to come
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2024-11-07 00:46