TKO Group Holdings, under the banner of Endeavor, has recently unveiled the financial results for UFC and WWE in the second quarter of 2024, illustrating a remarkable upward trajectory.
The UFC and WWE joined forces last September, giving rise to a new powerhouse in sports and entertainment: TKO Group Holdings. Since their unification, the business has been flourishing and reaching new heights.
Meet TKO Group Holdings, Inc. a premium sports, entertainment, and media company made up of @ufc and @WWE.
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According to a recent report by journalist John S. Nash, TKO Group generated an impressive $851.2 million in total revenue. The company also reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $420.9 million, alongside a net income of $150.7 million.
As per the report, the UFC experienced remarkable growth in the second quarter of 2024, with revenue soaring by 29% to $394.4 million. This impressive performance marks a half-yearly increase of $95.5 million compared to 2023. Adjusted EBITDA rose by 23%, totaling $231.9 million for the quarter ending June 30.
This revenue boost was primarily driven by a substantial increase in media rights, which reached $250.6 million, along with higher content revenue. Additionally, the UFC saw increased income from live events thanks to an extra event held during the quarter. Sponsorship proceeds also significantly improved, with an increase of $15.5 million.
Endeavor CEO Ariel Emanuel Reflects on TKO Q2 Earnings Growth
Endeavor CEO Ariel Emanuel, who also leads TKO Group, recently shared his insights on the company’s impressive upward growth in the second quarter of 2024 in a statement released to the public.
“TKO generated strong financial results in the quarter, highlighted by record quarterly revenue and adjusted EBITDA,” Emanuel said. “In light of this continued momentum, we are raising our full-year 2024 guidance for the second quarter in a row. The strength of our underlying business continues to give us great conviction for TKO’s ability to deliver sustainable long-term value for shareholders.”
[h/t Inside the Ropes]
In a strategic shift, Endeavor chose to go private after three years as a public company this past April, positioning TKO Group as its sole publicly traded entity. Endeavor’s initial 51% stake in TKO has since risen to 53.6%.
However, it’s not all smooth sailing for the combat sports conglomerate. Last month, a judge rejected a $335 million settlement in a class-action lawsuit filed by former UFC fighters, setting the stage for a trial. If the case proceeds, the financial repercussions for the company could far exceed the proposed settlement amount.
Continue Reading UFC Revenue Up By Almost $100 Million At Midpoint Of 2024 at MMA News.