Endeavor Shrugs Off Strike Hit In Q2 To Beat Wall Street Expectations, Announces More Specific Date Range For Close Of WWE-UFC Merger
deadline.comEndeavor Group Holdings conceded its representation business took a hit from the WGA strike in the second quarter, but the company reported overall results ahead of Wall Street expectations.
All four divisions of the company showed positive momentum in the quarter, as total revenue climbed 9% to $1.436 billion and earnings per share came in at $1.29 on a diluted basis.
Wall Street analysts’ consensus had called for revenue of $1.41 billion and earnings of 30 cents a share. The company said its pending deal to take control of the WWE and merge it into a new, stand-alone entity called TKO Group Holdings is expected to close in mid- to late-September. (Previous guidance was for a deal close sometime in the second half of the year.) Representation segment revenue increased 6.5% from the year-ago period to hit $381.1 million.
The company said the impact of the WGA strike was offset by growth in its nonscripted content production and fashion businesses and new projects and increased spend from 160over90’s corporate clients.
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