TKO Q2 Earnings Grow on Higher Site Fees, Sponsor Sales for UFC and WWE
variety.comCynthia Littleton Business Editor The UFC and WWE both saw strong gains in site fees, sponsorship dollars and live event demand in the second quarter, which boosted the fortunes of its parent company enough to allow TKO to raise full-year financial guidance for the second consecutive quarter.
Total company revenue came in at $851.2 million, with adjusted earnings before interest, taxes, depreciation and amortization of $420.9 million and net income of $150.7 million.
The WWE’s WrestleMania 40 event and the UFC 300 and 303 events busted through expectations. TKO, which is majority owned by Endeavor, raised its 2024 revenue target by about $60 million to $2.670 billion to $2.745 billion.
Adjusted EBIDTA was hiked by about $35 million to $1.220 billion to $1.240 billion, according to TKO. “TKO generated strong financial results in the quarter, highlighted by record quarterly revenue andAdjusted EBITDA,” said Ariel Emanuel, executive chair and CEO of TKO who is also CEO of Endeavor. “In light of this continued momentum, we are raising our full year 2024 guidance for the second quarter in a row.
Read more on variety.com