TKO, the corporate that WWE and UFC merged to type, has reported their earnings for the third quarter of 2024, which ended on September 30.
WWE and UFC formally merged in September 2023 after WWE and Endeavor closed their transaction settlement.
Within the official earnings launch, TKO reported a income of $681.2 million for the third quarter of 2024, in addition to a internet revenue of $57.7 million and an adjusted EBITDA of $310.0 million.
The report notes that TKO “revised its goal for income to the higher finish of the vary of $2.670 billion to $2.745 billion” and “revised its goal for Adjusted EBITDA to the higher finish of the vary of $1.220 billion to $1.240 billion.”
TKO CEO and Government Chair Ari Emanuel commented on the report by saying, “TKO’s stable third quarter outcomes mirror continued energy throughout UFC and WWE, significantly in dwell occasions and model partnerships. In gentle of this continued momentum, we now count on to ship on the higher finish of our full-year 2024 steerage vary for each income and Adjusted EBITDA.
“Moreover, two weeks in the past we introduced the authorization of a strong capital return program and an settlement to accumulate industry-leading sports activities property that may energy our profile, give us larger scale, strengthen our place within the sports activities market, and speed up returns for shareholders. Simply over a yr since UFC and WWE got here collectively to type TKO, our conviction on this enterprise is as robust as ever.”
Extra Particulars
The earnings report acknowledged that TKO’s income ” elevated 52%, or $232.1 million, to $681.2 million. The rise mirrored the rise of $274.7 million of income at WWE, to $326.3 million, partially offset by a lower of $42.6 million at UFC, to $354.9 million.”
Moreover, the online revenue of $57.7 million was “a rise of $35.7 million from $22.0 million within the prior yr interval.” A rise in working bills was cited as an element as nicely.
The report additionally states that “Money flows generated by working actions have been $236.6 million, a rise of $169.6 million from $67.0 million, primarily resulting from greater internet revenue and the timing of working capital.”
WWE’s Financials
TKO states that WWE’s income was “$326.3 million for the interval from July 1, 2024 by September 30, 2024.” This marks a rise of 14%, or $39.0 million (287.3 million from July 1, 2023 by September 30, 2023).
The report states that this enhance was “primarily pushed by a rise in media rights and content material, dwell occasions, and sponsorship income.” A rise in ticket gross sales income was cited as an element as nicely, as was the rise in media rights and content material income with WWE’s media rights charges.
TKO states that WWE’s Adjusted EBITDA for the quarter was $175.3 million, which is a rise of of 72%, or $73.3 million ($102.0 million from July 1, 2023 by September 30, 2023).
