TKO (the merged company of WWE and UFC) has reported its earnings for the first quarter of 2024.
On May 8, TKO Group Earnings reported their earnings for the first quarter of 2024. The company reported a revenue of $629.7 million and a net loss of $249.5 million for the first quarter. The adjusted EBITDA was reported as $282.2 million.
The report highlighted the success that both WWE and UFC enjoyed in the first quarter, including the record-breaking UFC 300 and WrestleMania 40 events.
Additionally, TKO stated that they reached an agreement to settle all claims asserted in both UC antitrust lawsuits for an aggregate amount of $335 million. This amount is payable in installments, and it is anticipated to be deductible for tax purposes.
TKO CEO Ari Emanuel issued a statement about the results.
“TKO is off to a strong start in 2024 with multiple record-setting live events, new brand partnerships, and media rights deals for WWE Raw,” said Ariel Emanuel, Executive Chair and CEO of TKO. “With our momentum in the first quarter and solid financial results, we have raised our full year 2024 guidance. We also reached an agreement to settle all claims asserted in both UFC antitrust lawsuits. These positive developments, along with the strength in our underlying businesses, give us more conviction than ever in the combination of UFC and WWE, and in TKO’s ability to deliver sustainable long-term value for shareholders.”
WWE and UFC previously merged to form TKO in September 2023.
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