TKO Group Holdings, the company that owns UFC and WWE, reported a strong first quarter in 2024, with revenue exceeding Wall Street expectations. However, a $335 million settlement with UFC fighters led to a net loss of $249.5 million for the company.
Despite the setback, TKO Group Holdings announced a new distribution deal with WWE. The popular wrestling show, Raw, will move to Netflix in January 2025, but will continue to air on USA Network until the end of this year. The company is set to receive $25 million for the program during this transition period.
CEO Ari Emanuel expressed optimism about the company’s performance, citing record-setting live events and new brand partnerships. TKO raised its guidance for the year, expecting revenue of up to $2.685 billion and adjusted EBITDA of up to $1.205 billion.
The revenue breakdown showed that WWE generated $316.7 million in revenue, with UFC close behind at $313 million. While UFC saw growth in live events, sponsorships, and consumer products, WWE’s revenue was primarily driven by media rights.
Overall, TKO Group Holdings remains confident in the future, with a focus on delivering long-term value for shareholders through a combination of UFC and WWE properties. The company’s strong start in 2024 sets a positive tone for the rest of the year.