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WWE outperforms UFC in 2024 Q1 revenue, reveals TKO report

Published at :May 9, 2024 at 9:10 PM
Modified at :May 9, 2024 at 9:10 PM
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(Courtesy : TKO/WWE)

Blesson Daniel

WWE beats UFC in Q1 as they gain more revenue

Endeavor Group Holdings reported a 16% gain in overall revenue in the first quarter as a result of the WWE-UFC merger, although the company’s businesses other than Owned Sports Properties saw decline.

According to the 2024 Q1 financial report, TKO earned $629.7 million but lost $249.5 million overall. TKO’s settlement of an antitrust case against the UFC accounts made for a large portion of their financial loss. The plaintiffs claimed that the UFC constituted an unlawful monopsony that reduced fighter pay and hampered competitor companies. The case represented over 1,200 individuals and was resolved for $335 million.

The UFC’s revenue for the first quarter of 2024 was $313 million, trailing WWE’s revenue of $316.7 million. During this period, the UFC held their UFC 300 event, which brought a $16.5 million gate to Las Vegas’ T-Mobile Arena.

Not to be surpassed, WWE presented WrestleMania 40, the company’s most successful nighttime show in history. The business has signed a lucrative ten-year agreement with Netflix to offer Raw on the streaming platform.

What are the future plans?

With these data in, TKO has raised its revenue for 2024 from $2.61 billion to $2.685 billion. In a statement, TKO CEO Ari Emanuel expressed optimism about what is ahead.

“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.”

Clearly, WWE’s merger with UFC in September 2023 has proven to be a profitable business for both organizations. With WWE starting on a new era (one that has distanced itself from Vince McMahon), it is unclear how the company’s future will be formed as a result of TKO.

Endeavor revealed last month that it plans to go private for $13 billion. The acquisition is scheduled to be finalized in the first quarter of 2025.

The Experiences & Rights division’s revenue dropped 7% to $744.9 million, with the June 2023 sale of IMG Academy taking a toll, as did the timing of media rights tied to certain biennial events from 2023 that were missing in the 2024 quarter. Increases in the company’s On Location division, the Miami Open, and growth from other events, such as Barrett-Jackson’s Scottsdale event, helped offset the drawbacks. Adjusted EBITDA for the segment dropped 11% to $95.9 million.

But at last WWE and UFC are doing good business for the TKO merger to be successful. So, let’s hope for the best. Let us know in comments what you think.

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