Management characterized 2025 as a 'catalytic' year, transitioning TKO from a formation story to an execution story focused on high-margin, recurring contractual revenue. Performance was driven by transformational domestic media rights deals, including UFC's $7.7 billion agreement with Paramount and WWE's $1.6 billion deal with ESPN. The shift to Paramount+ for UFC is strategically designed to remove the 'double paywall' previously existing on ESPN+, aiming to broaden the fan base through increased ac ...