Core Viewpoint - TKO Group Holdings, Inc. (TKO) is expected to release results soon, which will clarify the impact of recent attendance successes at this quarter's events [1] Group 1 - The upcoming results will provide certainty regarding the company's performance in light of recent event attendance [1]

Financial Data and Key Metrics Changes - For the fiscal 2026 second quarter, MSG Sports generated revenues of approximately $403 million, an increase from $357.8 million in the prior year period, reflecting a year-over-year growth of approximately 12.5% [12] - Adjusted Operating Income for the quarter was approximately $30 million, up from $20.3 million, indicating a significant increase in profitability [4][14] - Event-related revenues increased by 20% year-over-year to $167.2 million, while suites and sponsorship revenues rose by 24% to $98.5 million [13] Business Line Data and Key Metrics Changes - Per-game revenues across all in-game categories, including ticketing, suites, sponsorship, and food, beverage, and merchandise, showed positive momentum compared to the fiscal 2025 second quarter [4] - The Knicks' and Rangers' combined season ticket renewal rate was approximately 94%, indicating strong fan engagement [5] - The company introduced new merchandise collections, which contributed to higher per-cap spending on food, beverage, and merchandise during the quarter [7] Market Data and Key Metrics Changes - National media rights fees decreased by 4% year-over-year to $122.3 million, primarily due to amended local media rights agreements, partially offset by higher national media rights fees from new deals [13][9] - The company is focused on maintaining strong relationships with local media partners, which is crucial for fan engagement in the New York market [28] Company Strategy and Development Direction - MSG Sports is focused on driving long-term value for shareholders through strategic investments in its teams and optimizing pricing and sales strategies [4][11] - The company is enhancing its marketing partnerships, having signed new multi-year agreements with several brands, which is expected to contribute to revenue growth [8][39] - The company is also investing in premium hospitality offerings, with strong demand for suite renewals and new sales [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strong fundamentals and the ongoing consumer and corporate demand for its offerings [11] - The company is optimistic about the upcoming Olympic Winter Games and the continued momentum from the Knicks' playoff run [10] - Management acknowledged the evolving landscape of regional sports networks (RSN) and remains focused on delivering tailored local content to fans [28] Other Important Information - The company refinanced its senior secured revolving credit facilities, improving borrowing rates and extending maturity to November 2030 [16] - As of the end of the quarter, the company had a cash balance of approximately $81 million and a debt balance of $291 million [16] Q&A Session Summary Question: Update on potential capital returns given current cash and debt balances - Management stated that capital allocation decisions consider various factors, with a focus on maintaining liquidity and a strong balance sheet, while not ruling out future capital return programs [18][20] Question: Potential for a minority interest sale - Management confirmed no current plans for a minority interest sale but acknowledged the value of their teams and the possibility in the future [22][23] Question: Impact of upcoming changes to tax deductibility of compensation - Management is assessing the impact of changes in tax regulations but has no further updates at this time [24] Question: Outlook on the evolving RSN and local media rights landscape - Management believes in the value of local media coverage and is focused on maintaining strong relationships with MSG Networks [27][28] Question: Financial impact of the Rangers' performance on future results - Management noted strong growth in all in-game revenue categories and emphasized the importance of playoff runs for additional revenue opportunities [32][34] Question: Opportunities for sponsorship growth and suite upgrades - Management highlighted positive momentum in marketing partnerships and premium hospitality, with strong demand for suite renewals and new sales [38][39]

College Sports Valuations and Trends - College sports valuations are surging due to bigger media deals, expanded playoffs, and conference realignment [1] - The top 75 athletic programs are now worth a total of $512 billion, up 24% from 2024 [1][2] - The University of Texas at Austin is the most valuable athletic program, valued at almost $148 billion [2] - Increased media rights deals, such as the Big 12 doubling its agreement, are driving valuations [3] - The College Football Playoffs' new deal with ESPN will increase its value to $13 billion starting next year [4] Factors Influencing Valuation - Name, Image, and Likeness (NIL) rights and a pro sports business model are shaping the college landscape [1] - NIL money is becoming a significant factor and will be on the balance sheet starting next year [9] - Donor money, such as that used for stadium renovations, can cause year-to-year fluctuations in revenue [6][7] - Private equity is increasingly looking at college programs and conferences as investment opportunities [10][11] Concerns and Future Implications - There are concerns about the impact of professionalization on student athletes and less popular sports [12][17] - The increasing player movement and coach turnover reflect a shift towards a professional sports model [13] - Lockouts in sports like the WNBA could pose risks to valuations, especially with emerging competitors [19][21][22]

MLB Reaches 3-Year Media Rights Deals With ESPN, NBCUniversal And NetflixWhen ESPN and MLB opted out of their media rights deal that included Sunday Night Baseball and jewel events like the Home Run Derby and the Wild Card series, it left a gap between now and the end of the 2028 season. Today, MLB announced short-term media rights deals to bridge that gap.Read more:https://t.co/7WCsoAUMcb (Photo: Eileen T. Meslar/Chicago Tribune/Tribune News Service via Getty Images) ...

Major League Baseball has completed new three-year media rights agreements with ESPN, NBCUniversal and Netflix, the league is set to announce Wednesday https://t.co/rOfiRhJTyk ...

We believe um and and believed at that time that women's sports, tennis in particular, has been undervalued in the marketplace. And so one of the primary things that we were looking for in a television partner was a partner that was willing to invest that believed in um providing us with the value that we have earned and that our fans demand. Um, so I think Tennis Channel um came to the table and they were really ready to invest um at at at a very high level relative to some of the other biders um that we w ...

Media Rights Deal & Market Opportunity - Apple is close to finalizing a US media rights deal with Formula 1, expected to be worth $140 million per year [1] - Formula 1 is considered a "buy low" candidate in the US, despite its increasing value, indicating potential for further growth [5][6] - F1 viewership in the US is around 1 million people per race, suggesting significant growth potential compared to other sports [2] Apple's Sports Strategy - Apple's sports strategy focuses on acquiring all rights for a sport, ensuring every event is available on Apple TV [9] - Apple aims to offer unique and differentiated experiences in sports content [11] - Apple is taking a long-term approach to building a robust media business, including accumulating sports rights [16] Potential Media Landscape - Apple is unlikely to acquire legacy media assets like Warner Brothers Discovery [15] - Apple believes that in the future, leagues will prefer selling all rights to one platform rather than dividing them among multiple streaming services [13]

Alex Sherman: Mark, thanks for joining us. Pleasure being here. You have started a sports fund in 2024 let's start here.Why sports. And what are you thinking about investing in now. Well, I guess sports, because I've always loved it.I actually think as an asset class, it's something you want to be invested in. And I think you're literally in the first second inning. I think you can make a fortune of money investing in sports.So that was the reason why I started it. You just don't have that much competition ...

NFL Media Rights Renegotiation - The NFL is considering renegotiating TV rights deals earlier than expected, potentially as early as next year [1] - Commissioner Roger Goodell believes the NFL is "leaving money on the table" compared to revenue increases in other sports leagues like the NBA and NHL [1][2] - The NFL signed an 11-year deal in 2021, locking up media rights until 2033, but there's an opt-out clause after the 2029-2030 season [1] - The NFL believes its current media partners may benefit from negotiating early to secure more years of NFL rights beyond 2030 [2] - The NFL's popularity is highlighted by the fact that 72 of the top 100 shows last year were NFL games, and 93 of the top 100 the year before [3] - Early NFL game ratings are higher this year compared to last year [4] Potential Impact on Other Sports Leagues - The NFL's renegotiation could put pressure on Major League Baseball, whose rights deal expires after the 2028 season [4] - Media companies may not have enough funds to accommodate increased rights fees for both the NFL and MLB [5] - Baseball might try to accelerate its media rights talks to precede the NFL [5] Financial Implications - Sports investors are advised to "go long NFL" in the near term [6] - A significant increase in media rights revenue could further increase NFL team franchise valuations, which were already up 18% year-over-year [7] - Increased media rights revenue could also lead to a higher NFL salary cap [7]

Media Landscape & Strategic Partnerships - PLL inked a fresh 5-year broadcast deal with ESPN, with ESPN becoming a minority owner [1] - Potential media deal in the works, considering assets from Warner Brothers, Paramount, and Sky Dance [2] - Media conglomerates are positioning themselves in the tech awakening [3] - Connected TV is in 88% of homes, totaling 117 million homes, leading to a shift in viewership [11] - Streaming viewership eclipsed broadcast and cable viewership combined in May 2025 [12] PLL Growth & Performance Metrics - Pro sports is an amazing asset class with enterprise value moving from media to partnerships to live events [6] - Viewership across linear platforms is up significantly [13] - ABC broadcast viewership is up 55% [13] - ESPN viewership is up 81% [13] - All-Star game viewership is up 115% year-over-year [13] - Ticket sales are up 11% [13] - Sponsorship is up 20% [14] - Merchandise sales are up 10% [14]