Question-and-Answer SessionSo it was a big year for TKO, new rights deals at UFC and WWE. You also laid a lot of the groundwork for your venture into boxing. But as we look ahead, what are the top priorities for the company as we get into the new year?Mark ShapiroCOO, President & Director Yes. I would just say from an overview perspective, we're thrilled that the industrial logic of bringing these 2 core IP properties like WWE and UFC together, really, that industrial logic has been validated. In fact, we a ...

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Group 1 - Polymarket has entered into a multi-year partnership with TKO Group Holdings, the parent company of UFC and Zuffa Boxing, indicating a significant move towards integrating prediction markets with sports betting [1] - This partnership aims to enhance the user experience by providing innovative betting options and engaging content related to UFC events [1] - The collaboration is expected to leverage Polymarket's prediction platform to create unique betting opportunities that align with TKO Group's sports offerings [1]

Core Viewpoint - Xtreme One Entertainment, Inc. has signed a Letter of Intent to acquire The 7on7 Association, marking a significant step in its multi-sport expansion strategy aimed at enhancing live sports, media monetization, and digital fan engagement [1][2]. Company Overview - Xtreme One Entertainment is a diversified holding company focused on media, entertainment, live sports, and event marketing, with a history of producing over 50 professional MMA events since 2006 [10]. - The 7on7 Association is a leading organizer of competitive 7-on-7 and 5-on-5 football tournaments, serving thousands of athletes and over 250 teams across multiple states and Canada [12]. Strategic Importance - The acquisition is expected to create synergies that will enhance Xtreme One's event operations, media distribution, and sponsorship capabilities, thereby elevating emerging sports and athletes globally [2][6]. - The integration aims to combine elite competition with world-class production and AI-driven player development, unlocking new audiences and markets for both organizations [4][9]. Growth Potential - The 7on7 Association plans to launch a Girls Flag Football Circuit in 2026, capitalizing on the sport's growing popularity and its inclusion in the 2028 Summer Olympics [5]. - The scalable tournament model and digital-first fan community of the 7on7 Association align with Xtreme One's mission to blend competition, content, and culture, providing a robust growth platform [5]. Financial Strategy - Xtreme One has recently approved an expansion plan that includes a $25 million Tier 2 Regulation A stock offering to fund acquisitions and media production [8]. - The company aims to enhance margins, expand market share, and deliver sustained value to shareholders through this strategic acquisition [9].

Financial Data and Key Metrics Changes - The company generated revenue of $1.12 billion in Q3 2025, with adjusted EBITDA of $360 million and an adjusted EBITDA margin of 32% [13][14] - Year-over-year revenue decreased by 27%, while adjusted EBITDA increased by 59%, and adjusted EBITDA margin improved from 15% in the prior year period [14] - Free cash flow for the quarter was $399 million, with a conversion rate of adjusted EBITDA at 111% [23][24] Business Line Data and Key Metrics Changes - UFC segment revenue was $325 million, a decrease of 8%, with adjusted EBITDA of $166 million, down 15% [15][16] - WWE segment revenue increased by 23% to $402 million, with adjusted EBITDA rising by 19% to $208 million [17][18] - IMG segment revenue decreased by 59% to $337 million, but adjusted EBITDA improved significantly from -$7 million to $61 million [20][21] Market Data and Key Metrics Changes - UFC's media rights production and content revenue decreased by 7% to $201 million, while WWE's media rights production and content revenue increased by 9% to $249 million [15][18] - WWE's live events revenue increased by 61% to $83 million, driven by higher ticket sales and site fee revenue [17] - The company secured significant media rights agreements, including a seven-year, $7.7 billion deal with Paramount for UFC and a five-year partnership with ESPN for WWE [5][7] Company Strategy and Development Direction - The company is focused on maximizing shareholder value, preparing for UFC's Paramount debut, and launching Zuffa Boxing in 2026 [11][30] - Strategic priorities include sustaining strong performance across all businesses, capitalizing on new growth opportunities, and enhancing global partnerships [11][30] - The company aims to achieve $450 million in high-margin partnership revenue by 2025 and targets $1 billion in total company partnership revenue by around 2030 [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's momentum, citing strong demand for premium sports content and experiences [5][11] - The company raised its full-year 2025 guidance for revenue to $4.69 billion-$4.72 billion and adjusted EBITDA to $1.57 billion-$1.58 billion [26] - Management highlighted the importance of site fees and global partnerships as significant revenue drivers for 2026 and beyond [30][66] Other Important Information - The company announced a 100% increase in its quarterly cash dividend program, with a payment of approximately $150 million made under the new program [24] - A $1 billion stock buyback program was launched, with an ASR agreement to repurchase $800 million of Class A Common Stock [24][25] Q&A Session Summary Question: Discussion on UFC media rights and international opportunities - Management emphasized the importance of execution and operational expansion, focusing on maximizing media rights opportunities internationally [37][39] Question: WWE live events revenue growth - Management noted that both premium live events and weekly events contributed to revenue growth, with high capacity and appropriate pricing strategies [40][41] Question: Distribution model with Paramount and pay-per-view model - Management clarified that while some markets still utilize pay-per-view, the focus is on expanding distribution through subscription models [46] Question: Incremental flow-through margin percentage and fighter pay structure - Management indicated that the new media rights deal would be margin accretive, with plans for increased fighter pay in line with historical margins [48][49] Question: Opportunities in boxing and potential for larger investments - Management expressed a strong appetite for boxing, focusing on super fights and the Zuffa Boxing league, while remaining cautious about distractions from core operations [52][56] Question: Site fees as a revenue driver - Management highlighted the potential for significant revenue from site fees, particularly with upcoming events in Saudi Arabia and ongoing discussions with various municipalities [64][66]

Core Insights - The owner of Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) experienced significant growth due to strong performance in both sectors, with sales increasing by 23% in the third quarter [1] Group 1: Company Performance - UFC and WWE sales rose by 23% in the third quarter, indicating robust demand and successful event management [1]

Core Insights - TKO Group experienced a decline in third quarter revenue but an increase in profits, influenced by IMG's Summer Olympic Games in Paris in 2024 [1][5] Revenue and Profit Performance - Revenue for the three months ended in September fell 27% to $1.12 billion, with IMG's revenue dropping 59% to $337 million [1][2] - UFC sales decreased by approximately $30 million (or 8%) to $325 million, attributed to one less numbered event compared to the previous year [2] - WWE revenue increased by $76 million to $402 million, with profit growing 19% to $207 million due to successful events [3] Profitability - TKO's consolidated net income surged to $107 million from $3.4 million, driven by lower operating expenses at IMG, which reported a profit of $61.4 million [2] Future Guidance - TKO raised its full-year revenue target to $4.72 billion and profit target to $1.58 billion [4] - TKO's executive chair and CEO expressed strong conviction in the company's future, citing secured multiyear media rights deals for UFC, WWE, and Zuffa Boxing [5]

Core Insights - Agassi Sports Entertainment (ASE) and IBM have entered a multi-year partnership to innovate the global racquet sports landscape through AI and digital technology [1][5][6] - The collaboration aims to create a comprehensive digital platform that enhances engagement for players, fans, and brands in racquet sports [2][4] Company Collaboration - ASE will leverage IBM's watsonx.ai and computer vision technology to develop tools that analyze athletic movement from everyday video footage [3] - The platform will feature "Agassi Intelligence," providing professional-grade coaching directly to users' mobile devices [3][4] Platform Features - The digital platform will serve as a hub for performance analytics, commercial features, premium content, and community experiences [4][5] - Users will have opportunities to connect with Andre Agassi and other athletes through unique digital interactions [4] Vision and Goals - The initiative emphasizes equity in sports and aims to reduce barriers to high-level training and community access for players globally [5][6] - The platform is designed to inspire the next generation of players and fans by improving health, developing skills, and fostering connections [5][6] Technology and Development - The platform and solutions will be hosted on IBM Cloud, with IBM Consulting leading the development and innovation efforts [6] - The initial release of the platform app is anticipated in the first half of 2026 [2]

Core Insights - Paramount+ has secured a five-year media rights agreement to become the primary streaming home for PBR's premier tour, Unleash The Beast, starting December 12, 2026 [1][2] - The agreement allows Paramount+ to stream live coverage of the entire PBR Unleash The Beast season, which spans five months and includes events in 19 cities across 17 states [2][4] - This partnership builds on a long-standing relationship between PBR and CBS Sports, which began in 2013 and will continue through 2030, with CBS still airing the CBS Game of the Week during the 2026 season [2][3] Company and Industry Highlights - PBR's CEO, Sean Gleason, expressed excitement about the deal, emphasizing its potential to expand PBR's audience [3] - CBS Sports reported its highest-rated PBR broadcast in October, reaching an average of 2.70 million viewers, indicating strong performance in broadcast [3] - The 2026 Unleash The Beast season will feature notable events, including PBR's debut at TD Garden in Boston and a return to Madison Square Garden for the 18th time [4] - Paramount+ will also become the exclusive U.S. home for all UFC events starting in 2026, further solidifying its position in the sports streaming market [5] - PBR is part of TKO Group Holdings, which is expanding its media agreements with Paramount, including exclusive streaming rights for Zuffa Boxing starting January 2026 [5][7]

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