Shares of TKO Holdings, the recently created holding company for UFC and WWE, climbed more than 1% after hours Tuesday following the company's first quarterly report since the two entities merged.
The company, majority controlled by Endeavor Group Holdings (NYSE:EDR), saw its revenue jump 32% year over year to $449.1 million. UFC revenue was $397.5 million, lifted by additional TV and live events.
Notably, that only includes WWE’s influence from September 12 to September 30 following the WWE and UFC merger. Had the WWE’s full quarter been included, the total revenue would have been more than $235 million higher.
“Since launching TKO on September 12th, our teams at WWE, UFC, and Endeavor have been focused on integration and executing our strategy,” TKO CEO Ariel Emanuel said in a statement
“This includes identifying cost synergies at the high end of the range we guided, bringing events to new international markets including Saudi Arabia and Australia, delivering media rights increases for WWE, and closing the largest global partnership deal ever for UFC with AB InBev. We remain bullish about TKO’s ability to accelerate growth and unlock long-term value for shareholders.”
TKO shares rose 1.1%, while Endeavor shares fell 1.4% after hours.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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