TKO Earnings Update: WWE Revenue Climbs in Latest Financial Report

The 2024 first quarter earnings report for TKO Group Holdings showed a revenue of $629.7 million, with WWE emerging as the higher-earning brand compared to UFC within the company.

Despite this, TKO faced a net loss of $249.5 million, largely due to a $335 million settlement from an antitrust lawsuit against UFC, which was accused of suppressing fighter wages and stifling competition. UFC’s revenue stood at $313 million, slightly less than WWE’s $316.7 million.

Highlight events included UFC’s 300th event and WWE’s WrestleMania 40, which was its highest-grossing event ever. WWE also secured a ten-year deal with Netflix to stream Raw. Following these results, TKO increased its 2024 revenue target from $2.61 billion to $2.685 billion.

TKO executives Mark Shapiro and Andrew Schleimer expressed their optimism about recent developments in WWE media rights deals. They highlighted a $25 million agreement that will keep the Monday night program Raw with NBCUniversal for the final quarter of 2024 before transitioning to a significant $1 billion deal with Netflix starting the following year.

This interim deal with NBCUniversal fills a gap left as WWE’s initial partnership with the network concludes three months before the switch to Netflix, securing a vital continuity despite yielding $41 million less quarterly than the current arrangement.

Additionally, attention is shifting towards UFC as it prepares for upcoming media rights negotiations. UFC has been partnered with Disney since 2019, broadcasting primarily on ESPN. With WWE’s major deals recently secured, the focus is now on UFC’s future with Disney, which is set to consider renewals in 2025. Shapiro expressed confidence in securing a favorable outcome, emphasizing the live, urgent nature of their content and the shared experience it offers.

WWE revenue for Q1 2024:

  • Media rights & content $221.1 million
  • Live events: $50.2 million
  • Sponsorship: $13.8 million
  • Consumer products $31.6 million

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