Execs at WWE new parent company confident after 2024 performance

STAMFORD — The leaders of TKO Group Holdings, Stamford-based sports-entertainment firm WWE’s new parent company, said Wednesday that they were encouraged by the company’s direction, with the popularity of WWE’s shows fueling their optimism.

For the first quarter of 2024, TKO’s revenues amounted to about $630 million — a total that included about $317 million in revenues for WWE and about $313 million in returns at mixed martial arts organization UFC. TKO was formed through the merger last year of WWE and UFC.

“TKO is off to a solid start in 2024, with strong performance across both UFC and WWE,” Ariel Emanuel, TKO’s CEO and executive chairman, said during an earnings call on Wednesday.

At the same time, TKO reported a net loss of about $250 million for the quarter. The bottom line reflected a $335 million settlement reached in March related to two antitrust lawsuits filed by former UFC fighters.

The settlement will be paid in three installments between now and the second quarter of 2025, and it is expected to be deductible for tax purposes, according to TKO officials.

Among recent milestones, Emanuel cited the announcement in January of a 10-year deal worth $5 billion for Netflix to become next year the new home of Raw, one of WWE’s flagship weekly shows.

“We’re incredibly excited about the potential we see with Netflix and for our fans around the world,” Emanuel said.

Last September, the company announced an agreement with NBCUniversal for WWE’s other main weekly show, SmackDown, to return in October to the USA Network cable channel.

At the same time, WWE’s live events continue to fill arenas and stadiums.

More than 145,000 people attended WrestleMania 40 on April 6-7 at Lincoln Financial Field in Philadelphia. The turnout set a WrestleMania attendance record and made WrestleMania the highestgrossing event in company history.

WWE officials announced last Saturday that WrestleMania 41 would be held April 19-20, 2025, at Allegiant Stadium in Las Vegas.

“Las Vegas is the entertainment capital of the world. Allegiant Stadium has proven to be even greater than the A+ venue Las Vegas guaranteed it would be,” WWE President Nick Khan said in a written statement.

“We look forward to bringing WWE’s biggest event, WrestleMania, to Las Vegas and Allegiant Stadium so we can collectively make WrestleMania 41 on April 19 and 20, 2025, the most successful WWE event of all time.”

TKO’s first-quarter results were announced around the time that the stock market closed on Wednesday. TKO shares closed Wednesday at $98.27, down about 0.5 percent from their closing total on Tuesday.

They have reached a 52week high of about $106 and hit a 52-week low of around $72.

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