Cover Page	Mar. 19, 2025
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001973266
Document Type	8-K
Document Period End Date	Mar. 19, 2025
Entity Registrant Name	TKO Group Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41797
Entity Tax Identification Number	92-3569035
Entity Address, Address Line One	200 Fifth Avenue
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	(646)
Local Phone Number	558-8333
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, $0.00001 par value per share
Trading Symbol	TKO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 360,679	$ 304,936
Restricted cash	11,167	11,062
Accounts receivable (net of allowance for doubtful accounts of $22,537 and $18,108, respectively)	358,260	285,562
Deferred costs	546,657	185,286
Other current assets	350,712	188,304
Total current assets	1,627,475	975,150
Property, buildings and equipment, net	693,033	231,637
Intangible assets, net	3,989,630	946,901
Finance lease right-of-use assets, net	266,258	10,359
Operating lease right-of-use assets, net	75,091	63,590
Goodwill	8,444,400	3,388,009
Investments	78,486	61,606
Other assets	216,720	181,423
Total assets	15,391,093	5,858,675
Current liabilities:
Accounts payable	213,959	204,513
Accrued liabilities	422,281	253,618
Current portion of long-term debt	22,833	23,226
Current portion of finance lease liabilities	10,299	1,486
Current portion of operating lease liabilities	17,089	9,986
Deferred revenue	673,357	368,906
Other current liabilities	28,285	24,283
Total current liabilities	1,388,103	886,018
Long-term debt	2,716,638	2,738,718
Long-term finance lease liabilities	253,610	9,151
Long-term operating lease liabilities	64,585	59,176
Deferred tax liabilities	425,609	59,117
Other long-term liabilities	91,265	146,568
Total liabilities	4,939,810	3,898,748
Commitments and contingencies (Note 21)	0	0
Redeemable non-controlling interests	11,594	9,908
Stockholders' Equity/Net Parent Investment:
Net parent investment	0	2,025,794
Additional paid-in capital	4,244,537	0
Accumulated other comprehensive loss	(332)	(69,889)
Accumulated deficit	(135,227)	0
Total TKO Group Holdings, Inc. stockholders' equity / net parent investment	4,108,980	1,955,905
Nonredeemable non-controlling interests	6,330,709	(5,886)
Total stockholders' equity / net parent investment	10,439,689	1,950,019
Total liabilities, redeemable non-controlling interests and stockholders' equity / net parent investment	15,391,093	5,858,675
Common Class A [Member]
Stockholders' Equity/Net Parent Investment:
Common stock	1	0
Common Class B [Member]
Stockholders' Equity/Net Parent Investment:
Common stock	$ 1	$ 0

Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net of allowance for doubtful accounts	$ 22,537	$ 18,108
Common Class A [Member]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	82,292,902	0
Common Stock, shares outstanding	82,292,902	0
Common Class B [Member]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	89,616,891	0
Common Stock, shares outstanding	89,616,891	0

Combined Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Operating expenses:

Direct operating costs

$ 1,576,759

$ 1,370,450

Selling, general and administrative expenses

1,026,677

637,109

Depreciation and amortization

224,051

133,619

Impairment charges

21,529

0

Total operating expenses

2,849,016

2,141,178

Revenue

3,224,796

2,674,032

Other income (expense):

Interest expense, net

(229,605)

(134,084)

Other income (expense), net

20,808

(30,685)

Operating income

375,780

532,854

Income before income taxes and equity earnings of affiliates

166,983

368,085

Provision for income taxes

33,196

15,895

Income before equity earnings of affiliates

133,787

352,190

Equity earnings of affiliates, net of tax

(9,212)

(7,388)

Net income

142,999

359,578

Less: Net (loss) income attributable to non-controlling interests

(80,477)

15,211

Less: Net income attributable to TKO Operating Company, LLC and the Businesses prior to the Transactions

258,703

344,367

Net loss attributable to TKO Group Holdings, Inc.

$ (35,227)

$ 0

Basic net loss per share of Class A common stock

^[1]

$ (0.43)

Diluted net loss per share of Class A common stock

^[1]

$ (0.43)

Weighted average number of common shares used in computing basic net loss per share

82,808,019

Weighted average number of common shares used in computing diluted net loss per share

82,808,019

[1]

Basic and diluted net loss per share of Class A common stock is applicable only for the period from September 12, 2023 through December 31, 2023, which is the period following the Transactions (as defined in Note 1 to the audited combined financial statements). See Note 12 for the calculation of the number of shares used in computation of net loss per share of Class A common stock and the basis for computation of net loss per share.

Combined Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net income	$ 142,999	$ 359,578
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,654	(35,907)
Cash flow hedges:
Change in net unrealized (losses) gains	(279)	4,866
Amortization of cash flow hedge fair value to net income	(304)	(304)
Total comprehensive income, net of tax	152,070	328,233
Less: Comprehensive (loss) income attributable to non-controlling interests	(72,945)	15,211
Less: Comprehensive income attributable to TKO Operating Company, LLC and the Businesses prior to the Transactions	260,337	313,022
Comprehensive loss attributable to TKO Group Holdings, Inc.	$ (35,322)	$ 0

Combined Statements of Stockholders' Equity /Net Parent Investment - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Members Capital [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]	Total TKO Group Holdings, Inc. [Member]	Nonredeemable Non-Controlling Interest [Member]
Balance at Dec. 31, 2021	$ 2,513,132			$ 2,514,884		$ (38,544)		$ 2,476,340	$ 36,792
Comprehensive (loss) income	326,486			344,367		(31,345)		313,022	13,464
Accretion of redeemable non-controlling interests	1,539			1,539				1,539
Distributions to investors	(632)			0				0	(632)
Net transfers to parent	(890,506)			(834,996)				(834,996)	(55,510)
Balance at Dec. 31, 2022	1,950,019			2,025,794		(69,889)		1,955,905	(5,886)
Comprehensive income (loss) prior to reorganization and acquisition	261,631			258,703		1,634		260,337	1,294
Distributions to members prior to reorganization and acquisition	(631)								(631)
Net transfers to parent prior to reorganization and acquisition	(165,536)			(165,536)				(165,536)
Effects of reorganization and acquisition	8,415,824	$ 1	$ 1	$ (2,118,961)	$ 4,166,883	68,018		2,115,942	6,299,882
Effects of reorganization and acquisition, Shares		83,161	89,617
Comprehensive (loss) income subsequent to reorganization and acquisition	(111,247)					(95)	$ (35,227)	(35,322)	(75,925)
Distributions to investors subsequent to reorganization and acquisition	(36,897)								(36,897)
Net transfers from parent subsequent to reorganization and acquisition	166,968								166,968
Equity impacts of deferred taxes arising from changes in ownership	2,038				2,038			2,038
Stock issuances and other, net	16				16			16
Stock issuances and other, net, shares		265
Repurchased of Class A common stock	(100,000)						(100,000)	(100,000)
Repurchased of Class A common stock, Shares		(1,309)
Conversions of convertible debt	4,226				4,226			4,226
Conversions of convertible debt, Shares		176
Equity-based compensation	38,471				38,471			38,471
Principal stockholder contributions	14,807				14,807			14,807
Equity reallocation between controlling and non-controlling interests					18,096			18,096	(18,096)
Balance, Shares at Dec. 31, 2023		82,293	89,617
Balance at Dec. 31, 2023	$ 10,439,689	$ 1	$ 1		$ 4,244,537	$ (332)	$ (135,227)	$ 4,108,980	$ 6,330,709

Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Combined Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 142,999	$ 359,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	224,051	133,619
Amortization and impairments of content costs	24,972	15,099
Impairment charges	21,529	0
Amortization and write-off of original issue discount and deferred financing costs	10,589	10,635
Equity-based compensation	64,512	31,598
Distributions from affiliates	6,499	6,953
Change in fair value of financial instruments	(5,722)	1,008
Change in fair value of contingent liabilities	2,012	62
Net (gain) loss on foreign currency transactions	(12,731)	16,612
Equity income from affiliates	(9,212)	(7,388)
Gain on disposal of assets	0	(5,875)
Income taxes	(10,122)	(17,550)
Net provision for allowance for doubtful accounts	5,879	(3,224)
Other, net	1,377	1,100
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	30,446	(104,895)
Other current assets	(61,408)	(49,025)
Other noncurrent assets	(112,300)	(27,323)
Deferred costs	(269,503)	979
Accounts payable and accrued liabilities	24,859	13,809
Deferred revenue	142,464	(24,532)
Other liabilities	44,970	43,520
Net cash provided by operating activities	266,159	394,760
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition, net of cash acquired	0	(3,873)
Purchases of property, buildings and equipment and other assets	(93,753)	(43,102)
Investments in affiliates, net	(735)	(875)
Cash acquired from WWE	381,153	0
Payment of deferred consideration in the form of a dividend to former WWE shareholders	(321,006)	0
Distributions from affiliates	485	141
Related party loans receivable	(2,122)	0
Other, net	0	15
Net cash used in investing activities	(35,978)	(47,694)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of contingent consideration related to acquisitions	(1,747)	(2,204)
Net transfers to parent	(43,294)	(962,581)
Distributions of non-controlling interests	(839)	(632)
Proceeds from borrowings	142,913	0
Related party loans payable	311	0
Repayment of long-term debt	(176,963)	(83,074)
Redemption of profit units	0	(2,877)
Repurchase of Class A common stock	(100,000)	0
Payments for financing costs	(286)	0
Proceeds from infrastructure improvement incentives	5,807	0
Net cash used in financing activities	(174,098)	(1,051,368)
Effects of exchange rate movements on cash	(235)	(11,595)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	55,848	(715,897)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	315,998	1,031,895
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	371,846	315,998
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	227,137	118,532
Cash payments for income taxes	25,638	19,765
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchases of property and equipment recorded in accrued expenses and accounts payable	25,376	5,074
Accretion of redeemable non-controlling interests	0	(1,539)
Acquisition of WWE, net of deferred consideration	8,111,055	0
Capital contribution from parent for equity-based compensation	18,638	23,744
Contingent consideration provided in connection with acquisitions	0	873
Parent buyout of non-controlling interests	0	55,882
Investment in affiliates received for business of divestiture	0	5,875
Principal stockholder contributions	9,000	0
Convertible notes exchanged for common stock	$ 4,226	$ 0

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2023
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS TKO Group Holdings, Inc. (the “Company” or “TKO”) was incorporated as a Delaware corporation in March 2023, under the name New Whale Inc., and was formed for the purpose of facilitating the business combination of the Ultimate Fighting Championship (“UFC”) and World Wrestling Entertainment, LLC (f/k/a World Wrestling Entertainment, Inc.) (“WWE”) businesses under TKO Operating Company, LLC (f/k/a Zuffa Parent, LLC) (“Zuffa” or “TKO OpCo”), which owns and operates the UFC and WWE businesses (the “Transactions”), as contemplated within the Transaction Agreement, dated as of April 2, 2023, by and among Endeavor Group Holdings, Inc. (“Endeavor” or “EGH”), Endeavor Operating Company, LLC, TKO OpCo, WWE, TKO, and Whale Merger Sub Inc. (the “Transaction Agreement”). On September 12, 2023, the Transactions were completed with the newly-formed TKO combining the UFC and WWE businesses. See Note 4, Acquisition of WWE , for further details. Under the terms of the Transaction Agreement, (A) EGH and/or its subsidiaries received (1) a 51.0% controlling non-economic voting interest in TKO on a fully-diluted basis and (2) a 51.0% economic interest in the operating subsidiary on a fully diluted basis, TKO OpCo, which owns all of the assets of the UFC and WWE businesses, and (B) the stockholders of WWE received (1) a 49.0% voting interest in TKO on a fully diluted basis and (2) a 100% economic interest in TKO, which in turn holds a 49.0% economic interest in TKO OpCo on a fully diluted basis. TKO OpCo is the accounting acquirer and predecessor to TKO. Financial results and information included in the accompanying combined financial statements include (1) prior to the consummation of the Transactions, financial results and information of Zuffa and its combined subsidiaries, which includes UFC and its subsidiaries, and (2) after the consummation of the Transactions, financial results and information of TKO Group Holdings, Inc., and its combined subsidiaries, which includes UFC and WWE and their respective subsidiaries. Unless the context suggests otherwise, references to the “Company” or “TKO” refer to Zuffa and its combined subsidiaries prior to the consummation of the Transactions and to TKO Group Holdings, Inc. and its combined subsidiaries after the consummation of the Transactions. Endeavor Asset Acquisition On February 28, 2025, TKO OpCo and TKO Group Holdings, Inc., a Delaware corporation (together with TKO OpCo, the “TKO Parties”), completed the acquisition of the Professional Bull Riders (“PBR” or “PBR Business”), On Location (“OLE Business” or “OLE”), certain contracts associated with Wimbledon, Soccer and Stadia, SailGP, and Royal & Ancient Golf Club of St. Andrews (“R&A”), (collectively referred to as the “IMG Media Business,” “IMG Media” or “IMG”), Mailman and various events businesses, including Golf Events, Formula Drift, and International Figure Skating (collectively, the “Businesses”), pursuant to the Transaction Agreement, dated as of October 23, 2024 (as amended, the “Endeavor Asset Acquisition Agreement”), by and among the TKO Parties, Endeavor Operating Company, LLC (“EOC”), a Delaware limited liability company and subsidiary of Endeavor, IMG Worldwide, LLC, a Delaware limited liability company (“IMG Worldwide” and, together with EOC, the “EDR Parties”), and Trans World International, LLC, a Delaware limited liability company and subsidiary of Endeavor (“TWI”) (the “Endeavor Asset Acquisition”). In connection with the Endeavor Asset Acquisition Agreement the TKO Parties acquired the Businesses for a total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO PubCo Class A Common Stock for the twenty five trading days ending on October 23, 2024). Endeavor received approximately 26.54 million common units of TKO and subscribed for an equal number of shares of TKO’s Class B Common Stock. On February 28, 2025, prior to the close of the Endeavor Asset Acquisition, Endeavor through its subsidiaries, had controlled approximately 54% of the voting interests in TKO through its ownership of both Class A common stock and Class B common stock. Upon the consummation of the close of the Endeavor Asset Acquisition, Endeavor through its subsidiaries, controlled approximately 61% of the voting interest in TKO. The Endeavor Asset Acquisition was treated as a merger between entities under common control, as Endeavor controls both TKO and the Businesses. Therefore, as a result of the Endeavor Asset Acquisition, the net assets of the Businesses were combined with those of TKO at their historical carrying amounts and the companies were presented on a combined basis for historical periods because they were under common control for all periods presented. TKO is a premium sports and entertainment company which operates leading combat sports and sports entertainment brands. The Company monetizes its media and content properties through four principal activities: (i) Media rights, production and content, (ii) Live events and hospitality, (iii) Sponsorship, and (iv) Consumer products licensing and other.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying recast combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting financial information.

With respect to the historical financial data of the Businesses included within these recast combined financial statements, the historical financial data has been derived from the historical combined financial statements and accounting records of Endeavor and were prepared on a standalone basis in accordance with GAAP and may not be indicative of what they would have been had the Business been independent standalone companies, nor are they necessarily indicative of the Businesses’ future financial data.

The Businesses include Endeavor’s assets and liabilities that are specifically identifiable or otherwise attributable to the Businesses, including subsidiaries and/or joint ventures relating to the Businesses in which Endeavor has a controlling financial interest. The assets, liabilities, revenue and expenses of the Businesses have been reflected in these recast combined financial statements on a historical cost basis, as included in the combined financial statements of Endeavor, using the historical accounting policies applied by Endeavor. Cash and cash equivalents held by Endeavor at the corporate level were not attributable to the Businesses for any of the periods presented due to Endeavor’s centralized approach to cash management and the financing of its operations. Only cash amounts held by entities for which the Businesses have legal title are reflected in the balance sheets. Transfers of cash, both to and from Endeavor’s centralized cash management system, are reflected as a component of Net parent investment in the balance sheets and as financing activities in the accompanying statements of cash flows. Endeavor’s debt was not attributed to the Businesses for any of the periods presented because Endeavor’s borrowings are not the legal obligation of the Businesses.

The Businesses include all revenues and costs directly attributable to the Businesses and reflect allocations of certain Endeavor corporate, infrastructure and shared services expenses, including centralized research, legal, human resources, payroll, finance and accounting, employee benefits, real estate, insurance, information technology, telecommunications, treasury, events and other expenses. The allocations may not, however, reflect the expense the Businesses would have incurred as standalone companies for the periods presented. These costs also may not be indicative of the expenses that the Businesses will incur in the future or would have incurred if the Businesses had obtained these services from a third party.

The historical financial data presented includes the recast combined results of operations of TKO and the Businesses for all periods presented.

Principles of Combination

The combined financial statements include the accounts of TKO and the Businesses and their wholly-owned subsidiaries and other subsidiaries in which a controlling voting interest is maintained, which is typically present when the Company owns a majority of the voting interest in an entity and the

non-controlling

interests do not hold any substantive participating rights. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810,

Consolidation

, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is combined. All intercompany transactions and balances have been eliminated.

Non-controlling

interest in subsidiaries are reported as a component of equity or temporary equity in the combined balance sheets with disclosure of the net income (loss) and comprehensive income (loss) attributable to the Company and the

non-controlling

interests on the combined statements of operations and the combined statements of comprehensive income (loss). The equity method of accounting is used for investments in affiliates and joint ventures where the Company has significant influence over operating and financial policies but not control. Investments in which the Company does not have significant influence over operating and financial policies are accounted for either at fair value if the fair value is readily determinable or at cost, less impairment, adjusted for subsequent observable price changes if the fair value is not readily determinable.

TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company operates and controls all of the business affairs of TKO OpCo. As a result, the Company is the primary beneficiary and thus consolidates the financial results of TKO OpCo and reports a

non-controlling

interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. As of December 31, 2023, the Company owned 47.9% of TKO OpCo.

Use of Estimates

The preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the combined financial statements and the accompanying disclosures.

Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, allowance for doubtful accounts, recoverability of deferred costs, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, determination of useful lives of intangible assets and long-lived assets acquired, the fair value of equity-based compensation, leases, income taxes and contingencies.

Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s combined financial statements in future periods.

Revenue Recognition

Under ASC Topic 606,

Revenue from Contracts with Customers

(“ASC Topic 606”), our sales revenue is recognized when products are delivered or as services are performed. Revenue is recognized when control of the promised goods or services is transferred to our customers either at a point in time or over time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. For contracts which have more than one performance obligation the total contract consideration is allocated based on management’s estimate of each performance obligation’s relative stand-alone selling price. The variable consideration in the Company’s contracts earned from licensing intellectual property and commissions, as well as

pay-per-view

programming revenue and consumer product licensing revenue, is recognized in accordance with the sales or usage-based royalties exception under ASC 606. The variability of sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license.

The Company enters into many arrangements that require the Company to determine whether it is acting as a principal or an agent. This determination involves judgment and requires evaluation as to whether the Company controls the goods or services before they are transferred to the customer. As part of this analysis, the Company considers if it is primarily responsible for fulfillment and acceptability of the goods or services, if it has the inventory risk before or after the transfer to the customer, and if the Company has discretion in establishing prices.

Our payment terms vary by the type of products or services offered, and are generally subject to contractual payment terms, which may include advance payment requirements. The time between invoicing and when payment is due is not significant. Our contracts with customers do not result in significant obligations associated with returns, refunds or warranties. Our revenues do not include material amounts of variable consideration other than the sales or usage-based royalties earned related to our consumer product licensing and certain media rights and content contracts which are subject to contractual payment terms.

The following are the primary sources of revenue earned by the Company:

Media Rights, Production and Content

Broadcast rights fees received from distributors of the Company’s live event and television programming, both domestically and internationally, are recorded when the live event or program has been delivered and is available for distribution. Certain of the Company’s media rights are typically sold in multi-year arrangements and are generally comprised of multiple performance obligations that involve the allocation of transaction price based on the relative stand-alone selling price of each performance obligation. The Company uses both the full rights

buy-out

model and commission model for sales of media and broadcast rights for live entertainment and sporting event programming on behalf of other media rights owners. Under the full rights

buy-out

model related to media sales, the Company is acting as a principal, the Company generally will enter into an agreement with the underlying media rights owner to license the media rights prior to negotiating license arrangements with customers, primarily broadcasters and other media distributors. Upon licensing the media rights from the rights owner, the Company obtains control of the rights and has the ability to obtain substantially all the remaining economic benefits of the rights. The Company is also obligated to pay the media rights owner the license fee regardless of the Company’s ability to monetize the rights. The Company has discretion in negotiating licensee fees with customers and it retains customer credit risk. The Company recognizes the customer license fees as revenue and the consideration paid to the rights holders for the acquisition of the rights as a direct operating cost. The satisfaction of the performance obligation depends on the number and timing of events delivered and is satisfied when the events take place. In the commission model related to media rights sales, the Company does not obtain control of the underlying rights, the Company earns a commission equal to a stated percentage of the license fees for the rights distributed. As the Company does not obtain control of the underlying media rights, the Company recognizes the sales commission as revenue. Commission revenue related to media rights sales is recognized when the underlying content becomes available for view or telecast and has been accepted by the customer. The Company’s performance obligation generally includes distributing the live video feed and revenue is typically recognized on an event basis. The Company uses its estimate of stand-alone selling price to allocate transaction price. Any advance payments received from customers are deferred upon collection and recognized into revenue as content is delivered.

Revenue from the Company’s

pay-per-view

programming is recognized when the event is aired and, for those contracts with variable fees, is based upon its initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from certain

pay-per-view

distributors and any adjustments to the estimated amounts are recorded when final information is received.

Pay-per-view

programming is distributed through cable, satellite, and digital providers to residential and commercial establishments. The Company’s customer is the cable, satellite, and certain digital providers on residential buys and the Company records its royalties earned on the sales of

pay-per-view

programming. For other residential buys through

UFC-branded

digital platforms, the Company’s customer is the end user, and the Company records the amount paid by the end customer. On

commercial buys, the Company recognizes the amount paid by the establishment. The Company owns and operates its own

over-the-top

(“OTT”) platforms, UFC FIGHT PASS, WWE Network and PBR Ride Pass that engage customers through a monthly subscription-based model. Access to UFC FIGHT PASS, WWE Network, PBR Ride Pass is provided to subscribers and revenue is recognized ratably over each paid monthly membership period. Revenue for UFC FIGHT PASS, WWE Network, PBR Ride Pass is deferred for subscriptions paid in advance until earned. The Company recognizes revenue for UFC FIGHT PASS, WWE Network, and PBR Ride Pass gross of third-party distributor fees as the Company is the principal in the arrangement.

Revenue from production services of live entertainment and sporting events is recognized at the time of the event on a per event basis. Revenue from production of editorial video content is recognized when the content is delivered to and accepted by the customer and the license period begins. Customers for the Company’s production services include broadcast networks, sports federations and independent content producers.

Live Events and Hospitality

The Company generates revenue through ticket sales and participation entry fees, site fees, hospitality sales, and management fees each of which may represent a distinct performance obligation or may be bundled into an experience package.

Live event revenue consists of ticket and VIP package sales for events at third-party venues, each of which generally represents distinct performance obligations. The Company allocates the transaction price to all performance obligations contained within an event based on their relative stand-alone selling price. Controlled event revenue (owned or licensed) is generally recognized for each performance obligation over the course of the event, multiple events, or contract term in accordance with its respective revenue stream. For services related to third-party controlled events, the Company’s customer is the third-party event owner. The Company earns fixed and/or variable commission revenue for ticket sales, collection of participation entry fees, hospitality sales or sponsorship sales on behalf of an event owner. For these arrangements, the Company recognizes as revenue the stated percentage of commissions due from the event owner (i.e. not the gross ticket sales/earnings from the event itself) as sales are completed, as the Company is acting as an agent of the event owner. Revenue for ticket sales, participation entry fees, site fees, and hospitality sales collected in advance of the event is recorded as deferred revenue until the event occurs. For controlled events, the Company recognizes revenue gross of third-party commissions and fees as the Company is the principal in the arrangement.

The Company’s bundled experience packages may include individual tickets, experiential hospitality, hotel accommodation and transportation. For these experience packages, the Company recognizes revenue at the event date when all of the package components have been delivered to the customer. The Company defers the revenue and cost of revenue on experience packages until the date of the event. The Company also offers event management services, assisting third-party event owners with live event production and hospitality, and earns fixed fees or variable profit participation commissions, recognizing revenue over the event, multiple events, or contract term.

Sponsorships

Through our sponsorship packages, the Company offers our customers a full range of promotional vehicles, including arena and octagon signage, digital and broadcast content,

on-air

announcements, special appearances by fighters and talent as well as other forms of advertisement. The Company allocates the transaction price to all performance obligations contained within a sponsorship arrangement based upon their relative standalone selling price. Standalone selling prices are determined generally based on a rate card used to determine pricing for individual components. After allocating revenue to each performance obligation, the Company recognizes sponsorship revenue when the promotional services are delivered. Revenue is primarily recognized gross of third-party commissions and fees as the Company is the principal in the arrangement. Our control is evidenced by our sole ability to monetize the sponsorship inventory and being primarily responsible to our customers.

Consumer Products Licensing and Other

Revenue is derived from licensing the Company’s logos, trade names, trademarks and related symbolic intellectual property to third party manufacturers and distributors of branded merchandise. Revenue is recognized based on the Company’s estimates of sales that occurred with subsequent adjustments recognized upon receipt of a statement or other information from the customer. Many licensing agreements include minimum guarantees, which set forth the minimum royalty to be paid to the Company during a given contract year. The Company will recognize the minimum guarantee revenue ratably over its related royalty period until such point that it is more likely than not that the total revenue during the royalty period will exceed the minimum royalty. If during the royalty period, management determines that total revenue will exceed the minimum royalty, the revenue recognized during each reporting period will reflect royalties earned on the underlying product sales.

Direct Operating Costs

Direct operating costs primarily include expenses associated with production of events and experiences, event ticket sales, and fees for media rights. This includes required payments related to media sales agency contracts when minimum sales guarantees are not met, expenses associated with our athletes and talent, production, marketing, venue costs related to the Company’s live events, and commissions and direct costs with distributors, as well as certain service fees paid to Endeavor.

Selling, General and Administrative Expenses

Selling, general and administrative expenses primarily include personnel costs as well as rent, travel, professional service costs and other overhead required to support the Company’s operations and corporate structure, including certain service fees paid to Endeavor.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit accounts and highly liquid money market accounts with original maturities of three months or less at the time of purchase.

Restricted Cash

Restricted cash primarily includes cash restricted as to withdrawal or usage under the terms of a contractual agreement.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with various major banks and other high-quality financial institutions. The Company periodically evaluates the relative credit standings of these banks and financial institutions. The Company’s accounts receivable are typically unsecured and a significant portion relates to trade receivables for events from various distributors, who collect and remit payments to the Company from individual operators as well as large broadcast and cable television and streaming networks with whom the Company licenses content. Significant portions of trade receivables also relate to third party venues.

As of December 31, 2023 and December 31, 2022 there were no

customers that accounted for 10% or more of the Company’s accounts receivable. For the years ended December 31, 2023 and 2022, there was

one customer who accounted for more than 10% of the Company’s revenue.

Derivative Instruments and Hedging Activities

The Company uses interest rate swaps to manage exposure to the risk associated with interest rates on variable rate borrowings. The Company does not use derivatives for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value as either assets or liabilities in the combined balance sheets.

The accounting for changes in fair value (i.e., gains or losses) of the interest rate swap agreements depends on whether they have been designated and qualify as part of a hedging relationship and the type of hedging relationship. Changes in the fair value of derivative instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. The combined statement of operations includes the impact of Endeavor’s derivative financial instruments designated as cash flow hedges to manage foreign currency risk, which have been allocated to the Businesses based on its pro rata share of gross profit.

The Businesses participate in certain foreign currency risk programs administered by Endeavor. The hedging activity allocated to the Businesses is for the management of the Businesses’ forecasted foreign currency expenses. The Businesses generally participates in a centralized foreign currency hedging program managed by Endeavor rather than independently executing derivative financial instruments, but it does enter into forward foreign exchange contracts specifically for the IMG segment to economically hedge certain foreign currency risks. The Company evaluates whether its derivative financial instruments qualify for hedge accounting at the inception of the contract, and the Company determined the financial instruments are not designated for hedge accounting. The fair value of the derivative financial instrument is recorded in the Combined Balance Sheets. Changes in the fair value of the derivative financial instruments that are not designated for hedge accounting are reflected in the Combined Statements of Operations.

In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element. See note 9,

Financial Instruments

, for further discussion of the Company’s financial instruments.

Foreign Currency

The Company has operations outside of the United States. Therefore, changes in the value of foreign currencies affect the combined financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenue, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive (loss) income, whereas transaction gains and losses are recognized in other income (expense), net in the combined statements of operations. The Company recognized realized and unrealized foreign currency transaction gain of $14.8 million and realized and unrealized foreign currency transaction loss of $33.4 million for the years ended December 31, 2023 and 2022 respectively.

Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable are presented net of an allowance for doubtful accounts, which is an estimate of expected losses. In determining the amount of the reserve, the Company makes judgments about the creditworthiness of significant customers based on known delinquent activity or disputes and ongoing credit evaluations in addition to evaluating the historical loss rate on the pool of receivables. Accounts receivable includes unbilled receivables, which are established when revenue is recognized, but due to contractual restraints over the timing of invoicing, the Company does not have the right to invoice the customer by the balance sheet date.

Receivables Purchase Agreement

Cash received from certain receivables of the Company are required to be swept to Endeavor to repay amounts outstanding under Endeavor’s receivables purchase agreement. This agreement was entered into in January 2020 to monetize amounts invoiced under a media rights agreement by transferring these amounts to a third party on a nonrecourse basis. As of December 31, 2023 and 2022, amounts outstanding under Endeavor’s receivables purchase agreement were $4.7 million and $28.2 million, respectively.

Deferred Costs

Deferred costs principally relate to payments made to third-party vendors in advance of events taking place, hospitality prepayments, upfront contractual payments and prepayments on media and licensing rights fees and advances for content production or overhead costs. These costs are recognized when the event takes place or over the respective period of the media and licensing rights.

Property, Buildings and Equipment

Property, buildings and equipment are stated at historical cost less accumulated depreciation. Depreciation is charged against income over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of property and equipment are as follows:


		Years
Buildings		35 - 40 years
Leasehold improvements		Lesser of useful life or lease term
Furniture, fixtures, office and other equipment		2 - 28.5 years
Production equipment		3 - 7 years
Computer hardware and software		2 - 5 years

Costs of normal repairs and maintenance are charged to expense as incurred.

Leases

The Company determines whether a contract contains a lease at contract inception. The Company has elected the short-term lease exemption, whereby leases with initial terms of one year or less are not capitalized and instead expensed generally on a straight-line basis over the lease term. The Company has also elected to not separate lease components from

non-lease

components across all lease categories. Instead, each separate lease component and

non-lease

component are accounted for as a single lease component. The Company is primarily a lessee with a lease portfolio comprised mainly of real estate and equipment leases. The

right-of-use

asset and lease liability are measured at the present value of the future minimum lease payments, with the

right-of-use

asset being subject to adjustments such as initial direct costs, prepaid lease payments and lease incentives. Due to the rate implicit in each lease not being readily determinable, the Company uses its incremental collateralized borrowing rate or Endeavor’s incremental collateralized borrowing rate to determine the present value of the lease payments. The lease term includes periods covered by options to extend when it is reasonably certain the Company will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain the Company will not exercise the termination option. Operating lease costs are recognized on a straight-line basis over the lease term. For finance leases, the Company records interest expense on the lease liability and straight-line amortization of the

right-of-use

asset over the lease term. Variable lease costs are recognized as incurred.

Business Combinations

The Company accounts for acquisitions in which it obtains control of one or more businesses as a business combination. The purchase price of the acquired businesses, including management’s estimation of the fair value of any contingent consideration, is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments, in the period in which they are determined, to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the combined statements of operations.

Goodwill

Goodwill is tested annually as of October 1 for impairment and at any time upon the occurrence of certain events or substantive changes in circumstances that indicate the carrying amount of goodwill may not be recoverable. The Company has the option to perform a qualitative assessment to determine if an impairment is “more likely than not” to have occurred. If the Company can support the conclusion that the fair value of a reporting unit is greater than its carrying amount under the qualitative assessment, the Company would not need to perform the quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, then the Company must perform the quantitative impairment test. When the Company performs a quantitative test, it records the amount of goodwill impairment, if any, as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Charges resulting from an impairment test are recorded in impairment charges in the combined statements of operations.

Goodwill attributable to the Businesses was recorded on the basis of Endeavor’s reporting units. The goodwill amounts carry with them the results of Endeavor’s impairment tests, akin to a reorganization of reporting units of Endeavor for which U.S. GAAP does not require retrospective testing of goodwill under the reorganized structure.

Intangible Assets

Intangible assets consist primarily of trade names and customer relationships. Intangible assets with finite lives are recorded at their estimated fair value at the date of acquisition and are amortized over their estimated useful lives using the straight-line method.

The estimated useful lives of finite-lived intangible assets are as follows:


		Years
Trademarks and trade names		2 - 26 years
Customers relationships		2 - 22 years
Internally developed technology		2 - 15 years
Other		2 - 12 years

For intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment or when the useful lives are no longer appropriate. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value and an impairment loss is recognized for the difference between the fair value and carrying value, which is recorded in impairment charges in the combined statements of operations.

Identifiable indefinite-lived intangible assets are tested annually for impairment as of October 1 and at any time upon the occurrence of certain events or substantive changes in circumstances that indicate the carrying amount of an indefinite-lived intangible may not be recoverable. The Company has the option to perform a qualitative assessment to determine if an impairment is “more likely than not” to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset has a carrying amount that “more likely than not” exceeds its fair value. The Company must then conduct a quantitative analysis if the Company (1) determines that such an impairment is “more likely than not” to exist, or (2) forgoes the qualitative assessment entirely. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess and is recorded in impairment charges in the combined statements of operations.

Investments

For equity method investments, the Company periodically reviews the carrying value of its investments to determine if there has been an other-than-temporary decline in fair value below carrying value. For equity investments without readily determinable fair value, the Company performs a qualitative assessment at each reporting period. A variety of factors are considered when determining if an impairment exists, including, among others, the financial condition and business prospects of the investee, as well as the Company’s investment intent.

Content Costs

The Company incurs costs to produce and distribute film and television content, which are either monetized on a

title-by-title

basis or as a group through subscriptions from customers. These costs include development costs, direct costs of production as well as direct negative costs incurred in the physical production of the film. From time to time, the Company acquires films to distribute exclusively through its

UFC Fight Pass

subscription network. The Company also licenses films for distribution exclusively through its

UFC Fight Pass

subscription network. Content costs are included in other assets in the combined balance sheets. Depending on the predominant monetization strategy, content costs are amortized over the estimated period of ultimate revenue subject to an individual-film-forecast model or over the estimated usage of the film group. Such amortization is recorded in direct operating expenses in the combined statements of operations.

The Company produces live sports and taped content, which represent content costs predominantly monetized on a

title-by-title

basis that has a limited life to sell in secondary markets. As such, the Company recognizes all of the revenue associated with film and television costs when the programs are delivered and made available for telecast in the initial market resulting in simultaneously expensing all of the related film and television costs. Costs incurred in acquiring, licensing, and producing content for distribution on UFC Fight Pass are predominantly monetized as a film group, and are amortized straight-line over the shorter of the license term or the estimated period of use, which is currently three years. These estimates are reviewed at the end of each reporting period and adjustments, if any, will result in changes to amortization rates.

Unamortized content costs are also tested for impairment based on the predominant monetization strategy whenever there is an impairment indication, as a result of certain triggering events or changes in circumstances, whereby the fair value of the individual film and television content or collectively with others as a film group may be less than its unamortized costs. The impairment test compares the estimated fair value of the individual film and television content or collectively with others as a film group to the carrying value of the unamortized content costs. Where the unamortized content costs exceed the fair value, the excess is recorded as an impairment charge in the combined statements of operations. No impairment charges were recognized during the years ended December 31, 2023 and 2022.

Content Production Incentives

As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for profit business entities, the Company accounts for content production incentives by analogy to International Accounting Standard (“IAS”) 20,

Accounting for Government Grants and Disclosure of Government Assistance

.

The Company has access to various governmental programs primarily related to WWE that are designed to promote content production within the United States and certain international jurisdictions. Tax incentives earned with respect to expenditures on qualifying film production activities are included as an offset to other assets in the combined balance sheets. Tax incentives earned with respect to expenditures on qualifying capital projects are included as an offset to property, buildings and equipment, net in the combined balance sheets. Tax incentives earned with respect to expenditures on qualifying television and other production activities are recorded as an offset to production expenses within direct operating costs within the combined statements of operations. The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the tax credits. The realizable amount is recorded within accounts receivable in the combined balance sheets until the Company receives the funds from the respective governmental jurisdiction.

Debt Issuance Costs

Costs incurred in connection with the issuance of the Company’s long-term debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense using the effective interest method. Costs incurred with the issuance of the Company’s revolving credit facilities have been deferred and amortized over the term of the facilities as a component of interest expense using the straight-line method. These deferred costs are included in other assets in the combined balance sheets.

Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value. Fair value measurements are categorized within a fair value hierarchy, which is comprised of three categories. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The fair value hierarchy is composed of the following three categories:

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurements.

Forward Foreign Exchange Contracts

The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of December 31, 2023 and 2022, the Company had $1.0 million and $0.5 million in Other current assets, $0.1 million and none in Other assets, $2.2 million and $3.1 million in Other current liabilities, and $1.2 million and $5.1 million in Other long term liabilities, respectively, recorded in the Combined Balance Sheets related to the Company’s forward foreign exchange contracts.

Contingent Consideration

The Company has recorded contingent consideration liabilities in connection with its acquisitions. Contingent consideration is included in Other current liabilities and Other long-term liabilities in the Combined Balance Sheets. Changes in fair value are recognized in selling, general and administrative expenses. The estimated fair value of the contingent consideration is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The carrying values reported in the combined balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term maturities of these financial instruments.

The Company’s assets measured at fair value on a nonrecurring basis include investments, long-lived assets, indefinite-lived intangible assets and goodwill. These assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment (Note 6 and Note 7). The resulting fair value measurements of the assets are considered to be Level 3 measurements.

The Company’s assets and liabilities include foreign forward exchange contracts and contingent consideration which are recorded within Other current assets and Other assets as well as Other current liabilities and Other long-term liabilities in the combined balance sheets.

Non-controlling

Interests

Non-controlling

interests in combined subsidiaries represent the component of equity in combined subsidiaries held by third parties. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and

non-controlling

interests. In addition, when a subsidiary is deconsolidated, any retained

non-controlling

equity investment in the former subsidiary will be initially measured at fair value and the difference between the carrying value and fair value of the retained interest will be recorded as a gain or loss.

Non-controlling

interests with redemption features, such as put options, that are not solely within the Company’s control are considered redeemable

non-controlling

interests. Redeemable

non-controlling

interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and shareholders’ equity in the combined balance sheets. Redeemable

non-controlling

interests are recorded at the greater of carrying value, which is adjusted for the

non-controlling

interests’ share of net income or loss, or estimated redemption value at each reporting period. If the carrying value, after the income or loss attribution, is below the estimated redemption value at each reporting period, the Company remeasures the redeemable

non-controlling

interests to its redemption value.

On Location

In connection with the acquisition of the OLE Business in January 2020, Endeavor entered into the OL LLC Agreement of Endeavor OLE Parent, LLC (“OLE Parent”) with 32 Equity, LLC (“32 Equity”), whereby 32 Equity retained a minority interest in OLE Parent. In April 2022, Endeavor acquired 32 Equity’s remaining minority interest in OLE Parent, resulting in 32 Equity’s

Non-controlling

interest being reclassified to Net parent investment.

Equity-Based Compensation

Incentive Awards

Equity-based compensation is accounted for in accordance with ASC Topic

718-10,

Compensation-Stock Compensation

. The Company records compensation costs related to its incentive awards. Equity-based compensation cost is measured at the grant date based on the fair value of the award. Compensation cost for time-based awards is recognized ratably over the applicable vesting period with forfeitures recognized as they occur. Compensation cost for performance-based awards with a performance condition is reassessed each period and recognized based upon the probability that the performance conditions will be achieved. See Note 13,

Equity-Based Compensation

, for further discussion of the Company’s equity-based compensation.

Replacement Awards

Pursuant to the Transaction Agreement, the Company converted each WWE equity award of restricted stock units (“RSUs”) and performance stock units (“PSUs”) held by WWE directors, officers and employees into TKO RSUs and PSUs of equal value and vesting conditions (with such performance-vesting conditions equitably adjusted), respectively (the “Replacement Awards”). The value of the Replacement Awards was determined using the closing price of WWE Class A common stock, par value $0.01 per share (“WWE Class A common stock”), on the day immediately preceding the closing of the Transactions. The portion of the Replacement Awards issued in connection with the Transactions that was associated with services rendered prior to the date of the Transactions was included in the total consideration transferred.

With regards to the remaining unvested portion of the Replacement Awards, equity-based compensation costs of RSUs are recognized over the total remaining service period on a straight-line basis with forfeitures recognized as they occur. RSUs have a service requirement and generally vest in equal annual installments over a three-year period. Unvested RSUs accrue dividend equivalents at the same rate as are paid on shares of TKO Class A common stock, par value $0.00001 per share (the “TKO Class A common stock”). The dividend equivalents are subject to the same vesting schedule as the underlying RSUs.

PSUs, which are subject to certain performance conditions and have a service requirement, generally vest in equal installments over a three-year period. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are

re-measured

each reporting period based upon the fair market value of the Company’s common stock and the estimated performance

attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Compensation costs for PSUs are recognized using a graded-vesting attribution method over the vesting period based upon the probability that the performance conditions will be achieved, with forfeitures recognized as they occur. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on shares of TKO Class A common stock. The dividend equivalents are subject to the same vesting schedule as

the

underlying PSUs.

Earnings per Share

Earnings per share (“EPS”) is computed in accordance with ASC 260,

Earnings per Share

. Basic EPS is computed by dividing the net income (loss) available to holders of TKO Class A common stock by the weighted average number of shares outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) available for holders of TKO Class A common stock by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of additional shares of TKO Class A common stock issuable in exchange for redemption of certain

non-controlling

interests, outstanding convertible debt instruments, as well as under the Company’s share based compensation plans (if dilutive), with adjustments to net income (loss) available for common stockholders for dilutive potential common shares.

Shares of the Company’s Class B common stock, par value $0.00001 per share (the “TKO Class B common stock”) do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of TKO Class B common stock under the

two-class

method has not been presented. However, shares of TKO Class B common stock outstanding for the period are considered potentially dilutive shares of TKO Class A common stock under application of the

if-converted

method and are included in the computation of diluted earnings (loss) per share, except when the effect would be anti-dilutive.

The Company may be required to calculate basic EPS using the

two-class

method as a result of its redeemable

non-controlling

interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable

non-controlling

interest, net income (loss) available to common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income (loss) available to common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. There was no impact to EPS for such adjustments related to the redeemable

non-controlling

interests.

Income Taxes

TKO Group Holdings, Inc. was incorporated as a Delaware corporation in March 2023. As the sole managing member of TKO OpCo, TKO Group Holdings, Inc. operates and controls all the business and affairs of UFC and WWE. TKO Group Holdings, Inc. is subject to corporate income taxes on its share of taxable income of TKO OpCo. TKO OpCo is treated as a partnership for U.S. federal income tax purposes and is therefore generally not subject to U.S. corporate income tax. TKO OpCo’s foreign subsidiaries are subject to entity-level taxes. TKO OpCo’s U.S. subsidiaries are subject to withholding taxes on sales in certain foreign jurisdictions which are included as a component of foreign current taxes. TKO OpCo is subject to entity-level income taxes in certain U.S. state and local jurisdictions. For the periods prior to the Endeavor Asset Acquisition, the Businesses did not file separate tax returns as they were included in the Endeavor tax return filings within the respective entities’ jurisdictions. The Businesses primarily comprised of U.S. flowthrough entities not subject to U.S. corporate income taxes and have been reflected as such in these financial statements. Income taxes related to the Businesses reflected in the combined tax provision are attributable to U.S. regarded entities and foreign entities subject to tax in their respective jurisdictions. Further, such items such as net operating losses and credit carry-forwards may exist in the Businesses’ historical financial statements that may or may not exist in the future upon separation from Endeavor.

The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Significant factors considered by the Company in estimating the probability of the realization of deferred tax assets include expectations of future earnings and taxable income, as well as the application of tax laws in the jurisdictions in which the Company operates. A valuation allowance is provided when the Company determines that it is “more likely than not” that a portion of a deferred tax asset will not be realized.

ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is “more likely than not” to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected.

The Company recognizes interest and penalties related to unrecognized

tax

benefits on the income tax expense line in the combined statements of operations. Accrued interest and penalties are included in the related tax liability line in the combined

balance

sheets.

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2023
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS [Text Block]	3. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures . This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The update should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance on a retrospective basis to all periods presented in these combined financial statements. In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718) . This ASU amends or supersedes various SEC paragraphs within the FASB Accounting Standards Codification (“ASC”) to conform to past SEC announcements and guidance issued by the SEC. The Company adopted this guidance on July 1, 2023 with no material effect on the Company’s financial position or results of operations. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . This ASU clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets, expanding the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and non-prepayable financial assets. The amendments in this update were effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this guidance on January 1, 2023 with no material effect on the Company’s financial position or results of operations. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. Adoption of the expedients and exceptions was permitted upon issuance of this update through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, in order to defer the sunset date of ASC 848 until December 31, 2024. The Company adopted this guidance on April 1, 2023 with no material effect on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of that security. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption is not expected to have a material effect on the Company’s combined financial statements. In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This ASU allows a reporting entity to elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, provided certain conditions are met. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption is not expected to have a material effect on the Company’s combined financial statements. In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions in Topic 842, Leases, that apply to arrangements between related parties under common control. The amendments in this update were effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption is not expected to have a material effect on the Company’s combined financial statements. In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement . This ASU requires that a joint venture apply a new basis of accounting upon formation. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with an option to apply the amendments retrospectively. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued. The Company is in the process of assessing the impact of this ASU on its combined financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532, Disclosure Update and Simplification , which was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the ASC and will not become effective. The Company is in the process of assessing the impact of this ASU on its combined financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires that an entity annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate) as well as income taxes paid disaggregated by jurisdiction. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its combined financial statements.

ACQUISITION OF WWE

12 Months Ended

Dec. 31, 2023

ACQUISITION OF WWE [Abstract]

ACQUISITION OF WWE

4. ACQUISITION OF WWE

Transactions Overview

On September 12, 2023 (the “Closing Date”), the transaction between EGH and WWE was completed with the newly-formed TKO combining the UFC and WWE businesses. Under the terms of the Transaction Agreement, (A) EGH and its subsidiaries received (1) a 51.0% controlling

non-economic

voting interest in TKO on a fully-diluted basis and (2) a 51.0% economic interest on a fully-diluted basis in the operating subsidiary, TKO OpCo, which owns all of the assets of the UFC and WWE businesses, and (B) the stockholders of WWE received (1) a 49.0% voting interest in TKO on a fully-diluted basis and (2) a 100% economic interest in TKO, which in turn holds a 49.0% economic interest in TKO OpCo on a fully-diluted basis.

WWE is an integrated media and entertainment company that has been involved in the sports entertainment business for four decades. WWE is principally engaged in the production and distribution of unique and creative content through various channels, including content rights agreements for its flagship programs,

Raw

, SmackDown

and

NXT

, premium live event programming, monetization across social media outlets, live events, and licensing of various

WWE-themed

products.

The Transactions have been accounted for as a reverse acquisition of WWE using the acquisition method of accounting in accordance with the guidance of ASC 805,

Business Combinations

(“ASC 805”), with TKO OpCo, the legal acquiree, treated as the accounting acquirer. Based on this determination, the Company has allocated the preliminary purchase price to the fair value of WWE’s identifiable assets and liabilities as of the Closing Date, with the excess preliminary purchase price recorded as goodwill. The goodwill was assigned entirely to the WWE segment and is not deductible for tax purposes.

The weighted average life of finite-lived intangible assets acquired is 20.3 years, which consisted of trademarks and trade names with a weighted average life of 25.0 years, customer relationships with a weighted average life of 11.3 years and other intangible assets with a weighted average life of 3.6 years. See Note 6,

Goodwill and Intangible Assets

, for the estimated annual amortization of intangible assets acquired in the Transactions for the next five years and thereafter.

In connection with the Transactions, the Company incurred transaction costs of $83.8 million for the year ended December 31, 2023, respectively, which were expensed as incurred and included in selling, general and administrative expenses in the combined statements of operations.

Consideration Transferred

The fair value of the consideration transferred in the reverse acquisition was $8,432.1 million, which consisted of 83,161,123 shares of TKO Class A common stock valued at $8,061.8 million, Replacement Awards valued at $49.3 million and $321.0 million of deferred consideration which was paid on September 29, 2023 to former WWE shareholders in the form of a special dividend.

Pursuant to the Transactions, awards of WWE RSUs and PSUs outstanding immediately prior to the completion of the Transactions were converted into awards of TKO RSUs or PSUs, as applicable, on the same terms and conditions as were applicable immediately prior to the Closing Date. The portion of the fair-value-based measure of the Replacement Awards that is attributable to

pre-combination

vesting is purchase consideration and is valued at approximately $49.3 million.

Preliminary Allocation of Purchase Price

The purchase price is allocated to the underlying WWE assets acquired and liabilities

assum

ed based on their estimated fair values on the Closing Date, with any excess purchase price recorded as goodwill. Goodwill is primarily attributable to the synergies that are expected to arise as a result of the Transactions and other intangible assets that do not qualify for separate recognition. The purchase price allocation shown in the table below reflects preliminary fair value estimates, including measurement period adjustments, based on management analysis, including preliminary work performed by third-party valuation specialists (in thousands):


Cash and cash equivalents	$	381,153
Accounts receivable		105,237
Other current assets		89,256
Property, buildings and equipment		398,004
Intangible assets
Trademarks and trade names		2,188,200
Customer relationships		899,700
Other		128,300
Goodwill		5,063,774
Finance lease right of use assets		257,359
Operating lease right of use assets		12,337
Investments		12,007
Other assets		25,928
Deferred tax liabilities		(379,508	)
Accounts payable and accrued liabilities		(124,280	)
Current portion of long-term debt		(16,934	)
Deferred revenue		(54,190	)
Finance lease liabilities		(255,940	)
Operating lease liabilities		(12,224	)
Other long-term liabilities		(2,527	)
Additional paid-in-capital (1)		(283,591	)

Net assets acquired	$	8,432,061

(1)	The additional paid-in-capital amount represents incremental goodwill related to deferred tax liabilities recorded at TKO’s parent company in connection with the acquisition of WWE.

The estimated fair value of assets acquired and liabilities assumed are preliminary and subject to change as purchase price allocations are finalized, which is expected within one year of the Closing Date. The measurement period adjustments made subsequent to the Closing Date through December 31, 2023 primarily related to the valuation of customer relationships, deferred tax liabilities, leases and property, buildings and equipment. The effects of these adjustments on our combined statements of operations for the year ended December 31, 2023 were not material.

The fair value of the nonredeemable

non-controlling

interest of $4,521.8 million was calculated as EGH’s initial 51.9% ownership interest in TKO OpCo’s net assets. TKO OpCo’s net assets differ from TKO combined net assets primarily due to the net deferred tax liabilities for which the

non-controlling

interest does not have economic rights.

Combined Statement of Operations for the period from September 12, 2023 through December 31, 2023

The following supplemental information presents the financial results of WWE operations included in the combined statement of operations for the period from September 12, 2023 through December 31, 2023 (in thousands):


Revenue	$	382,767
Net loss	$	(73,279	)

Supplemental Pro Forma Financial Information

The following unaudited pro forma results of operations for the years ended December 31, 2023 and 2022, respectively, as if the Transactions had occurred as of January 1, 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Pro forma revenue	$	2,618,567	$	2,431,670
Pro forma net income	$	241,526	$	60,611

The pro forma information includes the historical operating results of Zuffa and WWE prior to the Transactions, with adjustments directly attributable to the business combination. Pro forma adjustments have been made to reflect the adjustment of nonrecurring transaction costs of $271 million, of which $187 million was incurred by WWE prior to the Transactions. The remaining pro forma adjustments are primarily related to incremental intangible asset amortization to be incurred based on the fair values and useful lives of each identifiable intangible asset, incremental service fees paid by the Company to Endeavor pursuant to a services agreement, dated as of September 12, 2023, by and between EGH and TKO OpCo (the “Services Agreement”), incremental compensation expense for two key executives, including salaries, bonuses and TKO equity awards granted, and incremental equity-based compensation related to the Replacement Awards.

SUPPLEMENTARY DATA

12 Months Ended

Dec. 31, 2023

SUPPLEMENTARY DATA [Abstract]

SUPPLEMENTARY DATA

5. SUPPLEMENTARY DATA

Property, Buildings and Equipment, net

Property, buildings and equipment, net consisted of the following (in thousands):


	As of December 31,
	2023			2022
Buildings and improvements	$	446,799		$	155,510
Land and land improvements		81,246			50,866
Furniture and fixtures		108,693			76,507
Office, computer and other equipment		233,242			85,580
Construction in progress		29,029			17,530

		899,009			385,993
Less: accumulated depreciation		(205,976	)		(154,356	)

Total Property, buildings and equipment, net	$	693,033		$	231,637

Depreciation expense for property, buildings and equipment totaled

$

48.1 million and $27.0 million for the years ended December 31, 2023 and 2022 respectively.

Valuation and Qualifying Accounts


	Balance at Beginning of Year		Charged to Costs and Expenses			Deductions			Foreign Exchange			Balance at End of Year
Allowance for doubtful accounts
Year Ended December 31, 2023	$	18,108	$	10,833		$	(6,948	)	$	544		$	22,537
Year Ended December 31, 2022	$	22,744	$	7,417		$	(11,035	)	$	(1,018	)	$	18,108
Deferred tax valuation allowance
Year Ended December 31, 2023	$	536	$	15,639		$	—		$	(9	)	$	16,166
Year Ended December 31, 2022	$	2,504	$	(197	)	$	(1,770	)	$	(1	)	$	536

Film and Television Content Costs

The following table presents the Company’s unamortized content costs, which are included as a component of other assets in the combined balance sheets (in thousands):


	Predominantly Monetized Individually				Predominantly Monetized as a Film Group
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Licensed and acquired program rights	$	—	$	—	$	21,413	$	20,548
Produced programming:
In release		1,410		—		2,081		5,762
Completed but not released		2,045		—		115		387
In production		1,350		—		819		557

Total film and television costs	$	4,805	$	—	$	24,428	$	27,254

As of December 31, 2023, substantially all of the “completed but not released” content costs that are monetized individually are estimated to be amortized over the next 12 months and approximately 74% of the “in release” content costs monetized individually are estimated to be amortized over the next three years.

As of December 31, 2023, substantially all of the “in release” content costs monetized as a film group are estimated to be amortized over the next three years.

Amortization and impairment of content costs, which are included as a component of direct operating costs in the combined statement of operations, consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
Content production amortization expense - assets monetized individually	$	5,028	$	—
Content production amortization expense - assets monetized as a film group		19,944		15,099
Content production impairment charges (1)		—		—

Total amortization and impairment of content costs	$	24,972	$	15,099

(1)

Unamortized content costs are evaluated for impairment whenever events or changes in circumstances indicate that the fair value of a film predominantly monetized on its own or a film group may be less than its amortized costs. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized costs, the asset is written down to fair value. In addition, if we determine that content will not likely air, we will expense the remaining unamortized costs.

Other Current Assets

The following is a summary of other current assets (in thousands):


	As of December 31,
	2023		2022
Ticket inventory	$	188,560	$	102,640
Prepaid taxes		57,885		6,727
Other current receivables		21,561		37,987
Amounts due from the Group (Note 22)		10,423		14,923
Prepaid insurance		10,628		4,265
Assets held for sale		7,500		—
Other		54,155		21,762

Total	$	350,712	$	188,304

Accrued Liabilities

The following is a summary of accrued liabilities (in thousands):


	As of December 31,
	2023		2022
Accrued operating expenses	$	24,098	$	28,121
Payroll-related costs		138,101		62,791
Event and production-related costs		107,722		86,098
Interest		41,634		35,502
Accrued capital expenditures		31,844		2,841
Legal and professional fees		22,129		7,176
Other		56,753		31,080

Total	$	422,281	$	253,618

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying value of Goodwill are as follows (in thousands):


	UFC (1)		WWE (3)		IMG			Corporate and Other		Total
Balance — December 31, 2021	$	2,602,639	$	—	$	743,830		$	39,780	$	3,386,249
Acquisitions		—		—		2,909			—		2,909
Foreign currency translation and other		—		—		(1,149	)		—		(1,149	)

Balance — December 31, 2022 (2)	$	2,602,639	$	—	$	745,590		$	39,780	$	3,388,009
Acquisitions		—		5,063,774		—			—		5,063,774
Impairment		—		—		(7,544	)		—		(7,544	)
Foreign exchange		—		72		89			—		161

Balance — December 31, 2023 (2)	$	2,602,639	$	5,063,846	$	738,135		$	39,780	$	8,444,400

(1)	Reflects goodwill resulting from the Company’s election to apply pushdown accounting to reflect EGH’s new basis of accounting in the UFC’s assets and liabilities, including goodwill, which occurred during 2016.

(2)	Net of accumulated impairment losses of $116.1 million and $108.6 million as of December 31, 2023 and 2022, respectively.

(3)	Based on preliminary fair values acquired through the Transactions. See Note 4, Acquisition of WWE , for further information.

There were no dispositions of goodwill during the years ended December 31, 2023 and 2022.

Intangible Assets, net

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2023 (in thousands):


	Weighted Average Estimated Useful Life (in years)		Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Trademarks and trade names		22.7	$	3,010,938	$	(356,194	)	$	2,654,744
Customer relationships		6.0		1,630,962		(623,878	)		1,007,084
Internally developed technology		3.2		9,505		(4,852	)		4,653
Other (1)		3.4		153,280		(32,328	)		120,952

				4,804,685		(1,017,252	)		3,787,433

Indefinite-lived:
Trademarks and trade names				182,979		—			182,979
Owned events				19,218		—			19,218

Total intangible assets			$	5,006,882	$	(1,017,252	)	$	3,989,630

(1)	Other intangible assets as of December 31, 2023 primarily consisted of talent roster, internally developed software and content library assets acquired through the Transactions in September 2023. See Note 4, Acquisition of WWE , for further information.

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2022 (in thousands):


	Weighted Average Estimated Useful Life (in years)		Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Trademarks and trade names		17.9	$	836,716	$	(282,801	)	$	553,915
Customer relationships		8.6		728,377		(541,126	)		187,251
Internally developed technology		3.3		7,400		(3,434	)		3,966
Other (1)		2.9		23,907		(19,794	)		4,113

				1,596,400		(847,155	)		749,245

Indefinite-lived:
Trademarks and trade names				178,708		—			178,708
Owned events				18,948		—			18,948

Total intangible assets			$	1,794,056	$	(847,155	)	$	946,901

(1)	Other intangible assets as of December 31, 2022 primarily consisted of UFC’s internally developed software.

Amortization of intangible assets was $168.7 million and $105.4 million during the years ended December 31, 2023 and 2022 respectively, which is recognized within depreciation and amortization in the combined statements of operations.

Estimated annual intangible amortization, including amortization of intangible assets acquired in the Transactions, for the next five years and thereafter is as follows (in thousands):


	Total (1)
2024	$	332,773
2025		275,053
2026		259,697
2027		239,485
2028		222,255
Thereafter		2,458,170

Total remaining amortization	$	3,787,433

(1)	Includes amounts for WWE which are based on preliminary fair values acquired through the Transactions. See Note 4, Acquisition of WWE , for further information.

Annual Impairment Assessments

During the years ended December 31, 2023 and 2022, the Company completed its annual impairment review of goodwill and intangibles. For the year ended December 31, 2023, the Company recorded total

non-cash

impairment charges of $7.5 million for goodwill and $14.0 million for trade names driven by lower projections. The Company’s fair value of goodwill was determined by Endeavor’s assessment based on discounted cash flows using an applicable discount rate for the reporting units containing the Businesses. Intangible assets were valued based on a relief from royalty method or an excess earnings method. For the year ended December 31, 2022, the Company did not record an impairment charge for such review.

INVESTMENTS

12 Months Ended

Dec. 31, 2023

INVESTMENTS [Abstract]

INVESTMENTS

7. INVESTMENTS

The following is a summary of the Company’s investments (in thousands):


	As of
	December 31, 2023		December 31, 2022
Equity method investments (1)	$	59,655	$	54,947
Nonmarketable equity investments without readily determinable fair values		18,748		6,659
Nonmarketable equity investments with readily determinable fair values		83		—

Total investment securities	$	78,486	$	61,606

(1)

The book value of one equity method investment exceeded the Company’s percentage ownership share of their underlying net assets by $

27.7

million as of December 31, 2023. The book value of one equity method investment exceeded the Company’s percentage ownership share of the underlying net assets by $

26.5

million as of December 31, 2022. The basis differences, primarily resulting from acquisition purchase price step-ups on the investments, are accounted for as goodwill (as a component of the investment), which is not tested for impairment separately. Instead, the investments are tested if there are indicators of an other-than-temporary decline in carrying value.

Equity Method Investments

The Company has an approximately 7% ownership stake in Monkey Spirit, LLC, which owns the IP license to distribute Howler Head branded products and beverages (together, “Howler Head”). In August 2022, the Company received an incremental share of equity in Howler Head as compensation for the same promotional services associated with the initial investment. The value of the equity investment received was determined to be $3.0 million using Level 3 inputs not observable in the market. The incremental investment was an increase in transaction price to the original revenue arrangement and a cumulative

catch-up

entry of $1.0 million was recorded to revenue, with the remaining $2.0

million recorded to deferred revenue to be recognized ratably over the remainder of the term. The Company recognized equity losses of $

0.9 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively, and the investment balance was $3.3 million and $4.2 million as of December 31, 2023 and 2022, respectively.

The Company has an approximately 50% ownership stake in Sports News Television LP (“SNTV”), which provides sports news videos globally. The Company recognized equity gains of $5.5 million and $5.9 million for the years ended December 31, 2023 and 2022, respectively and the investment balance was $29.7 million and $28.8 million as of December 31, 2023 and 2022, respectively. The Company also received distributions of $5.8 million and $5.9 million for the years ended December 31, 2023 and 2022, respectively.

The Company recognized equity gains of $4.7 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively, from other equity method investments, which had a balance of $26.7 million and $21.9 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and December 31, 2022, the Company received distributions of $2.0 million and $1.2 million, respectively, from these other equity method investments.

Nonmarketable Equity Investments Without Readily Determinable Fair Values

As of December 31, 2023 and 2022, the Company held various investments in nonmarketable equity instruments of private companies.

The Company did not record any impairment charges on these investments during the years ended December 31, 2023, or 2022. In addition, there were no observable price change events that were completed during the years ended December 31, 2023, or 2022.

The fair value measurements of the Company’s equity investments and nonmarketable equity investments without readily determinable fair values are classified within Level 3 as significant unobservable inputs are used as part of the determination of fair value. Significant unobservable inputs may include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees’ capital structure, as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. For equity investments without readily determinable fair values, the Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes.

DEBT

12 Months Ended

Dec. 31, 2023

DEBT [Abstract]

DEBT

8. DEBT

The following is a summary of the Company’s outstanding debt (in thousands):


	As of
	December 31, 2023			December 31, 2022
First Lien Term Loan (due April 2026)	$	2,728,766		$	2,759,767
Secured Commercial Loans		31,867			33,467
Notes Payable		4,267			4,400

Total principal		2,764,900			2,797,634

Unamortized discount		(9,478	)		(13,245	)
Unamortized debt issuance cost		(15,951	)		(22,445	)

Total debt		2,739,471			2,761,944

Less: Current portion of long-term debt		(22,833	)		(23,226	)

Total long-term debt	$	2,716,638		$	2,738,718

First Lien Term Loan (due April 2026)

As of December 31, 2023 and 2022, the Company had $2.7 billion and $2.8

billion, respectively, outstanding under a credit agreement dated August 18, 2016 (as amended and/or restated, the “First Lien Credit Agreement”), by and among Zuffa Guarantor, LLC, UFC Holdings, LLC, as borrower, the lenders party hereto and Goldman Sachs Bank USA, as Administrative Agent, which was entered into in connection with the acquisition of Zuffa by EGH in 2016. The facilities under the First Lien Credit Agreement consist of (i) a first lien secured term loan (the “First Lien Term Loan”) and (ii) a secured revolving credit facility in an aggregate principal amount of $

205.0 million, letters of credit in an aggregate face amount not in excess of $40.0 million and swingline loans in an aggregate principal amount not in excess of $15.0 million (collectively, the “Revolving Credit Facility,” and, together with the First Lien Term Loan, the “Credit Facilities”). The Credit Facilities are secured by liens on substantially all of the assets of Zuffa Guarantor, LLC, UFC Holdings, LLC and certain subsidiaries thereof.

Payments under the First Lien Term Loan include 1

% principal amortization that is payable in equal quarterly installments, with any remaining balance payable on the final maturity date of April 29, 2026. In June 2023, the Company amended the terms of the First Lien Term Loan to replace the adjusted LIBOR reference rate with Term Secured Overnight Financing Rate (“SOFR”) and provide for a credit spread adjustment (as defined in the First Lien Credit Agreement). The First Lien Term Loan accrues interest at an annual interest rate of adjusted SOFR plus

2.75-3.00%,

which totaled 8.40% as of December 31, 2023.

Amounts under the Revolving Credit Facility are available to be borrowed and

re-borrowed

until its termination date, which was extended in April 2023 until October 29, 2024. The Revolving Credit Facility accrues a commitment fee of 0.25% to 0.50% per annum on the unused balance. In April 2023, the Company amended the terms of the Revolving Credit Facility to replace the adjusted LIBOR reference rate with SOFR. Borrowings under the Revolving Credit Facility accrue interest at a rate equal to SOFR plus

2.75-3.00%.

In November 2023, the Company borrowed $100.0 million under its Revolving Credit Facility to fund certain share repurchases that occurred during the fourth quarter of 2023, as discussed in Note 10,

Stockholders’ Equity/Net Parent Investment

. In December 2023, the Company fully repaid the $100.0 million amount outstanding. As of December 31, 2023 and 2022, there was no outstanding balance under the Revolving Credit Facility.

The Credit Facilities contain a financial covenant that requires the Company to maintain a First Lien Leverage Ratio of Combined First Lien Debt to Combined EBITDA as defined in the First Lien Credit Agreement of no more than

6.5-to-1.

The Company is only required to meet the First Lien Leverage Ratio if the sum of outstanding borrowings under the Revolving Credit Facility plus outstanding letters of credit exceeding $10.0 million that are not cash collateralized exceeds

thirty-five

percent of the capacity of the Revolving Credit Facility as measured on a quarterly basis, as defined in the First Lien Credit Agreement. This covenant did not apply as of December 31, 2023 and 2022 as the Company had

no borrowings outstanding under the Revolving Credit Facility.

The Company had no outstanding letters of credit as of December 31, 2023 and 2022, respectively.

The Credit Facilities restrict the ability of certain subsidiaries of the Company to make distributions and other payments to the Company. These restrictions include exceptions for, among other things, (1) amounts necessary to make tax payments, (2) a limited annual amount for employee equity repurchases, (3) distributions required to fund certain parent entities, (4) other specific allowable situations and (5) a general restricted payment basket, which generally provides for no restrictions as long as the Total Leverage Ratio (as defined in the First Lien Credit Agreement) is less than

5.0x. As of December 31, 2023, TKO Group Holdings, Inc. held net long-term deferred income tax liabilities of $371.2 million. Otherwise, TKO Group Holdings, Inc. has no material separate cash flows or assets or liabilities other than the investments in its subsidiaries. All its business operations are conducted through its operating subsidiaries; it has no material independent operations. TKO Group Holdings, Inc. has no other material commitments or guarantees. As a result of the restrictions described above, substantially all of the subsidiaries’ net assets are effectively restricted from being transferred to TKO Group Holdings, Inc. as of December 31, 2023.

The estimated fair values of the Company’s First Lien Term Loan are based on quoted market values for the debt. As of December 31, 2023 and 2022, the face amount of the Company’s First Lien Term Loan approximates its fair value.

Secured Commercial Loans

As of December 31, 2023 and 2022, the Company had $31.9 million and $33.5 million, respectively, of secured loans outstanding, which were entered into in October 2018 in order to finance the purchase of a building and its adjacent land (the “Secured Commercial Loans”). The Secured Commercial Loans have identical terms except one of the Loan Agreements is secured by a deed of trust for the UFC’s headquarters building located at 6650 S. Torrey Pines Drive, Las Vegas, Nevada and underlying land and the other Loan Agreement is secured by a deed of trust for a building located at 6650 El Camino Road, Las Vegas, Nevada and its adjacent land. The Secured Commercial Loans bear interest at a rate of LIBOR plus 1.62% (with a LIBOR floor of 0.88%). In May 2023, the parties amended the terms of the Secured Commercial Loans to replace the adjusted LIBOR reference rate with SOFR and bear interest at a rate of SOFR plus 1.70%. Principal amortization of 4% is payable in monthly installments with any remaining balance payable on the final maturity date of November 1, 2028.

The Secured Commercial Loans contain a financial covenant that requires the Company to maintain a Debt Service Coverage Ratio of combined debt to Adjusted EBITDA as defined in the applicable loan agreements of no more than

1.15-to-1

as measured on an annual basis. As of December 31, 2023 and 2022, the Company was in compliance with its financial debt covenant under the Secured Commercial Loans.

3.375% Convertible Notes (due December 2023)

In connection with the business combination with WWE, the Company assumed the remaining obligations of the 3.375% convertible senior notes issued by WWE in December 2016 and January 2017 (the “Convertible Notes”). The Convertible Notes matured on December 15, 2023.

As a result of the payment made on September 29, 2023 in the form of cash dividends on TKO Class A common stock, in an amount of $3.86 per share, for which the

ex-dividend

date was September 21, 2023, the applicable conversion rate of the Convertible Notes has been adjusted pursuant to the terms of the Indenture. Effective as of September 21, 2023, upon a conversion of the Convertible Notes, the Company delivered shares of TKO Class A common stock at an adjusted conversion rate of approximately 41.6766 shares of TKO Class A common stock per $1,000 principal amount of the Convertible Notes, which corresponded to a conversion price of approximately $23.99 per share of TKO Class A common stock.

During the year ended December 31, 2023, holders converted $4.2 million aggregate principal amount of the Convertible Notes (the “Conversions”). In accordance with the terms of the Convertible Notes, the Company delivered 176,079 shares of TKO Class A common stock associated with the Conversions during the year ended December 31, 2023. The remaining principal amount of the Convertible Notes, which was less than $0.1 million, was paid to holders upon maturity on December 15, 2023.

In connection with the Transactions, as discussed in Note 4,

Acquisition of WWE

, the Convertible Notes were marked to fair value as of September 12, 2023. After September 12, 2023, the premium associated with the acquisition date fair value is included as a component of additional

paid-in-capital

on the Company’s combined balance sheets.

OLE Facility

As of December 31, 2023, the Company has an On Location (“OLE”) revolving credit agreement with $

42.9 million of borrowing capacity. The maturity date is the earlier of August 2026 or the date that is 91 days prior to the maturity date of the term loans under Endeavor’s 2014 credit facility, due May 2025. As of December 31, 2023, and 2022, there were no borrowings outstanding under this agreement.

The OL

E

revolving credit agreement contains a financial covenant that requires the OLE Business to maintain a First Lien Leverage Ratio of Combined First Lien Debt to Endeavor’s Combined EBITDA, as defined in the credit agreement, of no more than

3-to-1.

The Company is only required to meet the First Lien Leverage Ratio if the sum of outstanding borrowings on the OL

E

revolving credit facility plus outstanding letters of credit exceeding $2.0 million that are not cash collateralized exceeds forty percent of the total Revolving Commitments as measured on a quarterly basis, as defined in the credit agreement. The financial debt covenant of the OL

E

revolving credit facility did not apply as of December 31, 2023, and 2022 as the OLE Business has no borrowings outstanding under the OL

E

revolving credit agreement.

The OLE Business had no

outstanding letters of credit under the OLE revolving credit agreement as of December 31, 2023, and 2022. In June 2023, the Company executed an amendment of the OLE revolving credit agreement to replace LIBOR with SOFR. During 2023, the Company borrowed and repaid

$

42.9

million

under the OLE revolving credit agreement. In conjunction with the closing of the Endeavor Asset Acquisition Agreement, the OLE revolving credit agreement was terminated.

Debt Maturities

The Company will be required to repay the following principal amounts in connection with its debt obligations (in thousands):


2024	$	33,500
2025		33,567
2026		2,669,066
2027		2,300
2028		25,967
Thereafter		500

	$	2,764,900

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

9. FINANCIAL INSTRUMENTS

Secured Commercial Loans Swap

In October 2018, in connection with the Secured Commercial Loans, the Company entered into a swap for $40.0 million notional effective November 1, 2018 with a termination date of November 1, 2028. The swap required the Company to pay a fixed rate of 4.99% and receive the total of LIBOR plus 1.62%, which totaled 3.97% as of December 31, 2018. The Company entered into this swap to hedge certain of its interest rate risks on its variable rate debt. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. The Company has designated the interest rate swap as a cash flow hedge, and all changes in fair value are recognized in other comprehensive income until the hedged interest payments affect earnings.

In May 2023, the Company amended its Secured Commercial Loans and associated interest rate swap to replace the LIBOR reference rate with Term SOFR. The swap requires the Company to pay a fixed rate of 4.99% and receive the total of SOFR plus 1.70%, which totaled 7.04% as of December 31, 2023.

Prior to the May 2023 amendment the fair value of the swap was based on commonly quoted monthly LIBOR rates. Subsequent to this amendment, the fair value of the swap is based on commonly quoted monthly Term SOFR rates. Both the LIBOR and Term SOFR reference rates are considered observable inputs representing a Level 2 measurement within the fair value hierarchy. The fair value of the swap was $0.3 million and $0.6 million as of December 31, 2023 and 2022, respectively, and was included in other assets in the combined balance sheets. The total change in fair value of the swap’s asset position included in accumulated other comprehensive income was an increase of $0.3 million, a decrease of $4.9 million and a decrease of $2.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company reclassified $0.3 million of the increase in fair value into net income during each of the years ended December 31, 2023, 2022 and 2021, respectively, representing the amortization of the cash flow hedge fair value to net income.

Forward Foreign Exchange Contracts

The Company enters into forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions.

As of December 31, 2023, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from December 31, 2023) (in thousands except for exchange rates):


Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
British Pound Sterling	£	6,769	in exchange for	$	5,495	£	0.81

For forward foreign exchange contracts not designated as cash flow hedges, the Company recorded net gains (losses) of $3.1 million and $(2.2) million for the years ended December 31, 2023 and 2022, respectively. These amounts were included in other income (expense), net in the combined statements of operations.

In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element. The Company recorded net gains (losses) of $1.7 million and $(0.4) million for the years ended December 31, 2023 and 2022, respectively, in other income (expense), net in the combined statements of operations.

STOCKHOLDERS' EQUITY/NET PARENT INVESTMENT	12 Months Ended
STOCKHOLDERS' EQUITY/NET PARENT INVESTMENT	Dec. 31, 2023
STOCKHOLDERS'/MEMBERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY/NET PARENT INVESTMENT	10. STOCKHOLDERS’ EQUITY/NET PARENT INVESTMENT Amendment and Restatement of Certificate of Incorporation On September 12, 2023, the Company amended and restated its certificate of incorporation to, among other things, provide for the (a) authorization of 5,000,000,000 shares of Class A common stock with a par value of $0.00001 per share, (b) authorization of 5,000,000,000 shares of Class B common stock with a par value of $0.00001 per share, (c) authorization of 1,000,000,000 shares of preferred stock with a par value of $0.00001 per share, and (d) establishment of a board of directors consisting of eleven members, each of which will serve for one-year terms. On January 23, 2024, the board of directors increased the size of the board from eleven to thirteen. Holders of TKO Class A common stock and holders of TKO Class B common stock are entitled to one vote per share on all matters on which shareholders generally are entitled to vote and, except as otherwise required, will vote together as a single class. Holders of TKO Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the affairs of the Company. On September 12, 2023, the Company issued 83,161,123 shares of TKO Class A common stock to the historic WWE stockholders and 89,616,891 shares of TKO Class B common stock to EGH and certain of its subsidiaries. Secondary Offering & Share Repurchases On November 9, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with TKO OpCo, Morgan Stanley & Co. LLC, as representative of the various underwriters (collectively, the “Underwriters”), and Mr. McMahon, in connection with the underwritten secondary offering by Mr. McMahon of 8,400,000 shares of TKO Class A common stock at an offering price of $79.80 per share (the “Secondary Offering”). The Secondary Offering closed on November 14, 2023. The Company did not offer any shares of TKO Class A common stock in the Secondary Offering and did not receive any proceeds from the sale of shares of Common Stock in the Secondary Offering. Pursuant to the Underwriting Agreement, the Company agreed to purchase 1,308,729 shares of TKO Class A common stock from the Underwriters, at a price of $76.41 per share, which was equal to the price being paid by the Underwriters to Mr. McMahon, resulting in an aggregate purchase price of approximately $100.0 million (the “Share Repurchase”). The Company funded the Share Repurchase with approximately $100.0 million of borrowings under the Revolving Credit Facility. All shares repurchased have been retired. Principal Stockholder Contributions During the year ended December 31, 2023, the Company received cash contributions of $5.8 million and non-cash capital contributions of $9.0 million. The cash contributions represented amounts reimbursed to the Company by Mr. McMahon, a principal holder of TKO Class A common stock, in connection with and/or arising from the investigation conducted by a Special Committee of the former WWE board of directors. The non-cash capital contributions represented amounts paid personally by Mr. McMahon to certain counterparties. See Note 22, Related Party Transactions , for additional information. Net Parent Investment and Accumulated Other Comprehensive Loss As of December 31, 2022, the net parent investment balance consists of $568.1 million related to TKO OpCo’s members’ capital and $1,457.7 million related to the Businesses. Due to the Transactions, the portion of net parent investment related to the Businesses as of September 12, 2023, $1,552.1 million, was reclassified to nonredeemable non-controlling interests, due to the holders of TKO Class A common stock not having rights to the Businesses’ activity. As of December 31, 2022, the accumulated other comprehensive loss balance consists of $0.8 million income related to TKO OpCo’s activity and a $70.7 million loss related to the Businesses’ activity. Due to the Transactions, the portion of accumulated other comprehensive loss related to the Businesses’ activity as of September 12, 2023, a loss of $67.8 million has been reclassified to nonredeemable non-controlling interests, due to the holders of TKO Class A common stock not having rights to the Businesses’ activity. As of December 31, 2023, $1,600.7 million of nonredeemable non-controlling interests represents the Businesses’ activity.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2023

NON-CONTROLLING INTERESTS [Abstract]

NON-CONTROLLING INTERESTS

11.

NON-CONTROLLING

INTERESTS

Nonredeemable

Non-Controlling

Interest in the Businesses

For periods prior to the Transactions described in Note 4,

Acquisition of WWE

, nonredeemable

non-controlling

interest represents the component of equity in Businesses’ subsidiaries held by third parties.

Nonredeemable

Non-Controlling

Interest in TKO OpCo

In connection with the Transactions described in Note 4,

Acquisition of WWE

, on September 12, 2023, the Company became the sole managing member of TKO OpCo and, as a result, consolidates the financial results of TKO OpCo. The Company reports a

non-controlling

interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. Beginning on September 12, 2023, nonredeemable

non-controlling

interest also includes the carrying amount of the Businesses’ net parent investment and accumulated other comprehensive loss. TKO OpCo’s operating agreement provides that holders of membership interests in TKO OpCo (“Common Units”) may, from time to time, require TKO OpCo to redeem all or a portion of their Common Units (and an equal number of shares of TKO Class B common stock) for cash or, at the Company’s option, for shares of TKO Class A common stock on a

one-for-one

basis. In connection with any redemption or exchange, the Company will receive a corresponding number of Common Units, increasing the total ownership interest in TKO OpCo. Changes in the ownership interest in TKO OpCo while the Company retains its controlling interest in TKO OpCo will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Common Units in TKO OpCo by the other members of TKO OpCo will result in a change in ownership and reduce the amount recorded as

non-controlling

interest and increase additional

paid-in

capital.

Redeemable

Non-Controlling

Interest in the UFC

In July 2018, the Company received an investment of $9.7 million by third parties (the “Russia

Co-Investors”)

in a newly formed subsidiary of the Company (the “Russia Subsidiary”) that was formed to expand the Company’s existing UFC business in Russia and certain other countries in the Commonwealth of Independent States. The terms of this investment provide the Russia

Co-Investors

with a put option to sell their ownership in the Russia Subsidiary five years and six months after the consummation of the investment. The purchase price of the put option is the greater of the total investment amount, defined as the Russia

Co-Investors’

cash contributions less cash distributions, or fair value. As of December 31, 2023 and 2022, the estimated redemption value was $11.2 million and $9.7 million, respectively.

The changes in carrying value of the redeemable

non-controlling

interest were as follows (in thousands):


Balance — December 31, 2021	$	9,700

Net income attributable to non-controlling interest holders		1,747
Accretion		(1,539	)

Balance — December 31, 2022	$	9,908
Net income attributable to non-controlling interest holders		1,686
Accretion		—

Balance — December 31, 2023	$	11,594

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

Earnings per share is calculated utilizing net loss available to common stockholders of the Company from September 12, 2023 through December 31, 2023, divided by the weighted average number of shares of TKO Class A common stock outstanding during the same period. Diluted EPS is calculated by dividing the net loss available to common stockholders by the diluted weighted average shares outstanding during the same period.

The Company’s outstanding equity-based compensation awards under its equity-based compensation arrangements (see Note 13,

Equity-based Compensation

) were anti-dilutive during the period.

The following tables presents the computation of net loss per share and weighted average number of shares of the Company’s common stock outstanding for the period presented (dollars in thousands, except share and per share data):


	Period From September 12 - December 31, 2023
Basic and diluted net loss per share
Numerator
Net loss attributable to TKO Group Holdings, Inc.	$	(35,227	)

Denominator
Weighted average Class A Common Shares outstanding - Basic		82,808,019

Basic and diluted net loss per share	$	(0.43	)

Securities that are anti-dilutive this period
Unvested RSUs		1,636,626
Unvested PSUs		327,403
TKO Class B Common Shares		89,616,891

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

EQUITY-BASED COMPENSATION [Abstract]

EQUITY-BASED COMPENSATION

13. EQUITY-BASED COMPENSATION

In connection with the initial public offering of EGH, EGH’s board of directors adopted the Endeavor Group Holdings, Inc. 2021 Incentive Award Plan, which became effective April 28, 2021 and was amended and restated effective April 24, 2023 (the “EGH 2021 Plan”). Under the EGH 2021 Plan, EGH granted stock options and RSUs to certain employees and service providers of TKO OpCo and the Businesses.

In addition to the Replacement Awards described in Note 2,

Summary of Significant Accounting Policies

, the Company’s Board of Directors approved and adopted the TKO Group Holdings, Inc. 2023 Incentive Award Plan (the “TKO 2023 Plan”) on September 12, 2023. A total of 10,000,000 shares of TKO Class A common stock have been authorized for issuance under the TKO 2023 Plan. The TKO 2023 Plan provides for the grant of incentive or

non-qualified

stock options, stock appreciation rights, restricted stock, restricted stock units, other stock or cash based awards and dividend equivalents. Awards may be granted under the TKO 2023 Plan to directors, officers, employees, consultants, advisors and independent contractors of the Company and its affiliates (including TKO OpCo and its subsidiaries).

Equity-based compensation expense by plan, which is included within selling, general and administrative expenses on the Company’s combined statements of operations, consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
EGH 2021 Plan	$	25,875	$	31,848
Replacement Awards under WWE 2016 Plan		31,747		—
TKO 2023 Plan		6,724		—
Other awards (1)		166		(250	)

Equity-based compensation expense	$	64,512	$	31,598

(1)	Represents equity-based compensation cost associated with other compensation plans at Endeavor offered to employees who exclusively support the Company and is included in net income.

As of December 31, 2023, total unrecognized equity-based compensation expense for unvested awards and the related remaining weighted average period for expensing is summarized below (dollars in thousands):


	Unrecognized Compensation Costs		Period Remaining (in years)
EGH 2021 Plan	$	23,211		2.15
Replacement Awards under WWE 2016 Plan		59,370		2.30
TKO 2023 Plan		66,958		2.32

Equity-based unrecognized compensation expense	$	149,539

EGH 2021 Plan

The terms of each award, including vesting and forfeiture, are determined by the administrator of the EGH 2021 Plan. Key grant terms include one or more of the following: (a) time-based vesting over a

two

-

to five-year period; (b) market-based vesting conditions at graduated levels upon the EGH’s attainment of certain market price per share thresholds; and (c) expiration dates (if applicable). Granted awards may include time-based vesting conditions only, market-based vesting conditions only, or both.

The following table summarizes the RSU award activity under the EGH 2021 Plan for the year ended December 31, 2023:


	Time Vested RSUs					Market / Market and Time Vested RSUs
	Units			Weighted- Average Grant-Date Fair Value		Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		961,371		$	26.50		229,663		$	25.59
Granted		942,399		$	21.82		—		$	—
Released		(454,116	)	$	27.37		(17,427	)	$	29.44
Forfeited		(107,118	)	$	5.41		(2,384	)	$	24.82

Outstanding at December 31, 2023		1,342,536		$	23.20		209,852		$	25.27

The following table summarizes the stock option award activity under the EGH 2021 Plan for the year ended December 31, 2023:


	Stock Options
	Units		Weighted-Average Exercise Price
Outstanding at January 1, 2023		493,082	$	25.19
Granted		—	$	—
Exercised		—	$	—
Forfeited or expired		—	$	—

Outstanding at December 31, 2023		493,082	$	25.19

Vested and exercisable at December 31, 2023		299,949	$	24.65

The total grant-date fair value of RSUs and stock options which vested under the EGH 2021 Plan during the years ended December 31, 2023 and 2022 was $18.7 million and $21.7 million, respectively. The total intrinsic value of RSUs and stock options which vested under the EGH 2021 Plan during the years ended December 31, 2023 and 2022 was $8.4 million and $6.4 million, respectively.

Replacement Awards

Prior to the Transactions, the terms of each WWE award, including vesting and forfeiture, were determined by the administrator of WWE’s 2016 Omnibus Incentive Plan (the “WWE 2016 Plan”).

In November 2023, certain Replacement Awards consisting of PSUs that were previously granted to a WWE executive management and TKO board member were cancelled and replaced with RSUs granted under the TKO 2023 Plan. The cancelled Replacement Awards included both service and performance conditions with cliff vesting in November 2025. The newly granted RSUs include only a service condition and vest in three equal installments in each of December 2024, 2025 and 2026, respectively. The Company did not record any incremental compensation expense as a result of this modification.

Other than the change discussed above, there have been no changes to the terms of the Replacement Awards as of December 31, 2023 other than with respect to the shares underlying the awards as described in Note 2,

Summary of Significant Accounting Policies

. Key grant terms include one or more of the following: (a) time-based vesting over a

one

-

to five-year period; (b) market-based vesting conditions at graduated levels upon the Company’s attainment of certain market price per share thresholds; and (c) expiration dates (if applicable). Granted awards may include time-based vesting conditions only, market-based vesting conditions only, or both.

The following table summarizes the RSU award activity under the WWE 2016 Plan for the year ended December 31, 2023:


	Time Vested RSUs
	Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—		$	—
Granted		—		$	—
Assumed from WWE		1,011,215		$	100.65
Vested		(209,982	)	$	100.65
Forfeited		(146,581	)	$	100.65
Dividend equivalents		46,438		$	100.65

Outstanding at December 31, 2023		701,090		$	100.65

The total grant-date fair value of RSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $21.1 million. The total intrinsic value of RSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $17.0 million. No RSUs vested under the WWE 2016 Plan during the year ended December 31, 2022.

The following table summarizes the PSU award activity under the WWE 2016 Plan for the year ended December 31, 2023:


	Time Vested PSUs					Market / Market and Time Vested PSUs
	Units			Weighted- Average Grant-Date Fair Value		Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—		$	—		—		$	—
Granted		—		$	—		—		$	—
Assumed from WWE		641,190		$	100.65		20,460		$	100.65
Vested		(54,478	)	$	100.65		—		$	—
Forfeited		(272,297	)	$	83.75		(20,460	)	$	100.65
Dividend equivalents		12,988		$	100.65		—		$	—

Outstanding at December 31, 2023		327,403		$	93.84		—		$	—

The total grant-date fair value of PSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $5.5 million. The total intrinsic value of PSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $4.4 million. No PSUs vested under the WWE 2016 Plan during the year ended December 31, 2022.

TKO 2023 Plan

The terms of each award, including vesting and forfeiture, are determined by the administrator of the TKO 2023 Plan. Key grant terms include time based vesting over a

six-month

to four-year period.

The following table summarizes the RSU award activity under the TKO 2023 Plan for the year ended December 31, 2023:


	Time Vested RSUs
	Units		Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—	$	—
Granted		935,536	$	91.23
Vested		—	$	—
Forfeited		—	$	—

Outstanding at December 31, 2023		935,536	$	91.23

Endeavor Asset Acquisition

In connection with the Endeavor Asset Acquisition, TKO assumed each unvested EGH RSU previously issued to employees and independent contractors or former service providers related to the Businesses and converted into TKO RSUs with similar terms and conditions. Endeavor retained the obligations for settling all EGH PSUs, EGH options, and EDR phantom equity awards (awards issued to

non-US

employees that behave as RSUs and PSUs, the “Phantom Awards”). The expense related to these awards is pushed down to the business unit of TKO where the employee or independent contractor provides services as a deemed equity contribution. Following the close of the Endeavor Asset Acquisition, the compensation expense related to the awards retained by Endeavor will continue to be pushed down to TKO as employees continue to provide services to the entity.

With respect to EGH RSUs held by the Businesses’ employee or contractor, each EGH RSU was exchanged for 0.22 TKO RSUs at the time of the consummation of the Endeavor Asset Acquisition.

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2023
EMPLOYEE BENEFITS [Abstract]
EMPLOYEE BENEFITS	14. EMPLOYEE BENEFITS The Company sponsors various 401(k) defined contribution plans (the “Plans”) covering substantially all of its employees. Under the Plans, participants are allowed to make contributions based on a percentage of their salaries, subject to a statutorily prescribed annual limit. The Company makes matching contributions of 50% of each participant’s contributions under the Plans, up to 5% of eligible compensation (maximum 2.5% matching contributions) for Zuffa participants, and up to 6% of eligible compensation (maximum 3% matching contributions) for WWE participants. The Company makes matching contributions of various percentages for each participant’s contributions under the Businesses’ plans. The Company may also make additional discretionary contributions to the Plans. In addition, certain non-U.S. employees are covered by defined contribution government sponsored and administered programs. Employer matching contributions and discretionary contributions were $9.4 million and $7.4 million during the years ended December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

INCOME TAXES

15. INCOME TAXES

TKO Group Holdings, Inc. was incorporated as a Delaware corporation in March 2023. As the sole managing member of TKO OpCo, TKO Group Holdings, Inc. operates and controls all the business and affairs of UFC and WWE. TKO Group Holdings, Inc. is subject to corporate income taxes on its share of taxable income of TKO OpCo. TKO OpCo is treated as a partnership for U.S. federal income tax purposes and is therefore generally not subject to U.S. corporate income tax, other than entity-level income taxes in certain U.S. state and local jurisdictions. TKO OpCo’s foreign subsidiaries are subject to entity-level taxes, and TKO OpCo’s U.S. subsidiaries are subject to foreign withholding taxes on sales in certain foreign jurisdictions which are included as a component of foreign current taxes. For the periods prior to the Endeavor Asset Acquisition, the Businesses did not file separate tax returns as they were included in the Endeavor tax return filings within the respective entities’ jurisdictions. The Businesses primarily comprised of U.S. flowthrough entities not subject to U.S. corporate income taxes and have been reflected as such in these financial statements. Income taxes related to the Businesses reflected in the combined tax provision are attributable to U.S. regarded entities and foreign entities subject to tax in their respective jurisdictions.

As discussed in Note 4,

Acquisition of WWE

, the Transactions are accounted for as a reverse acquisition of WWE using the acquisition method of accounting in accordance with ASC 805. As a result, TKO recorded a fair value

step-up

on the acquired WWE net assets in the amount of $3.3 billion and deferred tax liabilities in the amount of $379.5 million, all of which was recorded through goodwill as of the Closing Date.

For the years ended December 31, 2023 and 2022 the effective tax rate was 19.9%, and 4.3%, respectively.

Income before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	124,736	$	371,382
Foreign		42,247		(3,297	)

Total income before income taxes	$	166,983	$	368,085

The income tax provision consists of the following (in thousands):


	Year Ended December 31,
	2023			2022
Current:
U.S. federal, state and local	$	5,694		$	(2,503	)
Foreign		28,280			24,730

Total Current		33,974			22,227

Deferred:
U.S. federal, state and local		(7,883	)		(1,234	)
Foreign		7,105			(5,098	)

Total Deferred		(778	)		(6,332	)

Total provision for income taxes	$	33,196		$	15,895

The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to partnership income not subject to income tax and withholding taxes in foreign jurisdictions that are not based on net income. The effective tax rate reconciliation is as follows:


	Year Ended December 31,
	2023			2022
U.S. statutory federal income tax of 21%	$	35,066		$	77,296
Partnership income not subject to tax		(60,382	)		(91,436	)
Tax impact of foreign operations		42,898			28,105
UK ORIP Tax		1,215			859
Provision to return		2,145			(983	)
Permanent differences		2,029			(4,404	)
Nondeductible officers compensation		4,465			—
Equity method investments		(2,686	)		(2,391	)
Third party ownership reversal		(167	)		(1,087	)
Opening balance remeasurement		4,270			—
Valuation allowance		(1,180	)		(2,141	)
Unrecognized tax benefits		3,836			9,576
U.S. state and local taxes		176			788
Other		1,511			1,713

Total provision for income taxes	$	33,196		$	15,895

Principal components of deferred tax assets and liabilities are as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Compensation and severance	$	17,776		$	3,219
Net operating loss, capital loss and tax credits carried forward		38,021			9,682
Lease liability		38,233			820
Property, buildings and equipment		—			1,970
Other		10,380			2,034

Total gross deferred tax assets		104,410			17,725
Less: valuation allowance		(16,166	)		(536	)

Net deferred tax assets		88,244			17,189

Deferred tax liabilities:
Property, buildings, and equipment		(34,701	)		—
Loss contracts		(13,547	)		(14,613	)
Intangible assets		(416,618	)		(52,085	)
Lease asset		(37,101	)		—
Investments		(6,681	)		(5,470	)
Other liabilities		(2,445	)		(1,549	)

Net deferred tax liabilities		(511,093	)		(73,717	)

Total net deferred tax (liabilities) assets	$	(422,849	)	$	(56,528	)

As of December 31, 2023 and 2022, the Company had federal net operating loss carryforwards of $

29.6 million, and $25.5 million, respectively, which have an indefinite carryforward period. In addition, as of December 31, 2023, and 2022, the Company had foreign net operating losses of $20.2 million and $19.1 million, respectively, which expire over various time periods ranging from 5 years to no expiration.

ASC 740 requires that a valuation allowance be recorded against deferred tax assets when it is more likely than not that some or all of the Company’s deferred tax asset will not be realized upon available positive and negative evidence. After reviewing all available positive and negative evidence as of December 31, 2023 and 2022, the Company recorded a valuation allowance of $16.2 million and $0.5 million, respectively, against foreign tax credits and certain foreign deferred tax assets. The above tax carryforward amounts may not be indicative of the Businesses’ tax attributes upon separation from Endeavor.

The Company had unrecognized tax benefits of $39.3 million and $34.7 million, respectively, as of December 31, 2023 and 2022. The aggregate changes to the liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):


	Year Ended December 31,
	2023			2022
Beginning balance	$	34,749		$	29,656
Acquisitions		2,549			—
Gross increases		9,268			7,939
Gross decreases		(274	)		(743	)
Lapse of statue of limitations		(7,472	)		(1,122	)
Translation adjustments		430			(981	)

Ending balance	$	39,250		$	34,749

The Company recognizes interest and penalties related to uncertain tax benefits in its provisions for income taxes. The Company had accrued interest and penalties of $12.9 million and $8.9

million as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023 and 2022, the Company recognized interest of $3.8 million, and $3.5 million, respectively, through the income tax provision.

As of December 31, 2023, and 2022, approximately $46.9 million and $42.8 million, respectively, would affect the Company’s effective tax rate upon resolution of the uncertain tax positions.

The Company is regularly audited by domestic and foreign taxing authorities. Audits may result in tax assessments in excess of amounts claimed and the payment of additional taxes. The Company believes that its tax return positions comply with applicable tax law and that it has adequately provided for reasonably foreseeable assessments of additional taxes. Additionally, the Company believes that any assessments in excess of the amounts provided for will not have a material adverse impact in the combined financial statements.

The Company is subject to taxation in various state and foreign jurisdictions. As of December 31, 2023, the Company is generally subject to review by U.S. federal taxing authorities for the years 2020 through 2022.

Other Matters

On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022 (“IRA”). The IRA, in addition to other provisions, creates a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for applicable corporations. The CAMT is effective for tax years beginning after December 31, 2022. The IRA did not have a material impact on the Company’s combined financial statements.

In December 2022, the Organization for Economic

Co-operation

and Development (“OECD”) proposed Global Anti-Base Erosion Rules, which provides for changes to numerous long-standing tax principles including the adoption of a global minimum tax rate of 15% for multinational enterprises (“GloBE rules”). Various jurisdictions have adopted or are in the process of enacting legislation to adopt GloBE rules and other countries are expected to adopt GloBE rules in the future. While changes in tax laws in the various countries in which the Company operates can negatively impact the Company’s results of operations and financial position in future periods, the Company does not expect the impact of adoption of GloBE rules, effective January 1, 2024, will be material to the Company’s combined financial position. The Company will continue to monitor legislative and regulatory developments in this area.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE

12 Months Ended

Dec. 31, 2023

REVENUE [Abstract]

REVENUE

16. REVENUE

The Company derives its revenue principally from the following sources: (i) media rights and content fees associated with the distribution of content, (ii) ticket sales at live events and hospitality site fees, (iii) sponsorship and advertising sales and (iv) consumer product licensing and other.

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):


	Year Ended December 31, 2023
	UFC		WWE		IMG		Corporate and Other		Total
Media rights, production and content	$	870,551	$	249,496	$	692,224	$	15,870	$	1,828,141
Live events and hospitality		167,942		87,705		650,585		81,524		987,756
Sponsorship		196,296		17,957		79,103		26,397		319,753
Consumer products licensing and other		57,412		27,609		15,198		8,196		108,415
Eliminations		—		—		—		—		(19,269	)

Total revenue	$	1,292,201	$	382,767	$	1,437,110	$	131,987	$	3,224,796

	Year Ended December 31, 2022
	UFC		WWE		IMG		Corporate and Other		Total
Media rights, production and content	$	794,397	$	—	$	628,529	$	15,689	$	1,438,615
Live events and hospitality		125,271		—		715,676		70,617		911,564
Sponsorship		166,845		—		66,879		27,757		261,481
Consumer products licensing and other		53,634		—		13,901		5,943		73,478
Eliminations		—		—		—		—		(11,106	)

Total revenue	$	1,140,147	$	—	$	1,424,985	$	120,006	$	2,674,032

Remaining Performance Obligations

The transaction price related to the Company’s future performance obligations does not include any variable consideration related to sales or usage-based royalties. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license.

The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of December 31, 2023 (in thousands):


2024	$	2,407,382
2025		1,999,247
2026		928,426
2027		800,628
2028		676,008
Thereafter		776,765

Total remaining performance obligations	$	7,588,456

Revenue from Prior Period Performance Obligations

The Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the years ended December 31, 2023 and 2022.

Contract Liabilities (Deferred Revenues)

The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance. The Company’s deferred revenue balance primarily relates to advance payments received related to its content distribution rights agreements, consumer product licensing agreements and sponsorship arrangements, as well as memberships for the Company’s subscription services. Deferred revenue is included in the current liabilities section and in other long-term liabilities in the combined balance sheets.

The following table presents the Company’s deferred revenue as of December 31, 2023 and 2022 (in thousands):


	As of December 31, 2022		Acquisitions		Additions		Deductions			Reclasses			Foreign Exchange			As of December 31, 2023
Deferred revenue - current	$	368,906	$	54,190	$	2,230,755	$	(2,098,198	)	$	111,943		$	5,761		$	673,357
Deferred revenue - non- current		65,856		—		97,127		(33,366	)		(111,943	)		(1,678	)		15,996

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RESTRUCTURING CHARGES

12 Months Ended

Dec. 31, 2023

RESTRUCTURING CHARGES [Abstract]

RESTRUCTURING CHARGES

17. RESTRUCTURING CHARGES

During the year ended December 31, 2023, the Company implemented an ongoing cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of WWE and UFC, which resulted in the recording of termination benefits for a workforce reduction of certain employees and independent contractors in the WWE segment and Corporate. As a result, the Company recorded restructuring charges of $41.4 million for the year ended December 31, 2023, inclusive of $19.9 million of equity-based compensation expenses, which are accrued in accrued liabilities and additional

paid-in-capital

on the combined balance sheets, respectively. These restructuring charges are primarily recorded within selling, general and administrative expenses in the combined statements of operations.

Changes in the Company’s restructuring liability through December 31, 2023 were as follows (in thousands):


Balance — December 31, 2022	$	—
Restructuring charges (excluding share-based compensation expense)		21,459
Payments		(11,734	)

Balance — December 31, 2023	$	9,725

CONTENT PRODUCTION INCENTIVES	12 Months Ended
CONTENT PRODUCTION INCENTIVES	Dec. 31, 2023
CONTENT PRODUCTION INCENTIVES [Abstract]
CONTENT PRODUCTION INCENTIVES	18. CONTENT PRODUCTION INCENTIVES The Company has access to various governmental programs that are designed to promote content production within the United States of America and certain international jurisdictions. These programs primarily consist of nonrefundable tax credits issued by a jurisdiction on an annual basis for qualifying expenses incurred during the year in the production of certain entertainment content created in whole or in part within the jurisdiction. During the year ended December 31, 2023, the Company recorded content production incentives of $13.1 million related to qualifying content production activities. These incentives are recorded as an offset to production expenses within direct operating costs on the Company’s combined statements of operations. The Company did not record any content production incentives during the years ended December 31, 2022.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION [Abstract]

SEGMENT INFORMATION

19. SEGMENT INFORMATION

Prior to the acquisition of WWE, the Company operated as a single reportable segment. Subsequent to the acquisition of WWE and effective September 12, 2023, the Company identified two reportable segments: UFC and WWE, to align with how the Company’s chief operating decision maker (the “CODM”), the Chief Executive Officer, manages the businesses, evaluates financial results, and makes key operating decisions. The UFC segment consists entirely of the operations of the Company’s UFC business which was the sole reportable segment prior to the acquisition of WWE, while the WWE segment consists entirely of the operations of the WWE business acquired on September 12, 2023. Subsequent to the Endeavor Asset Acquisition and effective February 28, 2025, the Company identified three reportable segments: UFC, WWE and IMG to align with how the Company’s CODM manages the businesses, evaluates financial results, and makes key operating decisions. The IMG segment consists of the operations of the IMG Media Business, OLE Business, Mailman Business and various events businesses including Golf Events, Formula Drift and International Figure Skating.

The Company also reports the results for the “Corporate” group. The Corporate group reflects operations not allocated to the UFC or WWE segments and primarily consists of general and administrative expenses. As a result of the Endeavor Asset Acquisition, the Company determined that the PBR Business’ operations would be included within the “Corporate” group which will be renamed to “Corporate and Other”. The Corporate and Other group will also include operations not allocated to the IMG segment which primarily consists of general and administrative expenses. These expenses largely relate to corporate activities, including information technology, facilities, legal, human resources, finance, accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support all reportable segments. Corporate expenses also include service fees paid by the Company to Endeavor related to certain corporate activities as well as certain revenue generating activities under the Services Agreement. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EDR Parties and TKO was terminated and a Transition Services Agreement has been entered into between certain of the EDR Parties, TWI and certain of the TKO Parties.

As disclosed within Note 2,

Summary of Significant Accounting Policies

, the historical financial data presented within includes the recast combined results of TKO and the Businesses for all periods presented. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation. Within these recast combined financial statements, for accounting periods prior to the acquisition of WWE, the Company presents two reportable segments: UFC and IMG. For the accounting period subsequent to the acquisition of WWE and effective September 12, 2023, the Company presents three reportable segments: UFC, WWE and IMG.

The profitability measure employed by the Company’s CODM for allocating resources and assessing operating performance is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company’s segments, including content production asset amortization. The Company’s CODM considers

budget-to-actual

and quarter-over-quarter variances when making decisions about allocating capital and personnel to the segments. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view the Company’s segment performance in the same manner as the Company’s CODM to evaluate segment performance and make decisions about allocating resources. Additionally, the Company believes that Adjusted EBITDA is a primary measure used by media investors, analysts and peers for comparative purposes.

The Company does not disclose assets by segment information. The Company does not provide assets by segment information to the Company’s CODM, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. A significant portion of the Company’s assets following the Transactions represent goodwill and intangible assets arising from the Transactions.

The following tables present summarized financial information for each of the Company’s reportable segments (in thousands):

UFC


	Year Ended December 31,
	2023		2022
Revenue	$	1,292,201	$	1,140,147
Direct operating costs (1)		383,388		325,586
Selling, general and administrative expenses (1)		153,149		133,932

Adjusted EBITDA	$	755,664	$	680,629

WWE


	Year Ended December 31,
	2023		2022
Revenue	$	382,767	$	—
Direct operating costs (1)		125,685		—
Selling, general and administrative expenses (1)		94,101		—

Adjusted EBITDA	$	162,981	$	—

IMG


	Year Ended December 31,
	2023		2022
Revenue	$	1,437,110	$	1,424,985
Direct operating costs (1)		986,151		968,023
Selling, general and administrative expenses (1)		329,812		284,565

Adjusted EBITDA	$	121,147	$	172,397

(1)	Direct operating expenses and selling, general and administrative expenses included in the measure of Adjusted EBITDA exclude the impacts of items noted in the reconciliation of segment profitability below.

Revenue


	Year Ended December 31,
	2023			2022
UFC	$	1,292,201		$	1,140,147
WWE		382,767			—
IMG		1,437,110			1,424,985

Total combined revenue from reportable segments	$	3,112,078		$	2,565,132
Corporate and Other		131,987			120,006
Eliminations		(19,269	)		(11,106	)

Total combined revenue	$	3,224,796		$	2,674,032

Reconciliation of segment profitability


	Year Ended December 31,
	2023			2022
UFC	$	755,664		$	680,629
WWE		162,981			—
IMG		121,147			172,397

Total combined Adjusted EBITDA from reportable segments	$	1,039,792		$	853,026
Corporate and Other		(192,019	)		(125,197	)

Total combined Adjusted EBITDA	$	847,773		$	727,829
Reconciling items:
Equity earnings of affiliates		(9,212	)		(7,388	)
Interest expense, net		(229,605	)		(134,084	)
Depreciation and amortization		(224,051	)		(133,619	)
Equity-based compensation expense (1)		(64,512	)		(31,598	)
Merger acquisition and earn-out costs (2)		(85,474	)		(9,486	)
Certain legal costs (3)		(38,721	)		(12,781	)
Restructuring, severance and impairment (4)		(48,416	)		(109	)
Foreign exchange gains and (losses) (5)		14,811			(33,399	)
Other adjustments (6)		4,390			2,720

Income before income taxes and equity earnings of affiliates	$	166,983		$	368,085

(1)

Equity-based compensation represents non-cash compensation expense for awards issued under Endeavor’s 2021 Plan subsequent to its April 28, 2021 IPO, for the Replacement Awards and for awards issued under the 2023 Incentive Award Plan. For the year ended December 31, 2023, equity-based compensation includes $19.9 million of expense associated with accelerated vesting of the Replacement Awards related to the workforce reduction of certain employees in the WWE segment and Corporate and Other.

(2)

Includes certain costs of professional fees and bonuses related to the Transactions and payable contingent on the closing of the Transactions for the year ended December 31, 2023. Includes fair value adjustments for contingent consideration liabilities of $9.2 million related to acquired businesses for the year ended December 31, 2022.

(3)	Includes costs related to certain litigation matters including antitrust matters for UFC and WWE, matters where Mr. McMahon has agreed to make future payments to certain counterparties personally and, for the year ended December 31, 2023, the settlement of a WWE antitrust matter for $20.0 million.

(4)

Includes costs resulting from the Company’s cost reduction program, as described in Note 17,

Restructuring Charges

, to our audited combined financial statements as well as a $21.5 million non-cash impairment charge as described in Note 6,

Goodwill and Intangible Assets

, to our audited combined financial statements during the year ended December 31, 2023.

(5)	Includes gains and losses related to foreign exchange transactions.

(6)

For the year ended December 31, 2023, other adjustments were comprised primarily of gains of approximately $3.2 million related to the change in the fair value of forward foreign exchange contracts and gains of $1.7 million related to the change in the fair value of embedded foreign currency derivatives, partially offset by losses of $1.4 million on the disposal of assets. For the year ended December 31, 2022, other adjustments were comprised primarily of by a non-operating gain of $5.8 million partially offset by losses of $2.2 million related to the change in the fair value of forward foreign exchange contracts and losses of $0.4 million related to the change in the fair value of embedded foreign currency derivatives.

Geographic information

Revenue by major geographic region is based upon the geographic location of where our revenue is generated. The information below summarizes our revenue by geographic area:


	Year Ended December 31,
	2023		2022
North America	$	2,096,314	$	1,775,590
Europe/Middle East/Africa		767,887		590,837
Asia Pacific		285,692		217,256
Latin America		74,903		90,349

Total revenue	$	3,224,796	$	2,674,032

The Company’s property, buildings and equipment were almost entirely located in the United States at December 31, 2023. Other than approximately $32.9 million of the Company’s property, buildings and equipment

which

was located in the United Kingdom, the remaining property, buildings and equipment were almost entirely located in the United States at December 31, 2022.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

LEASES

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

LEASES

20. LEASES

As of December 31, 2023, the Company’s lease portfolio consisted of operating and finance leases, in which the Company is the lessee, primarily for real estate property for offices around the world. In addition, the Company has various live event production service arrangements that contain operating and finance equipment leases. The Company’s real estate leases have remaining lease terms of approximately one year to 27 years, some of which include one or more options to renew. These renewal terms can extend the lease term and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company’s equipment leases, which are included as part of various operating service arrangements, generally have remaining lease terms of approximately

one year

to

eight

years. Generally, no covenants are imposed by the Company’s lease agreements.

Quantitative Disclosures Related to Leases

The following table provides quantitative disclosure about the Company’s operating and finance leases for the periods presented (dollars in thousands):


	Year Ended December 31,
	2023			2022
Lease costs
Finance lease costs:
Amortization of right-of-use assets	$	7,227		$	1,200
Interest on lease liabilities		6,997			900
Operating lease costs		16,725			10,658
Other short-term and variable lease costs		1,480			936

Total lease costs	$	32,429		$	13,694

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	8,072		$	1,756
Operating cash flows from operating leases	$	15,867		$	11,783
Finance cash flows from finance leases	$	938		$	—
Right-of-use assets obtained in exchange for new finance lease liabilities (1)	$	257,359		$	—
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	24,356		$	15,528

	As of December 31,
	2023			2022
Weighted-average remaining lease term (in years) - finance leases		24.3			6.7
Weighted-average remaining lease term (in years) - operating leases		6.1			6.9
Weighted-average discount rate - finance leases		8.2	%		10.2	%
Weighted-average discount rate - operating leases		6.7	%		6.5	%

(1)	The amounts for the year ended December 31, 2023 are primarily related to the assets acquired in the Transactions as discussed in Note 4, Acquisition of WWE .

Maturity of lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Leases			Finance Leases
2024	$	21,846		$	30,625
2025		19,223			27,622
2026		17,435			30,207
2027		13,539			21,091
2028		6,682			19,536
Thereafter		21,580			498,572

Total future minimum lease payment		100,305			627,653
Less: imputed interest		(18,631	)		(363,744	)

Present value of future minimum lease payments	$	81,674		$	263,909
Less: current portion of operating lease liabilities		(17,089	)		(10,299	)

Long-term operating lease liabilities	$	64,585		$	253,610

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

21. COMMITMENTS AND CONTINGENCIES

The Company has certain commitments, including various service contracts with vendors related to events and media rights as well as service fees paid by the Company to Endeavor under the Services Agreement. The following is a summary of the Company’s annual commitments under these agreements as of December 31, 2023 (in thousands):


2024	$	622,476
2025		335,026
2026		337,083
2027		435,236
2028		325,118
Thereafter		162,888

Total	$	2,217,827

The Company’s future commitments related to its debt obligations and its operating and finance leases are separately disclosed in Note 8,

Debt

, and Note 20,

Leases

, respectively.

The table above includes $55.3 million in 2024, $68.2 million in 2025, $70.7 million in 2026, $71.4 million in 2027, $72.2 million in 2028 and $124.0 million thereafter related to the Services Agreement. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EDR Parties and TKO was terminated and a Transition Services Agreement has been entered into between certain of the EDR Parties, TWI and certain of the TKO Parties.

Legal Proceedings

The Company is involved in legal proceedings, claims and governmental investigations arising in the normal course of business. The types of allegations that arise in connection with such legal proceedings vary in nature, but can include contract, employment, tax and intellectual property matters. The Company evaluates all cases and records liabilities for losses from legal proceedings when the Company determines that it is probable that the outcome will be unfavorable and the amount, or potential range, of loss can be reasonably estimated. While any outcome related to litigation or such governmental proceedings cannot be predicted with certainty, management believes that the outcome of these matters, except as otherwise may be discussed below, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

UFC Legal Proceedings

Zuffa has five related class-action lawsuits filed against it between December 2014 and March 2015 by a total of eleven former UFC fighters. The lawsuits, which are substantially identical, were transferred to the United States District Court for the District of Nevada and combined into a single action in June 2015, captioned

Le et al. v. Zuffa, LLC

, No.

2:15-cv-1045-RFB-BNW

(D. Nev.) (the “Le” case). The lawsuit alleges that Zuffa violated Section 2 of the Sherman Act by monopsonizing an alleged market for the services of elite professional MMA athletes. The fighter plaintiffs claim that Zuffa’s alleged conduct injured them by artificially depressing the compensation they received for their services, and they seek treble damages under the antitrust laws, as well as attorneys’ fees and costs, and, in some instances, injunctive relief. On August 9, 2023, the district court certified the lawsuit as a damages class action, encompassing the period from December 16, 2010 to June 30, 2017. On January 18, 2024, the court denied Zuffa’s motion for summary judgment and requests to exclude the fighter plaintiffs’ experts. The court has set a trial date of April 15, 2024. The fighter plaintiffs in the

Le

case abandoned their claim for injunctive relief, so the only relief the fighter plaintiffs may seek at the April 15, 2024 trial is damages. On June 24, 2021, another lawsuit,

Johnson et al. v. Zuffa, LLC et al.

, No.

2:21-cv-1189-RFB-BNW

(D. Nev.) (the “Johnson” case), was filed by a putative class of former UFC fighters and covering the period from July 1, 2017 to the present and alleges substantially similar claims to the

Le

case and seeks injunctive relief. The defendants in the

Johnson

case are Zuffa, Endeavor, and TKO OpCo. Discovery recently opened and will continue at least through

mid-2025.

The Company believes that the claims alleged lack merit and intends to defend itself vigorously against them.

WWE Legal Proceedings

On January 11, 2022, a complaint was filed against WWE by MLW Media LLC (“MLW”), captioned

MLW Media LLC v. World Wrestling Entertainment, Inc.

, No.

5:22-cv-00179-EJD

(N.D. Cal.), alleging that WWE interfered with MLW’s contractual relationship with certain media platforms and engaged in other anticompetitive and unfair business practices in violation of the Sherman Antitrust Act and California law. On December 22, 2023, the parties notified the court that they had entered into a settlement agreement in the amount of $20.0 million and stipulated that the case should be voluntarily dismissed with prejudice. In light of the settlement, the case was dismissed with prejudice on December 26, 2023.

As announced in June 2022, a Special Committee of independent members of WWE’s board of directors (the “Special Committee”) was formed to investigate alleged misconduct by WWE’s then-Chief Executive Officer, Vincent K. McMahon (the “Special Committee Investigation”). Mr. McMahon initially resigned from all positions held with WWE on July 22, 2022 but remained a stockholder with a controlling interest and served as Executive Chairman of WWE’s board of directors from January 9, 2023 through September 12, 2023, at which time Mr. McMahon became Executive Chair of the Board of Directors of the Company. Although the Special Committee investigation is complete and, in January 2024, Mr. McMahon resigned from his position as Executive Chair and member of TKO’s Company’s Board of Directors, as well as other positions, employment and otherwise, at TKO and its subsidiaries, WWE has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas, demands and/or other claims and complaints arising from, related to, or in connection with these matters. On July 17, 2023, federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon. No charges have been brought in these investigations. WWE has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.

On January 25, 2024, a former WWE employee filed a lawsuit against WWE, Mr. McMahon and another former WWE executive in the United States District Court for the District of Connecticut alleging, among other things, that she was sexually assaulted by Mr. McMahon and asserting claims under the Trafficking Victims Protection Act.

On November 17, 2023, a purported former stockholder of WWE, Laborers’ District Council and Contractors’ Pension Fund of Ohio, filed a verified class action complaint on behalf of itself and similarly situated former WWE stockholders in the Court of Chancery of the State of Delaware, captioned

Laborers District Council and Contractors’ Pension Fund of Ohio v. McMahon,

C.A. No.

2023-1166-JTL

(“

Laborers

Action”). On November 20, 2023, another purported WWE stockholder, Dennis Palkon, filed a verified class action complaint on behalf of himself and similarly situated former WWE stockholders in the Court of Chancery of the State of Delaware, captioned

Palkon v. McMahon

, C.A. No.

2023-1175-JTL

(“

Palkon

Action”). The

Laborers

and

Palkon

Actions allege breach of fiduciary duty claims against former WWE directors Vincent K. McMahon, Nick Khan, Paul Levesque, George A. Barrios, Steve Koonin, Michelle D. Wilson, and Frank A. Riddick III, arising out of the Transactions. These cases are pending consolidation and are in the early stages.

On January 4, 2024, the City of Pontiac Reestablished General Employee’s Retirement System, a purported stockholder of WWE, filed an action in the Court of Chancery of the State of Delaware seeking certain books and records related to the Transactions under Section 220 of the Delaware General Corporations Code (the “

Pontiac

Action”). On February 12, 2024, the Court entered an order vacating the case schedule and staying the

Pontiac

Action.

IMG Legal Proceedings

In July 2017, the Italian Competition Authority (“ICA”) issued a decision opening an investigation into alleged breaches of competition law in Italy, involving inter alia IMG, and relating to bidding for certain media rights of the Serie A and Serie B football leagues. In April 2018, the European Commission conducted on-site inspections at a number of companies that are involved with sports media rights, including the Company. The inspections were part of an ongoing investigation into the sector and into potential violations of certain antitrust laws that may have taken place within it. The Company investigated these ICA matters, as well as other regulatory compliance matters. In May 2019, the ICA completed its investigation and fined the Company approximately EUR 0.3 million. As part of its decision, the ICA acknowledged the Company’s cooperation and ongoing compliance efforts since the investigation commenced. In July 2019, three football clubs (the “Original Plaintiffs”) and in June 2020, the Serie A football league (Lega Nazionale Professionisti Serie A or “Lega Nazionale,” and together with the three clubs, the “Plaintiffs”) each filed separate claims against IMG and certain other unrelated parties in the Court of Milan, Italy, alleging that IMG engaged in anti-competitive practices with regard to bidding for certain media rights of the Serie A and Serie B football league. The Plaintiffs seek damages from all defendants deriving from the lower value of the media rights in amounts totaling EUR 554.6 million in the aggregate relating to the three football clubs and EUR 1,750 million relating to Lega Nazionale, along with attorneys’ fees and costs. Since December 2020, four additional football clubs have each filed requests to intervene in the Lega Nazionale proceedings and individually seek to claim damages deriving from the lower value of the media rights in the aggregate totaling EUR 251.5 million. The Original Plaintiffs and these four additional clubs are also seeking additional damages relating to alleged lost profits and additional charges, quantified in the fourth quarter of 2022 in amounts totaling EUR 1,675 million. Ten other clubs also filed requests to intervene in support of Lega Nazionale’s claim or alternatively to individually claim damages deriving from the lower value of the media rights in the amount of EUR 284.9 million, in the case of five clubs, and unspecified amounts (to be quantified as a percentage of the total amount sought by Lega Nazionale) in the other five cases. Collectively, the interventions of these 14 clubs are the “Interventions.” By judgment issued on May 8, 2024, the Court of Milan ruled that the clubs have a concurrent right to bring a claim, and Lega Nazionale is entitled to retain an award of only 10% of the aggregate loss suffered (if any) by the clubs deriving from the lower value of the media rights. The Company reserved the right to appeal the partial ruling. In December 2022, one further football club filed a separate claim against IMG and certain other unrelated parties seeking damages from all defendants deriving from the lower value of the media rights in the amounts of EUR 326.9 million, in addition to alleged additional damages relating to lost profits and additional charges which the club, with defensive brief on May 13, 2024, quantified in amounts totaling EUR 513.5 million. The Company has defended in its submissions to date, and intends to continue to defend, against all of the damages claims, Interventions and any related claims, and management believes that the Company has meritorious defenses to these claims, including the absence of actual damage. The Company may also be subject to regulatory and other claims and actions with respect to these ICA and other regulatory matters. Any losses resulting from any judgment entered against the Company or settlement entered into, including with respect to claims or actions brought by other parties, will be indemnified by Endeavor.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

22. RELATED PARTY TRANSACTIONS

EGH and its subsidiaries

EGH and its subsidiaries (collectively, the “Group”), who collectively own approximately 52.1% of the voting interest in TKO as described in Note 1,

Description of Business

, provide various services to the Company and, upon consummation of the Transactions, such services are provided pursuant to the Services Agreement. Revenue and expenses associated with such services are as follows (in thousands):


	Year Ended December 31,
	2023			2022
Revenue from the Group	$	4,215		$	1,847
Direct operating costs from the Group (1)		16,667			12,943
Selling, general and administrative expenses from the Group (2)		23,353			25,310
Interest expense from the Group (3)		11,612			7,395

Net income expense resulting from Group transactions included within net income (loss)	$	(47,417	)	$	(43,801	)

(1)	These expenses primarily consist of production and consulting services as well as commissions paid to the Group.

(2)	These expenses primarily consist of service fees paid to the Group. The Company believes that these service fees are a reasonable allocation of costs related to representation, executive leadership, back-office and corporate functions and other services provided by the Group.

(3)	These expenses consist of interest on loans to the Company from the Group.

Outstanding amounts due to and from the Group were as follows (in thousands):


		As of December 31,
	Classification	2023			2022
Amounts due from the Group	Other current assets	$	10,423		$	14,923
Amounts due to the Group	Other current liabilities		(4,881	)		(7,211	)
Amounts due to the Group	Other long-term liabilities		(6,423	)		(10,399	)

The Company also reimburses the Group for third party costs they incur on the Company’s behalf. The Company reimbursed $9.3 million and $5.4 million during the years ended December 31, 2023 and 2022, respectively.

Corporate Allocations

The combined financial statements include general corporate expenses of Endeavor for certain support functions that are provided on a centralized basis within Endeavor, such as expenses related to finance, human resources, information technology, facilities, and legal, among others (collectively, “General Corporate Expenses”). For purposes of these combined financial statements, the General Corporate Expenses have been allocated to the Businesses. The General Corporate Expenses are included in the combined statements of operations in selling, general and administrative expense, and other income (expense), net and as a component of net parent investment and nonredeemable

non-controlling

interest after the Transactions. These expenses have been allocated to the Businesses on a pro rata basis of headcount, gross profit, and other drivers. Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating General Corporate Expenses from Endeavor, are reasonable. Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred and may not reflect the Business’ combined results of operations, financial position and cash flows had it been standalone company during the periods presented. Actual costs that would have been incurred if the Businesses had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

The allocations of General Corporate Expenses are reflected in the combined statements of operations as follows (in thousands):


	Years Ended December 31,
	2023			2022
Selling, general and administrative expenses	$	98,526		$	93,733
Other income (expense), net		(93	)		789

Total General corporate expenses	$	98,433		$	94,522

Net Parent

Investment/Non-Controlling

Interests

All significant related party transactions between the Businesses and Endeavor have been included in the combined financial statements and are considered to be effectively settled for cash at the time the transaction is recorded. The total net effect of the settlement of these related party transactions is reflected in the combined statements of cash flows as a financing activity and in the combined balance sheets as a component of net parent investment and nonredeemable

non-controlling

interest after the Transactions.

Net parent investment as of December 31, 2022 and nonredeemable

non-controlling

interests as of December 31, 2023 in the combined balance sheets and net transfers from parent and net transfers to parent prior to reorganization and acquisition and net transfers from parent subsequent to reorganization and acquisition in the combined statement of stockholders’ equity/net parent investment represent Endeavor’s historical investment in the Businesses and include net earnings (loss) after taxes (Endeavor’s basis) and the net effect of transactions with and cost allocations from Endeavor. Also included in these line items are the distributions and contributions made by the Company during this period. Such balances are reflected in the combined statements of cash flows based on the cash flows made by Endeavor. These cash flows are included within net transfers to parent within cash flows from financing activities.

The following table summarizes the components of the net transfers to parent prior to reorganization and acquisition and net transfers from parent subsequent to reorganization and acquisition in nonredeemable

non-controlling

interests for the year ended December 31, 2023:


	Year Ended December 31, 2023
Cash pooling and general financing activities (1)	$	50,551
Corporate allocations		28,568
Distributions		(259,898	)
Contributions		15,243

Net transfers to parent per the Combined Statements of Equity prior to reorganization and acquisition	$	(165,536	)

Cash pooling and general financing activities (1)	$	100,005
Corporate allocations		63,568
Contributions		3,395

Net transfers from parent per the Combined Statements of Equity subsequent to reorganization and acquisition	$	166,968

Equity based compensation expense	$	(26,041	)
Currency translation adjustments on intracompany transactions		(3,323	)
Taxes deemed settled with Parent		8,691
Net loss on foreign currency transactions		12,636
Distributions subsequent to reorganization		(36,689	)

Net transfers to parent per the Combined Statements of Cash Flows	$	(43,294	)

(1)

The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor on a daily basis under the Endeavor Treasury function and the Businesses receive capital from Endeavor for its cash needs.

The following table summarizes the components of the net transfers to parent in net parent investment for the year ended December 31, 2022:


	Year Ended December 31, 2022
Cash pooling and general financing activities (1)	$	95,281
Corporate allocations		86,373
Distributions		(1,095,904	)
Contributions		23,744

Net transfers to parent per the Combined Statements of Equity	$	(890,506	)
Equity based compensation expense		(31,598	)
Currency translation adjustments on intracompany transactions		(16,014	)
Taxes deemed settled with Parent		(11,474	)
Net gain on foreign currency transactions		(12,989	)

Net transfers to parent per the Combined Statements of Cash Flows	$	(962,581	)

(1)

The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor on a daily basis under the Endeavor Treasury function and the Businesses receive capital from Endeavor for its cash needs.

Vincent McMahon

Vincent K. McMahon, who served as Executive Chair of the Company’s Board of Directors until January 26, 2024, controls a significant portion of the voting power of the issued and outstanding shares of the Company’s common stock.

Mr. McMahon has agreed to make future payments to certain counterparties personally. In accordance with the SEC’s Staff Accounting Bulletin Topic 5T,

Miscellaneous Accounting, Accounting for Expenses or Liabilities Paid by Principal Stockholders

(“Topic 5T”), the Company concluded that these amounts should be recognized by the Company as expenses in the period in which they become probable and estimable.

In connection with the Transactions, the Company assumed $3.5 million of liabilities related to future payments owed by Mr. McMahon to certain counterparties, of which $2.0 million was paid directly by Mr. McMahon during the period of September 12, 2023 through December 31, 2023. During the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of expenses associated with payments made directly by Mr. McMahon to certain counterparties. These costs are included within selling, general and administrative expenses in our combined statements of operations. Additionally, during the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of costs associated with payments made directly by Mr. McMahon related to WWE’s global headquarters lease. These costs are included within finance lease

right-of-use

assets, net in our combined balance sheets. These payments are considered

non-cash

capital contributions and are included as a component of principal stockholder contributions in our combined statements of stockholders’ equity/net parent investment. As of December 31, 2023, total liabilities of $1.5 million are included within accrued expenses in our combined balance sheets related to future payments owed by Mr. McMahon to certain counterparties.

In connection with and/or arising from the investigation conducted by a Special Committee of the former WWE board of directors, Mr. McMahon has agreed to reimburse the Company for additional costs incurred in connection with and/or arising from the same matters. During the year ended December 31, 2023, Mr. McMahon reimbursed the Company $5.8 million associated with these costs. This reimbursement is considered a capital contribution and is included as a component of principal stockholder contributions in our combined statements of stockholders’ equity/net parent investment.

Euroleague

As of December 31, 2023, the Company has an equity-method investment in Euroleague Ventures S.A. (“Euroleague”), a related party. For the years ended December 31, 2023 and 2022, the Company recognized revenue of $21.0 million and $18.6 million, and incurred direct operating costs of $0.3 million and $1.6 million respectively, for a management fee to compensate it for representation and technical services it provides to Euroleague in relation to the distribution of media rights. Euroleague also has related party receivables outstanding of $7.3 million and $7.7 million at December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

The accompanying recast combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting financial information.

With respect to the historical financial data of the Businesses included within these recast combined financial statements, the historical financial data has been derived from the historical combined financial statements and accounting records of Endeavor and were prepared on a standalone basis in accordance with GAAP and may not be indicative of what they would have been had the Business been independent standalone companies, nor are they necessarily indicative of the Businesses’ future financial data.

The Businesses include Endeavor’s assets and liabilities that are specifically identifiable or otherwise attributable to the Businesses, including subsidiaries and/or joint ventures relating to the Businesses in which Endeavor has a controlling financial interest. The assets, liabilities, revenue and expenses of the Businesses have been reflected in these recast combined financial statements on a historical cost basis, as included in the combined financial statements of Endeavor, using the historical accounting policies applied by Endeavor. Cash and cash equivalents held by Endeavor at the corporate level were not attributable to the Businesses for any of the periods presented due to Endeavor’s centralized approach to cash management and the financing of its operations. Only cash amounts held by entities for which the Businesses have legal title are reflected in the balance sheets. Transfers of cash, both to and from Endeavor’s centralized cash management system, are reflected as a component of Net parent investment in the balance sheets and as financing activities in the accompanying statements of cash flows. Endeavor’s debt was not attributed to the Businesses for any of the periods presented because Endeavor’s borrowings are not the legal obligation of the Businesses.

The Businesses include all revenues and costs directly attributable to the Businesses and reflect allocations of certain Endeavor corporate, infrastructure and shared services expenses, including centralized research, legal, human resources, payroll, finance and accounting, employee benefits, real estate, insurance, information technology, telecommunications, treasury, events and other expenses. The allocations may not, however, reflect the expense the Businesses would have incurred as standalone companies for the periods presented. These costs also may not be indicative of the expenses that the Businesses will incur in the future or would have incurred if the Businesses had obtained these services from a third party.

The historical financial data presented includes the recast combined results of operations of TKO and the Businesses for all periods presented.

Principles of Combination

The combined financial statements include the accounts of TKO and the Businesses and their wholly-owned subsidiaries and other subsidiaries in which a controlling voting interest is maintained, which is typically present when the Company owns a majority of the voting interest in an entity and the

non-controlling

interests do not hold any substantive participating rights. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810,

Consolidation

, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is combined. All intercompany transactions and balances have been eliminated.

Non-controlling

interest in subsidiaries are reported as a component of equity or temporary equity in the combined balance sheets with disclosure of the net income (loss) and comprehensive income (loss) attributable to the Company and the

non-controlling

interests on the combined statements of operations and the combined statements of comprehensive income (loss). The equity method of accounting is used for investments in affiliates and joint ventures where the Company has significant influence over operating and financial policies but not control. Investments in which the Company does not have significant influence over operating and financial policies are accounted for either at fair value if the fair value is readily determinable or at cost, less impairment, adjusted for subsequent observable price changes if the fair value is not readily determinable.

TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company operates and controls all of the business affairs of TKO OpCo. As a result, the Company is the primary beneficiary and thus consolidates the financial results of TKO OpCo and reports a

non-controlling

interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. As of December 31, 2023, the Company owned 47.9% of TKO OpCo.

Use of Estimates

The preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the combined financial statements and the accompanying disclosures.

Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, allowance for doubtful accounts, recoverability of deferred costs, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, determination of useful lives of intangible assets and long-lived assets acquired, the fair value of equity-based compensation, leases, income taxes and contingencies.

Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s combined financial statements in future periods.

Revenue Recognition

Under ASC Topic 606,

Revenue from Contracts with Customers

(“ASC Topic 606”), our sales revenue is recognized when products are delivered or as services are performed. Revenue is recognized when control of the promised goods or services is transferred to our customers either at a point in time or over time, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. For contracts which have more than one performance obligation the total contract consideration is allocated based on management’s estimate of each performance obligation’s relative stand-alone selling price. The variable consideration in the Company’s contracts earned from licensing intellectual property and commissions, as well as

pay-per-view

programming revenue and consumer product licensing revenue, is recognized in accordance with the sales or usage-based royalties exception under ASC 606. The variability of sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license.

The Company enters into many arrangements that require the Company to determine whether it is acting as a principal or an agent. This determination involves judgment and requires evaluation as to whether the Company controls the goods or services before they are transferred to the customer. As part of this analysis, the Company considers if it is primarily responsible for fulfillment and acceptability of the goods or services, if it has the inventory risk before or after the transfer to the customer, and if the Company has discretion in establishing prices.

Our payment terms vary by the type of products or services offered, and are generally subject to contractual payment terms, which may include advance payment requirements. The time between invoicing and when payment is due is not significant. Our contracts with customers do not result in significant obligations associated with returns, refunds or warranties. Our revenues do not include material amounts of variable consideration other than the sales or usage-based royalties earned related to our consumer product licensing and certain media rights and content contracts which are subject to contractual payment terms.

The following are the primary sources of revenue earned by the Company:

Media Rights, Production and Content

Broadcast rights fees received from distributors of the Company’s live event and television programming, both domestically and internationally, are recorded when the live event or program has been delivered and is available for distribution. Certain of the Company’s media rights are typically sold in multi-year arrangements and are generally comprised of multiple performance obligations that involve the allocation of transaction price based on the relative stand-alone selling price of each performance obligation. The Company uses both the full rights

buy-out

model and commission model for sales of media and broadcast rights for live entertainment and sporting event programming on behalf of other media rights owners. Under the full rights

buy-out

model related to media sales, the Company is acting as a principal, the Company generally will enter into an agreement with the underlying media rights owner to license the media rights prior to negotiating license arrangements with customers, primarily broadcasters and other media distributors. Upon licensing the media rights from the rights owner, the Company obtains control of the rights and has the ability to obtain substantially all the remaining economic benefits of the rights. The Company is also obligated to pay the media rights owner the license fee regardless of the Company’s ability to monetize the rights. The Company has discretion in negotiating licensee fees with customers and it retains customer credit risk. The Company recognizes the customer license fees as revenue and the consideration paid to the rights holders for the acquisition of the rights as a direct operating cost. The satisfaction of the performance obligation depends on the number and timing of events delivered and is satisfied when the events take place. In the commission model related to media rights sales, the Company does not obtain control of the underlying rights, the Company earns a commission equal to a stated percentage of the license fees for the rights distributed. As the Company does not obtain control of the underlying media rights, the Company recognizes the sales commission as revenue. Commission revenue related to media rights sales is recognized when the underlying content becomes available for view or telecast and has been accepted by the customer. The Company’s performance obligation generally includes distributing the live video feed and revenue is typically recognized on an event basis. The Company uses its estimate of stand-alone selling price to allocate transaction price. Any advance payments received from customers are deferred upon collection and recognized into revenue as content is delivered.

Revenue from the Company’s

pay-per-view

programming is recognized when the event is aired and, for those contracts with variable fees, is based upon its initial estimate of the number of buys achieved. This initial estimate is based on preliminary buy information received from certain

pay-per-view

distributors and any adjustments to the estimated amounts are recorded when final information is received.

Pay-per-view

programming is distributed through cable, satellite, and digital providers to residential and commercial establishments. The Company’s customer is the cable, satellite, and certain digital providers on residential buys and the Company records its royalties earned on the sales of

pay-per-view

programming. For other residential buys through

UFC-branded

digital platforms, the Company’s customer is the end user, and the Company records the amount paid by the end customer. On

commercial buys, the Company recognizes the amount paid by the establishment. The Company owns and operates its own

over-the-top

(“OTT”) platforms, UFC FIGHT PASS, WWE Network and PBR Ride Pass that engage customers through a monthly subscription-based model. Access to UFC FIGHT PASS, WWE Network, PBR Ride Pass is provided to subscribers and revenue is recognized ratably over each paid monthly membership period. Revenue for UFC FIGHT PASS, WWE Network, PBR Ride Pass is deferred for subscriptions paid in advance until earned. The Company recognizes revenue for UFC FIGHT PASS, WWE Network, and PBR Ride Pass gross of third-party distributor fees as the Company is the principal in the arrangement.

Revenue from production services of live entertainment and sporting events is recognized at the time of the event on a per event basis. Revenue from production of editorial video content is recognized when the content is delivered to and accepted by the customer and the license period begins. Customers for the Company’s production services include broadcast networks, sports federations and independent content producers.

Live Events and Hospitality

The Company generates revenue through ticket sales and participation entry fees, site fees, hospitality sales, and management fees each of which may represent a distinct performance obligation or may be bundled into an experience package.

Live event revenue consists of ticket and VIP package sales for events at third-party venues, each of which generally represents distinct performance obligations. The Company allocates the transaction price to all performance obligations contained within an event based on their relative stand-alone selling price. Controlled event revenue (owned or licensed) is generally recognized for each performance obligation over the course of the event, multiple events, or contract term in accordance with its respective revenue stream. For services related to third-party controlled events, the Company’s customer is the third-party event owner. The Company earns fixed and/or variable commission revenue for ticket sales, collection of participation entry fees, hospitality sales or sponsorship sales on behalf of an event owner. For these arrangements, the Company recognizes as revenue the stated percentage of commissions due from the event owner (i.e. not the gross ticket sales/earnings from the event itself) as sales are completed, as the Company is acting as an agent of the event owner. Revenue for ticket sales, participation entry fees, site fees, and hospitality sales collected in advance of the event is recorded as deferred revenue until the event occurs. For controlled events, the Company recognizes revenue gross of third-party commissions and fees as the Company is the principal in the arrangement.

The Company’s bundled experience packages may include individual tickets, experiential hospitality, hotel accommodation and transportation. For these experience packages, the Company recognizes revenue at the event date when all of the package components have been delivered to the customer. The Company defers the revenue and cost of revenue on experience packages until the date of the event. The Company also offers event management services, assisting third-party event owners with live event production and hospitality, and earns fixed fees or variable profit participation commissions, recognizing revenue over the event, multiple events, or contract term.

Sponsorships

Through our sponsorship packages, the Company offers our customers a full range of promotional vehicles, including arena and octagon signage, digital and broadcast content,

on-air

announcements, special appearances by fighters and talent as well as other forms of advertisement. The Company allocates the transaction price to all performance obligations contained within a sponsorship arrangement based upon their relative standalone selling price. Standalone selling prices are determined generally based on a rate card used to determine pricing for individual components. After allocating revenue to each performance obligation, the Company recognizes sponsorship revenue when the promotional services are delivered. Revenue is primarily recognized gross of third-party commissions and fees as the Company is the principal in the arrangement. Our control is evidenced by our sole ability to monetize the sponsorship inventory and being primarily responsible to our customers.

Consumer Products Licensing and Other

Revenue is derived from licensing the Company’s logos, trade names, trademarks and related symbolic intellectual property to third party manufacturers and distributors of branded merchandise. Revenue is recognized based on the Company’s estimates of sales that occurred with subsequent adjustments recognized upon receipt of a statement or other information from the customer. Many licensing agreements include minimum guarantees, which set forth the minimum royalty to be paid to the Company during a given contract year. The Company will recognize the minimum guarantee revenue ratably over its related royalty period until such point that it is more likely than not that the total revenue during the royalty period will exceed the minimum royalty. If during the royalty period, management determines that total revenue will exceed the minimum royalty, the revenue recognized during each reporting period will reflect royalties earned on the underlying product sales.

Direct Operating Costs

Direct operating costs primarily include expenses associated with production of events and experiences, event ticket sales, and fees for media rights. This includes required payments related to media sales agency contracts when minimum sales guarantees are not met, expenses associated with our athletes and talent, production, marketing, venue costs related to the Company’s live events, and commissions and direct costs with distributors, as well as certain service fees paid to Endeavor.

Selling, General and Administrative Expenses

Selling, general and administrative expenses primarily include personnel costs as well as rent, travel, professional service costs and other overhead required to support the Company’s operations and corporate structure, including certain service fees paid to Endeavor.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit accounts and highly liquid money market accounts with original maturities of three months or less at the time of purchase.

Restricted Cash

Restricted cash primarily includes cash restricted as to withdrawal or usage under the terms of a contractual agreement.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with various major banks and other high-quality financial institutions. The Company periodically evaluates the relative credit standings of these banks and financial institutions. The Company’s accounts receivable are typically unsecured and a significant portion relates to trade receivables for events from various distributors, who collect and remit payments to the Company from individual operators as well as large broadcast and cable television and streaming networks with whom the Company licenses content. Significant portions of trade receivables also relate to third party venues.

As of December 31, 2023 and December 31, 2022 there were no

customers that accounted for 10% or more of the Company’s accounts receivable. For the years ended December 31, 2023 and 2022, there was

one customer who accounted for more than 10% of the Company’s revenue.

Derivative Instruments and Hedging Activities

The Company uses interest rate swaps to manage exposure to the risk associated with interest rates on variable rate borrowings. The Company does not use derivatives for trading or speculative purposes. The Company recognizes derivative financial instruments at fair value as either assets or liabilities in the combined balance sheets.

The accounting for changes in fair value (i.e., gains or losses) of the interest rate swap agreements depends on whether they have been designated and qualify as part of a hedging relationship and the type of hedging relationship. Changes in the fair value of derivative instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged item affects earnings. For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. The combined statement of operations includes the impact of Endeavor’s derivative financial instruments designated as cash flow hedges to manage foreign currency risk, which have been allocated to the Businesses based on its pro rata share of gross profit.

The Businesses participate in certain foreign currency risk programs administered by Endeavor. The hedging activity allocated to the Businesses is for the management of the Businesses’ forecasted foreign currency expenses. The Businesses generally participates in a centralized foreign currency hedging program managed by Endeavor rather than independently executing derivative financial instruments, but it does enter into forward foreign exchange contracts specifically for the IMG segment to economically hedge certain foreign currency risks. The Company evaluates whether its derivative financial instruments qualify for hedge accounting at the inception of the contract, and the Company determined the financial instruments are not designated for hedge accounting. The fair value of the derivative financial instrument is recorded in the Combined Balance Sheets. Changes in the fair value of the derivative financial instruments that are not designated for hedge accounting are reflected in the Combined Statements of Operations.

In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element. See note 9,

Financial Instruments

, for further discussion of the Company’s financial instruments.

Foreign Currency

The Company has operations outside of the United States. Therefore, changes in the value of foreign currencies affect the combined financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenue, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive (loss) income, whereas transaction gains and losses are recognized in other income (expense), net in the combined statements of operations. The Company recognized realized and unrealized foreign currency transaction gain of $14.8 million and realized and unrealized foreign currency transaction loss of $33.4 million for the years ended December 31, 2023 and 2022 respectively.

Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable are presented net of an allowance for doubtful accounts, which is an estimate of expected losses. In determining the amount of the reserve, the Company makes judgments about the creditworthiness of significant customers based on known delinquent activity or disputes and ongoing credit evaluations in addition to evaluating the historical loss rate on the pool of receivables. Accounts receivable includes unbilled receivables, which are established when revenue is recognized, but due to contractual restraints over the timing of invoicing, the Company does not have the right to invoice the customer by the balance sheet date.

Receivables Purchase Agreement

Cash received from certain receivables of the Company are required to be swept to Endeavor to repay amounts outstanding under Endeavor’s receivables purchase agreement. This agreement was entered into in January 2020 to monetize amounts invoiced under a media rights agreement by transferring these amounts to a third party on a nonrecourse basis. As of December 31, 2023 and 2022, amounts outstanding under Endeavor’s receivables purchase agreement were $4.7 million and $28.2 million, respectively.

Deferred Costs

Deferred costs principally relate to payments made to third-party vendors in advance of events taking place, hospitality prepayments, upfront contractual payments and prepayments on media and licensing rights fees and advances for content production or overhead costs. These costs are recognized when the event takes place or over the respective period of the media and licensing rights.

Property, Buildings and Equipment

Property, buildings and equipment are stated at historical cost less accumulated depreciation. Depreciation is charged against income over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of property and equipment are as follows:


		Years
Buildings		35 - 40 years
Leasehold improvements		Lesser of useful life or lease term
Furniture, fixtures, office and other equipment		2 - 28.5 years
Production equipment		3 - 7 years
Computer hardware and software		2 - 5 years

Costs of normal repairs and maintenance are charged to expense as incurred.

Leases

The Company determines whether a contract contains a lease at contract inception. The Company has elected the short-term lease exemption, whereby leases with initial terms of one year or less are not capitalized and instead expensed generally on a straight-line basis over the lease term. The Company has also elected to not separate lease components from

non-lease

components across all lease categories. Instead, each separate lease component and

non-lease

component are accounted for as a single lease component. The Company is primarily a lessee with a lease portfolio comprised mainly of real estate and equipment leases. The

right-of-use

asset and lease liability are measured at the present value of the future minimum lease payments, with the

right-of-use

asset being subject to adjustments such as initial direct costs, prepaid lease payments and lease incentives. Due to the rate implicit in each lease not being readily determinable, the Company uses its incremental collateralized borrowing rate or Endeavor’s incremental collateralized borrowing rate to determine the present value of the lease payments. The lease term includes periods covered by options to extend when it is reasonably certain the Company will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain the Company will not exercise the termination option. Operating lease costs are recognized on a straight-line basis over the lease term. For finance leases, the Company records interest expense on the lease liability and straight-line amortization of the

right-of-use

asset over the lease term. Variable lease costs are recognized as incurred.

Business Combinations

The Company accounts for acquisitions in which it obtains control of one or more businesses as a business combination. The purchase price of the acquired businesses, including management’s estimation of the fair value of any contingent consideration, is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments, in the period in which they are determined, to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the combined statements of operations.

Goodwill

Goodwill is tested annually as of October 1 for impairment and at any time upon the occurrence of certain events or substantive changes in circumstances that indicate the carrying amount of goodwill may not be recoverable. The Company has the option to perform a qualitative assessment to determine if an impairment is “more likely than not” to have occurred. If the Company can support the conclusion that the fair value of a reporting unit is greater than its carrying amount under the qualitative assessment, the Company would not need to perform the quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, then the Company must perform the quantitative impairment test. When the Company performs a quantitative test, it records the amount of goodwill impairment, if any, as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Charges resulting from an impairment test are recorded in impairment charges in the combined statements of operations.

Goodwill attributable to the Businesses was recorded on the basis of Endeavor’s reporting units. The goodwill amounts carry with them the results of Endeavor’s impairment tests, akin to a reorganization of reporting units of Endeavor for which U.S. GAAP does not require retrospective testing of goodwill under the reorganized structure.

Intangible Assets

Intangible assets consist primarily of trade names and customer relationships. Intangible assets with finite lives are recorded at their estimated fair value at the date of acquisition and are amortized over their estimated useful lives using the straight-line method.

The estimated useful lives of finite-lived intangible assets are as follows:


		Years
Trademarks and trade names		2 - 26 years
Customers relationships		2 - 22 years
Internally developed technology		2 - 15 years
Other		2 - 12 years

For intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment or when the useful lives are no longer appropriate. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value and an impairment loss is recognized for the difference between the fair value and carrying value, which is recorded in impairment charges in the combined statements of operations.

Identifiable indefinite-lived intangible assets are tested annually for impairment as of October 1 and at any time upon the occurrence of certain events or substantive changes in circumstances that indicate the carrying amount of an indefinite-lived intangible may not be recoverable. The Company has the option to perform a qualitative assessment to determine if an impairment is “more likely than not” to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset has a carrying amount that “more likely than not” exceeds its fair value. The Company must then conduct a quantitative analysis if the Company (1) determines that such an impairment is “more likely than not” to exist, or (2) forgoes the qualitative assessment entirely. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess and is recorded in impairment charges in the combined statements of operations.

Investments

For equity method investments, the Company periodically reviews the carrying value of its investments to determine if there has been an other-than-temporary decline in fair value below carrying value. For equity investments without readily determinable fair value, the Company performs a qualitative assessment at each reporting period. A variety of factors are considered when determining if an impairment exists, including, among others, the financial condition and business prospects of the investee, as well as the Company’s investment intent.

Content Costs

The Company incurs costs to produce and distribute film and television content, which are either monetized on a

title-by-title

basis or as a group through subscriptions from customers. These costs include development costs, direct costs of production as well as direct negative costs incurred in the physical production of the film. From time to time, the Company acquires films to distribute exclusively through its

UFC Fight Pass

subscription network. The Company also licenses films for distribution exclusively through its

UFC Fight Pass

subscription network. Content costs are included in other assets in the combined balance sheets. Depending on the predominant monetization strategy, content costs are amortized over the estimated period of ultimate revenue subject to an individual-film-forecast model or over the estimated usage of the film group. Such amortization is recorded in direct operating expenses in the combined statements of operations.

The Company produces live sports and taped content, which represent content costs predominantly monetized on a

title-by-title

basis that has a limited life to sell in secondary markets. As such, the Company recognizes all of the revenue associated with film and television costs when the programs are delivered and made available for telecast in the initial market resulting in simultaneously expensing all of the related film and television costs. Costs incurred in acquiring, licensing, and producing content for distribution on UFC Fight Pass are predominantly monetized as a film group, and are amortized straight-line over the shorter of the license term or the estimated period of use, which is currently three years. These estimates are reviewed at the end of each reporting period and adjustments, if any, will result in changes to amortization rates.

Unamortized content costs are also tested for impairment based on the predominant monetization strategy whenever there is an impairment indication, as a result of certain triggering events or changes in circumstances, whereby the fair value of the individual film and television content or collectively with others as a film group may be less than its unamortized costs. The impairment test compares the estimated fair value of the individual film and television content or collectively with others as a film group to the carrying value of the unamortized content costs. Where the unamortized content costs exceed the fair value, the excess is recorded as an impairment charge in the combined statements of operations. No impairment charges were recognized during the years ended December 31, 2023 and 2022.

Content Production Incentives

As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for profit business entities, the Company accounts for content production incentives by analogy to International Accounting Standard (“IAS”) 20,

Accounting for Government Grants and Disclosure of Government Assistance

.

The Company has access to various governmental programs primarily related to WWE that are designed to promote content production within the United States and certain international jurisdictions. Tax incentives earned with respect to expenditures on qualifying film production activities are included as an offset to other assets in the combined balance sheets. Tax incentives earned with respect to expenditures on qualifying capital projects are included as an offset to property, buildings and equipment, net in the combined balance sheets. Tax incentives earned with respect to expenditures on qualifying television and other production activities are recorded as an offset to production expenses within direct operating costs within the combined statements of operations. The Company recognizes these benefits when we have reasonable assurance regarding the realizable amount of the tax credits. The realizable amount is recorded within accounts receivable in the combined balance sheets until the Company receives the funds from the respective governmental jurisdiction.

Debt Issuance Costs

Costs incurred in connection with the issuance of the Company’s long-term debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense using the effective interest method. Costs incurred with the issuance of the Company’s revolving credit facilities have been deferred and amortized over the term of the facilities as a component of interest expense using the straight-line method. These deferred costs are included in other assets in the combined balance sheets.

Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value. Fair value measurements are categorized within a fair value hierarchy, which is comprised of three categories. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The fair value hierarchy is composed of the following three categories:

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurements.

Forward Foreign Exchange Contracts

The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of December 31, 2023 and 2022, the Company had $1.0 million and $0.5 million in Other current assets, $0.1 million and none in Other assets, $2.2 million and $3.1 million in Other current liabilities, and $1.2 million and $5.1 million in Other long term liabilities, respectively, recorded in the Combined Balance Sheets related to the Company’s forward foreign exchange contracts.

Contingent Consideration

The Company has recorded contingent consideration liabilities in connection with its acquisitions. Contingent consideration is included in Other current liabilities and Other long-term liabilities in the Combined Balance Sheets. Changes in fair value are recognized in selling, general and administrative expenses. The estimated fair value of the contingent consideration is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The carrying values reported in the combined balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term maturities of these financial instruments.

The Company’s assets measured at fair value on a nonrecurring basis include investments, long-lived assets, indefinite-lived intangible assets and goodwill. These assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment (Note 6 and Note 7). The resulting fair value measurements of the assets are considered to be Level 3 measurements.

The Company’s assets and liabilities include foreign forward exchange contracts and contingent consideration which are recorded within Other current assets and Other assets as well as Other current liabilities and Other long-term liabilities in the combined balance sheets.

Non-controlling Interests

Non-controlling

Interests

Non-controlling

interests in combined subsidiaries represent the component of equity in combined subsidiaries held by third parties. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and

non-controlling

interests. In addition, when a subsidiary is deconsolidated, any retained

non-controlling

equity investment in the former subsidiary will be initially measured at fair value and the difference between the carrying value and fair value of the retained interest will be recorded as a gain or loss.

Non-controlling

interests with redemption features, such as put options, that are not solely within the Company’s control are considered redeemable

non-controlling

interests. Redeemable

non-controlling

interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and shareholders’ equity in the combined balance sheets. Redeemable

non-controlling

interests are recorded at the greater of carrying value, which is adjusted for the

non-controlling

interests’ share of net income or loss, or estimated redemption value at each reporting period. If the carrying value, after the income or loss attribution, is below the estimated redemption value at each reporting period, the Company remeasures the redeemable

non-controlling

interests to its redemption value.

On Location

In connection with the acquisition of the OLE Business in January 2020, Endeavor entered into the OL LLC Agreement of Endeavor OLE Parent, LLC (“OLE Parent”) with 32 Equity, LLC (“32 Equity”), whereby 32 Equity retained a minority interest in OLE Parent. In April 2022, Endeavor acquired 32 Equity’s remaining minority interest in OLE Parent, resulting in 32 Equity’s

Non-controlling

interest being reclassified to Net parent investment.

Equity-Based Compensation

Incentive Awards

Equity-based compensation is accounted for in accordance with ASC Topic

718-10,

Compensation-Stock Compensation

. The Company records compensation costs related to its incentive awards. Equity-based compensation cost is measured at the grant date based on the fair value of the award. Compensation cost for time-based awards is recognized ratably over the applicable vesting period with forfeitures recognized as they occur. Compensation cost for performance-based awards with a performance condition is reassessed each period and recognized based upon the probability that the performance conditions will be achieved. See Note 13,

Equity-Based Compensation

, for further discussion of the Company’s equity-based compensation.

Replacement Awards

Pursuant to the Transaction Agreement, the Company converted each WWE equity award of restricted stock units (“RSUs”) and performance stock units (“PSUs”) held by WWE directors, officers and employees into TKO RSUs and PSUs of equal value and vesting conditions (with such performance-vesting conditions equitably adjusted), respectively (the “Replacement Awards”). The value of the Replacement Awards was determined using the closing price of WWE Class A common stock, par value $0.01 per share (“WWE Class A common stock”), on the day immediately preceding the closing of the Transactions. The portion of the Replacement Awards issued in connection with the Transactions that was associated with services rendered prior to the date of the Transactions was included in the total consideration transferred.

With regards to the remaining unvested portion of the Replacement Awards, equity-based compensation costs of RSUs are recognized over the total remaining service period on a straight-line basis with forfeitures recognized as they occur. RSUs have a service requirement and generally vest in equal annual installments over a three-year period. Unvested RSUs accrue dividend equivalents at the same rate as are paid on shares of TKO Class A common stock, par value $0.00001 per share (the “TKO Class A common stock”). The dividend equivalents are subject to the same vesting schedule as the underlying RSUs.

PSUs, which are subject to certain performance conditions and have a service requirement, generally vest in equal installments over a three-year period. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are

re-measured

each reporting period based upon the fair market value of the Company’s common stock and the estimated performance

attainment on the reporting date. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. Compensation costs for PSUs are recognized using a graded-vesting attribution method over the vesting period based upon the probability that the performance conditions will be achieved, with forfeitures recognized as they occur. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on shares of TKO Class A common stock. The dividend equivalents are subject to the same vesting schedule as

the

underlying PSUs.

Earnings per Share

Earnings per share (“EPS”) is computed in accordance with ASC 260,

Earnings per Share

. Basic EPS is computed by dividing the net income (loss) available to holders of TKO Class A common stock by the weighted average number of shares outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) available for holders of TKO Class A common stock by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of additional shares of TKO Class A common stock issuable in exchange for redemption of certain

non-controlling

interests, outstanding convertible debt instruments, as well as under the Company’s share based compensation plans (if dilutive), with adjustments to net income (loss) available for common stockholders for dilutive potential common shares.

Shares of the Company’s Class B common stock, par value $0.00001 per share (the “TKO Class B common stock”) do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of TKO Class B common stock under the

two-class

method has not been presented. However, shares of TKO Class B common stock outstanding for the period are considered potentially dilutive shares of TKO Class A common stock under application of the

if-converted

method and are included in the computation of diluted earnings (loss) per share, except when the effect would be anti-dilutive.

The Company may be required to calculate basic EPS using the

two-class

method as a result of its redeemable

non-controlling

interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable

non-controlling

interest, net income (loss) available to common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income (loss) available to common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. There was no impact to EPS for such adjustments related to the redeemable

non-controlling

interests.

Income Taxes

TKO Group Holdings, Inc. was incorporated as a Delaware corporation in March 2023. As the sole managing member of TKO OpCo, TKO Group Holdings, Inc. operates and controls all the business and affairs of UFC and WWE. TKO Group Holdings, Inc. is subject to corporate income taxes on its share of taxable income of TKO OpCo. TKO OpCo is treated as a partnership for U.S. federal income tax purposes and is therefore generally not subject to U.S. corporate income tax. TKO OpCo’s foreign subsidiaries are subject to entity-level taxes. TKO OpCo’s U.S. subsidiaries are subject to withholding taxes on sales in certain foreign jurisdictions which are included as a component of foreign current taxes. TKO OpCo is subject to entity-level income taxes in certain U.S. state and local jurisdictions. For the periods prior to the Endeavor Asset Acquisition, the Businesses did not file separate tax returns as they were included in the Endeavor tax return filings within the respective entities’ jurisdictions. The Businesses primarily comprised of U.S. flowthrough entities not subject to U.S. corporate income taxes and have been reflected as such in these financial statements. Income taxes related to the Businesses reflected in the combined tax provision are attributable to U.S. regarded entities and foreign entities subject to tax in their respective jurisdictions. Further, such items such as net operating losses and credit carry-forwards may exist in the Businesses’ historical financial statements that may or may not exist in the future upon separation from Endeavor.

The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Significant factors considered by the Company in estimating the probability of the realization of deferred tax assets include expectations of future earnings and taxable income, as well as the application of tax laws in the jurisdictions in which the Company operates. A valuation allowance is provided when the Company determines that it is “more likely than not” that a portion of a deferred tax asset will not be realized.

ASC 740 prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is “more likely than not” to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected.

The Company recognizes interest and penalties related to unrecognized

tax

benefits on the income tax expense line in the combined statements of operations. Accrued interest and penalties are included in the related tax liability line in the combined

balance

sheets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule Of Property Plant And Equipment Useful Life


		Years
Buildings		35 - 40 years
Leasehold improvements		Lesser of useful life or lease term
Furniture, fixtures, office and other equipment		2 - 28.5 years
Production equipment		3 - 7 years
Computer hardware and software		2 - 5 years

Schedule Of Finite Lived Intangible Assets Estimated Useful Life


		Years
Trademarks and trade names		2 - 26 years
Customers relationships		2 - 22 years
Internally developed technology		2 - 15 years
Other		2 - 12 years

ACQUISITION OF WWE (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITION OF WWE [Abstract]

Schedule of Preliminary Allocation of Purchase Price

The purchase price is allocated to the underlying WWE assets acquired and liabilities

assum

ed based on their estimated fair values on the Closing Date, with any excess purchase price recorded as goodwill. Goodwill is primarily attributable to the synergies that are expected to arise as a result of the Transactions and other intangible assets that do not qualify for separate recognition. The purchase price allocation shown in the table below reflects preliminary fair value estimates, including measurement period adjustments, based on management analysis, including preliminary work performed by third-party valuation specialists (in thousands):


Cash and cash equivalents	$	381,153
Accounts receivable		105,237
Other current assets		89,256
Property, buildings and equipment		398,004
Intangible assets
Trademarks and trade names		2,188,200
Customer relationships		899,700
Other		128,300
Goodwill		5,063,774
Finance lease right of use assets		257,359
Operating lease right of use assets		12,337
Investments		12,007
Other assets		25,928
Deferred tax liabilities		(379,508	)
Accounts payable and accrued liabilities		(124,280	)
Current portion of long-term debt		(16,934	)
Deferred revenue		(54,190	)
Finance lease liabilities		(255,940	)
Operating lease liabilities		(12,224	)
Other long-term liabilities		(2,527	)
Additional paid-in-capital (1)		(283,591	)

Net assets acquired	$	8,432,061

(1)	The additional paid-in-capital amount represents incremental goodwill related to deferred tax liabilities recorded at TKO’s parent company in connection with the acquisition of WWE.

Schedule of Supplemental Financial Information of Acquiree


Revenue	$	382,767
Net loss	$	(73,279	)

Schedule of Supplemental Pro Forma Financial Information


	Year Ended December 31,
	2023		2022
Pro forma revenue	$	2,618,567	$	2,431,670
Pro forma net income	$	241,526	$	60,611

SUPPLEMENTARY DATA (Tables)

12 Months Ended

Dec. 31, 2023

SUPPLEMENTARY DATA [Abstract]

Summary of Property and equipment


	As of December 31,
	2023			2022
Buildings and improvements	$	446,799		$	155,510
Land and land improvements		81,246			50,866
Furniture and fixtures		108,693			76,507
Office, computer and other equipment		233,242			85,580
Construction in progress		29,029			17,530

		899,009			385,993
Less: accumulated depreciation		(205,976	)		(154,356	)

Total Property, buildings and equipment, net	$	693,033		$	231,637

Summary of Allowance for Doubtful Accounts


	Balance at Beginning of Year		Charged to Costs and Expenses			Deductions			Foreign Exchange			Balance at End of Year
Allowance for doubtful accounts
Year Ended December 31, 2023	$	18,108	$	10,833		$	(6,948	)	$	544		$	22,537
Year Ended December 31, 2022	$	22,744	$	7,417		$	(11,035	)	$	(1,018	)	$	18,108
Deferred tax valuation allowance
Year Ended December 31, 2023	$	536	$	15,639		$	—		$	(9	)	$	16,166
Year Ended December 31, 2022	$	2,504	$	(197	)	$	(1,770	)	$	(1	)	$	536

Summary of Unamortized Content Costs


	Predominantly Monetized Individually				Predominantly Monetized as a Film Group
	As of December 31,				As of December 31,
	2023		2022		2023		2022
Licensed and acquired program rights	$	—	$	—	$	21,413	$	20,548
Produced programming:
In release		1,410		—		2,081		5,762
Completed but not released		2,045		—		115		387
In production		1,350		—		819		557

Total film and television costs	$	4,805	$	—	$	24,428	$	27,254

Summary of Amortization and Impairment of Content Costs


	Year Ended December 31,
	2023		2022
Content production amortization expense - assets monetized individually	$	5,028	$	—
Content production amortization expense - assets monetized as a film group		19,944		15,099
Content production impairment charges (1)		—		—

Total amortization and impairment of content costs	$	24,972	$	15,099

(1)

Unamortized content costs are evaluated for impairment whenever events or changes in circumstances indicate that the fair value of a film predominantly monetized on its own or a film group may be less than its amortized costs. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized costs, the asset is written down to fair value. In addition, if we determine that content will not likely air, we will expense the remaining unamortized costs.

Summary of Other Current Assets


	As of December 31,
	2023		2022
Ticket inventory	$	188,560	$	102,640
Prepaid taxes		57,885		6,727
Other current receivables		21,561		37,987
Amounts due from the Group (Note 22)		10,423		14,923
Prepaid insurance		10,628		4,265
Assets held for sale		7,500		—
Other		54,155		21,762

Total	$	350,712	$	188,304

Summary of Accrued Liabilities


	As of December 31,
	2023		2022
Accrued operating expenses	$	24,098	$	28,121
Payroll-related costs		138,101		62,791
Event and production-related costs		107,722		86,098
Interest		41,634		35,502
Accrued capital expenditures		31,844		2,841
Legal and professional fees		22,129		7,176
Other		56,753		31,080

Total	$	422,281	$	253,618

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Summary of Changes in the Carrying Value of Goodwill

The changes in the carrying value of Goodwill are as follows (in thousands):


	UFC (1)		WWE (3)		IMG			Corporate and Other		Total
Balance — December 31, 2021	$	2,602,639	$	—	$	743,830		$	39,780	$	3,386,249
Acquisitions		—		—		2,909			—		2,909
Foreign currency translation and other		—		—		(1,149	)		—		(1,149	)

Balance — December 31, 2022 (2)	$	2,602,639	$	—	$	745,590		$	39,780	$	3,388,009
Acquisitions		—		5,063,774		—			—		5,063,774
Impairment		—		—		(7,544	)		—		(7,544	)
Foreign exchange		—		72		89			—		161

Balance — December 31, 2023 (2)	$	2,602,639	$	5,063,846	$	738,135		$	39,780	$	8,444,400

(1)	Reflects goodwill resulting from the Company’s election to apply pushdown accounting to reflect EGH’s new basis of accounting in the UFC’s assets and liabilities, including goodwill, which occurred during 2016.

(2)	Net of accumulated impairment losses of $116.1 million and $108.6 million as of December 31, 2023 and 2022, respectively.

(3)	Based on preliminary fair values acquired through the Transactions. See Note 4, Acquisition of WWE , for further information.

Summary of Company's Identifiable Intangible Assets

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2023 (in thousands):


	Weighted Average Estimated Useful Life (in years)		Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Trademarks and trade names		22.7	$	3,010,938	$	(356,194	)	$	2,654,744
Customer relationships		6.0		1,630,962		(623,878	)		1,007,084
Internally developed technology		3.2		9,505		(4,852	)		4,653
Other (1)		3.4		153,280		(32,328	)		120,952

				4,804,685		(1,017,252	)		3,787,433

Indefinite-lived:
Trademarks and trade names				182,979		—			182,979
Owned events				19,218		—			19,218

Total intangible assets			$	5,006,882	$	(1,017,252	)	$	3,989,630

(1)	Other intangible assets as of December 31, 2023 primarily consisted of talent roster, internally developed software and content library assets acquired through the Transactions in September 2023. See Note 4, Acquisition of WWE , for further information.

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2022 (in thousands):


	Weighted Average Estimated Useful Life (in years)		Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Trademarks and trade names		17.9	$	836,716	$	(282,801	)	$	553,915
Customer relationships		8.6		728,377		(541,126	)		187,251
Internally developed technology		3.3		7,400		(3,434	)		3,966
Other (1)		2.9		23,907		(19,794	)		4,113

				1,596,400		(847,155	)		749,245

Indefinite-lived:
Trademarks and trade names				178,708		—			178,708
Owned events				18,948		—			18,948

Total intangible assets			$	1,794,056	$	(847,155	)	$	946,901

(1)	Other intangible assets as of December 31, 2022 primarily consisted of UFC’s internally developed software.

Aggregate Amount of Amortization of Intangible Assets

Estimated annual intangible amortization, including amortization of intangible assets acquired in the Transactions, for the next five years and thereafter is as follows (in thousands):


	Total (1)
2024	$	332,773
2025		275,053
2026		259,697
2027		239,485
2028		222,255
Thereafter		2,458,170

Total remaining amortization	$	3,787,433

(1)	Includes amounts for WWE which are based on preliminary fair values acquired through the Transactions. See Note 4, Acquisition of WWE , for further information.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENTS [Abstract]

Summary of Company's Investments


	As of
	December 31, 2023		December 31, 2022
Equity method investments (1)	$	59,655	$	54,947
Nonmarketable equity investments without readily determinable fair values		18,748		6,659
Nonmarketable equity investments with readily determinable fair values		83		—

Total investment securities	$	78,486	$	61,606

(1)

The book value of one equity method investment exceeded the Company’s percentage ownership share of their underlying net assets by $

27.7

million as of December 31, 2023. The book value of one equity method investment exceeded the Company’s percentage ownership share of the underlying net assets by $

26.5

million as of December 31, 2022. The basis differences, primarily resulting from acquisition purchase price step-ups on the investments, are accounted for as goodwill (as a component of the investment), which is not tested for impairment separately. Instead, the investments are tested if there are indicators of an other-than-temporary decline in carrying value.

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

DEBT [Abstract]

Summary of Outstanding Debt


	As of
	December 31, 2023			December 31, 2022
First Lien Term Loan (due April 2026)	$	2,728,766		$	2,759,767
Secured Commercial Loans		31,867			33,467
Notes Payable		4,267			4,400

Total principal		2,764,900			2,797,634

Unamortized discount		(9,478	)		(13,245	)
Unamortized debt issuance cost		(15,951	)		(22,445	)

Total debt		2,739,471			2,761,944

Less: Current portion of long-term debt		(22,833	)		(23,226	)

Total long-term debt	$	2,716,638		$	2,738,718

Schedule of Maturities of Debt


2024	$	33,500
2025		33,567
2026		2,669,066
2027		2,300
2028		25,967
Thereafter		500

	$	2,764,900

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

FINANCIAL INSTRUMENTS (Table)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding forward foreign exchange

As of December 31, 2023, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from December 31, 2023) (in thousands except for exchange rates):


Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
British Pound Sterling	£	6,769	in exchange for	$	5,495	£	0.81

NON-CONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2023

NON-CONTROLLING INTERESTS [Abstract]

Changes in carrying value of redeemable non-controlling interest

The changes in carrying value of the redeemable

non-controlling

interest were as follows (in thousands):


Balance — December 31, 2021	$	9,700

Net income attributable to non-controlling interest holders		1,747
Accretion		(1,539	)

Balance — December 31, 2022	$	9,908
Net income attributable to non-controlling interest holders		1,686
Accretion		—

Balance — December 31, 2023	$	11,594

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share and Weighted Average Shares Outstanding

The following tables presents the computation of net loss per share and weighted average number of shares of the Company’s common stock outstanding for the period presented (dollars in thousands, except share and per share data):


	Period From September 12 - December 31, 2023
Basic and diluted net loss per share
Numerator
Net loss attributable to TKO Group Holdings, Inc.	$	(35,227	)

Denominator
Weighted average Class A Common Shares outstanding - Basic		82,808,019

Basic and diluted net loss per share	$	(0.43	)

Securities that are anti-dilutive this period
Unvested RSUs		1,636,626
Unvested PSUs		327,403
TKO Class B Common Shares		89,616,891

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Equity-Based Compensation Expense

Equity-based compensation expense by plan, which is included within selling, general and administrative expenses on the Company’s combined statements of operations, consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
EGH 2021 Plan	$	25,875	$	31,848
Replacement Awards under WWE 2016 Plan		31,747		—
TKO 2023 Plan		6,724		—
Other awards (1)		166		(250	)

Equity-based compensation expense	$	64,512	$	31,598

(1)	Represents equity-based compensation cost associated with other compensation plans at Endeavor offered to employees who exclusively support the Company and is included in net income.

Summary of Unrecognized Compensation Cost for Unvested Awards and the Related Remaining Weighted Average Period

As of December 31, 2023, total unrecognized equity-based compensation expense for unvested awards and the related remaining weighted average period for expensing is summarized below (dollars in thousands):


	Unrecognized Compensation Costs		Period Remaining (in years)
EGH 2021 Plan	$	23,211		2.15
Replacement Awards under WWE 2016 Plan		59,370		2.30
TKO 2023 Plan		66,958		2.32

Equity-based unrecognized compensation expense	$	149,539

Summary of RSU Activity

The following table summarizes the RSU award activity under the EGH 2021 Plan for the year ended December 31, 2023:


	Time Vested RSUs					Market / Market and Time Vested RSUs
	Units			Weighted- Average Grant-Date Fair Value		Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		961,371		$	26.50		229,663		$	25.59
Granted		942,399		$	21.82		—		$	—
Released		(454,116	)	$	27.37		(17,427	)	$	29.44
Forfeited		(107,118	)	$	5.41		(2,384	)	$	24.82

Outstanding at December 31, 2023		1,342,536		$	23.20		209,852		$	25.27

Summary of Stock Option Activity

The following table summarizes the stock option award activity under the EGH 2021 Plan for the year ended December 31, 2023:


	Stock Options
	Units		Weighted-Average Exercise Price
Outstanding at January 1, 2023		493,082	$	25.19
Granted		—	$	—
Exercised		—	$	—
Forfeited or expired		—	$	—

Outstanding at December 31, 2023		493,082	$	25.19

Vested and exercisable at December 31, 2023		299,949	$	24.65

Summary of PSU Activity

The total grant-date fair value of RSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $21.1 million. The total intrinsic value of RSUs which vested under the WWE 2016 Plan during the year ended December 31, 2023 was $17.0 million. No RSUs vested under the WWE 2016 Plan during the year ended December 31, 2022.

The following table summarizes the PSU award activity under the WWE 2016 Plan for the year ended December 31, 2023:


	Time Vested PSUs					Market / Market and Time Vested PSUs
	Units			Weighted- Average Grant-Date Fair Value		Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—		$	—		—		$	—
Granted		—		$	—		—		$	—
Assumed from WWE		641,190		$	100.65		20,460		$	100.65
Vested		(54,478	)	$	100.65		—		$	—
Forfeited		(272,297	)	$	83.75		(20,460	)	$	100.65
Dividend equivalents		12,988		$	100.65		—		$	—

Outstanding at December 31, 2023		327,403		$	93.84		—		$	—

Replacement Awards [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of RSU Activity

The following table summarizes the RSU award activity under the WWE 2016 Plan for the year ended December 31, 2023:


	Time Vested RSUs
	Units			Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—		$	—
Granted		—		$	—
Assumed from WWE		1,011,215		$	100.65
Vested		(209,982	)	$	100.65
Forfeited		(146,581	)	$	100.65
Dividend equivalents		46,438		$	100.65

Outstanding at December 31, 2023		701,090		$	100.65

TKO 2023 Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of RSU Activity

The following table summarizes the RSU award activity under the TKO 2023 Plan for the year ended December 31, 2023:


	Time Vested RSUs
	Units		Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2023		—	$	—
Granted		935,536	$	91.23
Vested		—	$	—
Forfeited		—	$	—

Outstanding at December 31, 2023		935,536	$	91.23

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

Schedule of Components of Income Before Income Taxes

Income before income taxes includes the following components (in thousands):


	Year Ended December 31,
	2023		2022
United States	$	124,736	$	371,382
Foreign		42,247		(3,297	)

Total income before income taxes	$	166,983	$	368,085

Summary of Components Benefit from Provision for Income Taxes

The income tax provision consists of the following (in thousands):


	Year Ended December 31,
	2023			2022
Current:
U.S. federal, state and local	$	5,694		$	(2,503	)
Foreign		28,280			24,730

Total Current		33,974			22,227

Deferred:
U.S. federal, state and local		(7,883	)		(1,234	)
Foreign		7,105			(5,098	)

Total Deferred		(778	)		(6,332	)

Total provision for income taxes	$	33,196		$	15,895

Schedule of Effective Income Tax Rate Based on Consolidated Statements of Operations Differs From U.S. Statutory Federal Income Tax Rate

The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to partnership income not subject to income tax and withholding taxes in foreign jurisdictions that are not based on net income. The effective tax rate reconciliation is as follows:


	Year Ended December 31,
	2023			2022
U.S. statutory federal income tax of 21%	$	35,066		$	77,296
Partnership income not subject to tax		(60,382	)		(91,436	)
Tax impact of foreign operations		42,898			28,105
UK ORIP Tax		1,215			859
Provision to return		2,145			(983	)
Permanent differences		2,029			(4,404	)
Nondeductible officers compensation		4,465			—
Equity method investments		(2,686	)		(2,391	)
Third party ownership reversal		(167	)		(1,087	)
Opening balance remeasurement		4,270			—
Valuation allowance		(1,180	)		(2,141	)
Unrecognized tax benefits		3,836			9,576
U.S. state and local taxes		176			788
Other		1,511			1,713

Total provision for income taxes	$	33,196		$	15,895

Summary of Principal Components of Deferred Tax Assets and Liabilities

Principal components of deferred tax assets and liabilities are as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Compensation and severance	$	17,776		$	3,219
Net operating loss, capital loss and tax credits carried forward		38,021			9,682
Lease liability		38,233			820
Property, buildings and equipment		—			1,970
Other		10,380			2,034

Total gross deferred tax assets		104,410			17,725
Less: valuation allowance		(16,166	)		(536	)

Net deferred tax assets		88,244			17,189

Deferred tax liabilities:
Property, buildings, and equipment		(34,701	)		—
Loss contracts		(13,547	)		(14,613	)
Intangible assets		(416,618	)		(52,085	)
Lease asset		(37,101	)		—
Investments		(6,681	)		(5,470	)
Other liabilities		(2,445	)		(1,549	)

Net deferred tax liabilities		(511,093	)		(73,717	)

Total net deferred tax (liabilities) assets	$	(422,849	)	$	(56,528	)

Schedule of Aggregate Changes to The Liability for Unrecognized Tax Benefits, Excluding Interest and Penalties

The Company had unrecognized tax benefits of $39.3 million and $34.7 million, respectively, as of December 31, 2023 and 2022. The aggregate changes to the liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):


	Year Ended December 31,
	2023			2022
Beginning balance	$	34,749		$	29,656
Acquisitions		2,549			—
Gross increases		9,268			7,939
Gross decreases		(274	)		(743	)
Lapse of statue of limitations		(7,472	)		(1,122	)
Translation adjustments		430			(981	)

Ending balance	$	39,250		$	34,749

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE [Abstract]

Summary of Company's Revenue Disaggregated by Primary Revenue Sources

The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):


	Year Ended December 31, 2023
	UFC		WWE		IMG		Corporate and Other		Total
Media rights, production and content	$	870,551	$	249,496	$	692,224	$	15,870	$	1,828,141
Live events and hospitality		167,942		87,705		650,585		81,524		987,756
Sponsorship		196,296		17,957		79,103		26,397		319,753
Consumer products licensing and other		57,412		27,609		15,198		8,196		108,415
Eliminations		—		—		—		—		(19,269	)

Total revenue	$	1,292,201	$	382,767	$	1,437,110	$	131,987	$	3,224,796

	Year Ended December 31, 2022
	UFC		WWE		IMG		Corporate and Other		Total
Media rights, production and content	$	794,397	$	—	$	628,529	$	15,689	$	1,438,615
Live events and hospitality		125,271		—		715,676		70,617		911,564
Sponsorship		166,845		—		66,879		27,757		261,481
Consumer products licensing and other		53,634		—		13,901		5,943		73,478
Eliminations		—		—		—		—		(11,106	)

Total revenue	$	1,140,147	$	—	$	1,424,985	$	120,006	$	2,674,032

Summary of Remaining Performance Obligation for Contracts Greater Than One Year

The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of December 31, 2023 (in thousands):


2024	$	2,407,382
2025		1,999,247
2026		928,426
2027		800,628
2028		676,008
Thereafter		776,765

Total remaining performance obligations	$	7,588,456

Summary of Company's Deferred Revenue

The following table presents the Company’s deferred revenue as of December 31, 2023 and 2022 (in thousands):


	As of December 31, 2022		Acquisitions		Additions		Deductions			Reclasses			Foreign Exchange			As of December 31, 2023
Deferred revenue - current	$	368,906	$	54,190	$	2,230,755	$	(2,098,198	)	$	111,943		$	5,761		$	673,357
Deferred revenue - non- current		65,856		—		97,127		(33,366	)		(111,943	)		(1,678	)		15,996

RESTRUCTURING CHARGES (Tables)

12 Months Ended

Dec. 31, 2023

RESTRUCTURING CHARGES [Abstract]

Summary of Changes in Company's Restructuring Liability

Changes in the Company’s restructuring liability through December 31, 2023 were as follows (in thousands):


Balance — December 31, 2022	$	—
Restructuring charges (excluding share-based compensation expense)		21,459
Payments		(11,734	)

Balance — December 31, 2023	$	9,725

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION [Abstract]

Schedule of Adjusted EBITDA

UFC


	Year Ended December 31,
	2023		2022
Revenue	$	1,292,201	$	1,140,147
Direct operating costs (1)		383,388		325,586
Selling, general and administrative expenses (1)		153,149		133,932

Adjusted EBITDA	$	755,664	$	680,629

WWE


	Year Ended December 31,
	2023		2022
Revenue	$	382,767	$	—
Direct operating costs (1)		125,685		—
Selling, general and administrative expenses (1)		94,101		—

Adjusted EBITDA	$	162,981	$	—

IMG


	Year Ended December 31,
	2023		2022
Revenue	$	1,437,110	$	1,424,985
Direct operating costs (1)		986,151		968,023
Selling, general and administrative expenses (1)		329,812		284,565

Adjusted EBITDA	$	121,147	$	172,397

(1)	Direct operating expenses and selling, general and administrative expenses included in the measure of Adjusted EBITDA exclude the impacts of items noted in the reconciliation of segment profitability below.

Schedule of Revenue

Revenue


	Year Ended December 31,
	2023			2022
UFC	$	1,292,201		$	1,140,147
WWE		382,767			—
IMG		1,437,110			1,424,985

Total combined revenue from reportable segments	$	3,112,078		$	2,565,132
Corporate and Other		131,987			120,006
Eliminations		(19,269	)		(11,106	)

Total combined revenue	$	3,224,796		$	2,674,032

Schedule of Reconciliation of Segment Profitability

Reconciliation of segment profitability


	Year Ended December 31,
	2023			2022
UFC	$	755,664		$	680,629
WWE		162,981			—
IMG		121,147			172,397

Total combined Adjusted EBITDA from reportable segments	$	1,039,792		$	853,026
Corporate and Other		(192,019	)		(125,197	)

Total combined Adjusted EBITDA	$	847,773		$	727,829
Reconciling items:
Equity earnings of affiliates		(9,212	)		(7,388	)
Interest expense, net		(229,605	)		(134,084	)
Depreciation and amortization		(224,051	)		(133,619	)
Equity-based compensation expense (1)		(64,512	)		(31,598	)
Merger acquisition and earn-out costs (2)		(85,474	)		(9,486	)
Certain legal costs (3)		(38,721	)		(12,781	)
Restructuring, severance and impairment (4)		(48,416	)		(109	)
Foreign exchange gains and (losses) (5)		14,811			(33,399	)
Other adjustments (6)		4,390			2,720

Income before income taxes and equity earnings of affiliates	$	166,983		$	368,085

(1)

Equity-based compensation represents non-cash compensation expense for awards issued under Endeavor’s 2021 Plan subsequent to its April 28, 2021 IPO, for the Replacement Awards and for awards issued under the 2023 Incentive Award Plan. For the year ended December 31, 2023, equity-based compensation includes $19.9 million of expense associated with accelerated vesting of the Replacement Awards related to the workforce reduction of certain employees in the WWE segment and Corporate and Other.

(2)

Includes certain costs of professional fees and bonuses related to the Transactions and payable contingent on the closing of the Transactions for the year ended December 31, 2023. Includes fair value adjustments for contingent consideration liabilities of $9.2 million related to acquired businesses for the year ended December 31, 2022.

(3)	Includes costs related to certain litigation matters including antitrust matters for UFC and WWE, matters where Mr. McMahon has agreed to make future payments to certain counterparties personally and, for the year ended December 31, 2023, the settlement of a WWE antitrust matter for $20.0 million.

(4)

Includes costs resulting from the Company’s cost reduction program, as described in Note 17,

Restructuring Charges

, to our audited combined financial statements as well as a $21.5 million non-cash impairment charge as described in Note 6,

Goodwill and Intangible Assets

, to our audited combined financial statements during the year ended December 31, 2023.

(5)	Includes gains and losses related to foreign exchange transactions.

(6)

For the year ended December 31, 2023, other adjustments were comprised primarily of gains of approximately $3.2 million related to the change in the fair value of forward foreign exchange contracts and gains of $1.7 million related to the change in the fair value of embedded foreign currency derivatives, partially offset by losses of $1.4 million on the disposal of assets. For the year ended December 31, 2022, other adjustments were comprised primarily of by a non-operating gain of $5.8 million partially offset by losses of $2.2 million related to the change in the fair value of forward foreign exchange contracts and losses of $0.4 million related to the change in the fair value of embedded foreign currency derivatives.

Schedule of Revenue by Major Geographic Region

Revenue by major geographic region is based upon the geographic location of where our revenue is generated. The information below summarizes our revenue by geographic area:


	Year Ended December 31,
	2023		2022
North America	$	2,096,314	$	1,775,590
Europe/Middle East/Africa		767,887		590,837
Asia Pacific		285,692		217,256
Latin America		74,903		90,349

Total revenue	$	3,224,796	$	2,674,032

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

Summary of company's operating and financing leases

The following table provides quantitative disclosure about the Company’s operating and finance leases for the periods presented (dollars in thousands):


	Year Ended December 31,
	2023			2022
Lease costs
Finance lease costs:
Amortization of right-of-use assets	$	7,227		$	1,200
Interest on lease liabilities		6,997			900
Operating lease costs		16,725			10,658
Other short-term and variable lease costs		1,480			936

Total lease costs	$	32,429		$	13,694

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	8,072		$	1,756
Operating cash flows from operating leases	$	15,867		$	11,783
Finance cash flows from finance leases	$	938		$	—
Right-of-use assets obtained in exchange for new finance lease liabilities (1)	$	257,359		$	—
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	24,356		$	15,528

	As of December 31,
	2023			2022
Weighted-average remaining lease term (in years) - finance leases		24.3			6.7
Weighted-average remaining lease term (in years) - operating leases		6.1			6.9
Weighted-average discount rate - finance leases		8.2	%		10.2	%
Weighted-average discount rate - operating leases		6.7	%		6.5	%

(1)	The amounts for the year ended December 31, 2023 are primarily related to the assets acquired in the Transactions as discussed in Note 4, Acquisition of WWE .

Schedule of maturity of lease liabilities

Maturity of lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Leases			Finance Leases
2024	$	21,846		$	30,625
2025		19,223			27,622
2026		17,435			30,207
2027		13,539			21,091
2028		6,682			19,536
Thereafter		21,580			498,572

Total future minimum lease payment		100,305			627,653
Less: imputed interest		(18,631	)		(363,744	)

Present value of future minimum lease payments	$	81,674		$	263,909
Less: current portion of operating lease liabilities		(17,089	)		(10,299	)

Long-term operating lease liabilities	$	64,585		$	253,610

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Annual Commitments under Service Agreements

The following is a summary of the Company’s annual commitments under these agreements as of December 31, 2023 (in thousands):


2024	$	622,476
2025		335,026
2026		337,083
2027		435,236
2028		325,118
Thereafter		162,888

Total	$	2,217,827

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

EGH and its subsidiaries (collectively, the “Group”), who collectively own approximately 52.1% of the voting interest in TKO as described in Note 1,

Description of Business

, provide various services to the Company and, upon consummation of the Transactions, such services are provided pursuant to the Services Agreement. Revenue and expenses associated with such services are as follows (in thousands):


	Year Ended December 31,
	2023			2022
Revenue from the Group	$	4,215		$	1,847
Direct operating costs from the Group (1)		16,667			12,943
Selling, general and administrative expenses from the Group (2)		23,353			25,310
Interest expense from the Group (3)		11,612			7,395

Net income expense resulting from Group transactions included within net income (loss)	$	(47,417	)	$	(43,801	)

(1)	These expenses primarily consist of production and consulting services as well as commissions paid to the Group.

(2)	These expenses primarily consist of service fees paid to the Group. The Company believes that these service fees are a reasonable allocation of costs related to representation, executive leadership, back-office and corporate functions and other services provided by the Group.

(3)	These expenses consist of interest on loans to the Company from the Group.

Outstanding amounts due to and from the Group were as follows (in thousands):


		As of December 31,
	Classification	2023			2022
Amounts due from the Group	Other current assets	$	10,423		$	14,923
Amounts due to the Group	Other current liabilities		(4,881	)		(7,211	)
Amounts due to the Group	Other long-term liabilities		(6,423	)		(10,399	)

Summary of Allocation of Selling General and Administrative Expenses

The allocations of General Corporate Expenses are reflected in the combined statements of operations as follows (in thousands):


	Years Ended December 31,
	2023			2022
Selling, general and administrative expenses	$	98,526		$	93,733
Other income (expense), net		(93	)		789

Total General corporate expenses	$	98,433		$	94,522

Summary of components of the net transfers to parent in net parent investment

The following table summarizes the components of the net transfers to parent prior to reorganization and acquisition and net transfers from parent subsequent to reorganization and acquisition in nonredeemable

non-controlling

interests for the year ended December 31, 2023:


	Year Ended December 31, 2023
Cash pooling and general financing activities (1)	$	50,551
Corporate allocations		28,568
Distributions		(259,898	)
Contributions		15,243

Net transfers to parent per the Combined Statements of Equity prior to reorganization and acquisition	$	(165,536	)

Cash pooling and general financing activities (1)	$	100,005
Corporate allocations		63,568
Contributions		3,395

Net transfers from parent per the Combined Statements of Equity subsequent to reorganization and acquisition	$	166,968

Equity based compensation expense	$	(26,041	)
Currency translation adjustments on intracompany transactions		(3,323	)
Taxes deemed settled with Parent		8,691
Net loss on foreign currency transactions		12,636
Distributions subsequent to reorganization		(36,689	)

Net transfers to parent per the Combined Statements of Cash Flows	$	(43,294	)

(1)

The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor on a daily basis under the Endeavor Treasury function and the Businesses receive capital from Endeavor for its cash needs.

The following table summarizes the components of the net transfers to parent in net parent investment for the year ended December 31, 2022:


	Year Ended December 31, 2022
Cash pooling and general financing activities (1)	$	95,281
Corporate allocations		86,373
Distributions		(1,095,904	)
Contributions		23,744

Net transfers to parent per the Combined Statements of Equity	$	(890,506	)
Equity based compensation expense		(31,598	)
Currency translation adjustments on intracompany transactions		(16,014	)
Taxes deemed settled with Parent		(11,474	)
Net gain on foreign currency transactions		(12,989	)

Net transfers to parent per the Combined Statements of Cash Flows	$	(962,581	)

(1)

The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor on a daily basis under the Endeavor Treasury function and the Businesses receive capital from Endeavor for its cash needs.

DESCRIPTION OF BUSINESS (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	Feb. 28, 2025	Sep. 12, 2023
Description Of Business Disclosure [Line Items]
Economic interest		100.00%
TKO Group Holdings, Inc. [Member]
Description Of Business Disclosure [Line Items]
Voting interest	61.00%	49.00%
Business Acquisition, Percentage of Voting Interests Acquired	61.00%	49.00%
Endeavor Asset Acquisition [Member]
Description Of Business Disclosure [Line Items]
Voting interest	54.00%
Payments to Acquire Businesses, Gross	$ 3,250
Business Combination, Consideration Transferred, Other	$ 50
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	26,540
Business Acquisition, Percentage of Voting Interests Acquired	54.00%
EGH [Member]
Description Of Business Disclosure [Line Items]
Non-economic voting interest		51.00%
EGH [Member] \| TKO Group Holdings, Inc. [Member]
Description Of Business Disclosure [Line Items]
Non-economic voting interest		51.00%
Voting interest		51.90%
Business Acquisition, Percentage of Voting Interests Acquired		51.90%
WWE [Member] \| TKO Group Holdings, Inc. [Member]
Description Of Business Disclosure [Line Items]
Voting interest		49.00%
Business Acquisition, Percentage of Voting Interests Acquired		49.00%
TKO [Member] \| WWE [Member]
Description Of Business Disclosure [Line Items]
Economic interest		100.00%
TKO OpCo [Member] \| TKO Group Holdings, Inc. [Member]
Description Of Business Disclosure [Line Items]
Economic interest		49.00%
TKO OpCo [Member] \| EGH [Member]
Description Of Business Disclosure [Line Items]
Economic interest		51.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Item $ / shares	Dec. 31, 2022 USD ($) Item $ / shares	Nov. 30, 2023 $ / shares	Sep. 12, 2023 $ / shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Realized and unrealized foreign currency transaction losses	$ 14,800	$ 33,400
Receivables, Long-Term Contracts or Programs	4,700	28,200
Other Current Assets [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	1,000	500
Other Assets [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	100	0
Other Current Liabilities [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,200	3,100
Other Liabilities [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ 1,200	$ 5,100
Revenue Benchmark [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Number of customers that accounted for more than 10% \| Item	1	1
Accounts Receivable [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Number of customers that accounted for more than 10% \| Item	0	0
Restricted Stock Units (RSUs) [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Vesting period	3 years
Performance Stock Units (PSUs) [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Vesting period	3 years
Variable Interest Entity, Primary Beneficiary [Member] \| TKO OpCo [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Variable interest entity owned	47.90%
Common Class A [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Common stock, par value \| $ / shares	$ 0.00001	$ 0.00001		$ 0.00001
Common Class A [Member] \| WWE [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Common stock, par value \| $ / shares	0.01
Common Class B [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Common stock, par value \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Licensing Agreements [Member] \| UFC Segment [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	3 years
Impairment charge	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Property And Equipment) (Details)	12 Months Ended
	Dec. 31, 2023
Buildings [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	35 years
Buildings [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	40 years
Leasehold Improvements [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives	Lesser of useful life or lease term
Furniture, Fixtures, Office and Other Equipment [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	2 years
Furniture, Fixtures, Office and Other Equipment [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	28 years 6 months
Production Equipment [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	3 years
Production Equipment [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	7 years
Computer Hardware And Software [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	2 years
Computer Hardware And Software [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property and Equipment Useful Lives (in years)	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Finite-lived Intangible Assets) (Details)	Dec. 31, 2023	Dec. 31, 2022
Trademarks and Trade Names [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	22 years 8 months 12 days	17 years 10 months 24 days
Trademarks and Trade Names [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	2 years
Trademarks and Trade Names [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	26 years
Customer relationships [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	6 years	8 years 7 months 6 days
Customer relationships [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	2 years
Customer relationships [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	22 years
Internally Developed Technology [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	3 years 2 months 12 days	3 years 3 months 18 days
Internally Developed Technology [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	2 years
Internally Developed Technology [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	15 years
Other [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	3 years 4 months 24 days	2 years 10 months 24 days
Other [Member] \| Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	2 years
Other [Member] \| Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Estimated useful life (in years)	12 years

ACQUISITION OF WWE (Narrative) (Details) - USD ($) $ in Thousands		8 Months Ended	12 Months Ended
	Sep. 12, 2023	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2025
Business Acquisition [Line Items]
Economic interest	100.00%
Consideration transferred, value of shares			$ 8,111,055	$ 0
Nonrecurring transaction costs		$ 187,000		$ 271,000
EGH [Member]
Business Acquisition [Line Items]
Non-economic voting interest	51.00%
EGH [Member] \| TKO OpCo [Member]
Business Acquisition [Line Items]
Economic interest	51.00%
TKO [Member] \| TKO OpCo [Member]
Business Acquisition [Line Items]
Economic interest	49.00%
WWE [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets, weighted average life	20 years 3 months 18 days
Transaction costs			83,800
Consideration transferred			8,432,100
Nonredeemable non-controlling interest	$ 4,521,800
Deferred consideration	$ 321,000
WWE [Member] \| Common Class A [Member]
Business Acquisition [Line Items]
Consideration transferred, shares	83,161,123
Consideration transferred, value of shares			$ 8,061,800
WWE [Member] \| Replacement Awards [Member]
Business Acquisition [Line Items]
Consideration transferred, value of shares	$ 49,300
TKO Group Holdings, Inc. [Member]
Business Acquisition [Line Items]
Voting interest	49.00%				61.00%
TKO Group Holdings, Inc. [Member] \| TKO OpCo [Member]
Business Acquisition [Line Items]
Economic interest	49.00%
TKO Group Holdings, Inc. [Member] \| EGH [Member]
Business Acquisition [Line Items]
Non-economic voting interest	51.00%
Voting interest	51.90%
Trademarks and Trade Names [Member] \| WWE [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets, weighted average life	25 years
Customer relationships [Member] \| WWE [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets, weighted average life	11 years 3 months 18 days
Other [Member] \| WWE [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets, weighted average life	3 years 7 months 6 days

ACQUISITION OF WWE (Schedule of Preliminary Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 12, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 8,444,400		$ 3,388,009	$ 3,386,249
WWE [Member]
Business Acquisition [Line Items]
Cash and cash equivalents		$ 381,153
Accounts receivable		105,237
Other current assets		89,256
Property, buildings and equipment		398,004
Goodwill		5,063,774
Finance lease right of use assets		257,359
Operating lease right of use assets		12,337
Investments		12,007
Other assets		25,928
Deferred tax liabilities		(379,508)
Accounts payable and accrued liabilities		(124,280)
Current portion of long-term debt		(16,934)
Deferred revenue		(54,190)
Finance lease liabilities		(255,940)
Operating lease liabilities		(12,224)
Other long-term liabilities		(2,527)
Additional paid-in-capital		(283,591)
Net assets acquired		8,432,061
WWE [Member] \| Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets		2,188,200
WWE [Member] \| Customer relationships [Member]
Business Acquisition [Line Items]
Intangible assets		899,700
WWE [Member] \| Other [Member]
Business Acquisition [Line Items]
Intangible assets		$ 128,300

ACQUISITION OF WWE (Schedule of Supplemental Financial Information of Acquiree) (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Revenue		$ 3,224,796	$ 2,674,032
Net loss		$ (35,227)	$ 0
WWE [Member]
Business Acquisition [Line Items]
Revenue	$ 382,767
Net loss	$ (73,279)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

ACQUISITION OF WWE (Schedule of Supplemental Pro Forma Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Pro forma revenue	$ 2,618,567
WWE [Member]
Business Acquisition [Line Items]
Pro forma revenue		$ 2,431,670

SUPPLEMENTARY DATA (Summary Property and equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	$ 899,009	$ 385,993
Less: accumulated depreciation and amortization	(205,976)	(154,356)
Total property, buildings and equipment, net	693,033	231,637
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	446,799	155,510
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	81,246	50,866
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	108,693	76,507
Office, Computer and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	233,242	85,580
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, buildings and equipment, gross	$ 29,029	$ 17,530

SUPPLEMENTARY DATA (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 48.1	$ 27.0
Completed but not released content costs, monetized individually, estimated amortization period	12 months
In release content costs, monetized as a film group, estimated amortization period	3 years

SUPPLEMENTARY DATA (Summary of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTARY DATA [Abstract]
Balance at Beginning of Year	$ 18,108	$ 22,744
Charged to Costs and Expenses	10,833	7,417
Deductions	(6,948)	(11,035)
Foreign Exchange	544	(1,018)
Balance at End of Year	22,537	18,108
Balance at Beginning of Year	536	2,504
Charged to Costs and Expenses	15,639	(197)
Deductions		(1,770)
Foreign Exchange	(9)	(1)
Balance at End of Year	$ 16,166	$ 536

SUPPLEMENTARY DATA (Summary of Unamortized Content Costs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTARY DATA [Abstract]
Predominantly Monetized Individually, In release	$ 1,410
Predominantly Monetized Individually, Completed but not released	2,045
Predominantly Monetized Individually, In production	1,350
Predominantly Monetized Individually, Total film and television costs	4,805
Predominantly Monetized as a Film Group, Licensed and acquired program rights	21,413	$ 20,548
Predominantly Monetized as a Film Group, In release	2,081	5,762
Predominantly Monetized as a Film Group, Completed but not released	115	387
Predominantly Monetized as a Film Group, In production	819	557
Predominantly Monetized as a Film Group, Total film and television costs	$ 24,428	$ 27,254

SUPPLEMENTARY DATA (Summary of Amortization and Impairment of Content Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTARY DATA [Abstract]
Content production amortization expense - assets monetized individually	$ 5,028
Content production amortization expense - assets monetized as a film group	19,944	$ 15,099
Total amortization and impairment of content costs	$ 24,972	$ 15,099

SUPPLEMENTARY DATA (Summary of Other Current Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTARY DATA [Abstract]
Ticket inventory	$ 188,560	$ 102,640
Prepaid taxes	57,885	6,727
Other current receivables	21,561	37,987
Amounts due from the Group (Note 22)	10,423	14,923
Prepaid insurance	10,628	4,265
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	7,500
Other	54,155	21,762
Total	$ 350,712	$ 188,304

SUPPLEMENTARY DATA (Summary of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUPPLEMENTARY DATA [Abstract]
Accrued Operating Expenses	$ 24,098	$ 28,121
Payroll-related costs	138,101	62,791
Event and production-related costs	107,722	86,098
Legal and professional fees	22,129	7,176
Interest	41,634	35,502
Accrued capital expenditures	31,844	2,841
Other	56,753	31,080
Total accrued liabilities	$ 422,281	$ 253,618

GOODWILL AND INTANGIBLE ASSETS (Summary of Changes in the Carrying Value of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GOODWILL AND INTANGIBLE ASSETS [Line Items]
Beginning Balance	$ 3,388,009	$ 3,386,249
Acquisitions	5,063,774	2,909
Foreign exchange	161	(1,149)
Ending Balance	8,444,400	3,388,009
Goodwill Impairment Loss	(7,544)
Goodwill, Impaired, Accumulated Impairment Loss	116,100	108,600
UFC Segment [Member]
GOODWILL AND INTANGIBLE ASSETS [Line Items]
Beginning Balance	2,602,639	2,602,639
Ending Balance	2,602,639	2,602,639
WWE Segment [Member]
GOODWILL AND INTANGIBLE ASSETS [Line Items]
Acquisitions	5,063,774
Foreign exchange	72
Ending Balance	5,063,846
IMG [Member]
GOODWILL AND INTANGIBLE ASSETS [Line Items]
Beginning Balance	745,590	743,830
Acquisitions		2,909
Foreign exchange	89	(1,149)
Ending Balance	738,135	745,590
Goodwill Impairment Loss	(7,544)
Corporate and Other Segment [Member]
GOODWILL AND INTANGIBLE ASSETS [Line Items]
Beginning Balance	39,780	39,780
Ending Balance	$ 39,780	$ 39,780

GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Intangible asset amortization expense	$ 168.7	$ 105.4
Goodwill impairment loss	7.5
Impairment Of Trade Names	$ 14.0

GOODWILL AND INTANGIBLE ASSETS (Summary of Company's Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 4,804,685	$ 1,596,400
Intangible assets, accumulated amortization	(1,017,252)	(847,155)
Carrying Value	3,787,433	749,245
Intangible assets, gross	5,006,882	1,794,056
Intangible assets, net	$ 3,989,630	$ 946,901
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Life (in years)	22 years 8 months 12 days	17 years 10 months 24 days
Gross Amount	$ 3,010,938	$ 836,716
Intangible assets, accumulated amortization	(356,194)	(282,801)
Carrying Value	2,654,744	553,915
Indefinite-lived intangible assets (excluding goodwill)	$ 182,979	$ 178,708
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Life (in years)	6 years	8 years 7 months 6 days
Gross Amount	$ 1,630,962	$ 728,377
Intangible assets, accumulated amortization	(623,878)	(541,126)
Carrying Value	$ 1,007,084	$ 187,251
Internally Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Life (in years)	3 years 2 months 12 days	3 years 3 months 18 days
Gross Amount	$ 9,505	$ 7,400
Intangible assets, accumulated amortization	(4,852)	(3,434)
Carrying Value	$ 4,653	$ 3,966
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Life (in years)	3 years 4 months 24 days	2 years 10 months 24 days
Gross Amount	$ 153,280	$ 23,907
Intangible assets, accumulated amortization	(32,328)	(19,794)
Carrying Value	120,952	4,113
Owned Events [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	$ 19,218	$ 18,948

GOODWILL AND INTANGIBLE ASSETS (Aggregate Amount of Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
2024	$ 332,773
2025	275,053
2026	259,697
2027	239,485
2028	222,255
Thereafter	2,458,170
Total remaining amortization	$ 3,787,433	$ 749,245

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVESTMENTS (Narrative) (Details) - USD ($)	2 Months Ended	12 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($)	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS [Line Items]
Equity earnings (losses) of affiliates, net of tax		$ 9,212,000	$ 7,388,000
Equity method investments		59,655,000	54,947,000
Cumulative catch-up entry recorded to revenue	$ 1,000
Cumulative catch-up entry recorded to deferred revenue	$ 2,000
Impairment charges on investments		0
Observable price change upward price adjustment		0
Equity Method Investment, Underlying Equity in Net Assets		$ 27,700,000	26,500,000
Monky Spirit Llc [Member]
INVESTMENTS [Line Items]
Company's ownership of its equity method investments		7.00%
Equity earnings (losses) of affiliates, net of tax		$ 900,000	100,000
Equity method investment, other-than-temporary impairment charge		3,000,000
Equity method investments		3,300,000	4,200,000
Other Equity Investments [Member]
INVESTMENTS [Line Items]
Equity earnings (losses) of affiliates, net of tax		4,700,000	1,200,000
Equity method investments		26,700,000	21,900,000
Distributions received from other equity method investments		$ 2,000,000	1,200,000
Sports News Television LP [Member]
INVESTMENTS [Line Items]
Company's ownership of its equity method investments		50.00%
Equity earnings (losses) of affiliates, net of tax		$ 5,500,000	5,900,000
Equity method investments		29,700,000	28,800,000
Distributions received from other equity method investments		$ 5,800,000	$ 5,900,000

INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS [Abstract]
Equity method investments	$ 59,655	$ 54,947
Nonmarketable equity investments without readily determinable fair values	18,748	6,659
Nonmarketable equity investments with readily determinable fair values	83	0
Total investment securities	$ 78,486	$ 61,606

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

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+ Details

DEBT (Summary of Outstanding Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
DEBT [Line Items]
Total principal	$ 2,764,900	$ 2,797,634
Unamortized discount	(9,478)	(13,245)
Unamortized issuance costs	(15,951)	(22,445)
Total debt	2,739,471	2,761,944
Less: Current portion of long-term debt	(22,833)	(23,226)
Total long-term debt	2,716,638	2,738,718
First Lien Term Loan (due April 2026) [Member]
DEBT [Line Items]
Total principal	$ 2,728,766	2,759,767
Line of credit maturity date	April 2026
Secured Commercial Loans [Member]
DEBT [Line Items]
Total principal	$ 31,867	33,467
Total debt	31,900	33,500
Notes Payable [Member]
DEBT [Line Items]
Total principal	$ 4,267	$ 4,400

DEBT (Narrative) (Details) - USD ($)	1 Months Ended					12 Months Ended
DEBT (Narrative) (Details) - USD ($)	Dec. 31, 2023	Nov. 30, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
DEBT [Line Items]
Net long-term deferred income tax liabilities	$ 371,200,000					$ 371,200,000
Long-term debt	2,739,471,000					$ 2,739,471,000	$ 2,761,944,000
Dividends paid						$ 3.86
Revolving Credit Facility [Member]
DEBT [Line Items]
Line of credit	0					$ 0	0
Maximum borrowing capacity	205,000,000					$ 205,000,000
Borrowings from line of credit		$ 100,000,000					100,000,000
Repayments of line of credit	100,000,000
Percentage of revolving commitments						35.00%
Threshold Amount of Outstanding Letters of Credit Not Cash Collateralized	10,000,000					$ 10,000,000
Revolving Credit Facility [Member] \| Maximum [Member]
DEBT [Line Items]
Variable rate					3.00%
Commitment fee percentage						0.50%
Revolving Credit Facility [Member] \| Minimum [Member]
DEBT [Line Items]
Variable rate					2.75%
Commitment fee percentage						0.25%
2016 Credit Facilities [Member]
DEBT [Line Items]
Line of credit	2,700,000,000					$ 2,700,000,000	2,800,000,000
Debt service leverage ratio						6.5
Outstanding letters of credit	0					$ 0	0
Minimum leverage ratio required						5
Debt instrument, maturity date						Oct. 29, 2024
Swingline loan maximum amount	$ 15,000,000					$ 15,000,000
First Lien Term Loan (due April 2026) [Member]
DEBT [Line Items]
Percentage of principal amortization payable in equal quarterly installments						1.00%
Effective rate	8.40%					8.40%
3.375% Convertible Notes due 2023 [Member]
DEBT [Line Items]
Interest rate	3.375%					3.375%
Convertible rate of shares	41.6766					41.6766
Convertible rate per principal amount	$ 1,000					$ 1,000
Conversion price per share	$ 23.99					$ 23.99
3.375% Convertible Notes due 2023 [Member] \| Maximum [Member]
DEBT [Line Items]
Converted amount						$ 4,200
Repayment of debt						100,000
Secured Commercial Loans [Member]
DEBT [Line Items]
Long-term debt	$ 31,900,000					$ 31,900,000	33,500,000
Debt instrument, maturity date						Nov. 01, 2028
Debt service coverage ratio						1.15
Letter of credit [Member]
DEBT [Line Items]
Maximum borrowing capacity	40,000,000					$ 40,000,000
On Location Revolver [Member]
DEBT [Line Items]
Line of credit	0					0	$ 0
Maximum borrowing capacity	42,900,000					42,900,000
Repayments of line of credit						$ 42,900,000
Percentage of revolving commitments						40.00%
Outstanding letters of credit	0					$ 0
Threshold Amount of Outstanding Letters of Credit Not Cash Collateralized	$ 2,000,000					$ 2,000,000
Shares issued upon conversion						176,079
Debt Instrument, Maturity Date, Description						earlier of August 2026 or the date that is 91 days prior to the maturity date of the term loans
On Location Revolver [Member] \| Maximum [Member]
DEBT [Line Items]
Debt service leverage ratio						3
LIBOR [Member] \| Secured Commercial Loans [Member]
DEBT [Line Items]
Variable rate						1.62%
Floor rate						0.88
SOFR [Member] \| First Lien Term Loan (due April 2026) [Member] \| Maximum [Member]
DEBT [Line Items]
Variable rate			3.00%
SOFR [Member] \| First Lien Term Loan (due April 2026) [Member] \| Minimum [Member]
DEBT [Line Items]
Variable rate			2.75%
SOFR [Member] \| Secured Commercial Loans [Member]
DEBT [Line Items]
Variable rate				1.70%
Percentage of principal amortization payable in monthly installments				4.00%

DEBT - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEBT [Abstract]
2024	$ 33,500
2025	33,567
2026	2,669,066
2027	2,300
2028	25,967
Thereafter	500
Total	$ 2,764,900	$ 2,797,634

FINANCIAL INSTRUMENTS (Schedule ofOutstanding Forward Foreign Exchange Contracts) (Details) - Dec. 31, 2023 $ in Thousands	EUR (€)	USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Forward Foreign Exchange Contracts	€ 6,769,000	$ 5,495
Weighted Average Foreign Exchange Rate	€ 810

FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2018
OtherIncomeExpense [Member]
FINANCIAL INSTRUMENTS [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net		$ 3.1	$ (2.2)
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness		$ 1.7	(0.4)
Secured Commercial Loans [Member]
FINANCIAL INSTRUMENTS [Line Items]
Fixed rate		4.99%
Effective rate		7.04%
Change in fair value of swap's liability included in accumulated other comprehensive loss		$ (0.3)	4.9	$ (2.5)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net		$ 0.3	0.3	$ 0.3
Secured Commercial Loans [Member] \| SOFR [Member]
FINANCIAL INSTRUMENTS [Line Items]
Variable rate		1.70%
Secured Commercial Loans [Member] \| Level II [Member]
FINANCIAL INSTRUMENTS [Line Items]
Interest rate swaps		$ 0.3	$ 0.6
4.99% Interest Rate Swap [Member]
FINANCIAL INSTRUMENTS [Line Items]
Fixed rate	4.99%
Effective rate	3.97%
Debt Instrument face amount					$ 40.0
4.99% Interest Rate Swap [Member] \| LIBOR [Member]
FINANCIAL INSTRUMENTS [Line Items]
Variable rate	1.62%

STOCKHOLDERS' EQUITY/NET PARENT INVESTMENT (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Nov. 09, 2023 $ / shares shares	Sep. 12, 2023 USD ($) $ / shares shares	Nov. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) Item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Preferred stock, shares authorized \| shares		1,000,000,000
Preferred stock, par value \| $ / shares		$ 0.00001
Repurchase amount of stock				$ 100,000	$ 0
Accumulated Other Comprehensive Income (Loss), Net of Tax				(332)	(69,889)
TKO OpCos Activity [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable					568,100
Accumulated Other Comprehensive Income (Loss), Net of Tax					800
Businesses Activity [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable				$ 1,600,700	1,457,700
Accumulated Other Comprehensive Income (Loss), Net of Tax					$ 70,700
Not having rights to the Businesses activity [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable		$ 1,552,100
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 67,800
Common Class A [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Common stock, shares authorized \| shares		5,000,000,000		5,000,000,000	5,000,000,000
Common stock, par value \| $ / shares		$ 0.00001		$ 0.00001	$ 0.00001
Common stock, number of votes per share \| Item				1
Common stock, shares issued \| shares				82,292,902	0
Common Class A [Member] \| Secondary Offering [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Shares issued \| shares				0
Price per share \| $ / shares				$ 76.41
Value of shares issued				$ 0
Shares repurchased \| shares				1,308,729
Repurchase amount of stock				$ 100,000
Common Class B [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Common stock, shares authorized \| shares		5,000,000,000		5,000,000,000	5,000,000,000
Common stock, par value \| $ / shares		$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, number of votes per share \| Item				1
Common stock, shares issued \| shares				89,616,891	0
EGH [Member] \| Common Class B [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Common stock, shares issued \| shares		89,616,891
WWE [Member] \| Common Class A [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Common stock, par value \| $ / shares				$ 0.01
Common stock, shares issued \| shares		83,161,123
Vincent K McMahon [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Cash contributions				$ 5,800	$ 9,000
Vincent K McMahon [Member] \| Common Class A [Member] \| Secondary Offering [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Shares issued \| shares	8,400,000
Price per share \| $ / shares	$ 79.8
Revolving Credit Facility [Member]
STOCKHOLDERS'/MEMBERS' EQUITY [Line Items]
Borrowings from line of credit			$ 100,000		$ 100,000

NON-CONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2018	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Temporary equity, estimated redemption value		$ 11.2	$ 9.7
Russia Subsidiary [Member]
Noncontrolling Interest [Line Items]
Proceeds from noncontrolling interests	$ 9.7

NON-CONTROLLING INTERESTS (Changes in Redeemable Non-controlling Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NON-CONTROLLING INTERESTS [Abstract]
Balance	$ 9,908	$ 9,700
Net income attributable to non-controlling interest holders	1,686	1,747
Accretion		(1,539)
Accretion	0
Balance	$ 11,594	$ 9,908

EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings (Loss) Per Share and Weighted Average Shares Outstanding) (Details) - USD ($)
$ / shares in Units, $ in Thousands

4 Months Ended

12 Months Ended

Dec. 31, 2023

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net loss attributable to TKO Group Holdings, Inc.

$ (35,227)

Weighted average Class A Common Shares outstanding - Basic

82,808,019

Basic earnings (loss) per share

$ (0.43)

^[1]

Diluted earnings (loss) per share

$ (0.43)

^[1]

Common Class B [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Securities that are anti-dilutive this period

89,616,891

Restricted Stock Units (RSUs) [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Securities that are anti-dilutive this period

1,636,626

Performance Stock Units (PSUs) [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Securities that are anti-dilutive this period

327,403

[1]

Basic and diluted net loss per share of Class A common stock is applicable only for the period from September 12, 2023 through December 31, 2023, which is the period following the Transactions (as defined in Note 1 to the audited combined financial statements). See Note 12 for the calculation of the number of shares used in computation of net loss per share of Class A common stock and the basis for computation of net loss per share.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Topic 250
-SubTopic 10
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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-Topic 805
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+ Details

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2023
Endeavor Asset Acquisition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business Acquisition, Description of Acquired Entity	EGH RSUs held by the Businesses’ employee or contractor, each EGH RSU was exchanged for 0.22 TKO RSUs at the time of the consummation of the Endeavor Asset Acquisition
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
EGH 2021 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
EGH 2021 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
EGH 2021 Plan [Member] \| RSUs and stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of shares vested	$ 18,700	$ 21,700
Aggregate intrinsic value of shares vested	$ 8,400	6,400
TKO 2023 Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance			10,000,000
TKO 2023 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 months
TKO 2023 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
TKO 2023 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments	3
Incremental compensation expense due to modification	$ 0
Replacement Awards under WWE 2016 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Replacement Awards under WWE 2016 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Replacement Awards under WWE 2016 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of shares vested	$ 21,100
Aggregate intrinsic value of shares vested	17,000
Total intrinsic value of options exercised		0
Replacement Awards under WWE 2016 Plan [Member] \| Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of shares vested	5,500
Aggregate intrinsic value of shares vested	$ 4,400
Total intrinsic value of options exercised		$ 0

EQUITY-BASED COMPENSATION (Schedule of Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 64,512	$ 31,598
EGH 2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	25,875	31,848
Replacement Awards under WWE 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	31,747	0
TKO 2023 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	6,724	0
Other Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 166	$ (250)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EQUITY BASED COMPENSATION - Unrecognized compensation cost for unvested awards and the related remaining weighted average (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 149,539
EGH 2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 23,211
Period Remaining (in years)	2 years 1 month 24 days
Replacement Awards under WWE 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 59,370
Period Remaining (in years)	2 years 3 months 18 days
TKO 2023 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 66,958
Period Remaining (in years)	2 years 3 months 25 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EQUITY-BASED COMPENSATION (Summary of RSU Activity) (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
EGH 2021 Plan [Member] \| Time Vested Restricted Stock Units [Member]
EQUITY-BASED COMPENSATION [Line Items]
Outstanding balances at beginning, Units \| shares	961,371
Granted, Units \| shares	942,399
Released, Units \| shares	(454,116)
Forfeited, Units \| shares	(107,118)
Outstanding balances at end, Units \| shares	1,342,536
Outstanding balances at beginning, Weighted-Average Exercise Price	$ 26.5
Granted, Weighted-Average Exercise Price	21.82
Released, Weighted-Average Exercise Price	27.37
Forfeited, Weighted-Average Exercise Price	5.41
Outstanding balances at end, Weighted-Average Exercise Price	$ 23.2
EGH 2021 Plan [Member] \| Market / Market and Time Vested RSUs [Member]
EQUITY-BASED COMPENSATION [Line Items]
Outstanding balances at beginning, Units \| shares	229,663
Granted, Units \| shares	0
Released, Units \| shares	(17,427)
Forfeited, Units \| shares	(2,384)
Outstanding balances at end, Units \| shares	209,852
Outstanding balances at beginning, Weighted-Average Exercise Price	$ 25.59
Granted, Weighted-Average Exercise Price	0
Released, Weighted-Average Exercise Price	29.44
Forfeited, Weighted-Average Exercise Price	24.82
Outstanding balances at end, Weighted-Average Exercise Price	$ 25.27
Replacement Awards under WWE 2016 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
EQUITY-BASED COMPENSATION [Line Items]
Assumed from WWE, Units \| shares	1,011,215
Vested, Units \| shares	(209,982)
Forfeited, Units \| shares	(146,581)
Dividend equivalents, Units \| shares	46,438
Outstanding balances at beginning, Weighted-Average Exercise Price	$ 701,090
Assumed from WWE, Weighted-Average Exercise Price	100.65
Vested, Weighted-Average Exercise Price	100.65
Forfeited, Weighted-Average Exercise Price	100.65
Dividend equivalents, Weighted-Average Exercise Price	100.65
Outstanding balances at end, Weighted-Average Exercise Price	$ 100.65
TKO 2023 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
EQUITY-BASED COMPENSATION [Line Items]
Outstanding balances at beginning, Units \| shares	0
Granted, Units \| shares	935,536
Vested, Units \| shares	0
Forfeited, Units \| shares	0
Outstanding balances at end, Units \| shares	935,536
Outstanding balances at beginning, Weighted-Average Exercise Price	$ 0
Granted, Weighted-Average Exercise Price	91.23
Vested, Weighted-Average Exercise Price	0
Forfeited, Weighted-Average Exercise Price	0
Outstanding balances at end, Weighted-Average Exercise Price	$ 91.23

EQUITY-BASED COMPENSATION (Summary of Stock Options Activity) (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
EQUITY-BASED COMPENSATION [Line Items]
Outstanding balances at beginning, Units \| shares	493,082
Granted, Units \| shares
Outstanding balances at end, Units \| shares	493,082
Vested and exercisable, Units \| shares	299,949
Outstanding balances at beginning, Weighted-Average Exercise Price \| $ / shares	$ 25.19
Granted, Weighted-Average Exercise Price \| $ / shares
Outstanding balances at end, Weighted-Average Exercise Price \| $ / shares	25.19
Vested and exercisable, Weighted-Average Exercise Price \| $ / shares	$ 24.65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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+ Details

EQUITY-BASED COMPENSATION (Summary Of PSU Activity) (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Time Vested PSUs [Member]
EQUITY-BASED COMPENSATION [Line Items]
Assumed from WWE, Units \| shares	641,190
Vested, Units \| shares	(54,478)
Forfeited, Units \| shares	(272,297)
Dividend equivalents, Units \| shares	12,988
Outstanding balances at end, Units \| shares	327,403
Assumed from WWE, Weighted-Average Exercise Price \| $ / shares	$ 100.65
Vested, Weighted-Average Exercise Price \| $ / shares	100.65
Forfeited, Weighted-Average Exercise Price \| $ / shares	83.75
Dividend equivalents, Weighted-Average Exercise Price \| $ / shares	100.65
Outstanding balances at end, Weighted-Average Exercise Price \| $ / shares	$ 93.84
Market / Market and Time Vested Performance Units [Member]
EQUITY-BASED COMPENSATION [Line Items]
Assumed from WWE, Units \| shares	20,460
Forfeited, Units \| shares	(20,460)
Dividend equivalents, Units \| shares	0
Assumed from WWE, Weighted-Average Exercise Price \| $ / shares	$ 100.65
Forfeited, Weighted-Average Exercise Price \| $ / shares	100.65
Dividend equivalents, Weighted-Average Exercise Price \| $ / shares	$ 0

EMPLOYEE BENEFITS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE BENEFITS [Line Items]
Matching contributions of each participant's contributions	50.00%
Employer matching contributions and discretionary contributions	$ 9.4	$ 7.4
Zuffa Participants [Member]
EMPLOYEE BENEFITS [Line Items]
Eligible percentage of compensation by employee	5.00%
Zuffa Participants [Member] \| Maximum [Member]
EMPLOYEE BENEFITS [Line Items]
Matching contribution percentage of compensation	2.50%
WWE Participants [Member]
EMPLOYEE BENEFITS [Line Items]
Eligible percentage of compensation by employee	6.00%
WWE Participants [Member] \| Maximum [Member]
EMPLOYEE BENEFITS [Line Items]
Matching contribution percentage of compensation	3.00%

INCOME TAXES (Narrative) (Details) - USD ($)			12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($)	Dec. 31, 2022	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2023	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective tax rate			19.90%	4.30%
Increase (decrease) in valuation allowance			$ 16,200,000	$ (500,000)
Interest and penalties related to uncertain tax benefits	$ 8,900,000		12,900,000	8,900,000
Uncertain tax positions that would impact effective tax rate	42,800,000		46,900,000	42,800,000
Unrecognized tax benefits	34,749,000		39,250,000	34,749,000		$ 29,656,000
Recognized tax benefits income tax penalties and interest accrued	$ 3,500,000		3,800,000	3,500,000
Corporate alternative minimum tax	15.00%	15.00%
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, foreign	$ 19,100		$ 20,200	19,100
Operating loss carryforwards, expiration period			5 years
Foreign tax credit carryforwards	$ 25,500		$ 29,600	$ 25,500
WWE [Member]
Operating Loss Carryforwards [Line Items]
Fair value step-up on acquired net assets					$ 3,300,000,000
Deferred tax liabilities					$ 379,508,000

INCOME TAXES - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES [Abstract]
United States	$ 124,736	$ 371,382
Foreign	42,247	(3,297)
Income before income taxes and equity earnings of affiliates	$ 166,983	$ 368,085

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

INCOME TAXES - Summary of Components Benefit from Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. federal, state and local	$ 5,694	$ (2,503)
Foreign	28,280	24,730
Total Current	33,974	22,227
Deferred:
U.S. federal, state and local	(7,883)	(1,234)
Foreign	7,105	(5,098)
Total Deferred	(778)	(6,332)
Total provision for income taxes	$ 33,196	$ 15,895

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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-Topic 235
-Publisher FASB
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+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate Based on Consolidated Statements of Operations Differs From U.S. Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES [Abstract]
U.S. statutory federal income tax of 21%	$ 35,066	$ 77,296
Partnership income not subject to tax	(60,382)	(91,436)
Tax impact of foreign operations	42,898	28,105
UK ORIP Tax	1,215	859
Provision to return	2,145	(983)
Permanent differences	2,029	(4,404)
Nondeductible officers compensation	4,465	0
Equity method investments	(2,686)	(2,391)
Third party ownership reversal	(167)	(1,087)
Opening balance remeasurement	4,270	0
Valuation allowance	(1,180)	(2,141)
Unrecognized tax benefits	3,836	9,576
U.S. state and local taxes	176	788
Other	1,511	1,713
Total provision for income taxes	$ 33,196	$ 15,895

INCOME TAXES - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Net [Abstract]
Compensation and severance	$ 17,776	$ 3,219
Net operating loss, capital loss and tax credits carried forward	38,021	9,682
Lease liability	38,233	820
Property, buildings and equipment	0	1,970
Other	10,380	2,034
Total gross deferred tax assets	104,410	17,725
Less: valuation allowance	(16,166)	(536)
Net deferred tax assets	88,244	17,189
Deferred Tax Liabilities, Gross [Abstract]
Property, buildings, and equipment	(34,701)	0
Loss contracts	(13,547)	(14,613)
Intangible assets	(416,618)	(52,085)
Lease asset	(37,101)	0
Investments	(6,681)	(5,470)
Other liabilities	(2,445)	(1,549)
Net deferred tax liabilities	(511,093)	(73,717)
Total net deferred tax (liabilities) assets	$ (422,849)	$ (56,528)

INCOME TAXES - Schedule of Aggregate Changes to The Liability for Unrecognized Tax Benefits, Excluding Interest and Penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES [Abstract]
Beginning Balance	$ 34,749	$ 29,656
Acquisitions	2,549	0
Gross increases	9,268	7,939
Gross decreases	(274)	(743)
Lapse of statue of limitations	(7,472)	(1,122)
Translation adjustments	430	(981)
Ending Balance	$ 39,250	$ 34,749

REVENUE (Summary of Company's Revenue Disaggregated by Primary Revenue Sources) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 3,224,796	$ 2,674,032
Media rights, production and content [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,828,141	1,438,615
Live events and hospitality [Member]
Disaggregation of Revenue [Line Items]
Revenue	987,756	911,564
Sponsorship [Member]
Disaggregation of Revenue [Line Items]
Revenue	319,753	261,481
Consumer products, licensing and other [Member]
Disaggregation of Revenue [Line Items]
Revenue	108,415	73,478
Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	(19,269)	(11,106)
UFC Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,292,201	1,140,147
UFC Segment [Member] \| Media rights, production and content [Member]
Disaggregation of Revenue [Line Items]
Revenue	870,551	794,397
UFC Segment [Member] \| Live events and hospitality [Member]
Disaggregation of Revenue [Line Items]
Revenue	167,942	125,271
UFC Segment [Member] \| Sponsorship [Member]
Disaggregation of Revenue [Line Items]
Revenue	196,296	166,845
UFC Segment [Member] \| Consumer products, licensing and other [Member]
Disaggregation of Revenue [Line Items]
Revenue	57,412	53,634
WWE Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	382,767
WWE Segment [Member] \| Media rights, production and content [Member]
Disaggregation of Revenue [Line Items]
Revenue	249,496
WWE Segment [Member] \| Live events and hospitality [Member]
Disaggregation of Revenue [Line Items]
Revenue	87,705
WWE Segment [Member] \| Sponsorship [Member]
Disaggregation of Revenue [Line Items]
Revenue	17,957
WWE Segment [Member] \| Consumer products, licensing and other [Member]
Disaggregation of Revenue [Line Items]
Revenue	27,609
IMG [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,437,110	1,424,985
IMG [Member] \| Media rights, production and content [Member]
Disaggregation of Revenue [Line Items]
Revenue	692,224	628,529
IMG [Member] \| Live events and hospitality [Member]
Disaggregation of Revenue [Line Items]
Revenue	650,585	715,676
IMG [Member] \| Sponsorship [Member]
Disaggregation of Revenue [Line Items]
Revenue	79,103	66,879
IMG [Member] \| Consumer products, licensing and other [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,198	13,901
Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	131,987	120,006
Corporate and Other [Member] \| Media rights, production and content [Member]
Disaggregation of Revenue [Line Items]
Revenue	15,870	15,689
Corporate and Other [Member] \| Live events and hospitality [Member]
Disaggregation of Revenue [Line Items]
Revenue	81,524	70,617
Corporate and Other [Member] \| Sponsorship [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,397	27,757
Corporate and Other [Member] \| Consumer products, licensing and other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 8,196	$ 5,943

REVENUE (Summary of Remaining Performance Obligation for Contracts Greater Than One Year) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,588,456
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2,407,382
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,999,247
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 928,426
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 800,628
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 676,008
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 776,765
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
REVENUE [Abstract]
Revenue from prior period performance obligations	$ 0	$ 0

REVENUE (Summary of Company's Deferred Revenue) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Contract with Customer, Liability [Abstract]
Beginning Balance	$ 368,906
Acquisitions	54,190
Additions	2,230,755
Deductions	(2,098,198)
Reclasses	111,943
Foreign Exchange	5,761
Ending Balance	673,357
Beginning Balance	65,856
Additions	97,127
Deductions	(33,366)
Reclasses	(111,943)
Foreign Exchange	(1,678)
Ending Balance	$ 15,996

RESTRUCTURING CHARGES (Narrative) (Details)	12 Months Ended
RESTRUCTURING CHARGES (Narrative) (Details)	Dec. 31, 2023 USD ($)
RESTRUCTURING CHARGES [Abstract]
Restructuring charges including equity-based compensation expenses	$ 41,400,000
Equity-based compensation expenses included in restructuring charges	$ 19,900

RESTRUCTURING CHARGES (Summary of changes in company's restructuring liability) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
RESTRUCTURING CHARGES [Abstract]
Balance	$ 0
Restructuring charges (excluding share-based compensation expense)	21,459
Payments	(11,734)
Balance	$ 9,725

CONTENT PRODUCTION INCENTIVES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONTENT PRODUCTION INCENTIVES [Abstract]
Content production incentives	$ 13.1	$ 0.0

SEGMENT INFORMATION (Narrative) (Details)	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Dec. 31, 2023 segment
SEGMENT INFORMATION [Abstract]
Number of reportable segments	2
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The profitability measure employed by the Company’s CODM for allocating resources and assessing operating performance is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company’s segments, including content production asset amortization. The Company’s CODM considers budget-to-actual and quarter-over-quarter variances when making decisions about allocating capital and personnel to the segments. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view the Company’s segment performance in the same manner as the Company’s CODM to evaluate segment performance and make decisions about allocating resources. Additionally, the Company believes that Adjusted EBITDA is a primary measure used by media investors, analysts and peers for comparative purposes.

SEGMENT INFORMATION (Schedule of Adjusted EBITDA) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Revenue	$ 3,224,796	$ 2,674,032
Direct operating costs	1,576,759	1,370,450
Selling, general and administrative expenses	1,026,677	637,109
Adjusted EBITDA	847,773	727,829
UFC Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	1,292,201	1,140,147
WWE Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	382,767
IMG [Member]
Revenue, Major Customer [Line Items]
Revenue	1,437,110	1,424,985
Operating Segments [Member]
Revenue, Major Customer [Line Items]
Revenue	3,112,078	2,565,132
Adjusted EBITDA	1,039,792	853,026
Operating Segments [Member] \| UFC Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	1,292,201	1,140,147
Direct operating costs	383,388	325,586
Selling, general and administrative expenses	153,149	133,932
Adjusted EBITDA	755,664	680,629
Operating Segments [Member] \| WWE Segment [Member]
Revenue, Major Customer [Line Items]
Revenue	382,767	0
Direct operating costs	125,685	0
Selling, general and administrative expenses	94,101	0
Adjusted EBITDA	162,981	0
Operating Segments [Member] \| IMG [Member]
Revenue, Major Customer [Line Items]
Revenue	1,437,110	1,424,985
Direct operating costs	986,151	968,023
Selling, general and administrative expenses	329,812	284,565
Adjusted EBITDA	$ 121,147	$ 172,397

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SEGMENT INFORMATION (Schedule of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Revenues	$ 3,224,796	$ 2,674,032
UFC Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	1,292,201	1,140,147
WWE Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	382,767
IMG [Member]
Revenue, Major Customer [Line Items]
Revenues	1,437,110	1,424,985
Eliminations [Member]
Revenue, Major Customer [Line Items]
Revenues	(19,269)	(11,106)
Operating Segments [Member]
Revenue, Major Customer [Line Items]
Revenues	3,112,078	2,565,132
Operating Segments [Member] \| UFC Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	1,292,201	1,140,147
Operating Segments [Member] \| WWE Segment [Member]
Revenue, Major Customer [Line Items]
Revenues	382,767	0
Operating Segments [Member] \| IMG [Member]
Revenue, Major Customer [Line Items]
Revenues	1,437,110	1,424,985
Corporate [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 131,987	$ 120,006

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SEGMENT INFORMATION (Schedule of Reconciliation of Segment Profitability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 847,773	$ 727,829
Equity income from affiliates	(9,212)	(7,388)
Depreciation and amortization	(224,051)	(133,619)
Restructuring, severance and impairment	(41,400)
Other adjustments	20,808	(30,685)
Income before income taxes and equity earnings of affiliates	166,983	368,085
Foreign exchange gains and (losses)	12,731	(16,612)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,039,792	853,026
Operating Segments [Member] \| UFC Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	755,664	680,629
Operating Segments [Member] \| WWE Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	162,981	0
Operating Segments [Member] \| IMG [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	121,147	172,397
Reconciling Items [Member]
Segment Reporting Information [Line Items]
Equity income from affiliates	(9,212)	(7,388)
Interest expense, net	(229,605)	(134,084)
Depreciation and amortization	(224,051)	(133,619)
Equity-based compensation expense	(64,512)	(31,598)
Merger and acquisition costs	(85,474)	(9,486)
Certain legal costs	(38,721)	(12,781)
Restructuring, severance and impairment	(48,416)	(109)
Other adjustments	4,390	2,720
Foreign exchange gains and (losses)	14,811	(33,399)
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (192,019)	$ (125,197)

SEGMENT INFORMATION (Schedule of Reconciliation of Segment Profitability) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Employee Benefits and Share-Based Compensation	$ 19,900,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	9,200,000
Litigation Settlement, Fee Expense	20,000,000
Change in unrealized gain (loss) on foreign currency fair value hedging instruments.	3,200,000	$ 2,200,000
Change in unrealized gain loss on embedded foreign currency fair value hedging instruments 2	1,700,000	400,000
Offset by loss on disposal of assets	1,400,000
Other Nonoperating Income		$ 5,800,000
Unrealized impairment charges	$ 21,500

SEGMENT INFORMATION (Schedule of Revenue by Geographic Region) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Revenues	$ 3,224,796	$ 2,674,032
Property, Plant and Equipment, Net	693,033	231,637
North America [Member]
Revenue, Major Customer [Line Items]
Revenues	2,096,314	1,775,590
Europe/Middle East/Africa [Member]
Revenue, Major Customer [Line Items]
Revenues	767,887	590,837
Asia Pacific [Member]
Revenue, Major Customer [Line Items]
Revenues	285,692	217,256
Latin America [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 74,903	90,349
UNITED KINGDOM
Revenue, Major Customer [Line Items]
Property, Plant and Equipment, Net		$ 32,900

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

LEASES (Narrative) (Details)	12 Months Ended
LEASES (Narrative) (Details)	Dec. 31, 2023
Minimum [Member] \| Real Estate Assets [Member]
LEASES [Line Items]
Lessee, Remaining Lease Term	1 year
Minimum [Member] \| Equipment [Member]
LEASES [Line Items]
Lessee, Remaining Lease Term	1 year
Maximum [Member] \| Real Estate Assets [Member]
LEASES [Line Items]
Lessee, Remaining Lease Term	27 years
Maximum [Member] \| Equipment [Member]
LEASES [Line Items]
Lessee, Remaining Lease Term	8 years

LEASES (Summary of Company's Finance and Operating Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES [Abstract]
Non-cash lease expense	$ 7,227	$ 1,200
Interest on lease liabilities	6,997	900
Operating lease costs	16,725	10,658
Other short-term and variable lease costs	1,480	936
Total lease costs	32,429	13,694
Operating cash flows from finance leases	8,072	1,756
Operating cash flows from operating leases	15,867	11,783
Finance cash flows from finance leases	938	0
Right-of-use assets obtained in exchange for new finance lease liabilities	257,359	0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 24,356	$ 15,528
Weighted-average remaining lease term (in years) - finance leases	24 years 3 months 18 days	6 years 8 months 12 days
Weighted-average remaining lease term (in years) - operating leases	6 years 1 month 6 days	6 years 10 months 24 days
Weighted-average discount rate - finance leases	8.20%	10.20%
Weighted-average discount rate - operating leases	6.70%	6.50%

LEASES (Summary of Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 21,846
2025	19,223
2026	17,435
2027	13,539
2028	6,682
Thereafter	21,580
Total future minimum lease payment	100,305
Less: imputed interest	(18,631)
Present value of future minimum lease payments	81,674
Less: current portion of operating lease liabilities	(17,089)	$ (9,986)
Long-term operating lease liabilities	64,585	59,176
Finance Leases
2024	30,625
2025	27,622
2026	30,207
2027	21,091
2028	19,536
Thereafter	498,572
Total future minimum lease payment	627,653
Less: imputed interest	(363,744)
Present value of future minimum lease payments	263,909
Less: current portion of operating lease liabilities	(10,299)	(1,486)
Long-term operating lease liabilities	$ 253,610	$ 9,151

COMMITMENTS AND CONTINGENCIES (Schedule of Annual Commitments) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
2024	$ 622,476
2025	335,026
2026	337,083
2027	435,236
2028	325,118
Thereafter	162,888
Total	$ 2,217,827

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)				1 Months Ended	3 Months Ended
	May 13, 2024	Dec. 22, 2023	Dec. 31, 2022	May 31, 2019	Dec. 31, 2022	May 08, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Commitments related to services agreement in 2024							$ 622,476,000
Commitments related to services agreement in 2025							335,026,000
Commitments related to services agreement in 2026							337,083,000
Commitments related to services agreement in 2027							435,236,000
Commitments related to services agreement in 2028							325,118,000
Commitments related to services agreement thereafter							162,888,000
Loss Contingency, Loss in Period	$ 513,500
Litigation Settlement, Amount Awarded to Other Party		$ 20,000
Lega Nazionale [Member]
Loss Contingencies [Line Items]
Percentage Of Loss Contingency Retain Award Aggregate Loss Suffered						10.00%
One Further Football Club [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value			$ 326,900
Due To Make Lower Value Of Media Rights [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value				$ 300
Loss Contingency, Damages Sought, Value				251,500
Due To Make Lower Value Of Media Rights [Member] \| Three Football Clubs [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value				554,600
Due To Make Lower Value Of Media Rights [Member] \| Lega Nazionale [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value				$ 1,750,000
Due To Make Lower Value Of Media Rights [Member] \| Original Plaintiffs And These Four Additional Clubs [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value					$ 1,675,000
Due To Make Lower Value Of Media Rights [Member] \| Ten Other Clubs [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value					$ 284,900
Services Agreement [Member]
Loss Contingencies [Line Items]
Commitments related to services agreement in 2024							55,300
Commitments related to services agreement in 2025							68,200
Commitments related to services agreement in 2026							70,700
Commitments related to services agreement in 2027							71,400
Commitments related to services agreement in 2028							72,200
Commitments related to services agreement thereafter							$ 124,000

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Vincent K McMahon [Member]
Related Party Transaction [Line Items]
Acquisition related liabilities owed to certain counterparties	$ 3.5
Probable future payments		$ 2.0
Payments related to lease		1.5
Liabilities paid directly by related party	3.5	3.5
Proceeds from reimbursement of costs		5.8
EGH And Its Subsidiaries [Member]
Related Party Transaction [Line Items]
Reimbursed costs	$ 9.3	$ 5.4

RELATED PARTY TRANSACTIONS (Summary of Provided Services) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 3,224,796	$ 2,674,032
Selling, general and administrative expenses	1,026,677	637,109
Net loss	(35,227)	0
Interest Expense, Operating and Nonoperating	229,605	134,084
EGH And Its Subsidiaries [Member]
Related Party Transaction [Line Items]
Revenues	4,215	1,847
Direct Operating Costs	16,667	12,943
Selling, general and administrative expenses	23,353	25,310
Net loss	(47,417)	(43,801)
Interest Expense, Operating and Nonoperating	11,612	7,395
Euroleague Ventures S.A. [Member]
Related Party Transaction [Line Items]
Revenues	21,000	18,600
Direct Operating Costs	300	1,600
Accounts Receivable, after Allowance for Credit Loss	$ 7,300	$ 7,700

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

RELATED PARTY TRANSACTIONS (Outstanding Amounts due to and from Related Party) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other current assets	$ 350,712	$ 188,304
Other current liabilities	(28,285)	(24,283)
Other long-term liabilities	91,265	146,568
EGH And Its Subsidiaries [Member]
Related Party Transaction [Line Items]
Other current assets	10,423	14,923
Other current liabilities	(4,881)	(7,211)
Other long-term liabilities	$ (6,423)	$ (10,399)

RELATED PARTY TRANSACTIONS (Summary of Allocation of Selling General and Administrative Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Allocation Of Selling General And Administrative Expense [Line Items]
Selling, general and administrative expenses	$ 1,026,677	$ 637,109
Operating Expenses	2,849,016	2,141,178
Businesses Activity with Endeavor [Member]
Disclosure of Allocation Of Selling General And Administrative Expense [Line Items]
Selling, general and administrative expenses	98,526	93,733
Other Income Expense Net	(93)	789
Operating Expenses	$ 98,433	$ 94,522

RELATED PARTY TRANSACTIONS - Summary of components of the net transfers to parent in net parent investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Transfers to Parent in Net Parent Investment [Line Items]
Net transfers from parent per the Combined Statements of Equity subsequent to reorganization and acquisition	$ 166,968
Equity based compensation expense	19,900
Net transfers to parent per the Combined Statements of Equity prior to reorganization and acquisition	(165,536)
Net transfers to parent per the Combined Statements of Cash Flows	(43,294)
Prior To Re Organization And Acquisition [Member]
Net Transfers to Parent in Net Parent Investment [Line Items]
Cash Pooling and General Financing Activities	50,551
Corporate Allocations	28,568
Distributions	(259,898)
Contributions	15,243
Subsequent To ReOrganization And Acquisition [Member]
Net Transfers to Parent in Net Parent Investment [Line Items]
Cash Pooling and General Financing Activities	100,005
Corporate Allocations	63,568
Contributions	3,395
Equity based compensation expense	(26,041)
Currency translation adjustments on intracompany transactions	(3,323)
Taxes deemed settled with Parent	8,691
Net loss (gain) on foreign currency transactions	12,636
Distributions Subsequent To Reorganization	$ (36,689)
Endeavor Group Holdings Inc [Member]
Net Transfers to Parent in Net Parent Investment [Line Items]
Cash Pooling and General Financing Activities		$ 95,281
Corporate Allocations		86,373
Distributions		(1,095,904)
Contributions		23,744
Equity based compensation expense		(31,598)
Currency translation adjustments on intracompany transactions		(16,014)
Taxes deemed settled with Parent		(11,474)
Net loss (gain) on foreign currency transactions		(12,989)
Net transfers to parent per the Combined Statements of Equity prior to reorganization and acquisition		(890,506)
Net transfers to parent per the Combined Statements of Cash Flows		$ (962,581)