TKO GROUP HOLDINGS, INC., 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Period End Date Jun. 30, 2025  
Document Quarterly Report true  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity File Number 001-41797  
Entity Registrant Name TKO GROUP HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 92-3569035  
Entity Address, Address Line One 200 Fifth Ave, 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  
Title of 12(b) Security Class A Common Stock, par value $0.00001 per share  
Trading Symbol TKO  
Security Exchange Name NYSE  
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Central Index Key 0001973266  
Amendment Flag false  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,136,886
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   116,158,615
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 535,061 $ 619,787
Restricted cash 323,445 58,296
Accounts receivable (net of allowance for doubtful accounts of $24,792 and $20,639, respectively) 633,500 423,013
Deferred costs 140,818 179,288
Other current assets 280,065 248,110
Total current assets 1,912,889 1,528,494
Property, buildings and equipment, net 606,439 629,904
Intangible assets, net 3,527,638 3,649,903
Finance lease right-of-use assets, net 237,116 248,549
Operating lease right-of-use assets, net 62,239 64,603
Goodwill 8,442,513 8,441,993
Investments 122,983 101,215
Other assets 429,888 447,121
Total assets 15,341,705 15,111,782
Current liabilities:    
Accounts payable 283,865 246,350
Accrued liabilities 393,866 670,232
Current portion of long-term debt 27,014 26,977
Current portion of finance lease liabilities 20,172 15,582
Current portion of operating lease liabilities 18,006 17,028
Deferred revenue 439,480 416,695
Other current liabilities 294,063 20,929
Total current liabilities 1,476,466 1,413,793
Long-term debt 2,722,300 2,735,305
Long-term finance lease liabilities 223,932 235,959
Long-term operating lease liabilities 48,344 52,466
Deferred tax liabilities 337,224 360,546
Other long-term liabilities 170,721 170,849
Total liabilities 4,978,987 4,968,918
Commitments and contingencies (Note 15)
Redeemable non-controlling interests 21,864 21,864
Stockholders' equity:    
Additional paid-in capital 4,410,917 4,385,297
Accumulated other comprehensive loss (15,582) (2,548)
Accumulated deficit (130,008) (291,728)
Total TKO Group Holdings, Inc. stockholders’ equity 4,265,329 4,091,023
Nonredeemable non-controlling interests 6,075,525 6,029,977
Total stockholders' equity 10,340,854 10,121,000
Total liabilities, redeemable non-controlling interests and stockholders' equity 15,341,705 15,111,782
Common Class A [Member]    
Stockholders' equity:    
Common stock 1 1
Common Class B [Member]    
Stockholders' equity:    
Common stock $ 1 $ 1
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Net of allowance for doubtful accounts $ 24,792 $ 20,639
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 81,782,397 81,203,161
Common Stock, shares outstanding 81,782,397 81,203,161
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 116,158,615 89,616,891
Common Stock, shares outstanding 116,158,615 89,616,891
v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Consolidated Statements of Operations [Abstract]        
Revenue $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
Operating expenses:        
Direct operating costs 476,383 591,238 1,043,999 1,196,884
Selling, general and administrative expenses 364,357 368,185 727,642 1,036,498
Depreciation and amortization 99,397 118,912 199,932 240,981
Total operating expenses 940,137 1,078,335 1,971,573 2,474,363
Operating income (loss) 368,305 114,856 605,669 (58,724)
Other expenses:        
Interest expense, net (48,207) (62,979) (92,972) (124,156)
Other expense, net (7,839) (203) (16,224) (8,437)
Income (loss) before income taxes and equity earnings of affiliates 312,259 51,674 496,473 (191,317)
Provision for income taxes 46,472 6,609 67,654 878
Income (loss) before equity earnings of affiliates 265,787 45,065 428,819 (192,195)
Equity earnings of affiliates, net of tax (7,310) (1,118) (9,834) (3,925)
Net income (loss) 273,097 46,183 438,653 (188,270)
Less: Net income (loss) attributable to non-controlling interests 174,732 (12,924) 281,880 (143,537)
Net income (loss) attributable to TKO Group Holdings, Inc. $ 98,365 $ 59,107 $ 156,773 $ (44,733)
Basic net earnings (loss) per share of Class A common stock $ 1.2 $ 0.73 $ 1.92 $ (0.55)
Diluted net earnings (loss) per share of Class A common stock $ 1.17 $ 0.72 $ 1.87 $ (0.55)
Weighted average number of common shares used in computing basic earnings (loss) per share 81,757,675 80,884,513 81,664,928 81,618,084
Weighted average number of common shares used in computing diluted net earnings (loss) per share 199,279,343 81,851,388 190,448,612 81,618,084
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Consolidated Statements of Comprehensive Income (Loss) [Abstract]        
Net income (loss) $ 273,097 $ 46,183 $ 438,653 $ (188,270)
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments 22,810 4,079 35,726 (446)
Cash flow hedges:        
Change in net unrealized (losses) gains (244) 49 (640) 586
Amortization of cash flow hedge fair value to net income (76) (76) (152) (152)
Total comprehensive income (loss), net of tax 295,587 50,235 473,587 (188,282)
Less: Comprehensive income (loss) attributable to non-controlling interests 187,921 (9,757) 301,569 (142,707)
Comprehensive income (loss) attributable to TKO Group Holdings, Inc. $ 107,666 $ 59,992 $ 172,018 $ (45,575)
v3.25.2
Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Deficit [Member]
Total TKO Group Holdings, Inc. [Member]
Nonredeemable Non-Controlling Interest [Member]
Balance at Dec. 31, 2023 $ 10,439,689 $ 1 $ 1 $ 4,244,537 $ (332) $ (135,227) $ 4,108,980 $ 6,330,709
Balance, Shares at Dec. 31, 2023   82,293 89,617          
Other comprehensive (loss) income (185,283)       (842) (44,733) (45,575) (139,708)
Distributions to investors (12,686)             (12,686)
Net transfers from parent (64,238)             (64,238)
Stock issuances and other, net, shares   274            
Repurchase and retirement of common stock (165,000)         (165,000) (165,000)  
Repurchase and retirement of common stock, Shares   (1,854)            
Excise taxes on repurchase of common stock (1,465)         (1,465) (1,465)  
Equity-based compensation 49,952     49,952     49,952  
Principal stockholder contributions 1,492     1,492     1,492  
Equity reallocation between controlling and non-controlling interests       43,236     43,236 (43,236)
Balance, Shares at Jun. 30, 2024   80,713 89,617          
Balance at Jun. 30, 2024 10,062,461 $ 1 $ 1 4,339,217 (1,174) (346,425) 3,991,620 6,070,841
Balance at Mar. 31, 2024 10,256,792 $ 1 $ 1 4,275,901 (2,059) (239,067) 4,034,777 6,222,015
Balance, Shares at Mar. 31, 2024   82,420 89,617          
Other comprehensive (loss) income 34,709       885 59,107 59,992 (25,283)
Distributions to investors (11,815)     302     302 (12,117)
Net transfers from parent (73,277)             (73,277)
Stock issuances and other, net, shares   147            
Repurchase and retirement of common stock (165,000)         (165,000) (165,000)  
Repurchase and retirement of common stock, Shares   (1,854)            
Excise taxes on repurchase of common stock (1,465)         (1,465) (1,465)  
Equity-based compensation 22,517     22,517     22,517  
Equity reallocation between controlling and non-controlling interests       40,497     40,497 (40,497)
Balance, Shares at Jun. 30, 2024   80,713 89,617          
Balance at Jun. 30, 2024 10,062,461 $ 1 $ 1 4,339,217 (1,174) (346,425) 3,991,620 6,070,841
Balance at Dec. 31, 2024 10,121,000 $ 1 $ 1 4,385,297 (2,548) (291,728) 4,091,023 6,029,977
Balance, Shares at Dec. 31, 2024   81,203 89,617          
Comprehensive income (loss) 473,587       15,245 161,720 176,965 296,622
Distributions to members (166,573)             (166,573)
Distributions to investors (448)             (448)
Net transfers from parent (221,010)             (221,010)
Contributions from parent 76,428             76,428
Stock issuances and other, net 23,539     23,539     23,539  
Stock issuances and other, net, shares   579 26,542          
Equity-based compensation 56,951     56,951     56,951  
Cash dividends declared (62,136)     (62,136)     (62,136)  
Equity impacts arising from changes in ownership 39,516     39,516     39,516  
Equity reallocation between controlling and non-controlling interests       (32,250) (28,279)   (60,529) 60,529
Balance, Shares at Jun. 30, 2025   81,782 116,159          
Balance at Jun. 30, 2025 10,340,854 $ 1 $ 1 4,410,917 (15,582) (130,008) 4,265,329 6,075,525
Balance at Mar. 31, 2025 10,173,006 $ 1 $ 1 4,418,099 (24,884) (231,217) 4,162,000 6,011,006
Balance, Shares at Mar. 31, 2025   81,731 116,159          
Comprehensive income (loss) 295,587       9,302 101,209 110,511 185,076
Distributions to members (122,235)             (122,235)
Distributions to investors (448)             (448)
Contributions from parent 3,709             3,709
Stock issuances and other, net, shares   51            
Equity-based compensation 32,304     32,304     32,304  
Cash dividends declared (31,078)     (31,078)     (31,078)  
Equity impacts arising from changes in ownership (9,991)     (9,991)     (9,991)  
Equity reallocation between controlling and non-controlling interests       1,583     1,583 (1,583)
Balance, Shares at Jun. 30, 2025   81,782 116,159          
Balance at Jun. 30, 2025 $ 10,340,854 $ 1 $ 1 $ 4,410,917 $ (15,582) $ (130,008) $ 4,265,329 $ 6,075,525
v3.25.2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Common Class A [Member] | O 2025 Q1 Dividends [Member]      
Cash dividends declared per share $ 0.38 $ 0.38 $ 0.76
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 438,653 $ (188,270)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 199,932 240,981
Amortization and impairments of content costs 13,607 15,688
Impairment charges   24,304
Amortization and write-off of original issue discount and deferred financing cost 1,266 5,396
Loss on sale of investments 1,054  
Equity-based compensation 63,267 58,992
Income taxes 40,967 (28,018)
Equity earnings of affiliates, net of dividends received (4,690) (1,106)
Loss on disposal of assets   83,000
Net (gain) loss on foreign currency transactions (6,165) 2,445
Other, net 1,601 (7,221)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (208,213) (190,537)
Other current assets (74,674) (93,240)
Other noncurrent assets 31,449 (84,753)
Accounts payable and accrued liabilities 21,227 423,896
Deferred revenue 37,717 58,932
Other liabilities 2,047 31,513
Net cash provided by operating activities 559,045 352,002
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, buildings and equipment and other assets (48,631) (64,211)
Investments in affiliates, net (13,750) (16,442)
Due from parent   (2,696)
Proceeds from sales of property and equipment 5,797 80
Proceeds from infrastructure improvement incentives 5,414  
Proceeds from sales of investments and other 1,500 17
Net cash used in investing activities (49,670) (83,252)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long-term debt (20,780) (172,137)
Proceeds from borrowings   150,000
Repurchase of Class A common stock   (165,000)
Payments of contingent consideration related to acquisitions   (567)
Net transfers to parent (122,525) (70,224)
Contributions from parent 26,504  
Distributions to members (166,651)  
Dividends paid (62,135)  
Distributions of non-controlling interests (448) (352)
Net cash used in financing activities (346,035) (258,280)
Effects of exchange rate movements on cash 17,083 (1,937)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 180,423 8,533
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 678,083 371,846
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 858,506 380,379
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 103,243 130,076
Cash payments for income taxes 31,294 16,568
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Capital expenditures included in current liabilities 2,712 21,484
Capital contribution from parent for equity-based compensation 49,924 4,640
Accretion of redeemable non-controlling interests $ (4,947)  
Principal stockholder contributions   1,492
Excise taxes on repurchases of common stock   $ 1,465
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 98,365 $ 59,107 $ 156,773 $ (44,733)
v3.25.2
Insider Trading Arrangements - shares
 3 Months Ended
Mar. 07, 2025
Jun. 30, 2025
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   Insider trading arrangements and policies.

 

Other than the below, during the three months ended June 30, 2025, no director or "officer" (as defined under 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

On March 7, 2025, Mr. Kapral, our Deputy Chief Financial Officer and principal accounting officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “2025 Kapral Trading Arrangement”).The 2025 Kapral Trading Arrangement provides for the sale of up to 10,595 shares of Class A common stock with a plan end date of March 15, 2026.
Rule 10b5-1 Arrangement Adopted   false
Non-Rule 10b5-1 Arrangement Adopted   false
Rule 10b5-1 Arrangement Terminated   false
Non-Rule 10b5-1 Arrangement Terminated   false
Mr. Kapral [Member]    
Trading Arrangements, by Individual    
Name Mr. Kapral  
Title Deputy Chief Financial Officer and principal accounting officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date March 7, 2025  
Rule 10b5-1 Arrangement Terminated true  
Termination Date March 15, 2026  
Arrangement Duration 374 days  
Aggregate Available 10,595  
v3.25.2
DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2025
DESCRIPTION OF BUSINESS [Abstract]  
DESCRIPTION OF BUSINESS

1. DESCRIPTION OF BUSINESS

TKO Group Holdings, Inc. (the "Company" or "TKO") is a premium sports and entertainment company that 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) Partnerships and marketing and (iv) Consumer products licensing.

TKO Formation

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. (“EGH”), Endeavor Operating Company, LLC (“Endeavor OpCo”), TKO OpCo, WWE, TKO, and Whale Merger Sub Inc. (the “Transaction Agreement”). On September 12, 2023, the TKO Transactions were completed with the newly-formed TKO combining the UFC and WWE businesses. TKO OpCo is the accounting acquirer and predecessor to TKO. Under the terms of the Transaction Agreement, at the time of the transaction, (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 held a 49.0% economic interest in TKO OpCo on a fully-diluted basis.

Endeavor Asset Acquisition

On February 28, 2025, TKO OpCo and TKO Group Holdings, Inc., (together with TKO OpCo, the “TKO Parties”), completed the acquisition of the IMG business, including certain businesses operating under the IMG brand, On Location, and the Professional Bull Riders (“PBR”), (collectively, the "Acquired Businesses"), pursuant to a transaction agreement, dated as of October 23, 2024 (as amended, the “Endeavor Asset Acquisition Agreement”), by and among the TKO Parties, Endeavor OpCo, IMG Worldwide, LLC, a Delaware limited liability company (“IMG Worldwide” and, together with Endeavor OpCo, the “EGH Parties”), and Trans World International, LLC, a Delaware limited liability company and subsidiary of EGH (“TWI”) (the “Endeavor Asset Acquisition”). In connection with the Endeavor Asset Acquisition Agreement, the TKO Parties acquired the Acquired Businesses for total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO Class A common stock for the twenty-five trading days ending on October 23, 2024). Endeavor Group Holdings, Inc. received approximately 26.54 million common units of TKO OpCo and subscribed for an equivalent number of corresponding shares of TKO Class B common stock.

On February 28, 2025, prior to the close of the Endeavor Asset Acquisition, EGH, through its subsidiaries, had controlled approximately 54% of the voting interests in TKO through its ownership of both TKO Class A common stock and TKO Class B common stock. Upon consummation of the Endeavor Asset Acquisition, Endeavor Group Holdings, Inc., 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, due to EGH's control of both TKO and the Acquired Businesses. As a result of the common control acquisition, the net assets of the Acquired Businesses were combined with those of TKO at their historical carrying amounts, and the financial statements have been retrospectively recast on a combined basis for all historical periods prior to February 28, 2025, because they were under common control for all periods presented.

Endeavor Take-Private Transaction

On March 24, 2025, Silver Lake and its affiliates completed the previously announced acquisition (the “Endeavor Acquisition” or "Endeavor Take-Private Transaction") of EGH, as described in a Current Report on Form 8-K filed by EGH on March 24, 2025. As a result of the consummation of the Endeavor Take-Private Transaction, Silver Lake, through its ownership of Endeavor Group Holdings, Inc. and its subsidiaries, controls TKO. As of the effective time thereof, Silver Lake and its affiliates beneficially own approximately 61% of the total voting securities of the Company. The Endeavor Acquisition does not constitute a “Change in Control” under, and as defined in, the First Lien Credit Agreement dated as of August 18, 2016, by and among Zuffa Guarantor, LLC, UFC Holdings, LLC (n/k/a TKO Worldwide Holdings, LLC), the lenders party thereto and Goldman Sachs Bank USA, as administrative agent, as previously amended and restated, or a “Change of Control” under, and as defined in, the Company’s 2023 Incentive Award Plan.

Financial results and information included in the accompanying interim consolidated financial statements include the financial results and information of TKO Group Holdings, Inc., and its consolidated subsidiaries. See Note 2, Summary of Significant Accounting Policies - Basis of Presentation, for further details on the presentation of the accompanying financial statements as a result of the Endeavor Asset Acquisition.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying interim consolidated 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 SEC for interim financial reporting. These financial statements should be read in conjunction with the audited recast combined financial statements and accompanying notes with respect to the fiscal years ended December 31, 2024, 2023 and 2022 (included in Form 8-K filings on May 8, 2025 and March 19, 2025), giving effect to the Endeavor Asset Acquisition as if such transaction had been consummated on January 1, 2022, the beginning of the earliest period presented. Certain information and note disclosures normally included in the annual financial statements have been condensed or omitted from these interim financial statements. The interim consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited; however, in the opinion of management, such interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments (including required common control recast adjustments discussed below), necessary for a fair statement of its financial position, results of operations and cash flows for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation.

Combined Financial Statements for Historical Recast Periods:

The historical periods included in the accompanying interim financial statements have been retrospectively recast to reflect the Company's February 28, 2025 common control acquisition of the Acquired Businesses from Endeavor Group Holdings, Inc. and its subsidiaries. As such, the financial statements for periods prior to the acquisition reflect the combined results of the Company and the Acquired Businesses as if they had been part of the Company during the historical periods under common control.

The historical financial data of the Acquired Businesses included in the historical recast periods has been derived from the historical combined financial statements and accounting records of Endeavor Group Holdings, Inc. and were prepared on a standalone basis in accordance with GAAP and may not be indicative of what they would have been had the Acquired Businesses been independent standalone companies, nor are they necessarily indicative of the Acquired Businesses’ future financial data.

The Acquired Businesses include Endeavor Group Holdings Inc.’s consolidated assets and liabilities that are specifically identifiable or otherwise attributable to the Acquired Businesses, including subsidiaries and/or joint ventures relating to the Acquired Businesses in which Endeavor Group Holdings, Inc. had a controlling financial interest. The assets, liabilities, revenue and expenses of the Acquired Businesses have been reflected in the recast combined financial statements on a historical cost basis, as included in the consolidated financial statements of Endeavor Group Holdings, Inc., using the historical accounting policies applied by Endeavor Group Holdings, Inc. Cash and cash equivalents held by Endeavor Group Holdings, Inc. at the corporate level were not attributable to the Acquired Businesses for any of the recast periods presented due to EGH's centralized approach to cash management and the financing of its operations. Only cash amounts held by entities for which the Acquired Businesses have legal title are reflected in the combined balance sheets. Transfers of cash, both to and from Endeavor Group Holdings, Inc’s centralized cash management system, are reflected as a component of net parent investment in the combined balance sheets and as financing activities in the combined statements of cash flows for recast periods prior to the TKO formation on September 12, 2023. Endeavor Group Holdings, Inc.’s debt on a consolidated basis was not attributed to the Acquired Businesses for any of the periods presented because Endeavor Group Holdings Inc.’s borrowings are not the legal obligation of the Acquired Businesses.

The combined financial statements of the Acquired Businesses include all revenues and costs directly attributable to the Acquired Businesses and reflect allocations of certain of Endeavor Group Holdings, Inc.'s 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. Where possible, these charges were allocated based on direct usage, with the remainder allocated on a pro rata basis of headcount and gross profit, or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Acquired Businesses during the periods presented. The allocations may not, however, reflect the expense the Acquired Businesses would have incurred as standalone companies for the periods presented. These costs also may not be indicative of the expenses that the Acquired Businesses will incur in the future or would have incurred if the Acquired Businesses had obtained these services from a third party.

TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company ultimately controls 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 June 30, 2025, the Company owned 41.3% of TKO OpCo.

Use of Estimates

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

Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the 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 consolidated financial statements in future periods.
v3.25.2
RECENT ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2025
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS

3. RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 were 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 was permitted in any interim or annual period in which financial statements had not yet been issued. The Company adopted this guidance on January 1, 2025, with no material effect on the Company’s financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this guidance for the year ended December 31, 2024 on a retrospective basis. See Note 16, Segment Information, for further detail.

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 were effective for all entities for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 with no effect on the Company's financial position or results of operations, and expects to include the disclosures required by this ASU in its Annual Report on Form 10-K for the year ending December 31, 2025.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements. This ASU amends the Accounting Standards Codification (“ASC”) to remove references to various FASB Concepts Statements to simplify the ASC and draw a distinction between authoritative and nonauthoritative literature. The amendments in this update apply to all reporting entities within the scope of the affected accounting guidance, and were effective for public entities for fiscal years beginning after December 15, 2024. Early adoption was permitted in any interim or annual period in which financial statements had not yet been issued. The Company adopted this guidance on January 1, 2025, with no material effect on the Company's financial position or results of operations.

Recently Issued Accounting Pronouncements

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 consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03. This ASU improves expense disclosures by requiring disclosure of additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The amendments in this update, as clarified, are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This ASU clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The ASU is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the ASU is to be applied prospectively to acquisitions after the adoption date. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities. The ASU amends ASC 326-20 to provide a practical expedient (for all entities) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted, and the amendments should be applied prospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.
v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
REVENUE [Abstract]  
REVENUE

4. REVENUE

 

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

Disaggregated Revenue

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

 

 

For the Three Months Ended June 30, 2025

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

260,491

 

 

$

278,915

 

 

$

163,397

 

 

$

4,661

 

 

$

707,464

 

Live events and hospitality

 

 

58,478

 

 

 

185,765

 

 

 

132,148

 

 

 

18,465

 

 

 

394,856

 

Partnerships and marketing

 

 

85,730

 

 

 

58,291

 

 

 

7,868

 

 

 

11,650

 

 

 

163,539

 

Consumer products licensing and other

 

 

11,136

 

 

 

33,171

 

 

 

3,177

 

 

 

9,856

 

 

 

57,340

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,757

)

Total revenue

 

$

415,835

 

 

$

556,142

 

 

$

306,590

 

 

$

44,632

 

 

$

1,308,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2025

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

484,588

 

 

$

530,530

 

 

$

324,703

 

 

$

7,969

 

 

$

1,347,790

 

Live events and hospitality

 

 

117,101

 

 

 

262,044

 

 

 

420,534

 

 

 

51,858

 

 

 

851,537

 

Partnerships and marketing

 

 

150,074

 

 

 

83,868

 

 

 

30,203

 

 

 

23,763

 

 

 

287,908

 

Consumer products licensing and other

 

 

23,819

 

 

 

71,240

 

 

 

7,418

 

 

 

15,419

 

 

 

117,896

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(27,889

)

Total revenue

 

$

775,582

 

 

$

947,682

 

 

$

782,858

 

 

$

99,009

 

 

$

2,577,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2024

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

250,585

 

 

$

260,676

 

 

$

172,472

 

 

$

6,299

 

 

$

690,032

 

Live events and hospitality

 

 

69,152

 

 

 

144,102

 

 

 

128,201

 

 

 

18,902

 

 

 

360,357

 

Partnerships and marketing

 

 

61,633

 

 

 

24,750

 

 

 

14,481

 

 

 

9,896

 

 

 

110,760

 

Consumer products licensing and other

 

 

12,988

 

 

 

27,275

 

 

 

4,442

 

 

 

5,841

 

 

 

50,546

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,504

)

Total revenue

 

$

394,358

 

 

$

456,803

 

 

$

319,596

 

 

$

40,938

 

 

$

1,193,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2024

 

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

465,047

 

 

$

481,783

 

 

$

349,953

 

 

$

12,492

 

 

$

1,309,275

 

Live events and hospitality

 

 

104,429

 

 

 

194,294

 

 

 

481,347

 

 

 

48,922

 

 

 

828,992

 

Partnerships and marketing

 

 

110,236

 

 

 

38,565

 

 

 

27,459

 

 

 

20,777

 

 

 

197,037

 

Consumer products licensing and other

 

 

27,636

 

 

 

58,882

 

 

 

10,489

 

 

 

10,976

 

 

 

107,983

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(27,648

)

Total revenue

 

$

707,348

 

 

$

773,524

 

 

$

869,248

 

 

$

93,167

 

 

$

2,415,639

 

 

 

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 for their initial term prior to opt-out provisions with unsatisfied or partially satisfied performance obligations as of June 30, 2025 (in thousands):

 

Remainder of 2025

 

$

1,275,707

 

2026

 

 

1,843,057

 

2027

 

 

1,628,266

 

2028

 

 

1,415,465

 

2029

 

 

1,060,268

 

Thereafter

 

 

445,166

 

Total remaining performance obligations

 

$

7,667,929

 

 

 

Revenue from Prior Period Performance Obligations

The Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the three and six months ended June 30, 2025 and 2024, respectively.

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, live event and hospitality arrangements, consumer product licensing agreements and partnerships and marketing arrangements, as well as memberships for the Company’s subscription services. Deferred revenue is included within current liabilities and in other long-term liabilities in the consolidated balance sheets. Total deferred revenue as of June 30, 2025 was $493.4 million. Total deferred revenue as of December 31, 2024 was $470.7 million, of which $346.7 million was recognized as revenue during the six months ended June 30, 2025.
v3.25.2
SUPPLEMENTARY DATA
 6 Months Ended
Jun. 30, 2025
SUPPLEMENTARY DATA [Abstract]  
SUPPLEMENTARY DATA

5. SUPPLEMENTARY DATA

Property, Buildings and Equipment, net

 

As of June 30, 2025, property, buildings and equipment totaled $937.8 million, with accumulated depreciation of $331.4 million. As of December 31, 2024, property, buildings and equipment totaled $909.1 million, with accumulated depreciation of $279.2 million. Depreciation expense for property, buildings and equipment totaled $21.4 million and $22.2 million, and $44.4 million and $47.6 million for the three and six months ended June 30, 2025 and 2024, respectively.

 

During the three and six months ended June 30, 2025, the Company recorded infrastructure improvement incentives of $12.1 million related to qualifying capital expenditures associated with the buildout of WWE's leased corporate headquarters and media production facilities. These incentives are recorded as an offset to property, buildings and equipment, net in the consolidated balance sheets. The Company did not record any infrastructure improvement incentives during the three and six months ended June 30, 2024.

 

There were no impairments recorded during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Company recognized an impairment charge of $24.3 million within the WWE segment as a result of reducing the carrying value of assets held for sale to their fair value less cost to sell, which is included as a component of selling, general and administrative expenses within the Company’s consolidated statements of operations. These assets were sold by the Company during the fourth quarter of 2024.

Allowance for Doubtful Accounts

The changes in the allowance for doubtful accounts are as follows (in thousands):

 

 

As of

 

 

Charged to

 

 

 

 

 

 

 

 

As of

 

 

December 31,

 

 

Costs and

 

 

 

 

 

Foreign Exchange

 

 

June 30,

 

 

2024

 

 

Expenses

 

 

Deductions

 

 

and Other

 

 

2025

 

Six Months Ended June 30, 2025

 

$

20,639

 

 

$

933

 

 

$

(1,671

)

 

$

4,891

 

 

$

24,792

 

 

 

Other Current Assets

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Prepaid taxes

 

$

59,452

 

 

$

68,345

 

Ticket inventory

 

 

46,489

 

 

 

46,208

 

Prepaid event and production-related costs

 

 

38,106

 

 

 

29,236

 

Amounts due from the Group (Note 17)

 

 

35,457

 

 

 

30,450

 

Other current receivables

 

 

25,364

 

 

 

20,825

 

Prepaid expenses

 

 

19,019

 

 

 

12,906

 

Prepaid insurance

 

 

8,933

 

 

 

9,772

 

Assets held for sale

 

 

—

 

 

 

4,458

 

Other

 

 

47,245

 

 

 

25,910

 

Total

 

$

280,065

 

 

$

248,110

 

 

Accrued Liabilities

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued operating expenses

 

$

119,821

 

 

$

127,369

 

Payroll-related costs

 

 

105,720

 

 

 

153,014

 

Event and production-related costs

 

 

71,883

 

 

 

43,586

 

Legal and professional fees

 

 

29,606

 

 

 

27,797

 

Interest

 

 

20,348

 

 

 

20,817

 

Accrued capital expenditures

 

 

2,271

 

 

 

11,699

 

Legal settlements (Note 15)

 

 

—

 

 

 

250,000

 

Other

 

 

44,217

 

 

 

35,950

 

Total

 

$

393,866

 

 

$

670,232

 

 

Other Current Liabilities

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Advanced collections due to third parties (1)

 

$

250,000

 

 

$

—

 

Amounts due to the Group (Note 17)

 

 

37,043

 

 

 

12,077

 

Other

 

 

7,020

 

 

 

8,852

 

Total

 

$

294,063

 

 

$

20,929

 

 

(1)
Advanced collections due to third parties represents amounts collected in advance for future event-related services, a portion of which is payable to third-party rights holders under contractual agreements.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

Goodwill

There were no dispositions or impairments to goodwill during the three and six months ended June 30, 2025 and 2024. The change in the carrying amount of goodwill during the six months ended June 30, 2025 relates to the impact of foreign exchange rates.

Intangible Assets, net

Amortization of finite-lived intangible assets was $72.1 million and $90.6 million, and $144.0 million and $181.5 million, during the three and six months ended June 30, 2025 and 2024, respectively, which is recognized within depreciation and amortization in the consolidated statements of operations.
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
INVESTMENTS [Abstract]  
INVESTMENTS

7. INVESTMENTS

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Equity method investments

 

$

94,803

 

 

$

79,934

 

Nonmarketable equity investments without readily determinable fair values

 

 

28,104

 

 

 

21,205

 

Nonmarketable equity investments with readily determinable fair values

 

 

76

 

 

 

76

 

Total investment securities

 

$

122,983

 

 

$

101,215

 

 

Equity Method Investments

In July 2024, the Company paid $15.0 million in exchange for an approximately 5% ownership stake in EverPass, LLC, which owns a live sports media platform that assists in distributing live sports and entertainment content to bars, restaurants, hotels and other commercial venues. The Company also made additional pro rata capital contributions of $2.0 million in September 2024, $10.5 million in February 2025 and $2.5 million in May 2025.

In March 2025, the Company entered into a joint venture with Sela Company to launch a global boxing promotion business. Sela Company holds a majority of the common equity units, while TKO was granted in-substance common stock in the form of profit interests, subject to vesting upon the achievement of certain future milestones. TKO will also provide executive and operational services to the joint venture under a services agreement with an annual fee over an initial five-year term. No amount has been recorded for this investment as of June 30, 2025.

The Company recognized equity earnings of $7.3 million and $1.1 million, and $9.8 million and $3.9 million, during the three and six months ended June 30, 2025 and 2024, respectively, from its equity method investments. During the three and six months ended June 30, 2025 and 2024, the Company received distributions of $1.4 million and $2.1 million, and $5.1 million and $3.5 million, respectively, from these equity method investments. During the three and six months ended June 30, 2025, the Company recorded a net gain on sale of equity method investments of $2.2 million and net loss of $2.5 million, respectively, and received total proceeds of $1.5 million during the six months ended June 30, 2025. The Company did not sell equity method investments during the three and six months ended June 30, 2024.

Nonmarketable Equity Investments Without Readily Determinable Fair Values

As of June 30, 2025 and December 31, 2024, the Company held various investments in nonmarketable equity instruments of private companies.

The Company did not record any impairment charges on its nonmarketable equity investments during the three and six months ended June 30, 2025 and 2024. In addition, there were no observable price change events that were completed during the three and six months ended June 30, 2025 and 2024.

The fair value measurements of the Company’s 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.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
DEBT [Abstract]  
DEBT

8. DEBT

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

First Lien Term Loan (due November 2031)

 

$

2,736,250

 

 

$

2,750,000

 

Secured Commercial Loans

 

 

29,467

 

 

 

30,267

 

Notes payable

 

 

3,324

 

 

 

4,800

 

Total principal

 

 

2,769,041

 

 

 

2,785,067

 

Unamortized discount

 

 

(7,862

)

 

 

(10,154

)

Unamortized debt issuance cost

 

 

(11,865

)

 

 

(12,631

)

Total debt

 

 

2,749,314

 

 

 

2,762,282

 

Less: Current portion of long-term debt

 

 

(27,014

)

 

 

(26,977

)

Total long-term debt

 

$

2,722,300

 

 

$

2,735,305

 

 

First Lien Term Loan (due November 2031)

As of June 30, 2025 and December 31, 2024, 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 ("Zuffa Guarantor"), UFC Holdings, LLC ("UFC Holdings"), 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. TKO Operating Company, LLC and TKO Group Holdings, Inc. are holding companies with limited business operations, cash flows, assets and liabilities other than the equity interests in the borrower entities Zuffa Guarantor and UFC Holdings. On November 21, 2024 (the “Credit Agreement Closing Date”), UFC Holdings entered into the Fifth Refinancing Amendment (the “Credit Agreement Amendment”) to the First Lien Credit Agreement (as previously amended and/or restated, the “Existing Credit Agreement” and, as further amended by the Credit Agreement Amendment, the “Credit Agreement”).

The Credit Agreement Amendment amended the Existing Credit Agreement to, among other things, (i) refinance and replace the outstanding first lien secured term loans (the “Existing Term Loans”) with a new class of first lien secured term loans in an aggregate principal amount of $2,750.0 million (the “New Term Loans”), which now mature on November 21, 2031, (ii) refinance the existing secured revolving credit facility (the “Existing Revolving Credit Facility”) in an aggregate principal amount of $205.0 million, which now matures on November 21, 2029 (the “New Revolving Credit Facility,” and, together with the New Term Loans, the “Credit Facilities”), and (iii) make certain other changes to the Existing Credit Agreement including as summarized below. The Credit Facilities are secured by liens on substantially all of the assets of Zuffa Guarantor and UFC Holdings and certain subsidiaries thereof.

The New Term Loans accrue interest at an annual interest rate equal to Term Secured Overnight Financing Rate ("SOFR") plus 2.25%, with a SOFR floor of 0.00%, which totaled 6.57% as of June 30, 2025. The New Term Loans include 1% principal amortization payable in equal quarterly installments, with any remaining balance payable on the final maturity date of November 21, 2031.

The loans made pursuant to the New Revolving Credit Facility accrue interest at a variable interest rate equal to Term SOFR plus 2.00%-2.25%, depending on the First Lien Leverage Ratio (as defined in the Credit Agreement), with a SOFR floor of 0.00%.

On the Credit Agreement Closing Date, UFC Holdings borrowed $2,750.0 million of New Term Loans under the Credit Agreement to (i) repay the entire amount outstanding under the Existing Term Loans and (ii) pay fees and expenses incurred in connection with entering into the Credit Agreement Amendment.

As of June 30, 2025 and December 31, 2024, there was no outstanding balance under the New Revolving Credit Facility.

The New Revolving Credit Facility contains a financial covenant that requires the Company to maintain, commencing with the fiscal quarter ending June 30, 2025, a First Lien Leverage Ratio of Consolidated First Lien Debt to Consolidated EBITDA of 8.25-to-1. Prior to the Credit Agreement Closing Date, Zuffa Guarantor was required to maintain a First Lien Leverage Ratio of no more than 6.5-to-1. Pursuant to the terms of the Credit Agreement Amendment, following the Credit Agreement Closing Date, the Company is only required to comply with the foregoing financial covenant if the sum of outstanding borrowings under the New Revolving Credit Facility is (excluding any letters of credit, whether drawn or undrawn) is greater than the greater of (i) $85.0 million and (ii) forty percent of the borrowing capacity of the New Revolving Credit Facility. This covenant did not apply as of June 30, 2025 and December 31, 2024, as the Company had no borrowings outstanding under the New Revolving Credit Facility.

UFC Holdings had outstanding letters of credit of $11.1 million as of June 30, 2025 and none as of December 31, 2024.

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 Credit Agreement) is less than 5.0x.

The estimated fair values of the Company’s New Term Loans are based on quoted market values for the debt. As of June 30, 2025 and December 31, 2024, the face amount of the Company’s New Term Loans and Existing Term Loans approximates its fair value.

Secured Commercial Loans

As of June 30, 2025 and December 31, 2024, the Company had $29.5 million and $30.3 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. 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 minimum Debt Service Coverage Ratio of Adjusted EBITDA to Debt Service, as defined in the applicable loan agreements, of 1.15-to-1 as measured on an annual basis. As of June 30, 2025 and December 31, 2024, the Company was in compliance with its financial debt covenant under the Secured Commercial Loans.
v3.25.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
STOCKHOLDERS’ EQUITY [Abstract]  
STOCKHOLDERS’ EQUITY

9. STOCKHOLDERS’ EQUITY

Endeavor Share Purchases

During the six months ended June 30, 2025, Endeavor OpCo purchased 1,897,650 shares of TKO Class A common stock for an aggregate amount of $300.9 million under EGH and its subsidiaries' 10b5-1 trading plan for the Company. The trading plan was terminated on February 14, 2025. On June 3, 2025, Endeavor OpCo entered into a stock purchase agreement with Vincent K. McMahon, pursuant to which Endeavor OpCo agreed to purchase 1,579,080 shares of TKO Class A common stock held by Mr. McMahon at a per share price of $158.32 for an aggregate of $250.0 million. These shares of TKO Class A common stock purchased by Endeavor OpCo are included in the calculation of Endeavor’s total voting interest in TKO.

Endeavor Asset Acquisition — Equity Consideration

On February 28, 2025, as consideration paid in connection with the Endeavor Asset Acquisition, the Company issued approximately 26.54 million Common Units of TKO OpCo and an equivalent number of corresponding shares of TKO Class B common stock to Endeavor OpCo and certain of EGH's other subsidiaries. The equity consideration increased the nonredeemable non-controlling interest in TKO OpCo, with a corresponding increase to additional paid-in capital.

Capital Return Program

On October 24, 2024, the Company announced that its board of directors had authorized a share repurchase program of up to $2.0 billion of its Class A common stock and the approval of a quarterly cash dividend program pursuant to which holders of TKO's Class A common stock would receive their pro rata share of approximately $75 million in quarterly distributions to be made by TKO OpCo.

The Company will determine at its discretion the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. Repurchases under the share repurchase program may be made in the open market, in privately negotiated transactions or otherwise, and the Company is not obligated to acquire any particular amount under the share repurchase program. The share repurchase program has no expiration, and may be modified, suspended, or discontinued at any time.

On February 13, 2025, the Company’s board of directors declared its inaugural quarterly cash dividend to holders of Class A common stock in the amount of $0.38 per share, which was paid on March 31, 2025 to stockholders of record as of March 14, 2025. On May 30, 2025, the Company's board of directors declared a quarterly cash dividend to holders of Class A common stock in the amount of $0.38 per share, which was paid on June 30, 2025 to stockholders of record as of June 13, 2025. Each quarterly

dividend payment represented a pro rata distribution of approximately $75 million from TKO OpCo to its equityholders, of which TKO used its portion to fund the cash dividend to its Class A common stockholders. No dividend was declared or paid on the Company’s Class B common stock, which does not have economic rights.

Net Parent Investment and Accumulated Other Comprehensive Loss

In connection with the Endeavor Asset Acquisition of the Acquired Businesses on February 28, 2025, and the retrospective combination of their results with TKO beginning on September 12, 2023 (the date of TKO’s formation), the portion of net parent investment related to the Acquired Businesses as of September 12, 2023, totaling $1,552.1 million, was reclassified to nonredeemable non-controlling interest. Similarly, the portion of accumulated other comprehensive loss attributable to the Acquired Businesses as of that date, totaling $67.8 million, was also reclassified to nonredeemable non-controlling interest. These reclassifications reflect that TKO Class A common stockholders did not have an economic interest in the Acquired Businesses' historical activity prior to the closing date of the Endeavor Asset Acquisition. Following the close of the Endeavor Asset Acquisition on February 28, 2025, the balance of nonredeemable non-controlling interest related to the Acquired Businesses continues to represent Endeavor Group Holdings, Inc.'s and its subsidiaries' retained economic interest, but is now held through TKO OpCo. As of June 30, 2025, this balance reflects Endeavor Group Holdings, Inc.' and its subsidiaries' ownership in TKO OpCo, which is exchangeable for shares of TKO Class A common stock.

TKO Ownership Interests

As of June 30, 2025, the Company owned 41.3% of TKO OpCo and EGH and its subsidiaries owned 58.7% of TKO OpCo.

As of June 30, 2025, EGH and its subsidiaries collectively controlled 61.7% of the voting interests in TKO through their ownership of both TKO Class A common stock and TKO Class B common stock.
v3.25.2
NON-CONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2025
NON-CONTROLLING INTERESTS [Abstract]  
NON-CONTROLLING INTERESTS

10. NON-CONTROLLING INTERESTS

Nonredeemable Non-Controlling Interest in the Acquired Businesses

For periods prior to the business acquisition of WWE on September 12, 2023, nonredeemable non-controlling interest represents the component of equity in the Acquired Businesses’ subsidiaries held by third parties.

Nonredeemable Non-Controlling Interest in TKO OpCo

In connection with the business 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, in connection with the Endeavor Asset Acquisition, the nonredeemable non-controlling interest balance also includes the carrying amount of the Acquired 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 June 30, 2025 and December 31, 2024, the estimated redemption value was $21.9 million.

The changes in carrying value of the redeemable non-controlling interest were as follows (in thousands):

 

Balance — December 31, 2023

 

$

11,594

 

Net income attributable to non-controlling interest holders

 

 

1,485

 

Accretion

 

 

—

 

Balance — June 30, 2024

 

$

13,079

 

 

 

 

 

Balance — December 31, 2024

 

$

21,864

 

Net income attributable to non-controlling interest holders

 

 

4,947

 

Accretion

 

 

(4,947

)

Balance — June 30, 2025

 

$

21,864

 
v3.25.2
EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
EQUITY-BASED COMPENSATION [Abstract]  
EQUITY-BASED COMPENSATION

11. EQUITY-BASED COMPENSATION

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

EGH 2021 Plan

 

$

462

 

 

$

1,850

 

 

$

2,583

 

 

$

4,640

 

Replacement Awards under WWE 2016 Plan

 

 

8,096

 

 

 

7,164

 

 

 

14,341

 

 

 

15,786

 

TKO 2023 Plan

 

 

23,884

 

 

 

15,353

 

 

 

45,020

 

 

 

34,166

 

Other awards (1)

 

 

554

 

 

 

2,445

 

 

 

1,323

 

 

 

4,400

 

Equity-based compensation expense

 

$

32,996

 

 

$

26,812

 

 

$

63,267

 

 

$

58,992

 

 

(1)
Represents equity-based compensation expense related to awards granted under historical compensation plans of the Acquired Businesses.

In connection with the Endeavor Asset Acquisition, the Company converted each equity award of restricted stock units (“RSUs”) held by employees of the Acquired Businesses into TKO RSUs of equal value and vesting conditions. The value of these was determined using the closing price of TKO Class A common stock on the day of the closing of the Endeavor Asset Acquisition. Effective March 1, 2025, equity-based compensation expense associated with these awards is included as part of the TKO 2023 Plan in the table above.

Upon the close of the Endeavor Asset Acquisition, the Company issued 160,455 shares of TKO Class A common stock for an aggregate value of $23.5 million to NFL Properties LLC, as set forth in the Endeavor Asset Acquisition Agreement (such shares, the "NFLP Shares"). Two-thirds of the NFLP Shares were issued with restrictive legends that prohibit NFLP from transferring (i) one-third of the NFLP Shares on or before the 18-month anniversary of the consummation of the Endeavor Asset Acquisition and (ii) one-third of the NFLP Shares on or before the 36-month anniversary of the consummation of the Endeavor Asset Acquisition. During the six months ended June 30, 2025, the Company recorded equity-based compensation expenses of approximately $2.0 million associated with the issuance of the NFLP Shares, which are included within direct operating costs in the Company's consolidated statements of operations.

In January 2024, WWE entered into an Independent Services Contractor and Merchandising Agreement (the “DJ Services Agreement”) with Dwayne Johnson, a member of the Company’s board of directors, pursuant to which Mr. Johnson agreed to provide to WWE certain promotional and other services. See Note 17, Related Party Transactions, for further discussion. As consideration for Mr. Johnson’s services provided under the DJ Services Agreement, the Company granted Mr. Johnson RSUs for an aggregate value of $30.0 million under the TKO 2023 Plan. During the three and six months ended June 30, 2025 and 2024, the Company recorded equity-based compensation expenses of approximately $1.0 million and $6.7 million, and $2.0 million and $15.7

million, respectively, associated with these RSUs, which are included within direct operating costs in the Company’s consolidated statements of operations.

v3.25.2
EARNINGS PER SHARE ("EPS")
 6 Months Ended
Jun. 30, 2025
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE ("EPS")

12. EARNINGS PER SHARE ("EPS")

Basic earnings per share is calculated utilizing net income (loss) available to common stockholders of the Company during the three and six months ended June 30, 2025 and 2024, divided by the weighted average number of shares of TKO Class A common stock outstanding during the same period. Diluted earnings per share is calculated by dividing the net income (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 (refer to Note 11, Equity-based Compensation) were anti-dilutive during the six months ended June 30, 2024.

The historical earnings per share amounts for periods prior to the close of the Endeavor Asset Acquisition on February 28, 2025 have not been retrospectively adjusted. This is because TKO’s Class A common stockholders did not have a claim on the results of the Acquired Businesses prior to that date. The consideration issued in the transaction consisted solely of TKO OpCo common units and an equivalent number of corresponding shares of TKO Class B common stock, which do not share in the earnings of TKO Group Holdings, Inc. and are therefore excluded from basic EPS. However, shares of TKO Class B common stock are exchangeable, on a one-for-one basis, into shares of TKO Class A common stock at the option of the holder. As a result, shares of TKO Class B common stock are considered potentially dilutive and are included in the calculation of diluted EPS under the if-converted method, but only to the extent they are dilutive to Class A common shareholders. For periods after the Endeavor Asset Acquisition close date, the impact of shares of TKO Class B common stock on diluted EPS will be evaluated based on their dilutive effect, if any, in the respective reporting period.

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

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to TKO Group Holdings, Inc.

 

$

98,365

 

 

$

59,107

 

 

$

156,773

 

 

$

(44,733

)

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment to net income attributable to TKO Group Holdings, Inc. from the assumed conversion of Class B shares

 

 

135,108

 

 

 

—

 

 

 

198,869

 

 

 

—

 

Net income (loss) attributable to TKO Group Holdings, Inc. used in computing diluted earnings (loss) per share

 

$

233,473

 

 

$

59,107

 

 

$

355,642

 

 

$

(44,733

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A Common Shares outstanding - Basic

 

 

81,757,675

 

 

 

80,884,513

 

 

 

81,664,928

 

 

 

81,618,084

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Additional shares from RSUs and PSUs, as calculated using the treasury stock method

 

 

1,363,053

 

 

 

966,875

 

 

 

1,276,791

 

 

 

—

 

Additional shares from the assumed conversion of Class B shares

 

 

116,158,615

 

 

 

—

 

 

 

107,506,893

 

 

 

—

 

Weighted average number of shares used in computing diluted earnings (loss) per share

 

 

199,279,343

 

 

 

81,851,388

 

 

 

190,448,612

 

 

 

81,618,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

1.20

 

 

$

0.73

 

 

$

1.92

 

 

$

(0.55

)

Diluted earnings (loss) per share

 

$

1.17

 

 

$

0.72

 

 

$

1.87

 

 

$

(0.55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities that are anti-dilutive this period

 

 

 

 

 

 

 

 

 

 

 

 

Unvested RSUs

 

 

608

 

 

 

—

 

 

 

1,375

 

 

 

2,176,271

 

Unvested PSUs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

306,975

 

TKO Class B Common Shares

 

 

—

 

 

 

89,616,891

 

 

 

—

 

 

 

89,616,891

 

 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
INCOME TAXES [Abstract]  
INCOME TAXES

13. 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. ultimately controls the business affairs of TKO OpCo. 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 Acquired Businesses primarily consisted of U.S. flow through entities not subject to tax as well as some foreign subsidiaries and U.S. regarded corporations subject to entity level taxes. Income taxes related to the Acquired Businesses reflected in the combined tax provision are attributable to U.S. regarded entities and foreign entities subject to tax in their respective jurisdictions.

In accordance with ASC 740, each interim period is considered integral to the annual period and tax expense is generally determined using an estimate of the annual effective income tax rate ("AETR"). The Company records income tax expense each quarter using the estimated AETR to provide for income taxes on a current year-to-date basis, adjusted for discrete items that are noted in the relevant period. During the six months ended June 30, 2024, the Company treated the preliminary legal settlement related to UFC antitrust lawsuit of $335.0 million (increased to $375.0 million on September 26, 2024), as described in Note 15, Commitments and Contingencies, discretely. In accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company computed its income tax provision for the three and six months ended June 30, 2025 and 2024, respectively, adjusted for discrete items as noted.

The provision for income taxes for the three months ended June 30, 2025 and 2024 was $46.5 million and $6.6 million, respectively, based on pretax income of $312.3 million and $51.7 million, respectively. The effective tax rate was 14.9% and 12.8% for the three months ended June 30, 2025 and 2024, respectively. The provision for income taxes for the six months ended June 30, 2025 and 2024 was $67.7 million and $0.9 million, respectively, based on pretax income (loss) of $496.5 million and $(191.3) million, respectively. The effective tax rate was 13.6% and (0.5)% for the six months ended June 30, 2025 and 2024, respectively. The tax provision for the six months ended June 30, 2025 differs from tax benefit in the same period in 2024 primarily due to the preliminary legal settlement related to the UFC antitrust lawsuit of $335.0 million that resulted in the recognition of discrete tax benefits of $39.6 million during the six months ended June 30, 2024. Any tax balances reflected on the Company’s consolidated balance sheets as of June 30, 2025 will be adjusted accordingly to reflect the actual financial results for the year ending December 31, 2025.

The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to state and local income taxes, non-controlling interest, withholding taxes in foreign jurisdictions that are not based on net income, and increased income subject to tax in foreign jurisdictions which differ from the U.S. federal statutory income tax rate.

As of June 30, 2025 and December 31, 2024, the Company had unrecognized tax benefits of $37.8 million and $38.0 million, respectively, for which the Company is unable to make a reasonable and reliable estimate of the period in which these liabilities will be settled with the respective tax authorities. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense (benefit) on the Company's consolidated statement of operations. Accrued interest and penalties of $15.6 million and $12.9 million are included as a component of the related tax liabilities on the Company's consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. Of the $53.4 million combined unrecognized tax benefits and accrued interest and penalties as of June 30, 2025, $49.2 million is subject to an offsetting indemnity asset, as set forth in the Endeavor Asset Acquisition Agreement, which is included as a component of Other assets on the Company's consolidated balance sheets and a corresponding contribution from members on the statement of stockholders' equity.

The Company records valuation allowances against its net deferred tax assets when it is more likely than not that all, or a portion, of a deferred tax asset will not be realized. The Company evaluates the realizability of its deferred tax assets by assessing the likelihood that its deferred tax assets will be recovered based on all available positive and negative evidence, including historical results, reversals of deferred tax liabilities, estimates of future taxable income, tax planning strategies and results of operations.

Other Matters

On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” (“OBBBA”) into law. This legislation introduces several changes to U.S. federal income tax law, such as an expansion of the rules related to deductibility of executive compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), and reinstating the bonus depreciation deduction for qualified property. The OBBBA also restores the EBITDA-based business interest expense limitation under Section 163(j) of the Code, and modifies the computation of certain taxes related to international operations. The legislation has multiple

effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We are currently assessing the impact of this legislation on our 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’s impact related to the adoption of the GloBE rules was not material to the Company’s consolidated financial position. In June 2025, the G7 and the U.S. Department of the Treasury issued a statement that outlined a shared understanding to exclude U.S. parented groups from certain aspects of the Pillar 2 global minimum tax rules (the "G7 Statement"). We will continue to monitor developments related to the G7 Statement, which has not yet been incorporated into the OECD framework. As countries continue to enact and refine the Pillar 2 rules, we will evaluate the impact on our financial position.
v3.25.2
RESTRUCTURING CHARGES
 6 Months Ended
Jun. 30, 2025
RESTRUCTURING CHARGES [Abstract]  
RESTRUCTURING CHARGES

14. RESTRUCTURING CHARGES

During 2023 and 2024, the Company initiated a cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of WWE and UFC following the formation of TKO. During the first quarter of 2025, the Company implemented an ongoing cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of the Acquired Businesses. The Company recorded restructuring charges of $4.3 million and $5.5 million, and $5.8 million and $17.1 million, for the three and six months ended June 30, 2025 and 2024, respectively, related to these programs. These amounts include equity-based compensation expenses of $0.9 million and $3.3 million for the three and six months ended June 30, 2024, respectively. These restructuring charges are recorded in accrued liabilities and additional paid-in-capital on the consolidated balance sheets and within direct operating costs and selling, general and administrative expenses in the consolidated statements of operations, respectively.

Changes in the Company’s restructuring liability through June 30, 2025 were as follows (in thousands):

 

Balance — December 31, 2024

 

$

3,232

 

Restructuring charges

 

 

5,824

 

Payments

 

 

(4,471

)

Balance — June 30, 2025

 

$

4,585

 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

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, among others, 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

Five related class-action lawsuits were filed against Zuffa between December 2014 and March 2015 by a total of eleven former UFC fighters. The lawsuits, which were substantially identical, were transferred to the United States District Court for the District of Nevada and consolidated 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 alleged 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 claimed that Zuffa’s alleged conduct injured them by artificially depressing the compensation they received for their services. The plaintiffs sought 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. The fighter plaintiffs in the Le case abandoned their claim for injunctive relief, so the only relief the fighter plaintiffs would have sought at trial was damages. On September 26, 2024, following the court's denial of an earlier proposed settlement agreement, the Company reached an agreement with the plaintiffs to settle all claims asserted in the Le case for an aggregate amount of $375.0 million payable in installments over an agreed-upon period of time by the Company (the “Updated Settlement Agreement”). The terms of the Updated Settlement Agreement were preliminarily approved by the district court on October 22, 2024. The Updated Settlement Agreement was granted

final approval by the district court on February 6, 2025. In connection with the Updated Settlement Agreement, the Company recorded charges of $375.0 million during the year ended December 31, 2024, which are included as a component of selling, general and administrative expenses in the consolidated statements of operations. The Company paid $125.0 million of the aggregate $375.0 million settlement amount into escrow in late October 2024, shortly following receipt of preliminary approval, and another $125.0 million into escrow in February 2025 shortly following receipt of final approval, in accordance with the terms of the Updated Settlement Agreement. The Company made the third and final payment covering the remaining $125.0 million in June 2025. The Company anticipates that the settlement amount will be deductible for tax purposes.

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. The Johnson case alleges substantially similar claims to the Lecase and seeks injunctive relief. No trial date has been set in the Johnson action and the parties are in the midst of the discovery process.

On May 23, 2025, Cirkunovs v. Zuffa, LLC et al., No. 2:25-cv-00914-RFB-BNW (D. Nev.) (the “Cirkunovs” case), was filed by a putative class of former UFC fighters who signed contracts with arbitration clauses and class action waiver agreements during the period July 1, 2017, to the present. The complaint in Cirkunovs contains nearly identical allegations to Johnson and further alleges that the arbitration clauses and class action waivers contained in the fighters’ contracts are unenforceable. The Cirkunovs complaint seeks injunctive relief invalidating these arbitration clauses and class action waivers, as well as treble damages under the antitrust laws and attorneys’ fees and costs.

On May 29, 2025, a similar complaint was filed by a current Professional Fighters League fighter named Phil Davis. Davis v. Zuffa, LLC et al., No. 2:25-cv-00946-RFB-BNW (D. Nev.) (the “Davis” case). The Davis complaint also asserts nearly identical allegations as in Johnson and Cirkunovs, except Davis seeks to represent a class of fighters who competed in U.S.-bouts for non-UFC promotions from May 29, 2021, onward, excluding all currently contracted UFC fighters, as well as the Johnson and Cirkunovs class members. The Davis case alleges UFC’s alleged anticompetitive conduct impairs the ability of non-UFC fighters to advance their careers and artificially suppresses non-UFC fighter pay. The Davis case does not seek monetary damages and instead seeks injunctive relief. No trial date has been set in the Cirkunovs or Davis action, and discovery has not yet begun.

WWE Legal Proceedings

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 the 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, claims and/or 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. On January 10, 2025, the United States Securities and Exchange Commission settled charges against Mr. McMahon for failing to disclose certain settlement agreements to WWE’s board of directors, legal department, accountants, financial reporting personnel, or auditor, and in so doing, circumventing WWE’s system of internal accounting controls and causing material misstatements in WWE’s 2018 and 2021 financial statements. No charges have been brought against the Company.

On January 25, 2024, a former WWE employee filed a lawsuit against WWE, Mr. McMahon and another former WWE executive, John Laurinaitis, in the United States District Court for the District of Connecticut alleging, among other things, that she was sexually assaulted by Mr. McMahon and Mr. Lauinaitis and asserting claims under the Trafficking Victims Protection Act. On May 30, 2025, Mr. Laurinaitis was dismissed from the matter with prejudice pursuant to a stipulation of dismissal. WWE has moved to compel the matter to arbitration, and its motion is pending.

On October 23, 2024, five unnamed plaintiffs filed a lawsuit against Mr. McMahon, Linda McMahon, WWE, and TKO in Maryland court, alleging sexual abuse by a former World Wrestling Federation ring announcer during the 1980s. On April 28, 2025, plaintiffs filed an amended complaint adding three unnamed plaintiffs, but no new defendants. Defendants WWE and TKO, as well as Mr. McMahon and Linda McMahon, each moved to dismiss all claims on June 11, 2025.

On November 17, 2023, a purported former stockholder of WWE, Laborers’ District Council and Contractors’ Pension Fund of Ohio (“Laborers”), 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 (“Delaware Court”), 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 former WWE stockholder, Dennis Palkon, filed a verified class action complaint on behalf of himself and similarly situated former WWE stockholders in the Delaware Court, 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 Mr. McMahon, Nick Khan, Paul Levesque, George A. Barrios, Steve Koonin, Michelle D. Wilson, and Frank A. Riddick III (collectively, the “Individual Defendants”), arising out of the TKO Transactions. On April 24, 2024, the City of Pontiac Reestablished General Employees’ Retirement System (“Pontiac”), a purported former stockholder of WWE, filed another verified class action complaint on behalf of itself and similarly situated former WWE stockholders in the Delaware Court captioned City of Pontiac Reestablished General Employees’ Retirement System v. McMahon, C.A. No. 2024-0432 (“Pontiac Action”). The Pontiac Action similarly alleges breach of fiduciary duty claims against the Individual Defendants and added claims against WWE and TKO for denying stockholders their appraisal rights under DGCL § 262, as well as claims against EGH for aiding and abetting the alleged breaches of fiduciary duties and for civil conspiracy to violate DGCL § 262. On May 2, 2024, the Court entered an order consolidating the Laborers, Palkon and Pontiac actions under the caption In re World Wrestling Entertainment, Inc. Merger Litigation, C.A. No. 2023-1166-JTL (“Consolidated Action”). On August 8, 2024, the Delaware Court appointed the Laborers and Palkon plaintiffs as co-lead plaintiffs, and the co-lead plaintiffs subsequently designated the Palkon complaint as operative. As a result, WWE, TKO and EGH are no longer defendants. On October 24, 2024, the Delaware Court entered a stipulation dismissing all claims against Messrs. Koonin and Riddick, who, therefore, are no longer defendants. The remaining Individual Defendants filed answers to the complaint on October 28, 2024 and discovery is currently underway.

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 IMG. 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. IMG investigated these ICA matters, as well as other regulatory compliance matters. In May 2019, the ICA completed its investigation and fined IMG approximately EUR 0.3 million. As part of its decision, the ICA acknowledged IMG'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 leagues. 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 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 amounts 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 only 10% of the aggregate loss suffered (if any) by the clubs deriving from the lower value of the media rights. IMG 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 amount 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. On December 3, 2024, this latter lawsuit was consolidated with the one brought by the Plaintiffs. During April to June 2025, two additional clubs intervened in the proceedings in support of Lega Nazionale’s claims. Such clubs did not bring new claims but only supported those of the Lega Nazionale. Currently, the total number of Interventions amounts to 16 clubs. In July 2025, a third-party purchased the claim of one of the intervening clubs in support of Lega Nazionale and intervened into the proceedings. This third-party purchaser has merely taken over an existing claim. IMG 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 IMG has meritorious defenses to these claims, including the absence of actual damage. IMG may also be subject to regulatory and other claims and actions with respect to these ICA and other regulatory matters. Any judgment entered against IMG or settlement entered into, including with respect to claims or actions brought by other parties, will be indemnified and paid directly by Endeavor Group Holdings, Inc., as set forth in the Endeavor Asset Acquisition Agreement or other agreements between the Company and Endeavor Group Holdings, Inc.

v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION

16. SEGMENT INFORMATION

Prior to the Endeavor Asset Acquisition, 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, managed the businesses, evaluated financial results, and made key operating decisions. 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 UFC segment consists entirely of the operations of the Company's UFC business and the WWE segment consists entirely of the operations of the Company's WWE business. The IMG segment consists of the operations of the IMG business and On Location.

The Company also reports the results for the “Corporate and Other” group. The Corporate and Other group reflects operations not allocated to the UFC, WWE or IMG segments and primarily consists of general and administrative expenses as well as operations of PBR and boxing. Boxing includes the joint venture with Sela Company for the Zuffa Boxing brand as well as promotional services TKO provides for boxing events.

Revenue from our Corporate and Other group principally consists of media rights fees associated with the distribution of PBR's programming content; ticket sales and site fees associated with live events; partnerships and marketing; and consumer product licensing agreements of PBR-branded products. Revenue also consists of management fees for services provided to certain equity method investments primarily related to boxing.

General and administrative expenses relate largely 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 and Other expenses also include service fees paid by the Company to EGH and its subsidiaries under the Services Agreement, inclusive of fees paid for revenue producing services related to the segments. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EGH and TKO OpCo was terminated and the Transition Services Agreement was entered into between the EGH Parties, TWI and the TKO Parties.

As disclosed within Note 2, Summary of Significant Accounting Policies, the historical financial data includes the recast combined results of TKO and the Acquired Businesses for all periods prior to February 28, 2025. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation.

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 TKO Transactions are comprised of goodwill and intangible assets arising from the TKO Transactions.

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

UFC:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

415,835

 

 

$

394,358

 

 

$

775,582

 

 

$

707,348

 

Direct operating costs (1)

 

 

116,283

 

 

 

119,637

 

 

 

205,955

 

 

 

201,952

 

Selling, general and administrative expenses (1)

 

 

54,760

 

 

 

42,824

 

 

 

97,442

 

 

 

78,416

 

Adjusted EBITDA

 

$

244,792

 

 

$

231,897

 

 

$

472,185

 

 

$

426,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

WWE:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

556,142

 

 

$

456,803

 

 

$

947,682

 

 

$

773,524

 

Direct operating costs (1)

 

 

142,656

 

 

 

127,052

 

 

 

264,724

 

 

 

227,810

 

Selling, general and administrative expenses (1)

 

 

83,747

 

 

 

78,439

 

 

 

159,279

 

 

 

154,189

 

Adjusted EBITDA

 

$

329,739

 

 

$

251,312

 

 

$

523,679

 

 

$

391,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

IMG:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

306,590

 

 

$

319,596

 

 

$

782,858

 

 

$

869,248

 

Direct operating costs (1)

 

 

202,770

 

 

 

313,527

 

 

 

527,787

 

 

 

692,087

 

Selling, general and administrative expenses (1)

 

 

74,826

 

 

 

97,319

 

 

 

152,616

 

 

 

187,128

 

Adjusted EBITDA

 

$

28,994

 

 

$

(91,250

)

 

$

102,455

 

 

$

(9,967

)

 

(1)
Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment excludes reconciling items included in the reconciliation of segment profitability below.

Revenue

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

UFC

 

$

415,835

 

 

$

394,358

 

 

$

775,582

 

 

$

707,348

 

WWE

 

 

556,142

 

 

 

456,803

 

 

 

947,682

 

 

 

773,524

 

IMG

 

 

306,590

 

 

 

319,596

 

 

 

782,858

 

 

 

869,248

 

Total revenue from reportable segments

 

$

1,278,567

 

 

$

1,170,757

 

 

$

2,506,122

 

 

$

2,350,120

 

Corporate and Other

 

 

44,632

 

 

 

40,938

 

 

 

99,009

 

 

 

93,167

 

Eliminations

 

 

(14,757

)

 

 

(18,504

)

 

 

(27,889

)

 

 

(27,648

)

Total revenue

 

$

1,308,442

 

 

$

1,193,191

 

 

$

2,577,242

 

 

$

2,415,639

 

 

 

 

Reconciliation of segment profitability

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

UFC

 

$

244,792

 

 

$

231,897

 

 

$

472,185

 

 

$

426,980

 

WWE

 

 

329,739

 

 

 

251,312

 

 

 

523,679

 

 

 

391,525

 

IMG

 

 

28,994

 

 

 

(91,250

)

 

 

102,455

 

 

 

(9,967

)

Total Adjusted EBITDA from reportable segments

 

 

603,525

 

 

 

391,959

 

 

 

1,098,319

 

 

 

808,538

 

Corporate and Other

 

 

(77,037

)

 

 

(91,122

)

 

 

(154,453

)

 

 

(168,827

)

Total Adjusted EBITDA

 

 

526,488

 

 

 

300,837

 

 

 

943,866

 

 

 

639,711

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Equity earnings of affiliates

 

 

(7,310

)

 

 

(1,118

)

 

 

(9,834

)

 

 

(3,925

)

Interest expense, net

 

 

(48,207

)

 

 

(62,979

)

 

 

(92,972

)

 

 

(124,156

)

Depreciation and amortization

 

 

(99,397

)

 

 

(118,912

)

 

 

(199,932

)

 

 

(240,981

)

Equity-based compensation expense (1)

 

 

(32,996

)

 

 

(26,812

)

 

 

(63,267

)

 

 

(58,992

)

Merger and acquisition costs (2)

 

 

(4,268

)

 

 

(2,406

)

 

 

(44,040

)

 

 

(2,926

)

Certain legal costs (3)

 

 

(9,693

)

 

 

(5,992

)

 

 

(16,151

)

 

 

(351,191

)

Restructuring, severance and impairment (4)

 

 

(4,305

)

 

 

(30,421

)

 

 

(5,824

)

 

 

(39,970

)

Other adjustments (5)

 

 

(8,053

)

 

 

(523

)

 

 

(15,373

)

 

 

(8,887

)

Income (loss) before income taxes and equity earnings of affiliates

 

$

312,259

 

 

$

51,674

 

 

$

496,473

 

 

$

(191,317

)

 

(1)
Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holdings, Inc.’s 2021 Plan. For the three and six months ended June 30, 2025 and 2024, equity-based compensation includes $1.0 million and $6.7 million, and $2.0 million and $15.7 million, respectively, of expense associated with certain services provided by an independent contractor in the WWE segment. For the three and six months ended June 30, 2024, equity-based compensation includes $0.9 million and $3.3 million, respectively, 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 advisors related to strategic transactions, primarily the Endeavor Asset Acquisition.
(3)
Includes costs related to certain litigation matters including antitrust lawsuits for UFC and WWE and matters where Mr. McMahon has agreed to make future payments to certain counterparties personally. For the six months ended June 30, 2024, these costs include the preliminary legal settlement of the UFC antitrust lawsuit for $335.0 million, as described in Note 15, Commitments and Contingencies.
(4)
Includes costs resulting from the Company’s cost reduction program as described in Note 14, Restructuring Charges. For the three and six months ended June 30, 2024, the Company recorded an impairment charge of $24.3 million as a result of reducing the carrying value of WWE assets held for sale to their fair value less cost to sell, as described in Note 5, Supplementary Data.
(5)
For the three months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions, partially offset by a net gain of $2.2 million related to the sale of certain equity method investments. For the six months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions and also includes a net loss of $2.5 million from the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR's former headquarters building. Other adjustments for three and six months ended June 30, 2024 primarily reflects losses on foreign exchange transactions.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS

17. RELATED PARTY TRANSACTIONS

EGH and its subsidiaries

EGH and its subsidiaries (collectively, the “Group”), which collectively own approximately 61.7% of the voting interest in TKO as of June 30, 2025, provide various services to the Company and, upon consummation of the Transactions, such services are provided pursuant to the Services Agreement which was terminated upon consummation of the Endeavor Asset Acquisition. Additionally, the Company and EGH entered into the Transition Services Agreement effective February 28, 2025. Revenue and expenses associated with such services are as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Event and other licensing revenues earned from the Group

 

$

4,267

 

 

$

532

 

 

$

5,636

 

 

$

1,718

 

Expenses incurred with the Group included in direct operating costs (1)

 

 

8,447

 

 

 

6,393

 

 

 

13,889

 

 

 

10,763

 

Expenses incurred with the Group included in selling, general and administrative expenses (2)

 

 

10,765

 

 

 

7,222

 

 

 

20,285

 

 

 

11,992

 

Interest (income) expense with the Group (3)

 

 

213

 

 

 

3,174

 

 

 

(3,704

)

 

 

6,838

 

Net expense resulting from Group transactions included within net income (loss)

 

$

(15,158

)

 

$

(16,257

)

 

$

(24,834

)

 

$

(27,875

)

 

(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. These service fees are costs related to representation, executive leadership, back-office and corporate functions and other management services provided by the Group. Beginning in March 2025 expenses associated with the Transitions Services Agreement primarily consist of pass through expenses related to the Acquired Businesses and back-office and corporate function costs.
(3)
The interest (income) expense relate to loans due to or from the Group.

 

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

 

 

 

As of

 

 

 

 

June 30,

 

 

December 31,

 

 

Classification

 

2025

 

 

2024

 

Amounts due from the Group

 

Other current assets

 

$

35,457

 

 

$

30,450

 

Amounts due from the Group

 

Other assets

 

$

49,224

 

 

$

—

 

Amounts due to the Group

 

Other current liabilities

 

$

(37,043

)

 

$

(12,077

)

 

 

Prior to February 28, 2025, the Company reimbursed the Group for third-party costs incurred on the Company’s behalf under the Services Agreement, which was terminated effective that date. During the six months ended June 30, 2025 and 2024, the Company reimbursed $0.1 million and $4.4 million, respectively, under the prior agreement. Under the new Transition Services Agreement, during the three months ended June 30, 2025, the Company reimbursed the Group $7.0 million for third-party costs incurred on the Company’s behalf and received $5.2 million in cash payments for services provided to the Group.

 

Corporate Allocations in Recast Historical Combined Periods

 

In connection with the Company’s common control acquisition of the Acquired Businesses from Endeavor Group Holdings, Inc. and its subsidiaries on February 28, 2025, the historical financial statements have been retrospectively recast to include the combined results of TKO and the Acquired Businesses. During these historical combined periods, certain general corporate expenses incurred by EGH and its subsidiaries were allocated to the Acquired Businesses. These expenses related to centralized support functions provided by EGH and its subsidiaries, such as finance, human resources, information technology, facilities, and legal services (collectively, “General Corporate Expenses”). The General Corporate Expenses were allocated to the Acquired Businesses using reasonable methodologies, including pro rata measures based on headcount, gross profit, or other relevant drivers. These costs are included in the historical combined statements of operations within selling, general and administrative expense, and other (expense) income, net.

 

While management believes the allocation methodologies used for the historical combined periods are reasonable, the amounts may not reflect the actual costs that would have been incurred had the Acquired Businesses operated as standalone companies.

 

The allocations of General Corporate Expenses, applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025, are reflected in the combined statements of operations as follows (in thousands)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Selling, general and administrative expenses

 

$

—

 

 

$

23,725

 

 

$

21,698

 

 

$

54,455

 

Other expense, net

 

 

—

 

 

 

30

 

 

 

(11

)

 

 

78

 

Total General Corporate Expenses

 

$

—

 

 

$

23,755

 

 

$

21,687

 

 

$

54,533

 

Non-Controlling Interests

All significant related party transactions between the Acquired Businesses and Endeavor Group Holdings, Inc. and its subsidiaries 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 nonredeemable non-controlling interest.

Nonredeemable non-controlling interests as of June 30, 2024 in the combined balance sheets and net transfers from parent in the combined statement of stockholders’ equity represent Endeavor Group Holdings Inc.’s historical investment in the Acquired Businesses and include net earnings (loss) after taxes (Endeavor Group Holdings, Inc.’s basis) and the net effect of transactions with and cost allocations from EGH and its subsidiaries. Also included in these line items are the 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 Group Holdings, Inc. These cash flows are included within net transfers to parent within cash flows form financing activities.

The following table summarizes the components of the net transfers to parent in nonredeemable non-controlling interests for the three and six months ended June 30, 2025 and 2024 (applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025):

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash pooling and general financing activities (1)

 

$

—

 

 

$

(97,371

)

 

$

(242,698

)

 

$

(121,900

)

Corporate allocations

 

 

—

 

 

 

22,244

 

 

 

21,688

 

 

 

53,022

 

Contributions

 

 

—

 

 

 

1,850

 

 

 

—

 

 

 

4,640

 

Net transfers (to)/from parent per the Combined Statements of Equity

 

$

—

 

 

$

(73,277

)

 

$

(221,010

)

 

$

(64,238

)

Equity based compensation expense (2)

 

 

—

 

 

 

(4,295

)

 

 

(1,250

)

 

 

(9,040

)

Currency translation adjustments on intercompany transactions

 

 

—

 

 

 

4,194

 

 

 

1,940

 

 

 

10,012

 

Taxes deemed settled with Parent

 

 

—

 

 

 

17,374

 

 

 

3,309

 

 

 

8,550

 

Net loss on foreign currency transactions

 

 

—

 

 

 

(163

)

 

 

586

 

 

 

(3,174

)

Distributions not settled in cash

 

 

—

 

 

 

(11,690

)

 

 

—

 

 

 

(12,334

)

Contract balances retained by Parent and other

 

 

—

 

 

 

—

 

 

 

93,900

 

 

 

—

 

Net transfers to parent per the Combined Statements of Cash Flows

 

$

—

 

 

$

(67,857

)

 

$

(122,525

)

 

$

(70,224

)
(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 Group Holdings, Inc. on a daily basis under the Endeavor Group Holdings, Inc. Treasury function and the Acquired Businesses receive capital from Endeavor Group Holdings, Inc. for its cash needs.
(2)
Compensation costs associated with the Company’s employees’ participation in Endeavor Group Holdings, Inc. incentive plans have been identified for employees who exclusively support the Company’s operations. Amounts allocated to the Company from the Parent for shared services are reported within total allocated costs in the General Corporate Expenses table above.

Dwayne Johnson

Dwayne Johnson (also known by his stage name “The Rock”) is an actor, film producer, entrepreneur and professional wrestler who has provided talent related services to WWE for decades. Mr. Johnson is represented by talent agency William Morris Endeavor, an affiliate of TKO. On January 23, 2024, the Company’s board of directors appointed Mr. Johnson as a WWE director designee on the TKO Board.

On January 22, 2024, WWE and Mr. Johnson entered into the DJ Services Agreement, pursuant to which Mr. Johnson agreed to provide to WWE certain promotional and other services. WWE also entered into an IP Assignment Agreement with certain

affiliates of Mr. Johnson, pursuant to which WWE assigned to Mr. Johnson (via one of his affiliates) “The Rock” trademark and certain related trademarks, service marks, ring names, taglines and other intellectual property assets (the “Assigned IP”).

Under the terms of the DJ Services Agreement, Mr. Johnson further agreed to license the Assigned IP and Mr. Johnson’s name, likeness and certain other intellectual property rights to WWE for use in connection with certain categories of licensed products related to professional wrestling for up to 10 years, subject to certain earlier termination rights.

As consideration for Mr. Johnson’s services pursuant to the DJ Services Agreement, and in respect of the intellectual property grants and licenses made by Mr. Johnson and his affiliates in connection therewith, Mr. Johnson received an RSU award for an aggregate value of $30.0 million. During the three and six months ended June 30, 2025 and 2024, the Company recorded equity-based compensation expense of $1.0 million and $6.7 million, and $2.0 million and $15.7 million, respectively, associated with this award, which is included within direct operating costs in our consolidated statements of operations.

Mr. Johnson also receives annual royalties from WWE and will be entitled to receive royalties in connection with the sale of licensed products that utilize the Assigned IP and his name, likeness and other intellectual property rights in accordance with the DJ Services Agreement. For the three and six months ended June 30, 2025 and 2024, the Company paid $0.3 million and $0.3 million, and $0.5 million and $0.4 million, respectively, of royalties that were earned by Mr. Johnson. In addition, Mr. Johnson is entitled to reimbursement for certain travel expenses associated with delivering services under the DJ Services Agreement, of which $0.4 million and $0.6 million, $0.6 million and $2.5 million, was incurred by the Company during the three and six months ended June 30, 2025 and 2024, respectively, and is included as a component of selling, general and administrative expenses in our consolidated statements of operations.

Other Related Parties

As of June 30, 2025, the Company has an equity-method investment in Euroleague Ventures S.A. ("Euroleague"), a related party. For the three and six months ended June 30, 2025 and 2024, the Company recognized revenue of $3.2 million and $2.0 million, and $8.0 million and $5.5 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. This revenue is included in the IMG segment. Also, for the three and six months ended June 30, 2025 and 2024, the Company recognized revenue of $2.7 million and $2.3 million, and $7.6 million and $6.7 million, respectively, for production services provided to Euroleague which are included in the IMG segment. As of June 30, 2025 and December 31, 2024, the Company had a related party receivable of $13.8 million and $10.9 million, respectively.

v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying interim consolidated 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 SEC for interim financial reporting. These financial statements should be read in conjunction with the audited recast combined financial statements and accompanying notes with respect to the fiscal years ended December 31, 2024, 2023 and 2022 (included in Form 8-K filings on May 8, 2025 and March 19, 2025), giving effect to the Endeavor Asset Acquisition as if such transaction had been consummated on January 1, 2022, the beginning of the earliest period presented. Certain information and note disclosures normally included in the annual financial statements have been condensed or omitted from these interim financial statements. The interim consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited; however, in the opinion of management, such interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments (including required common control recast adjustments discussed below), necessary for a fair statement of its financial position, results of operations and cash flows for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation.

Combined Financial Statements for Historical Recast Periods:

The historical periods included in the accompanying interim financial statements have been retrospectively recast to reflect the Company's February 28, 2025 common control acquisition of the Acquired Businesses from Endeavor Group Holdings, Inc. and its subsidiaries. As such, the financial statements for periods prior to the acquisition reflect the combined results of the Company and the Acquired Businesses as if they had been part of the Company during the historical periods under common control.

The historical financial data of the Acquired Businesses included in the historical recast periods has been derived from the historical combined financial statements and accounting records of Endeavor Group Holdings, Inc. and were prepared on a standalone basis in accordance with GAAP and may not be indicative of what they would have been had the Acquired Businesses been independent standalone companies, nor are they necessarily indicative of the Acquired Businesses’ future financial data.

The Acquired Businesses include Endeavor Group Holdings Inc.’s consolidated assets and liabilities that are specifically identifiable or otherwise attributable to the Acquired Businesses, including subsidiaries and/or joint ventures relating to the Acquired Businesses in which Endeavor Group Holdings, Inc. had a controlling financial interest. The assets, liabilities, revenue and expenses of the Acquired Businesses have been reflected in the recast combined financial statements on a historical cost basis, as included in the consolidated financial statements of Endeavor Group Holdings, Inc., using the historical accounting policies applied by Endeavor Group Holdings, Inc. Cash and cash equivalents held by Endeavor Group Holdings, Inc. at the corporate level were not attributable to the Acquired Businesses for any of the recast periods presented due to EGH's centralized approach to cash management and the financing of its operations. Only cash amounts held by entities for which the Acquired Businesses have legal title are reflected in the combined balance sheets. Transfers of cash, both to and from Endeavor Group Holdings, Inc’s centralized cash management system, are reflected as a component of net parent investment in the combined balance sheets and as financing activities in the combined statements of cash flows for recast periods prior to the TKO formation on September 12, 2023. Endeavor Group Holdings, Inc.’s debt on a consolidated basis was not attributed to the Acquired Businesses for any of the periods presented because Endeavor Group Holdings Inc.’s borrowings are not the legal obligation of the Acquired Businesses.

The combined financial statements of the Acquired Businesses include all revenues and costs directly attributable to the Acquired Businesses and reflect allocations of certain of Endeavor Group Holdings, Inc.'s 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. Where possible, these charges were allocated based on direct usage, with the remainder allocated on a pro rata basis of headcount and gross profit, or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Acquired Businesses during the periods presented. The allocations may not, however, reflect the expense the Acquired Businesses would have incurred as standalone companies for the periods presented. These costs also may not be indicative of the expenses that the Acquired Businesses will incur in the future or would have incurred if the Acquired Businesses had obtained these services from a third party.

TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company ultimately controls 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 June 30, 2025, the Company owned 41.3% of TKO OpCo.
Use of Estimates

Use of Estimates

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

Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the 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 consolidated financial statements in future periods.
v3.25.2
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)
 6 Months Ended
Jun. 30, 2025
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 were 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 was permitted in any interim or annual period in which financial statements had not yet been issued. The Company adopted this guidance on January 1, 2025, with no material effect on the Company’s financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this guidance for the year ended December 31, 2024 on a retrospective basis. See Note 16, Segment Information, for further detail.

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 were effective for all entities for fiscal years beginning after December 15, 2024. The Company adopted this guidance on January 1, 2025 with no effect on the Company's financial position or results of operations, and expects to include the disclosures required by this ASU in its Annual Report on Form 10-K for the year ending December 31, 2025.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements – Amendments to Remove References to the Concepts Statements. This ASU amends the Accounting Standards Codification (“ASC”) to remove references to various FASB Concepts Statements to simplify the ASC and draw a distinction between authoritative and nonauthoritative literature. The amendments in this update apply to all reporting entities within the scope of the affected accounting guidance, and were effective for public entities for fiscal years beginning after December 15, 2024. Early adoption was permitted in any interim or annual period in which financial statements had not yet been issued. The Company adopted this guidance on January 1, 2025, with no material effect on the Company's financial position or results of operations.

Recently Issued Accounting Pronouncements

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 consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03. This ASU improves expense disclosures by requiring disclosure of additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The amendments in this update, as clarified, are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This ASU clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The ASU is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the ASU is to be applied prospectively to acquisitions after the adoption date. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.

 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities. The ASU amends ASC 326-20 to provide a practical expedient (for all entities) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted, and the amendments should be applied prospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.
v3.25.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
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):

 

 

For the Three Months Ended June 30, 2025

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

260,491

 

 

$

278,915

 

 

$

163,397

 

 

$

4,661

 

 

$

707,464

 

Live events and hospitality

 

 

58,478

 

 

 

185,765

 

 

 

132,148

 

 

 

18,465

 

 

 

394,856

 

Partnerships and marketing

 

 

85,730

 

 

 

58,291

 

 

 

7,868

 

 

 

11,650

 

 

 

163,539

 

Consumer products licensing and other

 

 

11,136

 

 

 

33,171

 

 

 

3,177

 

 

 

9,856

 

 

 

57,340

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,757

)

Total revenue

 

$

415,835

 

 

$

556,142

 

 

$

306,590

 

 

$

44,632

 

 

$

1,308,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2025

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

484,588

 

 

$

530,530

 

 

$

324,703

 

 

$

7,969

 

 

$

1,347,790

 

Live events and hospitality

 

 

117,101

 

 

 

262,044

 

 

 

420,534

 

 

 

51,858

 

 

 

851,537

 

Partnerships and marketing

 

 

150,074

 

 

 

83,868

 

 

 

30,203

 

 

 

23,763

 

 

 

287,908

 

Consumer products licensing and other

 

 

23,819

 

 

 

71,240

 

 

 

7,418

 

 

 

15,419

 

 

 

117,896

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(27,889

)

Total revenue

 

$

775,582

 

 

$

947,682

 

 

$

782,858

 

 

$

99,009

 

 

$

2,577,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2024

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

250,585

 

 

$

260,676

 

 

$

172,472

 

 

$

6,299

 

 

$

690,032

 

Live events and hospitality

 

 

69,152

 

 

 

144,102

 

 

 

128,201

 

 

 

18,902

 

 

 

360,357

 

Partnerships and marketing

 

 

61,633

 

 

 

24,750

 

 

 

14,481

 

 

 

9,896

 

 

 

110,760

 

Consumer products licensing and other

 

 

12,988

 

 

 

27,275

 

 

 

4,442

 

 

 

5,841

 

 

 

50,546

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,504

)

Total revenue

 

$

394,358

 

 

$

456,803

 

 

$

319,596

 

 

$

40,938

 

 

$

1,193,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2024

 

 

 

UFC

 

 

WWE

 

 

IMG

 

 

Corp & Other

 

 

Total

 

Media rights, production and content

 

$

465,047

 

 

$

481,783

 

 

$

349,953

 

 

$

12,492

 

 

$

1,309,275

 

Live events and hospitality

 

 

104,429

 

 

 

194,294

 

 

 

481,347

 

 

 

48,922

 

 

 

828,992

 

Partnerships and marketing

 

 

110,236

 

 

 

38,565

 

 

 

27,459

 

 

 

20,777

 

 

 

197,037

 

Consumer products licensing and other

 

 

27,636

 

 

 

58,882

 

 

 

10,489

 

 

 

10,976

 

 

 

107,983

 

Eliminations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(27,648

)

Total revenue

 

$

707,348

 

 

$

773,524

 

 

$

869,248

 

 

$

93,167

 

 

$

2,415,639

 
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 for their initial term prior to opt-out provisions with unsatisfied or partially satisfied performance obligations as of June 30, 2025 (in thousands):

 

Remainder of 2025

 

$

1,275,707

 

2026

 

 

1,843,057

 

2027

 

 

1,628,266

 

2028

 

 

1,415,465

 

2029

 

 

1,060,268

 

Thereafter

 

 

445,166

 

Total remaining performance obligations

 

$

7,667,929

 
v3.25.2
SUPPLEMENTARY DATA (Tables)
 6 Months Ended
Jun. 30, 2025
SUPPLEMENTARY DATA [Abstract]  
Summary of Allowance for Doubtful Accounts

The changes in the allowance for doubtful accounts are as follows (in thousands):

 

 

As of

 

 

Charged to

 

 

 

 

 

 

 

 

As of

 

 

December 31,

 

 

Costs and

 

 

 

 

 

Foreign Exchange

 

 

June 30,

 

 

2024

 

 

Expenses

 

 

Deductions

 

 

and Other

 

 

2025

 

Six Months Ended June 30, 2025

 

$

20,639

 

 

$

933

 

 

$

(1,671

)

 

$

4,891

 

 

$

24,792

 

 
Summary of Other Current Assets

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Prepaid taxes

 

$

59,452

 

 

$

68,345

 

Ticket inventory

 

 

46,489

 

 

 

46,208

 

Prepaid event and production-related costs

 

 

38,106

 

 

 

29,236

 

Amounts due from the Group (Note 17)

 

 

35,457

 

 

 

30,450

 

Other current receivables

 

 

25,364

 

 

 

20,825

 

Prepaid expenses

 

 

19,019

 

 

 

12,906

 

Prepaid insurance

 

 

8,933

 

 

 

9,772

 

Assets held for sale

 

 

—

 

 

 

4,458

 

Other

 

 

47,245

 

 

 

25,910

 

Total

 

$

280,065

 

 

$

248,110

 
Summary of Accrued Liabilities

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued operating expenses

 

$

119,821

 

 

$

127,369

 

Payroll-related costs

 

 

105,720

 

 

 

153,014

 

Event and production-related costs

 

 

71,883

 

 

 

43,586

 

Legal and professional fees

 

 

29,606

 

 

 

27,797

 

Interest

 

 

20,348

 

 

 

20,817

 

Accrued capital expenditures

 

 

2,271

 

 

 

11,699

 

Legal settlements (Note 15)

 

 

—

 

 

 

250,000

 

Other

 

 

44,217

 

 

 

35,950

 

Total

 

$

393,866

 

 

$

670,232

 
Summary of Other Current Liabilities

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Advanced collections due to third parties (1)

 

$

250,000

 

 

$

—

 

Amounts due to the Group (Note 17)

 

 

37,043

 

 

 

12,077

 

Other

 

 

7,020

 

 

 

8,852

 

Total

 

$

294,063

 

 

$

20,929

 

 

(1)
Advanced collections due to third parties represents amounts collected in advance for future event-related services, a portion of which is payable to third-party rights holders under contractual agreements.
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
INVESTMENTS [Abstract]  
Summary of Company's Investments

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Equity method investments

 

$

94,803

 

 

$

79,934

 

Nonmarketable equity investments without readily determinable fair values

 

 

28,104

 

 

 

21,205

 

Nonmarketable equity investments with readily determinable fair values

 

 

76

 

 

 

76

 

Total investment securities

 

$

122,983

 

 

$

101,215

 

 
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
DEBT [Abstract]  
Summary of Outstanding Debt

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

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2025

 

 

2024

 

First Lien Term Loan (due November 2031)

 

$

2,736,250

 

 

$

2,750,000

 

Secured Commercial Loans

 

 

29,467

 

 

 

30,267

 

Notes payable

 

 

3,324

 

 

 

4,800

 

Total principal

 

 

2,769,041

 

 

 

2,785,067

 

Unamortized discount

 

 

(7,862

)

 

 

(10,154

)

Unamortized debt issuance cost

 

 

(11,865

)

 

 

(12,631

)

Total debt

 

 

2,749,314

 

 

 

2,762,282

 

Less: Current portion of long-term debt

 

 

(27,014

)

 

 

(26,977

)

Total long-term debt

 

$

2,722,300

 

 

$

2,735,305

 
v3.25.2
NON-CONTROLLING INTERESTS (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2023

 

$

11,594

 

Net income attributable to non-controlling interest holders

 

 

1,485

 

Accretion

 

 

—

 

Balance — June 30, 2024

 

$

13,079

 

 

 

 

 

Balance — December 31, 2024

 

$

21,864

 

Net income attributable to non-controlling interest holders

 

 

4,947

 

Accretion

 

 

(4,947

)

Balance — June 30, 2025

 

$

21,864

 
v3.25.2
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Equity-Based Compensation Expense

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

EGH 2021 Plan

 

$

462

 

 

$

1,850

 

 

$

2,583

 

 

$

4,640

 

Replacement Awards under WWE 2016 Plan

 

 

8,096

 

 

 

7,164

 

 

 

14,341

 

 

 

15,786

 

TKO 2023 Plan

 

 

23,884

 

 

 

15,353

 

 

 

45,020

 

 

 

34,166

 

Other awards (1)

 

 

554

 

 

 

2,445

 

 

 

1,323

 

 

 

4,400

 

Equity-based compensation expense

 

$

32,996

 

 

$

26,812

 

 

$

63,267

 

 

$

58,992

 

 

(1)
Represents equity-based compensation expense related to awards granted under historical compensation plans of the Acquired Businesses.
v3.25.2
EARNINGS PER SHARE ("EPS") (Tables)
 6 Months Ended
Jun. 30, 2025
EARNINGS PER SHARE [Abstract]  
Schedule of Basic and Diluted Earnings Per Share and Weighted Average Shares Outstanding

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

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to TKO Group Holdings, Inc.

 

$

98,365

 

 

$

59,107

 

 

$

156,773

 

 

$

(44,733

)

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment to net income attributable to TKO Group Holdings, Inc. from the assumed conversion of Class B shares

 

 

135,108

 

 

 

—

 

 

 

198,869

 

 

 

—

 

Net income (loss) attributable to TKO Group Holdings, Inc. used in computing diluted earnings (loss) per share

 

$

233,473

 

 

$

59,107

 

 

$

355,642

 

 

$

(44,733

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average Class A Common Shares outstanding - Basic

 

 

81,757,675

 

 

 

80,884,513

 

 

 

81,664,928

 

 

 

81,618,084

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Additional shares from RSUs and PSUs, as calculated using the treasury stock method

 

 

1,363,053

 

 

 

966,875

 

 

 

1,276,791

 

 

 

—

 

Additional shares from the assumed conversion of Class B shares

 

 

116,158,615

 

 

 

—

 

 

 

107,506,893

 

 

 

—

 

Weighted average number of shares used in computing diluted earnings (loss) per share

 

 

199,279,343

 

 

 

81,851,388

 

 

 

190,448,612

 

 

 

81,618,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

1.20

 

 

$

0.73

 

 

$

1.92

 

 

$

(0.55

)

Diluted earnings (loss) per share

 

$

1.17

 

 

$

0.72

 

 

$

1.87

 

 

$

(0.55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities that are anti-dilutive this period

 

 

 

 

 

 

 

 

 

 

 

 

Unvested RSUs

 

 

608

 

 

 

—

 

 

 

1,375

 

 

 

2,176,271

 

Unvested PSUs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

306,975

 

TKO Class B Common Shares

 

 

—

 

 

 

89,616,891

 

 

 

—

 

 

 

89,616,891

 

 
v3.25.2
RESTRUCTURING CHARGES (Tables)
 6 Months Ended
Jun. 30, 2025
RESTRUCTURING CHARGES [Abstract]  
Summary of Changes in Company’s Restructuring Liability

Changes in the Company’s restructuring liability through June 30, 2025 were as follows (in thousands):

 

Balance — December 31, 2024

 

$

3,232

 

Restructuring charges

 

 

5,824

 

Payments

 

 

(4,471

)

Balance — June 30, 2025

 

$

4,585

 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
SEGMENT INFORMATION [Abstract]  
Schedule of Adjusted EBITDA

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

UFC:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

415,835

 

 

$

394,358

 

 

$

775,582

 

 

$

707,348

 

Direct operating costs (1)

 

 

116,283

 

 

 

119,637

 

 

 

205,955

 

 

 

201,952

 

Selling, general and administrative expenses (1)

 

 

54,760

 

 

 

42,824

 

 

 

97,442

 

 

 

78,416

 

Adjusted EBITDA

 

$

244,792

 

 

$

231,897

 

 

$

472,185

 

 

$

426,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

WWE:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

556,142

 

 

$

456,803

 

 

$

947,682

 

 

$

773,524

 

Direct operating costs (1)

 

 

142,656

 

 

 

127,052

 

 

 

264,724

 

 

 

227,810

 

Selling, general and administrative expenses (1)

 

 

83,747

 

 

 

78,439

 

 

 

159,279

 

 

 

154,189

 

Adjusted EBITDA

 

$

329,739

 

 

$

251,312

 

 

$

523,679

 

 

$

391,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

IMG:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

306,590

 

 

$

319,596

 

 

$

782,858

 

 

$

869,248

 

Direct operating costs (1)

 

 

202,770

 

 

 

313,527

 

 

 

527,787

 

 

 

692,087

 

Selling, general and administrative expenses (1)

 

 

74,826

 

 

 

97,319

 

 

 

152,616

 

 

 

187,128

 

Adjusted EBITDA

 

$

28,994

 

 

$

(91,250

)

 

$

102,455

 

 

$

(9,967

)

 

(1)
Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment excludes reconciling items included in the reconciliation of segment profitability below.
Schedule of Revenue

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

UFC

 

$

415,835

 

 

$

394,358

 

 

$

775,582

 

 

$

707,348

 

WWE

 

 

556,142

 

 

 

456,803

 

 

 

947,682

 

 

 

773,524

 

IMG

 

 

306,590

 

 

 

319,596

 

 

 

782,858

 

 

 

869,248

 

Total revenue from reportable segments

 

$

1,278,567

 

 

$

1,170,757

 

 

$

2,506,122

 

 

$

2,350,120

 

Corporate and Other

 

 

44,632

 

 

 

40,938

 

 

 

99,009

 

 

 

93,167

 

Eliminations

 

 

(14,757

)

 

 

(18,504

)

 

 

(27,889

)

 

 

(27,648

)

Total revenue

 

$

1,308,442

 

 

$

1,193,191

 

 

$

2,577,242

 

 

$

2,415,639

 

 
Schedule of Reconciliation of Segment Profitability

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

UFC

 

$

244,792

 

 

$

231,897

 

 

$

472,185

 

 

$

426,980

 

WWE

 

 

329,739

 

 

 

251,312

 

 

 

523,679

 

 

 

391,525

 

IMG

 

 

28,994

 

 

 

(91,250

)

 

 

102,455

 

 

 

(9,967

)

Total Adjusted EBITDA from reportable segments

 

 

603,525

 

 

 

391,959

 

 

 

1,098,319

 

 

 

808,538

 

Corporate and Other

 

 

(77,037

)

 

 

(91,122

)

 

 

(154,453

)

 

 

(168,827

)

Total Adjusted EBITDA

 

 

526,488

 

 

 

300,837

 

 

 

943,866

 

 

 

639,711

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Equity earnings of affiliates

 

 

(7,310

)

 

 

(1,118

)

 

 

(9,834

)

 

 

(3,925

)

Interest expense, net

 

 

(48,207

)

 

 

(62,979

)

 

 

(92,972

)

 

 

(124,156

)

Depreciation and amortization

 

 

(99,397

)

 

 

(118,912

)

 

 

(199,932

)

 

 

(240,981

)

Equity-based compensation expense (1)

 

 

(32,996

)

 

 

(26,812

)

 

 

(63,267

)

 

 

(58,992

)

Merger and acquisition costs (2)

 

 

(4,268

)

 

 

(2,406

)

 

 

(44,040

)

 

 

(2,926

)

Certain legal costs (3)

 

 

(9,693

)

 

 

(5,992

)

 

 

(16,151

)

 

 

(351,191

)

Restructuring, severance and impairment (4)

 

 

(4,305

)

 

 

(30,421

)

 

 

(5,824

)

 

 

(39,970

)

Other adjustments (5)

 

 

(8,053

)

 

 

(523

)

 

 

(15,373

)

 

 

(8,887

)

Income (loss) before income taxes and equity earnings of affiliates

 

$

312,259

 

 

$

51,674

 

 

$

496,473

 

 

$

(191,317

)

 

(1)
Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holdings, Inc.’s 2021 Plan. For the three and six months ended June 30, 2025 and 2024, equity-based compensation includes $1.0 million and $6.7 million, and $2.0 million and $15.7 million, respectively, of expense associated with certain services provided by an independent contractor in the WWE segment. For the three and six months ended June 30, 2024, equity-based compensation includes $0.9 million and $3.3 million, respectively, 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 advisors related to strategic transactions, primarily the Endeavor Asset Acquisition.
(3)
Includes costs related to certain litigation matters including antitrust lawsuits for UFC and WWE and matters where Mr. McMahon has agreed to make future payments to certain counterparties personally. For the six months ended June 30, 2024, these costs include the preliminary legal settlement of the UFC antitrust lawsuit for $335.0 million, as described in Note 15, Commitments and Contingencies.
(4)
Includes costs resulting from the Company’s cost reduction program as described in Note 14, Restructuring Charges. For the three and six months ended June 30, 2024, the Company recorded an impairment charge of $24.3 million as a result of reducing the carrying value of WWE assets held for sale to their fair value less cost to sell, as described in Note 5, Supplementary Data.
(5)
For the three months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions, partially offset by a net gain of $2.2 million related to the sale of certain equity method investments. For the six months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions and also includes a net loss of $2.5 million from the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR's former headquarters building. Other adjustments for three and six months ended June 30, 2024 primarily reflects losses on foreign exchange transactions.
v3.25.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
RELATED PARTY TRANSACTIONS [Abstract]  
Schedule of Related Party Transactions Revenue and expenses associated with such services are as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Event and other licensing revenues earned from the Group

 

$

4,267

 

 

$

532

 

 

$

5,636

 

 

$

1,718

 

Expenses incurred with the Group included in direct operating costs (1)

 

 

8,447

 

 

 

6,393

 

 

 

13,889

 

 

 

10,763

 

Expenses incurred with the Group included in selling, general and administrative expenses (2)

 

 

10,765

 

 

 

7,222

 

 

 

20,285

 

 

 

11,992

 

Interest (income) expense with the Group (3)

 

 

213

 

 

 

3,174

 

 

 

(3,704

)

 

 

6,838

 

Net expense resulting from Group transactions included within net income (loss)

 

$

(15,158

)

 

$

(16,257

)

 

$

(24,834

)

 

$

(27,875

)

 

(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. These service fees are costs related to representation, executive leadership, back-office and corporate functions and other management services provided by the Group. Beginning in March 2025 expenses associated with the Transitions Services Agreement primarily consist of pass through expenses related to the Acquired Businesses and back-office and corporate function costs.
(3)
The interest (income) expense relate to loans due to or from the Group.

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

 

 

 

As of

 

 

 

 

June 30,

 

 

December 31,

 

 

Classification

 

2025

 

 

2024

 

Amounts due from the Group

 

Other current assets

 

$

35,457

 

 

$

30,450

 

Amounts due from the Group

 

Other assets

 

$

49,224

 

 

$

—

 

Amounts due to the Group

 

Other current liabilities

 

$

(37,043

)

 

$

(12,077

)
Summary of Allocation of General Corporate Expenses

The allocations of General Corporate Expenses, applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025, are reflected in the combined statements of operations as follows (in thousands)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Selling, general and administrative expenses

 

$

—

 

 

$

23,725

 

 

$

21,698

 

 

$

54,455

 

Other expense, net

 

 

—

 

 

 

30

 

 

 

(11

)

 

 

78

 

Total General Corporate Expenses

 

$

—

 

 

$

23,755

 

 

$

21,687

 

 

$

54,533

 
Components of Net Transfers to Parent in Nonredeemable Non-Controlling Interests

The following table summarizes the components of the net transfers to parent in nonredeemable non-controlling interests for the three and six months ended June 30, 2025 and 2024 (applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025):

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash pooling and general financing activities (1)

 

$

—

 

 

$

(97,371

)

 

$

(242,698

)

 

$

(121,900

)

Corporate allocations

 

 

—

 

 

 

22,244

 

 

 

21,688

 

 

 

53,022

 

Contributions

 

 

—

 

 

 

1,850

 

 

 

—

 

 

 

4,640

 

Net transfers (to)/from parent per the Combined Statements of Equity

 

$

—

 

 

$

(73,277

)

 

$

(221,010

)

 

$

(64,238

)

Equity based compensation expense (2)

 

 

—

 

 

 

(4,295

)

 

 

(1,250

)

 

 

(9,040

)

Currency translation adjustments on intercompany transactions

 

 

—

 

 

 

4,194

 

 

 

1,940

 

 

 

10,012

 

Taxes deemed settled with Parent

 

 

—

 

 

 

17,374

 

 

 

3,309

 

 

 

8,550

 

Net loss on foreign currency transactions

 

 

—

 

 

 

(163

)

 

 

586

 

 

 

(3,174

)

Distributions not settled in cash

 

 

—

 

 

 

(11,690

)

 

 

—

 

 

 

(12,334

)

Contract balances retained by Parent and other

 

 

—

 

 

 

—

 

 

 

93,900

 

 

 

—

 

Net transfers to parent per the Combined Statements of Cash Flows

 

$

—

 

 

$

(67,857

)

 

$

(122,525

)

 

$

(70,224

)
(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 Group Holdings, Inc. on a daily basis under the Endeavor Group Holdings, Inc. Treasury function and the Acquired Businesses receive capital from Endeavor Group Holdings, Inc. for its cash needs.
(2)
Compensation costs associated with the Company’s employees’ participation in Endeavor Group Holdings, Inc. incentive plans have been identified for employees who exclusively support the Company’s operations. Amounts allocated to the Company from the Parent for shared services are reported within total allocated costs in the General Corporate Expenses table above.
v3.25.2
DESCRIPTION OF BUSINESS (Narrative) (Details) - USD ($)
shares in Thousands, $ in Millions
Feb. 28, 2025
Sep. 12, 2023
Mar. 24, 2025
Endeavor Group Holdings Inc [Member] | TKO OpCo [Member]      
Description Of Business Disclosure [Line Items]      
Economic interest   51.00%  
WWE [Member]      
Description Of Business Disclosure [Line Items]      
Economic interest   100.00%  
Voting interest   49.00%  
Business Acquisition, Percentage of Voting Interests Acquired   49.00%  
WWE [Member] | TKO OpCo [Member]      
Description Of Business Disclosure [Line Items]      
Economic interest   49.00%  
TKO [Member]      
Description Of Business Disclosure [Line Items]      
Voting interest 61.00%    
Business Acquisition, Percentage of Voting Interests Acquired 61.00%    
TKO [Member] | Endeavor Group Holdings Inc [Member]      
Description Of Business Disclosure [Line Items]      
Non-economic voting interest   51.00%  
TKO Group Holdings, Inc. [Member]      
Description Of Business Disclosure [Line Items]      
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares 26,540    
Endeavor Asset Acquisition [Member]      
Description Of Business Disclosure [Line Items]      
Consideration transferred $ 3,250    
Purchase price adjustment $ 50    
Percentage of interests acquired 54.00%    
Silver Lake [Member]      
Description Of Business Disclosure [Line Items]      
Voting interest     61.00%
Business Acquisition, Percentage of Voting Interests Acquired     61.00%
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
 6 Months Ended
Jun. 30, 2025
Variable Interest Entity, Primary Beneficiary [Member] | TKO OpCo [Member]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items]  
Variable interest entity owned 41.30%
v3.25.2
ACQUISITION OF WWE (Narrative) (Details)
Sep. 12, 2023
Feb. 28, 2025
EGH [Member] | TKO OpCo [Member]    
Business Acquisition [Line Items]    
Economic interest 51.00%  
WWE [Member]    
Business Acquisition [Line Items]    
Economic interest 100.00%  
Voting interest 49.00%  
WWE [Member] | TKO OpCo [Member]    
Business Acquisition [Line Items]    
Economic interest 49.00%  
TKO [Member]    
Business Acquisition [Line Items]    
Voting interest   61.00%
TKO [Member] | EGH [Member]    
Business Acquisition [Line Items]    
Non-economic voting interest 51.00%  
v3.25.2
ACQUISITION OF WWE (Summary of Final Purchase Price Allocation) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Business Acquisition [Line Items]    
Goodwill $ 8,442,513 $ 8,441,993
v3.25.2
ACQUISITION OF WWE (Schedule of Supplemental Financial Information of Acquiree) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Acquisition [Line Items]        
Revenue $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
Net Income (Loss) $ 98,365 $ 59,107 $ 156,773 $ (44,733)
v3.25.2
REVENUE (Narrative) (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
REVENUE [Abstract]      
Revenue from prior period performance obligations $ 0 $ 0  
Deferred revenue 493,400,000   $ 470,700,000
Deferred revenue recognized as revenue $ 346,700,000    
v3.25.2
REVENUE (Summary of Company's Revenue Disaggregated by Primary Revenue Sources) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
Revenue, Remaining Performance Obligation, Amount 7,667,929   7,667,929  
Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue (14,757) (18,504) (27,889) (27,648)
Media Rights, Production and Content [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 707,464 690,032 1,347,790 1,309,275
Live Events and Hospitality [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 394,856 360,357 851,537 828,992
Partnerships and Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 163,539 110,760 287,908 197,037
Consumer Products, Licensing and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 57,340 50,546 117,896 107,983
UFC Segment [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 415,835 394,358 775,582 707,348
UFC Segment [Member] | Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
UFC Segment [Member] | Media Rights, Production and Content [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 260,491 250,585 484,588 465,047
UFC Segment [Member] | Live Events and Hospitality [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 58,478 69,152 117,101 104,429
UFC Segment [Member] | Partnerships and Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 85,730 61,633 150,074 110,236
UFC Segment [Member] | Consumer Products, Licensing and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 11,136 12,988 23,819 27,636
WWE Segment [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 556,142 456,803 947,682 773,524
WWE Segment [Member] | Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
WWE Segment [Member] | Media Rights, Production and Content [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 278,915 260,676 530,530 481,783
WWE Segment [Member] | Live Events and Hospitality [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 185,765 144,102 262,044 194,294
WWE Segment [Member] | Partnerships and Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 58,291 24,750 83,868 38,565
WWE Segment [Member] | Consumer Products, Licensing and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 33,171 27,275 71,240 58,882
IMG Segment [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 306,590 319,596 782,858 869,248
IMG Segment [Member] | Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
IMG Segment [Member] | Media Rights, Production and Content [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 163,397 172,472 324,703 349,953
IMG Segment [Member] | Live Events and Hospitality [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 132,148 128,201 420,534 481,347
IMG Segment [Member] | Partnerships and Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 7,868 14,481 30,203 27,459
IMG Segment [Member] | Consumer Products, Licensing and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 3,177 4,442 7,418 10,489
Corporate and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 44,632 40,938 99,009 93,167
Corporate and Other [Member] | Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Corporate and Other [Member] | Media Rights, Production and Content [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 4,661 6,299 7,969 12,492
Corporate and Other [Member] | Live Events and Hospitality [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 18,465 18,902 51,858 48,922
Corporate and Other [Member] | Partnerships and Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 11,650 9,896 23,763 20,777
Corporate and Other [Member] | Consumer Products, Licensing and Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue $ 9,856 $ 5,841 $ 15,419 $ 10,976
v3.25.2
REVENUE (Summary of Remaining Performance Obligation for Contracts Greater Than One Year) (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 7,667,929
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,275,707
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
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 $ 1,843,057
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 $ 1,628,266
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 $ 1,415,465
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 $ 1,060,268
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 445,166
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
v3.25.2
SUPPLEMENTARY DATA (Narrative) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]          
Property, buildings and equipment $ 937,800,000   $ 937,800,000   $ 909,100,000
Accumulated depreciation 331,400,000   331,400,000   $ 279,200,000
Depreciation expense 21,400,000 $ 44,400,000 22,200,000 $ 47,600,000  
Infrastructure improvement incentives related to capital expenditures 12,100,000   12,100,000    
Infrastructure improvement incentives   0   0  
Impairment charge $ 0   $ 0    
WWE Media Production Center [Member]          
Property, Plant and Equipment [Line Items]          
Impairment charge   $ 24,300,000   $ 24,300,000  
v3.25.2
SUPPLEMENTARY DATA (Summary of Allowance for Doubtful Accounts) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
SUPPLEMENTARY DATA [Abstract]  
Balance at Beginning of Year $ 20,639
Charged to Costs and Expenses 933
Deductions (1,671)
Foreign Exchange and Other 4,891
Balance at End of Year $ 24,792
v3.25.2
SUPPLEMENTARY DATA (Summary of Other Current Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
SUPPLEMENTARY DATA [Abstract]    
Prepaid taxes $ 59,452 $ 68,345
Ticket inventory 46,489 46,208
Prepaid event and production-related costs 38,106 29,236
Amounts due from the Group (Note 17) 35,457 30,450
Other current receivables 25,364 20,825
Prepaid expenses 19,019 12,906
Prepaid insurance 8,933 9,772
Assets held for sale   4,458
Other 47,245 25,910
Total $ 280,065 $ 248,110
v3.25.2
SUPPLEMENTARY DATA (Summary of Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
SUPPLEMENTARY DATA [Abstract]    
Accrued operating expenses $ 119,821 $ 127,369
Payroll-related costs 105,720 153,014
Event and production-related costs 71,883 43,586
Legal and professional fees 29,606 27,797
Interest 20,348 20,817
Accrued capital expenditures 2,271 11,699
Legal settlements (Note 15)   250,000
Other 44,217 35,950
Total accrued liabilities $ 393,866 $ 670,232
v3.25.2
SUPPLEMENTARY DATA (Summary of Other Current Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
SUPPLEMENTARY DATA [Abstract]    
Advanced collections due to third parties $ 250,000  
Amounts due to the Group (Note 17) 37,043 $ 12,077
Other 7,020 8,852
Total $ 294,063 $ 20,929
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
GOODWILL AND INTANGIBLE ASSETS [Abstract]        
Amortization of finite-lived intangible assets $ 72.1 $ 144.0 $ 90.6 $ 181.5
Goodwill impairment loss     $ 0.0 $ 0.0
v3.25.2
INVESTMENTS (Summary of Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
INVESTMENTS [Abstract]    
Equity method investments $ 94,803 $ 79,934
Nonmarketable equity investments without readily determinable fair values 28,104 21,205
Nonmarketable equity investments with readily determinable fair values 76 76
Total investment securities $ 122,983 $ 101,215
v3.25.2
INVESTMENTS (Narrative) (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 31, 2025
Feb. 28, 2025
Sep. 30, 2024
INVESTMENTS [Line Items]                
Payments for Investments       $ (1,500,000) $ (17,000)      
Investment related to joint venture   $ 0   0        
Equity earning (losses) of affiliates, net of tax   7,310,000 $ 1,118,000 9,834,000 3,925,000      
Impairment charges on investments   0 0 0 0      
Observable price change upward price adjustment   0 0 0 0      
EverPass, LLC [Member]                
INVESTMENTS [Line Items]                
Payments for Investments $ 15,000,000              
Company's ownership of its equity method investments 5.00%              
Payment for additional pro rata capital contribution           $ 2,500,000 $ 10,500,000 $ 2,000,000
EverPass, LLC, Sela Company and Ruby PR [Member]                
INVESTMENTS [Line Items]                
Equity earning (losses) of affiliates, net of tax   7,300,000 9,800,000 1,100,000 3,900,000      
Distributions received from other equity method investments   1,400,000 2,100,000 5,100,000 3,500,000      
Net loss on sale of equity method investments   $ 2,200,000 $ 0 2,500,000 $ 0      
Proceeds from equity method investments       $ 1,500,000        
v3.25.2
DEBT (Narrative) (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 21, 2024
USD ($)
May 31, 2023
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
DEBT [Line Items]          
Long-term debt     $ 2,749,314,000 $ 2,749,314,000 $ 2,762,282,000
Cash and cash equivalents     535,061,000 535,061,000 619,787,000
Revolving Credit Facility [Member]          
DEBT [Line Items]          
Maximum borrowing capacity     205,000,000 205,000,000  
First Lien Term Loan (due November 2031) [Member]          
DEBT [Line Items]          
Outstanding letters of credit     11,100,000 $ 11,100,000 0
Minimum leverage ratio required       5  
Maximum borrowing capacity     2,750,000,000 $ 2,750,000,000  
Line of credit     2,700,000,000 $ 2,700,000,000 2,800,000,000
Borrowings from line of credit $ 2,750,000,000        
Percentage of principal amortization payable in equal quarterly installments       1.00%  
Variable rate       6.57%  
First Lien Term Loan (due November 2031) [Member] | Maximum [Member]          
DEBT [Line Items]          
Debt service leverage ratio 6.5        
Secured Commercial Loans [Member]          
DEBT [Line Items]          
Long-term debt     29,500,000 $ 29,500,000 30,300,000
Debt instrument, maturity date       Nov. 01, 2028  
New Revolving Credit Facility [Member]          
DEBT [Line Items]          
Line of credit     0 $ 0 $ 0
Percentage of revolving commitments       40.00%  
Threshold amount of outstanding letters of credit     $ 85,000,000 $ 85,000,000  
New Revolving Credit Facility [Member] | Maximum [Member]          
DEBT [Line Items]          
Variable rate       2.25%  
Debt service leverage ratio     8.25    
New Revolving Credit Facility [Member] | Minimum [Member]          
DEBT [Line Items]          
Variable rate       2.00%  
SOFR [Member] | First Lien Term Loan (due November 2031) [Member]          
DEBT [Line Items]          
Floor rate       0  
Variable rate       2.25%  
SOFR [Member] | Secured Commercial Loans [Member]          
DEBT [Line Items]          
Percentage of principal amortization payable in monthly installments   4.00%      
Variable rate   1.70%      
SOFR [Member] | New Revolving Credit Facility [Member]          
DEBT [Line Items]          
Floor rate       0  
v3.25.2
DEBT (Summary of Outstanding Debt) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
DEBT [Line Items]    
Total principal $ 2,769,041 $ 2,785,067
Unamortized discount (7,862) (10,154)
Unamortized debt issuance cost (11,865) (12,631)
Total debt 2,749,314 2,762,282
Less: Current portion of long-term debt (27,014) (26,977)
Total long-term debt 2,722,300 2,735,305
First Lien Term Loan (due November 2031) [Member]    
DEBT [Line Items]    
Total principal $ 2,736,250 2,750,000
Line of credit maturity date November 2031  
Secured Commercial Loans [Member]    
DEBT [Line Items]    
Total principal $ 29,467 30,267
Total debt 29,500 30,300
Notes Payable [Member]    
DEBT [Line Items]    
Total principal $ 3,324 $ 4,800
v3.25.2
STOCKHOLDERS’ EQUITY (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 03, 2025
May 30, 2025
Feb. 13, 2025
Oct. 24, 2024
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Feb. 28, 2025
Sep. 12, 2023
STOCKHOLDERS’ EQUITY [Line Items]                    
Repurchase amount of stock               $ 165,000    
Dividend description             On February 13, 2025, the Company’s board of directors declared its inaugural quarterly cash dividend to holders of Class A common stock in the amount of $0.38 per share, which was paid on March 31, 2025 to stockholders of record as of March 14, 2025. On May 30, 2025, the Company's board of directors declared a quarterly cash dividend to holders of Class A common stock in the amount of $0.38 per share, which was paid on June 30, 2025 to stockholders of record as of June 13, 2025. Each quarterly dividend payment represented a pro rata distribution of approximately $75 million from TKO OpCo to its equityholders, of which TKO used its portion to fund the cash dividend to its Class A common stockholders. No dividend was declared or paid on the Company’s Class B common stock, which does not have economic rights.      
Common Class A [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Share repurchase program authorized amount       $ 2,000,000            
Share repurchase program quarterly distributions to be made       $ 75,000            
Common Class A [Member] | O 2025 Q1 Dividends [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Inaugural quarterly cash dividend declared and paid         $ 0.38 $ 0.38 $ 0.76      
Dividends payable, date declared     Feb. 13, 2025              
Dividend payments, date to be paid     Mar. 31, 2025              
Dividends payable, date of record     Mar. 14, 2025              
Common Class A [Member] | O 2025 Q2 Dividends [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Inaugural quarterly cash dividend declared and paid         0.38          
Dividend declared, but not paid         $ 0   0      
Dividends payable, date declared   May 30, 2025                
Dividend payments, date to be paid   Jun. 30, 2025                
Dividends payable, date of record   Jun. 13, 2025                
Common Class B [Member] | O 2025 Q2 Dividends [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Inaugural quarterly cash dividend declared and paid             $ 0      
EGH [Member] | Common Class A [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Price per share $ 158.32                  
Shares repurchased 1,579,080           1,897,650      
Repurchase amount of stock $ 250,000           $ 300,900      
TKO OpCo [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Pro rata distribution     $ 75,000              
TKO OpCo [Member] | EGH [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Variable interest entity owned             58.70%      
Variable Interest Entity, Primary Beneficiary [Member] | TKO OpCo [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Variable interest entity owned             41.30%      
Endeavor Asset Acquisition [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Investments reclassified to nonredeemable non-controlling interest                   $ 1,552,100
Accumulated other comprehensive loss attributable to Acquired Businesses                   $ 67,800
TKO Group Holdings, Inc. [Member] | EGH And Its Subsidiaries [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Company's ownership interest percentage         61.70%   61.70%      
TKO Group Holdings, Inc. [Member] | Endeavor Asset Acquisition [Member]                    
STOCKHOLDERS’ EQUITY [Line Items]                    
Consideration transferred, number of common units                 26,540,000  
v3.25.2
NON-CONTROLLING INTERESTS (Narrative) (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Jul. 31, 2018
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Noncontrolling Interest [Line Items]      
Common units, convertible, conversion ratio   1  
Temporary equity, estimated redemption value   $ 21.9 $ 21.9
Russia Subsidiary [Member]      
Noncontrolling Interest [Line Items]      
Investment term   5 years 6 months  
Proceeds from noncontrolling interests $ 9.7    
v3.25.2
NON-CONTROLLING INTERESTS (Changes in Redeemable Non-controlling Interest) (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
NON-CONTROLLING INTERESTS [Abstract]    
Balance $ 21,864 $ 11,594
Net income attributable to non-controlling interest holders 4,947 1,485
Accretion (4,947) 0
Balance $ 21,864 $ 13,079
v3.25.2
EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation $ 32,996 $ 26,812 $ 63,267 $ 58,992  
EGH 2021 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation 462 1,850 2,583 4,640  
TKO 2023 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation 23,884 15,353 45,020 34,166  
Replacement Awards under WWE 2016 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation 8,096 7,164 14,341 15,786  
Dwayne Johnson [Member] | Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Aggregate awards received by related parties     30,000    
Equity-based compensation $ 1,000 $ 6,700 2,000 $ 15,700  
Dwayne Johnson [Member] | TKO 2023 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Aggregate awards received by related parties     $ 30,000    
Common Class A [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares issued 81,782,397   81,782,397   81,203,161
Common Class A [Member] | TKO 2023 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares issued 160,455   160,455    
Stock Issued During Period, Value, New Issues     $ 23,500    
NFLP Shares [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation     $ 2,000    
v3.25.2
EQUITY-BASED COMPENSATION (Schedule of Equity-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 32,996 $ 26,812 $ 63,267 $ 58,992
EGH 2021 Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense 462 1,850 2,583 4,640
Replacement Awards under WWE 2016 Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense 8,096 7,164 14,341 15,786
TKO 2023 Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense 23,884 15,353 45,020 34,166
Other awards [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 554 $ 2,445 $ 1,323 $ 4,400
v3.25.2
EARNINGS PER SHARE ("EPS") (Schedule of Basic and Diluted Earnings Per Share and Weighted Average Shares Outstanding) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net income (loss) attributable to TKO Group Holdings, Inc. $ 98,365 $ 59,107 $ 156,773 $ (44,733)
Adjustment to net income attributable to TKO Group Holdings, Inc. from the assumed conversion of Class B shares 135,108   198,869  
Net income (loss) attributable to TKO Group Holdings, Inc. used in computing diluted earnings (loss) per share $ 233,473 $ 59,107 $ 355,642 $ (44,733)
Weighted average Class A Common Shares outstanding - Basic 81,757,675 80,884,513 81,664,928 81,618,084
Additional shares from RSUs and PSUs, as calculated using the treasury stock method 1,363,053 966,875 1,276,791  
Additional shares from the assumed conversion of Class B shares 116,158,615   107,506,893  
Weighted average number of shares used in computing diluted earnings (loss) per share 199,279,343 81,851,388 190,448,612 81,618,084
Basic earnings (loss) per share $ 1.2 $ 0.73 $ 1.92 $ (0.55)
Diluted earnings (loss) per share $ 1.17 $ 0.72 $ 1.87 $ (0.55)
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 608   1,375 2,176,271
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       306,975
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   89,616,891
v3.25.2
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 26, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]            
Effective tax rate   14.90% 12.80% 13.60% (0.50%)  
Unrecognized tax benefits   $ 37,800   $ 37,800   $ 38,000
Interest and penalties related to uncertain tax benefits   15,600   15,600   12,900
Combined unrecognized tax benefits and accrued interest   53,400   53,400    
Asset acquisition agreement       49,200    
Legal settlement $ 375,000       $ 335,000 $ 375,000
Discrete tax benefit         39,600  
Pretax income (loss)   312,259 $ 51,674 496,473 (191,317)  
Provision for income taxes   $ 46,472 $ 6,609 $ 67,654 $ 878  
v3.25.2
RESTRUCTURING CHARGES (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
RESTRUCTURING CHARGES [Abstract]        
Restructuring charges including equity-based compensation expenses $ 4.3 $ 5.8 $ 5.5 $ 17.1
Equity-based compensation expenses included in restructuring charges   $ 0.9   $ 3.3
v3.25.2
RESTRUCTURING CHARGES (Summary of changes in company's restructuring liability) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
RESTRUCTURING CHARGES [Abstract]  
Balance $ 3,232
Restructuring charges 5,824
Payments (4,471)
Balance $ 4,585
v3.25.2
CONTENT PRODUCTION INCENTIVES (Narrative) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CONTENT PRODUCTION INCENTIVES [Abstract]        
Infrastructure improvement incentives related to capital expenditures $ 12,100,000   $ 12,100,000  
Infrastructure improvement incentives   $ 0   $ 0
v3.25.2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended 12 Months Ended
Apr. 28, 2025
Plaintiff
Oct. 23, 2024
Plaintiff
Sep. 26, 2024
USD ($)
May 13, 2024
EUR (€)
Dec. 31, 2022
EUR (€)
Jun. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Oct. 31, 2024
USD ($)
May 31, 2019
EUR (€)
Dec. 31, 2022
EUR (€)
Mar. 31, 2015
Item
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
May 08, 2024
Loss Contingencies [Line Items]                              
Number of class action lawsuits | Item                     5        
Number of former fighters with class-action lawsuits | Item                     11        
Agreed amount to be paid under settlement | $     $ 375.0                   $ 335.0 $ 375.0  
Payments for legal settlemet amount into escrow | $           $ 125.0 $ 125.0 $ 125.0       $ 375.0      
Number Of Unnamed Plaintiffs | Plaintiff 3 5                          
Loss Contingency, Loss in Period       € 513.5                      
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         € 326.9                    
Due To Make Lower Value Of Media Rights [Member]                              
Loss Contingencies [Line Items]                              
Loss Contingency, Damages Awarded, Value                 € 0.3            
Loss Contingency, Damages Sought, Value                 251.5            
Due To Make Lower Value Of Media Rights [Member] | Three Football Clubs [Member]                              
Loss Contingencies [Line Items]                              
Loss Contingency, Damages Sought, Value                 554.6            
Due To Make Lower Value Of Media Rights [Member] | Lega Nazionale [Member]                              
Loss Contingencies [Line Items]                              
Loss Contingency, Damages Sought, Value                 € 1,750.0            
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                   € 1,675.0          
Due To Make Lower Value Of Media Rights [Member] | Ten Other Clubs [Member]                              
Loss Contingencies [Line Items]                              
Loss Contingency, Damages Sought, Value                   € 284.9          
v3.25.2
SEGMENT INFORMATION (Narrative) (Details) - Segment
 2 Months Ended 4 Months Ended 6 Months Ended
Feb. 28, 2025
Jun. 30, 2025
Jun. 30, 2025
SEGMENT INFORMATION [Abstract]      
Number of reportable segments 2 3  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]     srt:ChiefExecutiveOfficerMember
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.
v3.25.2
SEGMENT INFORMATION (Schedule of Adjusted EBITDA) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Major Customer [Line Items]        
Revenue $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
Direct operating costs 476,383 591,238 1,043,999 1,196,884
Selling, general and administrative expenses 364,357 368,185 727,642 1,036,498
Adjusted EBITDA 526,488 300,837 943,866 639,711
UFC Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 415,835 394,358 775,582 707,348
WWE Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 556,142 456,803 947,682 773,524
IMG Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 306,590 319,596 782,858 869,248
Adjusted EBITDA 28,994 (91,250) 102,455 (9,967)
Operating Segments [Member]        
Revenue, Major Customer [Line Items]        
Revenue 1,278,567 1,170,757 2,506,122 2,350,120
Adjusted EBITDA 603,525 391,959 1,098,319 808,538
Operating Segments [Member] | UFC Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 415,835 394,358 775,582 707,348
Direct operating costs 116,283 119,637 205,955 201,952
Selling, general and administrative expenses 54,760 42,824 97,442 78,416
Adjusted EBITDA 244,792 231,897 472,185 426,980
Operating Segments [Member] | WWE Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 556,142 456,803 947,682 773,524
Direct operating costs 142,656 127,052 264,724 227,810
Selling, general and administrative expenses 83,747 78,439 159,279 154,189
Adjusted EBITDA 329,739 251,312 523,679 391,525
Operating Segments [Member] | IMG Segment [Member]        
Revenue, Major Customer [Line Items]        
Revenue 306,590 319,596 782,858 869,248
Direct operating costs 202,770 313,527 527,787 692,087
Selling, general and administrative expenses 74,826 97,319 152,616 187,128
Adjusted EBITDA $ 28,994 $ (91,250) $ 102,455 $ (9,967)
v3.25.2
SEGMENT INFORMATION (Schedule of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Major Customer [Line Items]        
Total revenue $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
UFC Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 415,835 394,358 775,582 707,348
WWE Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 556,142 456,803 947,682 773,524
IMG Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 306,590 319,596 782,858 869,248
Eliminations [Member]        
Revenue, Major Customer [Line Items]        
Total revenue (14,757) (18,504) (27,889) (27,648)
Operating Segments [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 1,278,567 1,170,757 2,506,122 2,350,120
Operating Segments [Member] | UFC Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 415,835 394,358 775,582 707,348
Operating Segments [Member] | WWE Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 556,142 456,803 947,682 773,524
Operating Segments [Member] | IMG Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue 306,590 319,596 782,858 869,248
Corporate Non Segment [Member]        
Revenue, Major Customer [Line Items]        
Total revenue $ 44,632 $ 40,938 $ 99,009 $ 93,167
v3.25.2
SEGMENT INFORMATION (Schedule of Reconciliation of Segment Profitability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Adjusted EBITDA $ 526,488 $ 300,837 $ 943,866 $ 639,711
Equity (earnings) losses of affiliates (7,310) (1,118) (9,834) (3,925)
Depreciation and amortization     (199,932) (240,981)
Restructuring, severance and impairment (4,300) (5,800) (5,500) (17,100)
Other adjustments (7,839) (203) (16,224) (8,437)
Income (loss) before income taxes and equity earnings of affiliates 312,259 51,674 496,473 (191,317)
IMG Segment [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 28,994 (91,250) 102,455 (9,967)
Corporate and Other [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA (77,037) (91,122) (154,453) (168,827)
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 603,525 391,959 1,098,319 808,538
Operating Segments [Member] | UFC Segment [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 244,792 231,897 472,185 426,980
Operating Segments [Member] | WWE Segment [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 329,739 251,312 523,679 391,525
Operating Segments [Member] | IMG Segment [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 28,994 (91,250) 102,455 (9,967)
Reconciling Items [Member]        
Segment Reporting Information [Line Items]        
Equity (earnings) losses of affiliates (7,310) (1,118) (9,834) (3,925)
Interest expense, net (48,207) (62,979) (92,972) (124,156)
Depreciation and amortization (99,397) (118,912) (199,932) (240,981)
Equity-based compensation expense (32,996) (26,812) (63,267) (58,992)
Merger and acquisition costs (4,268) (2,406) (44,040) (2,926)
Certain legal costs (9,693) (5,992) (16,151) (351,191)
Restructuring, severance and impairment (4,305) (30,421) (5,824) (39,970)
Other adjustments $ (8,053) $ (523) $ (15,373) $ (8,887)
v3.25.2
SEGMENT INFORMATION (Schedule of Reconciliation of Segment Profitability) (Parenthetical) (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 26, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]            
Equity-based compensation   $ 32,996,000 $ 26,812,000 $ 63,267,000 $ 58,992,000  
Costs include settlement charges $ 375,000,000       335,000,000 $ 375,000,000
Losses on the sale of certain equity method investments   7,310,000 1,118,000 9,834,000 3,925,000  
Gain on sale of certain equity method investments   2,200,000        
Losses on sale of certain equity method investments and foreign exchange transactions       2,500,000    
Gain on sale of PBR's former headquarters       1,300,000    
Impairment charge   0   0    
WWE Segment [Member]            
Segment Reporting Information [Line Items]            
Equity-based compensation     900,000   3,300,000  
Costs include settlement charges         335,000,000  
Impairment charge     24,300,000   24,300,000  
WWE Segment [Member] | Restricted Stock Units (RSUs) [Member]            
Segment Reporting Information [Line Items]            
Equity-based compensation   $ 1,000,000 $ 6,700,000 $ 2,000,000 $ 15,700,000  
v3.25.2
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Other current liabilities $ 294,063   $ 294,063   $ 20,929
Equity-based compensation 32,996 $ 26,812 63,267 $ 58,992  
Revenues 1,308,442 1,193,191 2,577,242 2,415,639  
Related party receivable 13,800   13,800   10,900
Deferred revenue 439,480   439,480   416,695
EGH And Its Subsidiaries [Member]          
Related Party Transaction [Line Items]          
Reimbursed costs     100 4,400  
Cash Received for Services Provided 5,200        
Other current liabilities 37,043   $ 37,043   $ 12,077
EGH And Its Subsidiaries [Member] | New Transition Services Agreement          
Related Party Transaction [Line Items]          
Reimbursed costs $ 7,000        
EGH And Its Subsidiaries [Member] | TKO Group Holdings, Inc. [Member]          
Related Party Transaction [Line Items]          
Company's ownership interest percentage 61.70%   61.70%    
Dwayne Johnson [Member]          
Related Party Transaction [Line Items]          
Royalties earned by related parties $ 300 300 $ 500 400  
Reimbursed costs 400 600 $ 600 2,500  
License agreement term     10 years    
Euroleague [Member] | Technical Services [Member]          
Related Party Transaction [Line Items]          
Revenues 3,200 8,000 $ 2,000 5,500  
Euroleague [Member] | Production Services [Member]          
Related Party Transaction [Line Items]          
Revenues 2,700 7,600 2,300 6,700  
Restricted Stock Units (RSUs) [Member] | Dwayne Johnson [Member]          
Related Party Transaction [Line Items]          
Aggregate awards received by related parties     30,000    
Equity-based compensation $ 1,000 $ 6,700 $ 2,000 $ 15,700  
v3.25.2
RELATED PARTY TRANSACTIONS (Summary of Provided Services) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Revenues $ 1,308,442 $ 1,193,191 $ 2,577,242 $ 2,415,639
Direct operating costs 476,383 591,238 1,043,999 1,196,884
Selling, general and administrative expenses 364,357 368,185 727,642 1,036,498
Interest (income) expense 48,207 62,979 92,972 124,156
Net loss 98,365 59,107 156,773 (44,733)
Income (Expense) Included within Net Income [Member]        
Related Party Transaction [Line Items]        
Net loss (15,158) (16,257) (24,834) (27,875)
EGH And Its Subsidiaries [Member] | Event And Other Licensing Revenues Earned From The Group [Member]        
Related Party Transaction [Line Items]        
Revenues 4,267 532 5,636 1,718
EGH And Its Subsidiaries [Member] | Expenses Incurred with the Group Included in Direct Operating Costs [Member]        
Related Party Transaction [Line Items]        
Direct operating costs 8,447 6,393 13,889 10,763
EGH And Its Subsidiaries [Member] | Expenses Incurred with the Group Included in Selling, General and Administrative Expenses [Member]        
Related Party Transaction [Line Items]        
Selling, general and administrative expenses 10,765 7,222 20,285 11,992
EGH And Its Subsidiaries [Member] | Interest Expense with the Group [Member]        
Related Party Transaction [Line Items]        
Interest (income) expense $ 213 $ 3,174 $ (3,704) $ 6,838
v3.25.2
RELATED PARTY TRANSACTIONS (Outstanding Amounts due to and from Related Party) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Other current assets $ 280,065 $ 248,110
Other current liabilities (294,063) (20,929)
EGH And Its Subsidiaries [Member]    
Related Party Transaction [Line Items]    
Other current assets 35,457 30,450
Other Assets 49,224  
Other current liabilities $ (37,043) $ (12,077)
v3.25.2
RELATED PARTY TRANSACTIONS (Summary of Allocation of General Corporate Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Selling, general and administrative expenses $ 364,357 $ 368,185 $ 727,642 $ 1,036,498
EGH And Its Subsidiaries [Member] | Acquired Businesses from Endeavor Group Holdings, Inc. [Member]        
Related Party Transaction [Line Items]        
Selling, general and administrative expenses 0 23,725 21,698 54,455
Other expense, net 0 30 (11) 78
Total general corporate expenses $ 0 $ 23,755 $ 21,687 $ 54,533
v3.25.2
RELATED PARTY TRANSACTIONS (Components of Net Transfers to Parent in Nonredeemable Non-Controlling Interests) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Cash pooling and general financing activities $ 0 $ (97,371) $ (242,698) $ (121,900)
Corporate allocations 0 22,244 21,688 53,022
Contributions 0 1,850 0 4,640
Net transfers (to)/from parent per the Combined Statements of Equity 0 (73,277) (221,010) (64,238)
Equity based compensation expense 0 (4,295) (1,250) (9,040)
Currency translation adjustments on intracompany transactions 0 4,194 1,940 10,012
Taxes deemed settled with Parent 0 17,374 3,309 8,550
Net loss on foreign currency transactions 0 (163) 586 (3,174)
Distributions not settled in cash 0 (11,690)   (12,334)
Contract Balances Retained by Parent and Other 0 0 93,900  
Net transfers to parent per the Combined Statements of Cash Flows $ 0 $ (67,857) $ (122,525) $ (70,224)
v3.25.2
SUBSEQUENT EVENTS (Narrative) (Details) - Common Class A [Member] - USD ($)
$ in Billions
Feb. 13, 2025
Oct. 24, 2024
Subsequent Event [Line Items]    
Share repurchase program authorized amount   $ 2.0
Dividends    
Subsequent Event [Line Items]    
Dividend payments, date to be paid Mar. 31, 2025