TKO has raised its full-year revenue and earnings guidance on the heels of its acquisition of Professional Bull Riders, On Location and IMG. Revenue and earnings for the core WWE and UFC properties were up for the second quarter and TKO leaders were touting the boost to come from WWE’s new five-year pact with ESPN for “WrestleMania” and other premium events.
“TKO generated strong financial results in the quarter, led by record performance at both UFC and WWE,” said Ariel Emanuel, executive chair and CEO of TKO. “Our live content and experiences are proving a key differentiator for organizations and brands looking to capture audience, and our strategy is tailor made for today’s experience economy and the white-hot sports event marketplace. Given the continued momentum across our portfolio and our overall business outlook, we are raising our guidance for the full year.”
TKO raised its full-year guidance for revenue to between $4.630 billion and $4.690 billion, up from $4.490 billion to $4.560 billion. The target for adjusted EBITDA has been increased from $1.540 billion to $1.560 billion, up from $1.490 billion to $1.530 billion.
More to come
