The first quarter earnings of 2024 for TKO Group Holdings with WWE emerging as the higher-earning brand within the new company.
In the 2024 Q1 earnings report, it was revealed that TKO made $629.7 in the quarter, but also suffered a net loss of $249.5 million. Much of this net loss comes from TKO settling an antitrust lawsuit against UFC. The plaintiffs alleged that UFC was an illegal monopsony that suppressed fighter wages and stifled rival promotions. The lawsuit represented more than 1,200 individuals and was settled for the sum of $335 million.
UFC's revenue for the 2024 Q1 saw the MMA juggernaut earn $313 million, slightly behind WWE's revenue of $316.7 million. During the time frame, UFC hosted its UFC 300 event, which drew a gate of $16.5 million to Las Vegas' T-Mobile Arena.
Not to be outdone, WWE hosted WrestleMania 40, which proved to be the company's highest evening event in history. The company also locked down a lucrative ten-year deal with Netflix to bring Raw to the streaming platform.
Future Plans
With these reports in, TKO has increased its target for revenue for 2024 from $2.61 billion to $2.685 billion. In a statement, TKO CEO Ari Emanuel was optimistic about what's to come.
These positive developments, along with the strength in our underlying businesses, give us more conviction than ever in the combination of UFC and WWE, and in TKO’s ability to deliver sustainable long-term value for shareholders.
Clearly, WWE's merger with UFC in September 2023 has proven to be a lucrative venture for both companies. With WWE embarking on a new era (one that has distanced itself from Vince McMahon,) it remains to be seen how the company's future will be shaped as part of TKO.
