On this page of StockholderLetter.com we present the latest annual shareholder letter from TKO Group Holdings, Inc. — ticker symbol TKO. Reading current and past TKO letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT


04 2024 ANNUAL REPORT FROM OUR EXECUTIVE CHAIR & CEO 2024 was a transformative year for TKO as we strengthened our iconic sports and entertainment properties and delivered recordbreaking results. In our first full year with UFC and WWE under one umbrella, we maximized integration opportunities, enhanced our live event strategy, expanded our media rights portfolio, and secured landmark global partnerships. These efforts drove record revenue and profitability across both UFC and WWE while exceeding our synergy target of $100 million in net savings. As we move into 2025, our businesses are strong, and TKO remains well-positioned as we continue executing our strategy across three core areas: Capitalizing on Demand for our Live Events and Experiences In 2024, TKO translated the strong global demand for premium live events into recordsetting growth across UFC and WWE. Over the course of the year, both properties set alltime records for ticket sales, attendance, and gate revenues worldwide. UFC delivered 10 of the highest-grossing events in its history, and WWE matched that momentum with 10 Premium Live Events generating record revenues. Highlights include: UFC 306 at Sphere Las Vegas, which became UFC s highest-grossing live event, Sphere s highestgrossing single event ever, and a record-breaker for UFC sponsorship and merchandise sales. WrestleMania XL, which set records then as WWE s highest-grossing event and the most-streamed entertainment event on Peacock. Expanding our partnership with Saudi Arabia s General Entertainment Authority to both UFC and WWE, including a debut UFC event during the year. To further capitalize on growing demand for our live sports and entertainment, we integrated UFC and WWE s live event operations to maximize event economics inclusive of site fees. Already, these efforts are bearing fruit, with approximately a third of our marquee live events in 2024 having benefitted from these incentive packages. One highlight is our newly expanded partnership with the
05 Western Australian Government, which will bring four additional UFC and WWE events to Perth through 2026. The agreement is the latest in a series of partnerships we ve struck that strengthen our global reach while unlocking incremental growth. With premium venues, compelling storytelling, and engaged global fanbases, we continue to see strong demand and opportunities to grow both domestically and internationally including through continued partnerships with local governments and tourism boards globally. Maximizing the Value of our Premium Content Content is the main event at TKO. In 2024, we strengthened our media rights portfolio to reach new audiences and maximize fan engagement. The groundbreaking 10-year, $5 billion agreement to bring WWE s flagship program Raw to Netflix marked a transformative moment for our business. The show s debut at the Intuit Dome in Los Angeles in January 2025 was a tremendous success, and Raw has quickly become a mainstay in Netflix s weekly Top 10 across the U.S. and globally. WWE also successfully launched SmackDown on USA Network and NXT on The CW, with NXT s total viewership in the fourth quarter up 100% versus the prior year period. Alongside strengthening our relationships with these media partners, we will be focused in the year ahead on securing long-term U.S. domestic media rights agreements for UFC as well as WWE s Premium Live Events. Expanding our Global Brand Partnerships With more than one billion fans, more than 300 annual live events, and an expansive social media presence, TKO remains a premier destination for brands. Our unique ability to connect brands to global, diverse, young audiences is undeniable. In 2024, UFC sponsorship revenue grew 28% year-overyear, marking its seventh consecutive record-breaking year. Recent major deals included IBM s entrance into the Octagon, the historic renewal of Monster Energy, UFC s largest-ever partnership, and a comprehensive multiyear technology partnership with Meta. Similarly, WWE delivered an all-time high in sponsorship revenue in 2024, up 20% yearover-year on a combined basis, fueled by new long-term brand partnerships and innovative inring placements. We re focused on accelerating growth in sponsorships by building deeper integrated campaigns and expanding our global brand partner base. After a record 2024 driven by high-value deals and cross-platform activations, we see meaningful runway in leveraging our scale, embracing technology, and producing premium content across both UFC and WWE to create new assets and drive incremental revenue. Looking Ahead As we enter 2025, we remain focused on expanding TKO s audience, deepening our media and brand partnerships, and driving shareholder value. At the same time, we are integrating IMG, On Location, and PBR into TKO, strengthening our position as a leader in sports content, media rights, and premium hospitality. We believe these additions will accelerate the growth of our portfolio of sports assets as well as our ability to deliver world-class live events and engage fans in new ways. Additionally, we continue to implement a robust and sustainable capital return program, consisting of a $2 billion share repurchase program and quarterly cash dividend program that furthers our goal of delivering incremental value for shareholders. TKO is well-positioned for long-term success. We are confident in our strategy, leadership, and ability to execute, and we look forward to another year of innovation, growth, and industry leadership. Thank you. Ariel Emanuel EXECUTIVE CHAIR AND CEO
 • shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/24/2024 TKO Stockholder Letter
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TKO Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT



04
2024 ANNUAL REPORT
FROM OUR
EXECUTIVE CHAIR
& CEO
2024 was a transformative year
for TKO as we strengthened our
iconic sports and entertainment
properties and delivered recordbreaking results.
In our first full year with UFC
and WWE under one umbrella,
we maximized integration
opportunities, enhanced our
live event strategy, expanded
our media rights portfolio,
and secured landmark global
partnerships. These efforts
drove record revenue and
profitability across both UFC
and WWE while exceeding our
synergy target of $100 million in
net savings.
As we move into 2025, our
businesses are strong, and TKO
remains well-positioned as we
continue executing our strategy
across three core areas:
Capitalizing on
Demand for our
Live Events and
Experiences
In 2024, TKO translated the
strong global demand for
premium live events into recordsetting growth across UFC and
WWE. Over the course of the
year, both properties set alltime records for ticket sales,
attendance, and gate revenues
worldwide. UFC delivered 10
of the highest-grossing events
in its history, and WWE
matched that momentum
with 10 Premium Live Events
generating record revenues.
Highlights include:



UFC 306 at Sphere Las
Vegas, which became
UFC   s highest-grossing live
event, Sphere   s highestgrossing single event ever,
and a record-breaker
for UFC sponsorship and
merchandise sales.
WrestleMania XL, which
set records then as WWE   s
highest-grossing event
and the most-streamed
entertainment event on
Peacock.
Expanding our partnership
with Saudi Arabia   s
General Entertainment
Authority to both UFC and
WWE, including a debut
UFC event during the year.
To further capitalize on
growing demand for our live
sports and entertainment, we
integrated UFC and WWE   s live
event operations to maximize
event economics inclusive
of site fees. Already, these
efforts are bearing fruit, with
approximately a third of our
marquee live events in 2024
having benefitted from these
incentive packages.
One highlight is our newly
expanded partnership with the

05
Western Australian Government,
which will bring four additional
UFC and WWE events to Perth
through 2026. The agreement
is the latest in a series of
partnerships we   ve struck that
strengthen our global reach
while unlocking incremental
growth. With premium venues,
compelling storytelling, and
engaged global fanbases, we
continue to see strong demand
and opportunities to grow both
domestically and internationally
    including through continued
partnerships with local
governments and tourism
boards globally.
Maximizing the Value of
our Premium Content
Content is the main event at
TKO. In 2024, we strengthened
our media rights portfolio to
reach new audiences and
maximize fan engagement.
The groundbreaking 10-year,
$5 billion agreement to bring
WWE   s flagship program Raw to
Netflix marked a transformative
moment for our business. The
show   s debut at the Intuit Dome
in Los Angeles in January 2025
was a tremendous success,
and Raw has quickly become a
mainstay in Netflix   s weekly    Top
10    across the U.S. and globally.
WWE also successfully launched
SmackDown on USA Network
and NXT on The CW, with NXT   s
total viewership in the fourth
quarter up 100% versus the prior
year period.
Alongside strengthening our
relationships with these media
partners, we will be focused
in the year ahead on securing
long-term U.S. domestic media
rights agreements for UFC
as well as WWE   s Premium
Live Events.
Expanding our Global
Brand Partnerships
With more than one billion fans,
more than 300 annual live
events, and an expansive social
media presence, TKO remains a
premier destination for brands.
Our unique ability to connect
brands to global, diverse,
young audiences is undeniable.
In 2024, UFC sponsorship
revenue grew 28% year-overyear, marking its seventh
consecutive record-breaking
year. Recent major deals
included IBM   s entrance into
the Octagon, the historic
renewal of Monster Energy,
UFC   s largest-ever partnership,
and a comprehensive multiyear
technology partnership with
Meta.
Similarly, WWE delivered an
all-time high in sponsorship
revenue in 2024, up 20% yearover-year on a combined basis,
fueled by new long-term brand
partnerships and innovative inring placements.
We   re focused on accelerating
growth in sponsorships by
building deeper integrated
campaigns and expanding
our global brand partner
base. After a record 2024
driven by high-value deals and
cross-platform activations,
we see meaningful runway
in leveraging our scale,
embracing technology, and
producing premium content
across both UFC and WWE to
create new assets and drive
incremental revenue.
Looking Ahead
As we enter 2025, we
remain focused on
expanding TKO   s audience,
deepening our media and
brand partnerships, and
driving shareholder value.
At the same time, we
are integrating IMG, On
Location, and PBR into TKO,
strengthening our position
as a leader in sports content,
media rights, and premium
hospitality. We believe these
additions will accelerate the
growth of our portfolio of
sports assets as well as our
ability to deliver world-class
live events and engage fans
in new ways.
Additionally, we continue
to implement a robust and
sustainable capital return
program, consisting of a
$2 billion share repurchase
program and quarterly
cash dividend program
that furthers our goal of
delivering incremental value
for shareholders.
TKO is well-positioned for
long-term success. We are
confident in our strategy,
leadership, and ability
to execute, and we look
forward to another year
of innovation, growth, and
industry leadership.
Thank you.
Ariel Emanuel
EXECUTIVE CHAIR AND CEO



shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 

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