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TKO Group to Acquire PBR, IMG, On Location in $3.25B All-Equity Deal; Announces $2B Buyback

Oct 24, 2024, 12:32 PM

TKO Group Holdings, the parent company of WWE and UFC, announced a $3.25 billion all-equity deal to acquire Professional Bull Riders, On Location, and IMG from Endeavor Group Holdings. The acquisition will increase Endeavor's ownership stake in TKO from 53% to approximately 59%. TKO also approved a $2 billion share repurchase program and initiated a quarterly dividend program of $75 million. The transaction is expected to close in the first half of 2025, pending customary closing conditions and regulatory approvals. Following the acquisition, TKO will expand beyond WWE and UFC to include these new sports and entertainment assets. However, the market reacted negatively to the news, with TKO shares declining nearly 5% in pre-market trading.