TKO Group Holdings, Inc.
TKO Group Holdings is a U.S.-based sports and entertainment company built around UFC, WWE, PBR, and its Zuffa Boxing joint venture. The company also operates IMG and On Location, which extend its business into sports marketing, media-rights services, and premium hospitality experiences across global live events.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueDistribution, production, and content services tied to UFC, WWE, IMG, and other properties.
Ticketed live events, site fees, VIP packages, and premium experiential hospitality.
Sponsorships, brand partnerships, and sports marketing services for rights holders.
Licensing of branded merchandise, toys, apparel, and video games.
Management fees and promotional support for joint ventures and related activities.
Customers
TKO sells to media distributors, broadcasters, sponsors, retailers, and consumers who pay for live events, subscriptions, and premium experiences. It also serves sports federations, rights holders, and corporate clients through IMG and On Location, while licensing partners use its brands for merchandise and games.
Buy rights, production services, and content distribution for UFC, WWE, IMG, and PBR programming.
Purchase tickets, site access, and OTT subscriptions such as UFC FIGHT PASS, WWE Network, and PBR Ride Pass.
Buy brand exposure, event activation, and audience access across combat sports and entertainment properties.
License UFC, WWE, and PBR brands for toys, apparel, video games, and consumer products.
Buy premium packages combining tickets, accommodations, and exclusive event experiences.
Use IMG for marketing, production, and distribution support around sports properties.
Strategy
TKO monetizes its brands through media rights, live events, partnerships, and consumer licensing, using a portfolio of combat sports and sports-entertainment properties. Its strategy is to deepen global distribution, grow premium live experiences, and use IMG and On Location to capture more value from the broader sports ecosystem.
Broader reach increases rights value and supports recurring media and licensing revenue.
Live events are a core value driver and can be enhanced through ticketing, site fees, and VIP packages.
IMG and On Location broaden TKO beyond owned IP into services for third-party rights holders.
Licensing extends brand reach into consumer products with limited capital intensity.
Geography
2025TKO’s properties are distributed globally, with content reaching households across more than 200 countries and territories. The business is anchored in the United States but depends on international media distribution, live-event touring, and licensing across Europe, Asia Pacific, and the Middle East.
Share of the revenue the company reports by geography.
Risks
TKO depends on discretionary spending, sponsorship budgets, and audience demand for live entertainment, which can weaken in softer macro conditions. Its business also carries structural risks from holding-company cash flow dependence, debt service, international operations, and the need to maintain the appeal of its brands and event calendar.
- Holding-company dependence on subsidiary distributionsImpact: HighLikelihood: Medium
TKO Group Holdings relies on cash upstreamed from TKO OpCo to fund taxes and expenses.
Exposure: Corporate structure and liquidity
- Debt and refinancing riskImpact: HighLikelihood: Medium
The company carries substantial credit facility borrowings that require ongoing servicing and refinancing capacity.
Exposure: Credit Facilities
- Brand and talent concentrationImpact: HighLikelihood: Low
UFC and WWE depend on the continued appeal of key athletes, performers, and event franchises.
Exposure - Macroeconomic sensitivity of sponsorship and event spendingImpact: High
Corporate sponsors and consumers may reduce discretionary spending on advertising, tickets, and hospitality.
Exposure - International execution and regulatory exposureImpact: MediumLikelihood: Medium
Global touring, licensing, and media distribution require compliance with local rules and tax regimes.
Exposure
Accounting
Judgemental itemsDifferent timing for media rights, subscriptions, live events, and licensing affects reported revenue and comparability.
Impact: Over-time recognition for subscriptions and point-in-time recognition for events
Advance ticket sales, hospitality packages, and subscriptions are recorded before services are delivered.
Impact: Can shift revenue into later periods
Long-term facility and headquarters leases create significant right-of-use assets and liabilities.
Impact: Affects leverage and fixed-cost visibility
Holding-company and transaction-related tax exposures can create contingent liabilities.
Impact: Can affect cash needs and balance-sheet obligations
Zuffa Boxing and other investments may require judgment in consolidation and earnings recognition.
Impact: Can influence reported income and disclosures
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Last updated: 24/09/2026