TKO this morning announced financial results for its second quarter ended June 30, 2024.

“TKO generated strong financial results in the quarter, highlighted by record quarterly revenue and Adjusted EBITDA,” said Ariel Emanuel, Executive Chair and CEO of TKO. “In light of this continued momentum, we are raising our full year 2024 guidance for the second quarter in a row. The strength in our underlying business continues to give us great conviction in TKO’s ability to deliver sustainable long-term value for shareholders.”

Revenue increased 179%, or $546.0 million, to $851.2 million. The increase reflected an increase of $89.2 million at UFC, to $394.4 million, and the contribution of $456.8 million of revenue at WWE.

Net Income was $150.7 million, an increase of $68.9 million from $81.8 million in the prior year period. The increase reflected the increase in revenue partially offset by an increase in operating expenses.

WWE revenue was $410.3 million for the period from April 1, 2023 through June 30, 2023. The increase of 11%, or $46.5 million, was primarily due to an increase in live events revenue and an increase in media rights and content revenue.

The increase in live events revenue was primarily related to an increase in ticket sales revenue. The increase in media rights and content revenue was primarily related to holding one additional premium live event compared to the prior year period and the contractual escalation of media rights fees.

These increases were partially offset by a decrease in third-party original programming due to the timing of delivery.

Consumer products revenue was relatively flat primarily reflecting an increase in video game licensing revenue offset by the previously disclosed transition of the venue merchandise business to Fanatics in May 2023.

The full report can be accessed at https://investor.tkogrp.com/news/news-details/2024/TKO-Reports-Record-Second-Quarter-2024-Results/default.aspx