Here are 1-2 brief analogies to describe TKO:

• TKO is like a Disney focused purely on combat sports, owning the global powerhouses of UFC and WWE.
• TKO is like Live Nation Entertainment for combat sports, producing and promoting the world's biggest UFC and WWE events.

• Ultimate Fighting Championship (UFC): Promotes and produces mixed martial arts (MMA) events, broadcasting them globally.
• World Wrestling Entertainment (WWE): Produces and distributes professional wrestling content, including live events, television programming, and digital media.

TKO Group Holdings (NYSE: TKO) primarily generates its revenue through business-to-business (B2B) contracts, particularly with major media companies for broadcast and streaming rights of its Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) content. While it also sells directly to individuals through live event tickets, merchandise, and pay-per-view purchases, the most significant and recurring revenue streams come from corporate partnerships.

Its major customers (other companies) include:

• The Walt Disney Company (NYSE: DIS): Through its ESPN and ESPN+ platforms, Disney holds exclusive domestic broadcast rights for UFC events, including many Fight Night events and pay-per-view distribution. This represents a cornerstone of UFC's revenue.
• Comcast (NASDAQ: CMCSA): Through its NBCUniversal division, Comcast has significant deals for WWE content. This includes domestic broadcast rights for WWE Raw on USA Network (and future SmackDown starting October 2024) and streaming rights for WWE Network content on Peacock.
• Netflix (NASDAQ: NFLX): Beginning in January 2025, Netflix will become a major customer, holding global broadcast rights for WWE Raw outside of the U.S., U.K., and India. This represents a significant, long-term revenue stream for TKO and a strategic partnership for global expansion.

• Endeavor Group Holdings, Inc. (EDR)
• Fanatics

Ariel Emanuel, Chief Executive Officer Mr. Emanuel became the Chief Executive Officer and a director of TKO Group Holdings, Inc. on September 12, 2023, and was appointed Executive Chair in February 2024. He is also the CEO and executive chairman of Endeavor, a global entertainment and media agency. Mr. Emanuel co-founded the Endeavor Talent Agency in 1995 and was instrumental in orchestrating its 2009 merger with the William Morris Agency to form WME. In 2012, WME forged a strategic partnership with Silver Lake, a global leader in private investments in technology. This was followed by the acquisition of IMG in 2014 and UFC in 2016. Mr. Emanuel orchestrated the 2023 merger that formed TKO, uniting WWE and UFC, solidifying his reputation as a visionary dealmaker. He has been described as a "mogul and power player in Hollywood." In 2025, Mr. Emanuel is set to acquire Frieze, a global art fair and publishing group previously owned by Endeavor, in a deal valued at $200 million, backed by investors including Apollo Global Management and RedBird Capital Partners.

Andrew Schleimer, Chief Financial Officer Mr. Schleimer has served as the Chief Financial Officer of TKO Group Holdings, Inc. since September 2023. Prior to this role, he was the Chief Financial Officer of UFC from September 2016 to November 2023 and Deputy Chief Financial Officer of Endeavor Group Holdings, Inc. from February 2021 to September 2023. From July 2014 to September 2016, Mr. Schleimer served as the Executive Vice President & Chief Financial Officer of Digital Turbine, Inc. (Nasdaq), a provider of end-to-end solutions for mobile technology companies. During his tenure at Digital Turbine, he oversaw the company's development and acquisition strategy, including its 2015 merger with Appia. He also held positions as Executive Vice President of Strategic Development & In-Park Services for Six Flags Entertainment Corporation (NYSE) from 2006 to 2010 and Executive Vice President of Strategic Development of Dick Clark Productions from 2010 to 2012. Mr. Schleimer began his career in investment banking at UBS Financial Services, focusing on media and entertainment mergers and acquisitions. He joined Silver Lake in 2016.

Mark Shapiro, President and Chief Operating Officer Mr. Shapiro became the President and Chief Operating Officer and a director of TKO Group Holdings, Inc. on September 12, 2023. He also serves as President and Managing Partner of privately held WME Group since March 2025. Previously, he was President and Chief Operating Officer of Endeavor from April 2023 to March 2025, and its President from December 2018 to March 2025. Before joining Endeavor's IMG subsidiary in 2014, Mr. Shapiro served as Chief Executive Officer and Executive Producer at Dick Clark Productions from May 2010 to September 2014. From February 2006 through May 2010, he was Director, President, and Chief Executive Officer of Six Flags Entertainment Corporation (NYSE), where he was credited with revitalizing the brand. Mr. Shapiro spent 12 years at ESPN, ultimately serving as Executive Vice President of Programming and Production. He has served on the boards of directors for several public companies, including Live Nation Entertainment, Inc., Frontier Communications Corporation, and Papa Johns International, Inc., and currently serves on the board of trustees of Equity Residential and as Chairman of Captivate Network.

Seth Krauss, Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management Mr. Krauss serves as Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management of TKO Group Holdings, Inc. Prior to this, he served as the Chief Legal Officer of Endeavor Group Holdings, Inc.

The consolidation of Professional Fighters League (PFL) and Bellator creates a strengthened competitor in mixed martial arts, intensifying competition for talent, media rights, and audience attention against UFC.

TKO Group Holdings (NYSE: TKO) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, primarily stemming from new media rights agreements, strategic expansion of live events and global partnerships, and the launch of new ventures.

The expected drivers of future revenue growth include:

1. New Media Rights Agreements: TKO has secured landmark multi-year media rights deals that are expected to provide high-margin contractual revenue streams with annual escalators. These include a 7-year, $7.7 billion agreement for UFC with Paramount, which doubles the average annual value of its previous agreement and begins in 2026, and a 5-year premium live events partnership for WWE with ESPN, delivering a greater than 1.8x step-up in value.
2. Expansion of Live Events and Site Fees: The company is focused on driving growth through live events and increased site fees. This includes an anticipated increase in WWE premium live events in Saudi Arabia and continued strong performance in ticket sales and venue fees, as seen with record-setting events like UFC 319 and WWE's SummerSlam.
3. Growth in Global Partnerships and Sponsorships: TKO is actively strengthening its global partnerships with a target of achieving $1 billion in total company partnership revenue by approximately 2030.
4. Launch of Zuffa Boxing: TKO plans to launch Zuffa Boxing in 2026, which is expected to contribute to revenue growth through a major media rights agreement and service fees generated from super fights.
5. Synergies from Acquired Businesses: The integration of recently acquired businesses, including IMG, On Location, and Professional Bull Riders (PBR), is expected to unlock further cost synergies and revenue opportunities that management believes will exceed previously raised expectations.