Endeavor Group Holdings posted a 16% increase in total revenue in the first quarter thanks to the WWE-UFC merger, though the company’s divisions outside of Owned Sports Properties each saw downturns.
Total revenue came in at $1.85 billion, with the rise from a year ago largely due to the influx from the WWE, which joined with UFC to create TKO Group in a deal last September. Revenue in the Owned Sports Properties division shot up 94%. Endeavor controls 51% of TKO.
Net losses reached 46 cents a share, compared with a profit of 3 cents a share in the year-ago period. Adjusted EBITDA was $374.1 million.
Endeavor last month announced it is planning to go private in a deal valued at $13 billion. That transaction is expected to close in the first quarter of 2025.
Revenue in the Experiences & Rights division fell 7% to $744.9 million, with the June 2023 sale of IMG Academy taking a toll along with the timing of media rights linked to certain biennial events from 2023 that were absent from the 2024 quarter. Increases at the company’s On Location business, the Miami Open, and growth from other events, including Barrett-Jackson’s Scottsdale event helped offset those negatives. Adjusted EBITDA in the division fell 11% to $95.9 million.
Representation revenue slipped 1% to $345.3 million, with the company blaming “certain fashion projects that took place in the first quarter of 2023 that did not occur in the first quarter of 2024.” Those headwinds were partially countered by growth in WME’s music, talent, sports, and comedy divisions. Adjusted EBITDA of $65.2 million for the quarter, down almost 23%.
Sports Data & Technology revenue slid 10% to $90.7 million, hurt by the loss of certain data rights at IMG Arena but offset by growth at OpenBet. Adjusted EBITDA in the division swung to the red, at negative $9.5 million, down $13.9 million from the year-ago period.