TKO Raises Outlook as UFC, WWE and IMG Lift Revenue

Dow Jones08-04

TKO Group Holdings reported higher profit and revenue in the second quarter and raised its full-year revenue outlook as growth at UFC, WWE and IMG lifted results.

The sports and entertainment company reported a net of $101.6 million, or $1.34 a share, compared with a net of $98.3 million, or $1.17 a share, a year earlier.

Revenue rose 18% to $1.55 billion. Analysts polled by FactSet expected $1.54 billion.

The company said revenue increased on higher media rights and partnership fees at UFC and WWE and stronger live events and hospitality at IMG tied to FIFA World Cup sales.

TKO said UFC revenue rose 29% to $535.7 million on higher media rights and partnerships. WWE revenue rose 12% to $620.9 million on higher media rights and consumer products. IMG revenue rose 16% to $354.7 million on World Cup-related hospitality.

For the full year, the company expects revenue of $5.78 billion to $5.83 billion, up from $5.68 billion to $5.78 billion previously. Analysts polled by FactSet expect $5.79 billion

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