TKO Group has announced a $3.25bn acquisition of Professional Bull Riders (PBR), OnLocation and IMG from Endeavour Group.
The three latest sports companies complement TKO’s current core businesses of the UFC and WWE and expand further into different segments of the sports industry.
PBR is one of the world’s largest bull riding leagues, hosting more than 200 annual live events to approximately 1.25 million fans and more than 285 million viewers in 65 countries. PBR CEO and Commissioner Sean Gleason will continue to lead PBR under TKO.
In acquiring OnLocation, TKO have one of the leading sports hospitality companies which has been creating unique and premium fan experiences for some of the largest sports events and competitions, such as the Super Bowl and Ryder Cup, and will continue with the 2026 FIFA World Cup and 2028 Olympic and Paralympic Games.
With Paul Cain remaining as President of OnLocation, there will now be opportunities for the company to begin offering its premium packaging services for WWE and UFC events, which was highlighted by Scott Jernigan, Chief Commercial Officer, when speaking to Insider Sport this year.
Lastly, the global sports media rights company IMG will continue to distribute rights for sports leagues and organisations under TKO with Adam Kelly as President.
IMG has sold media rights and packages to a wide array of clients like the English Premier League, NFL, ATP and WTA Tours and the UFC and WWE.
Ari Emanuel, Executive Chair and CEO of TKO, said: “Today’s announcements reflect the continued strength of our underlying business and our commitment to deploying capital through a balanced capital allocation strategy, including through our share repurchase program and quarterly cash dividend program.
“This underscores our continued focus on delivering sustainable long-term value for our shareholders.”
Under the terms of the agreement, TKO will acquire the Endeavor assets for a total consideration of $3.25bn. Endeavor will receive approximately 26.14 million common units of the company and will subscribe for an equal number of shares of TKO’s Class B common stock, with Endeavor expected to own approximately 59% of TKO alongside the other existing TKO shareholders.
TKO formed a Special Committee of independent directors of the board to review, negotiate, and consider the proposed transaction. The Special Committee reviewed, negotiated, unanimously approved, and recommended approval of the proposed transaction by TKO’s Board of Directors.
Mark Shapiro, President and COO of TKO, said: “PBR, On Location, and IMG are industry-leading assets that meaningfully enhance TKO’s portfolio and strengthen our position in premium sports globally.
“Within TKO, they will help power the growth of our revenue streams and position us to capture even more upside from some of the most attractive parts of our sports ecosystem: media rights, live events, ticket sales, premium experiences, brand partnerships, and site fees.
“These assets are already built into our business strategy at TKO and will serve to further enhance our strong track record of execution across UFC and WWE.”
