UFC Revenue Declines in Q3, TKO Achieves Gains Exceeding 2025 Expectations

Despite a rare revenue decrease for the UFC in the third quarter of 2024 due to fewer events, TKO Group Holdings still achieved a significant overall revenue increase driven by WWE’s performance, with promising prospects for both UFC and WWE in 2025, including a major TV deal for WWE and potential lucrative media rights negotiations for UFC.


The UFC hit a snag with revenue dipping in Q3 of 2024, yet TKO Group Holdings still managed to turn a profit. Big things are on the horizon for 2025.

On Wednesday, new financial disclosures dropped. UFC’s revenue fell by 11% — from $42.6 million to $354.9 million. The reason? One less pay-per-view and two fewer Fight Night events than in 2023. Media rights revenue took a $50.4 million hit but was cushioned by a $10.2 million boost in sponsorships.

Even with three fewer events this quarter compared to last year, live event revenue barely wavered. Thanks to higher ticket sales overall.

Sure, the UFC saw a revenue dip, but TKO Group Holdings — the parent of both UFC and WWE — scored big with a 52% increase in total revenue, jumping from $232.1 million to $681.2 million. WWE brought in $242.7 million, driving that growth.

Ari Emanuel, TKO CEO, noted in a press release that “TKO’s solid third quarter results reflect continued strength across UFC and WWE, particularly in live events and brand partnerships.” He added they expect to hit the high end of their full-year 2024 guidance for both revenue and Adjusted EBITDA.

Emanuel also mentioned a new capital return program and an agreement to acquire top-tier sports assets. These moves aim to enhance their profile, expand scale, fortify their market stance, and boost shareholder returns. Just over a year since UFC and WWE merged into TKO, confidence in the venture remains strong.

The latest financial disclosure highlighted the settlement of one of two UFC antitrust lawsuits. TKO will pay out $375 million to resolve it, with $125 million already in escrow as of October. The rest? Due in 2025.

However, another antitrust lawsuit against the UFC is still hanging in the balance.

2025 looks promising for TKO as WWE embarks on a colossal decade-long, $5 billion deal moving Monday Night Raw to Netflix while Smackdown heads to USA Network. NXT is already airing on CW under a separate deal.

Meanwhile, the UFC gears up for TV deal negotiations early next year as its ESPN contract ends late 2025. Experts foresee a significant surge in media rights value since UFC is the sole major sports property available for TV or streaming partners for the next three years.

There’s talk that UFC might triple its broadcast rights deal from the initial ESPN agreement worth $1.5 billion over five years (later extended by two years with ESPN taking over pay-per-view broadcasts).

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