TKO Group Holdings Inc Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Congratulations on the WWE deal. I wanted to pick up on the comment I think Andrew was just making about sort of the halo effect. Remember, you guys went from the WWE network to Peacock and now moving to ESPN. If you think about how the PLEs have performed on Peacock and how that's impacted the value of those rights and those assets and then think about what will happen with ESP and can you talk about what you think the big changes opportunities impact will be? And I know you can't answer for Netflix. But I guess I'm a little surprised to see them not pick up these rights given they have them everywhere else. I guess from a TKO point of view, what's your perspective on having multiple partners for these rights in different regions versus bringing them to one platform? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2025 / 9:00PM, TKO.N - Q2 2025 TKO Group Holdings Inc Earnings Call

Question: Brandon Ross - LightShed Partners - Analyst : I guess, moving from the WWE PLE to UFC. We're surprised that you announced that PLE deal before UFC. Were you just waiting for Paramount Sky as to close or another external event? Or is the UFC deal proving to be more challenging than the PLE deal was. And I guess, you suggested you were looking at your partners holistically or as a portfolio in your answer to Ben. Should we now assume ESPN with WWE and so is less likely to continue on with UFC? And on the flip side, as you suggested you walked away from Netflix, are they more likely as the UFC partner?

Question: Brandon Ross - LightShed Partners - Analyst : Okay. And the other part of that was, do the outcomes of each of these deals that you have in the marketplace influence each other, such that WWE would now be -- I mean, sorry, UFC would be less likely to do a deal with the ESPN, or are they mutually exclusive?

Question: David Karnovsky - JPMorgan Chase & Co - Analyst : Mark, sorry, just on the non-PLE content, why hold that back? And maybe to the point Ben was trying to make is the thought there that maybe that belongs with one of your existing partners?

Question: David Karnovsky - JPMorgan Chase & Co - Analyst : Maybe -- go ahead, Mark.

Question: David Karnovsky - JPMorgan Chase & Co - Analyst : Mark, maybe just a follow-up on the reach point regarding the ESPN platform. I just want to understand better your point of view because the linear subs are going to have a D2C entitlement, and that will give you reach right away, but the -- obviously, the standalone price is a bit above Peacock. I just want to understand also your considerations there for that kind of cord never set up your funds.

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : Maybe on the 25% guidance for Andrew. It sounds like you have seen WWE outperforming our internal expectations going into the first six months of the year. Just curious if you could talk a little bit more about what areas specifically are driving some of that outperformance versus your expectations? And then to what extent you expect some of that momentum to carry on into the back half of the year? Or if you think there is other quote takes we should be considering as we look into the final six months has been factored into the guide that you gave today updated guide?

Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst : That's all helpful. Maybe if I could just follow up and dig in on the WWE side sponsorship. It's been a massive opportunity. You guys have executed well on the PLE side. Nick, I'm curious if you're still on -- just curious on the opportunity going forward to keep executing against that. Maybe as you look further down past the PLEs, how should we think about the pace of execution on the sponsorship opportunity?

Question: Ryan Gravett - UBS AG - Analyst : Mark, you just touched on this briefly, but I was wondering if you could provide more of an update on how the boxing initiative is progressing, especially with some of the new legislation being proposed. And then, Andrew, you gave some color on the financial impact this year, but how should we think about that financial contribution as we go into 2026?

Question: Ryan Gravett - UBS AG - Analyst : Thank you, everyone.