The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst
: Maybe starting first with USC and the media rates picture coming a bit more into focus, the US, LatAm and Australia, I think, locked
in. Just first curious, Mark, if you could maybe discuss why you thought Paramount was the right partner on the Lat Am and Australian
side of the international equation.
And then as you look out across the rest of the international portfolio, perhaps what you're thinking about and discussing and
prioritizing in terms of partners and maybe why Paramount wasn't included more realistically on the international side and where
that opportunity lies at the moment looking forward?
And then a follow-up on WWE after.
Question: Stephen Laszczyk - Goldman Sachs Group Inc - Analyst
: That's great. And then maybe one on WWE for Nick, if he's on. Just sort of curious, WWE Live Events revenue continues to re-rate
meaningfully higher here. Just would love your take on the story that's playing out in that part of the business.
Is this mostly PLE story at the moment? Or have the weekly events started to contribute as well and pricing versus capacity, we just
love your take on where you think that could go as you look into 2026 and you re-rate off this higher base here?
Question: Brandon Ross - LightShed Partners - Analyst
: Just a quick follow-up on Stephen's first question. You talked about branded reach and dollars kind of being what you're aiming for.
Just focusing on the REIT side of that. Can you just talk about what the distribution model with Paramount is going to look like in
the wake of this deal and what you expect going forward with other territories.
Should we expect the paper view model that, I guess, has now been replaced domestically and really to still have residents? Or do
you expect that to kind of go away internationally as well? And then I have a follow-up.
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NOVEMBER 05, 2025 / 10:00PM, TKO.N - Q3 2025 TKO Group Holdings Inc Earnings Call
Question: Brandon Ross - LightShed Partners - Analyst
: Okay. Got it. And then with the UFC domestic deal done. Just wanted to get a better understanding of exactly what the incremental
flow-through is in terms of margin percentage. I know it's high, but any more color, should we -- how should we expect the fighters
to be compensated? Is the fighter pay going to go up?
And what is exactly the framework now for fighter pay? I know like going back in time, the North Star used to first certain sites used
to be points and paper views and the business has changed quite a bit. So any color you could give around that would be great.
Question: Benjamin Swinburne - Morgan Stanley - Analyst
: I wanted to ask you guys about boxing the Canela Crawford fight, I mean, this was a massive pit and I think it was opened by eyes
to the possibilities here. You guys have these sort of JV structure management fee structure. I'm just wondering if there are thoughts
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NOVEMBER 05, 2025 / 10:00PM, TKO.N - Q3 2025 TKO Group Holdings Inc Earnings Call
or opportunities or maybe that ship of sale of doing more in boxing kind of wholly owned as a promoter you certainly have, you
have Dana White, you have a strong balance sheet, lots of cash flow, equity currency. Is -- are there things you're looking at on the
boxing front maybe to go even bigger than some of the initial investments that you're making and as you sort of get ready for what
you're launching in 2026 with Zuffa?
Question: Benjamin Swinburne - Morgan Stanley - Analyst
: And just as a follow-up, Mark, I mean you hit earlier, I think in your prepared remarks and then I think in the Q&A about -- is an
execution story right now and you're focused on executing. You look at USC, what you guys have done with that asset kind of speaks
for itself in the last decade, WWE, the numbers are way ahead of the deal model, at least that was filed.
So it sort of begs the question like, why not go out elephant hunting for more and maybe the answer is there aren't opportunities
your scarce assets that's only there's a long list of them. Maybe the answer is management bandwidth. You guys need to clone
yourselves.
But I guess the question is why not be looking for next thing, just given how well WWE has gone, UFC has gone and clearly, the
muscle you guys have built up here?
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NOVEMBER 05, 2025 / 10:00PM, TKO.N - Q3 2025 TKO Group Holdings Inc Earnings Call
Question: Ryan Gravett - UBS AG - Analyst
: So as you called out, there's a big opportunity for audience growth at the USC next year without the pay-per-view pay law. So I'm
wondering how that has impacted your conversations with current and potential new sponsors since the deal was announced.
And Andrew, you referenced this in the prepared remarks, but how should we think about the impact of this on partnerships growth
into 2026.
Question: Vikram Kesavabhotla - Robert W. Baird & Co Inc - Analyst
: I wanted to ask about WWE, and I'm curious if you could talk more about your initial reactions to this new relationship with ESPN
you have these first couple of PLEs performed relative to your expectations? And what's standing out to you so far in terms of the
potential benefits of that partnership?
Question: Eric Handler - Roth Capital Partners LLC - Analyst
: Okay. I'm sure I was with there for a second. I wonder if you could talk a little bit more about partnerships and marketing. Specifically,
what's been the increase in the number of brands who are now doing sponsorships with both USC and WWE. And what's been the
overall increase in the number of brands?
And at this point, is it still a volume game with a lot more brands to be added? Or is there some pricing leverage, too?
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