Sports Giant Reshuffles: TKO Snaps Up IMG, On Location, and PBR

In a significant move, TKO Group Holdings, owned by Ari Emanuel's Endeavor, is buying IMG, On Location, and Professional Bull Riders (PBR). This $3. 25 billion deal, expected to close in the first half of 2025, adds these major sports entities to TKO's portfolio. Endeavor will own about 59% of TKO after the deal, with the rest held by other shareholders. TKO's board also authorized a $2 billion share repurchase program and initiated a quarterly cash dividend of $75 million starting next March. This deal follows Endeavor's decision to go private last year and focuses on maximizing value for shareholders. IMG, known for handling media rights for major sports, including the English Premier League, will be led by Adam Kelly. On Location, offering fan experiences at over 1, 200 events, will continue under Paul Caine. PBR, organizing over 200 bull riding events, will be helmed by Sean Gleason. The deal was approved by TKO’s board and stockholders, with financial and legal advisors involved throughout the process.