TKO Expands Sports Empire: Buys PBR, On Location, and IMG

TKO Group, controlled by Endeavor, has announced a big deal. They're buying three major sports and hospitality companies: Professional Bull Riders (PBR), On Location, and IMG. This is all part of an all-stock transaction worth $3. 25 billion. It's like they're adding more stars to their sports team. After the deal closes, Endeavor will own about 59% of TKO, with other shareholders owning the rest. The deal is expected to wrap up in the first half of 2025. This isn't just about buying new businesses. TKO also said they'll start a share repurchase program worth up to $2 billion and a quarterly cash dividend program worth $75 million each quarter. That's a lot of money!TKO's president, Mark Shapiro, said this deal fits perfectly with their plans. He thinks UFC and WWE will still be the biggest parts of their business, but these new additions will help them grow even more. IMG, one of the world's biggest sports content distributors, is part of this deal. They work with big names like the NFL, NHL, and even Wimbledon. PBR, the bull riding league, organizes over 200 events each year. On Location helps with big events and experiences. Ariel Emanuel, TKO's CEO, said this deal shows how strong their business is. He wants to use money smartly to give shareholders long-term value.