The parent company of WWE and UFC is buying Professional Bull Riders, On Location and IMG in a deal worth $3.25 billion.
Professional Bull Riders is a bull riding competition with more than 200 annual live events, approximately 1.25 million fans and reaching more than 285 million households in more than 65 territories. On Location delivers premier experiences for fans attending more than 1,200 sporting events, including the Super Bowl, Ryder Cup and NCAA Final Four. IMG is a distributor and producer of sports content, packaging and selling media rights and brand partnerships, and providing consulting, digital services and event management to clients including the National Football League and National Hockey League.
Parent company TKO said on Thursday that the acquisition of Endeavor Group will complement its existing business and expand its reach in the premium sports market.
As part of the deal, Endeavor will purchase approximately 26.14 million common units from TKO Operating Co. receive and will subscribe to an equal number of shares of TKO’s Class B shares. Endeavor is expected to own approximately 59% of TKO, while existing TKO shareholders will own the remaining 41% upon completion of the transaction.
The transaction is expected to close in the first half of next year.
TKO Group also announced Thursday that its board has approved the repurchase of up to $2 billion of its common stock.
Shares of Stamford, Conn.-based TKO Group Holdings Inc. rose more than 1% before the opening bell Thursday.
