TKO Group Acquires IMG, Professional Bull Riders, and On Location from Endeavor in a $3.25 Billion Deal

TKO Group, which owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses from its controlling owner, Endeavor Group, for $3.25 billion. The businesses include Professional Bull Riders (PBR), On Location, and IMG. This all-stock deal will increase Endeavor's ownership in TKO from 53% to 59%.

This acquisition broadens TKO’s focus beyond operating leagues. While acquiring the world's largest bull riding league, PBR, TKO is also venturing into luxury hospitality with On Location and media rights consultancy through IMG. "Sports unify us and have never been in more demand," said Mark Shapiro, president and COO of Endeavor and TKO.

Private equity firm Silver Lake announced plans to take Endeavor private earlier this year and intended to divest certain assets, leading to the proposed sale to TKO. PBR, which hosts over 200 events annually, will continue under CEO Sean Gleason. On Location provides luxury hospitality for events like the Super Bowl and the FIFA World Cup, while IMG packages and sells media rights for major sports leagues.

Additionally, TKO is initiating an annual dividend of $300 million and has authorized a share buyback program of up to $2 billion for its Class A common stock.