The post TKO Group to acquire IMG, PBR and On Location from Endeavor appeared on BitcoinEthereumNews.com.

TKO CEO Ari Emanuel and Dwayne “The Rock” Johnson speak to CNBC at the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2024.  Brendan Mcdermid | Reuters TKO Group, the company that owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses for $3.25 billion from its controlling owner, Endeavor Group. The businesses are Professional Bull Riders, On Location, and IMG, the companies announced Thursday. The deal is all stock, and Endeavor’s ownership in TKO will increase from 53% to 59%. The transaction expands TKO’s strategic ambitions by broadening its sports focus beyond the operation of leagues. While the company does acquire a new league in PBR, the world’s largest bull riding league, it also is expanding 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, the president and chief operating officer of both Endeavor and TKO, in an interview. “At TKO, we’re primarily interested in league ownership if that exists and businesses that can power our current sports ecosystem. That could be ticket sales, hospitality, consumer products, media rights expertise. That’s what we’re getting in IMG and On Location.” Private equity firm Silver Lake announced its intentions to take Endeavor private earlier this year. As part of that transaction, Silver Lake wanted to divest certain assets, Shapiro said. Endeavor came to the TKO board with a proposal to sell the three businesses. TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said. PBR puts on more than 200 events annually for more than 1 million fans. PBR CEO and Commissioner Sean Gleason will continue to lead the organization, TKO said in a statement. On Location provides luxury hospitality for major…

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Filed under: News - @ October 24, 2024 11:27 am