Endeavor Group Holdings, Inc. (EDR): Business Model Canvas [Dec-2025 Updated]

You're looking at Endeavor Group Holdings, Inc. (EDR) post-privatization, and the business model is now laser-focused: it's all about owning premium intellectual property and representing the world's top talent. Honestly, the structure is cleaner now, centered on their majority stake in TKO Group Holdings (UFC/WWE) driving media rights, alongside WME's high-touch representation of over 7,000 clients. We'll map out how this integrated platform, backed by Silver Lake's $13 billion equity value, balances its revenue streams-like the $2.985 billion from owned sports properties in 2024-against costs, including servicing that substantial debt load of $5.678 billion as of 2024. Dive in below to see the precise mechanics of this entertainment giant.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Key Partnerships

You're looking at the structure of Endeavor Group Holdings, Inc. after its transition to a private entity in early 2025, which heavily relied on these key financial and strategic alliances.

Silver Lake

Silver Lake, the technology investing leader, finalized its acquisition to take Endeavor Group Holdings, Inc. private on March 24, 2025. This transaction valued Endeavor at an equity value of $13 billion. When consolidating the value of TKO Group Holdings, Inc., the combined total enterprise value reached $25 billion. Silver Lake paid $27.50 per share in cash, which represented a 55% premium to the unaffected share price of $17.72. Silver Lake was already the controlling shareholder, holding 71% of the voting stock prior to the deal approval. This partnership has seen Endeavor's revenue grow from $350 million annually when Silver Lake first invested in 2012 to nearly $6 billion annually before the take-private.

The financial commitment from Silver Lake for the remaining shares was reported to be $5.8 billion in cash, based on earlier reports. Silver Lake's total direct investment across 12 years and six distinct transactions totaled over $3.5 billion.

Co-investors in the Take-Private Deal

The take-private financing was anchored by several major capital partners alongside Silver Lake and the Endeavor management team rolling over equity interests. These partners are critical for providing the capital base for the now privately-held Endeavor Group Holdings, Inc.

• Mubadala Investment Company
• DFO Management, LLC (Michael Dell's family investment office)
• CPP Investments
• Lexington Partners
• Funds managed by Goldman Sachs Asset Management

Global Media Networks: TKO Group Holdings, Inc.

Endeavor Group Holdings, Inc. retains its controlling ownership stake in TKO Group Holdings, Inc. (TKO), which houses UFC and WWE. TKO's content reaches 1 billion households across 210 countries and territories. UFC alone produces over 40 live events annually, broadcast in over 170 countries. UFC and WWE together host over 300 live events yearly.

The financial output from this partnership is evident in TKO's shareholder distributions. For the Fourth Quarter of 2025, TKO declared an aggregate distribution of approximately $150 million to its equityholders, equating to $0.78 per share.

Corporate Sponsors and Sports Leagues/Governing Bodies

The Representation segment, anchored by WME, serves over 7,000 talent and corporate clients. For the full year 2024, this segment generated $1.688 billion in revenue, marking a 9% increase year-over-year.

The Events, Experiences & Rights segment, which manages major event representation and premium experiences, posted 2024 full-year revenue of $2.529 billion, up 16% from the prior year. This revenue stream is directly tied to partnerships with major properties and sponsors.

The table below summarizes key financial scale points related to these partnership-driven segments as of the end of fiscal year 2024:

The UFC's growth was specifically attributed to increases in sponsorships, live event revenue, and site fees. Similarly, PBR saw increases from brand partnerships and ticket sales.

The Representation segment growth was driven by WME across talent, music, and sports divisions.

Finance: draft 13-week cash view by Friday.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Key Activities

You're looking at the core operations of Endeavor Group Holdings, Inc. after its March 24, 2025, take-private transaction by Silver Lake. The key activities now center on managing its core agency and its controlling stake in TKO Group Holdings, Inc.

Talent Representation

The agency side, primarily WME, remains the focus of the newly private Endeavor Group Holdings, Inc. This activity involves managing the careers and monetizing the intellectual property of its roster.

The Representation segment, which includes WME, generated approximately $1.688 billion in revenue for the fiscal year ended December 31, 2024. This business relies on commissions, typically between 10% and 20% of a client's earnings, plus service fees.

Premium Content IP Management

A major key activity is managing the value derived from Endeavor Group Holdings, Inc.'s controlling ownership in TKO Group Holdings, Inc., which houses the UFC and WWE intellectual property. As of June 30, 2025, Endeavor Group Holdings, Inc. and its subsidiaries collectively controlled 61.7% of the voting interests in TKO.

TKO Group Holdings, Inc. raised its full-year 2025 guidance following strong performance in Q2 and Q3 of 2025. For instance, TKO's Q2 2025 revenue reached $1.308 billion, and its Q3 2025 revenue was $1.120 billion.

Media Rights Negotiation

Securing lucrative, long-term media rights deals is critical for monetizing the premium content IP held within TKO Group Holdings, Inc. This activity drives significant, predictable revenue streams.

The UFC signed a landmark deal in the third quarter of 2025.

• UFC secured a 7-year domestic rights deal with Paramount Skydance Corporation (for CBS Sports and Paramount+), valued at US$7.7 billion, beginning in 2026.
• WWE has a multiyear domestic rights agreement for its Premium Live Events to stream on ESPN's new direct-to-consumer offering.
• UFC's media rights and content revenue for Q1 2025 was $9.6 million higher year-over-year.

Live Event Production

Executing marquee live events is a core activity, generating significant gate receipts, sponsorship fees, and premium experience revenue across the TKO portfolio. This activity is now largely executed by the TKO segment.

WrestleMania 40 in Philadelphia set a record as the highest-grossing WrestleMania of all time based on viewership, merchandise sales, and sponsorship revenue.

TKO staged a series of consecutive events billed as the TKO Takeover in Kansas City, including:

• PBR team knockout event on April 24.
• UFC on ESPN card on April 26.
• WWE Raw on April 28.

Strategic Divestitures

The post-take-private model for the remaining Endeavor Group Holdings, Inc. business involves simplifying the structure by divesting non-core, asset-heavy businesses that were previously part of the conglomerate structure.

The take-private transaction by Silver Lake was finalized on March 24, 2025, at $27.50 per share in cash, representing an equity value of $13 billion.

The remaining Endeavor entity is now centered on the Representation segment, which is less capital-intensive, relying on commissions and service fees.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Key Resources

You're looking at the core assets Endeavor Group Holdings, Inc. relies on, especially now that Silver Lake has taken the company private in early 2025. These resources are what drive the entire operation.

Owned IP: Majority stake in TKO Group Holdings (UFC/WWE)

The controlling ownership stake in TKO Group Holdings, Inc. is central. Endeavor Group Holdings, Inc. retains a 51% majority stake in TKO, which houses the UFC and WWE businesses. This stake is a massive intellectual property anchor. To further solidify this asset, Endeavor Operating Company, LLC made strategic purchases of TKO Class A common stock in early 2025, acquiring approximately $50.3 million worth of shares between January 17 and January 22, 2025, and another $39.5 million between January 31 and February 4, 2025. At one point in January 2025, TKO commanded a market capitalization of $24.46 billion. As part of the transaction structure leading to the privatization, TKO acquired several Endeavor assets, including Professional Bull Riders (PBR), On Location, and IMG, in an all-equity deal valued at $3.25 billion. The full year 2024 revenue for Endeavor Group Holdings, Inc. was $7.111 billion.

Human Capital: WME's extensive network of top agents and managers

WME Group, which resulted from the consolidation of Endeavor's representation businesses, is built on its human network. This network represents top-tier talent across film, television, music, theater, digital media, and publishing. For instance, WME represents the NFL and the NHL in certain capacities. The sheer depth of relationships is the resource, though specific agent counts aren't public for late 2025. Still, the segment's Adjusted EBITDA for the full year 2024 was $405.7 million, showing the financial output of this talent management engine.

The scope of WME's representation includes:

• Talent across film and television.
• Top names in music and comedy.
• Representation for major sports leagues like the NFL and NHL.
• The WME Books division, which reviews unsolicited manuscripts.

Financial Capital: Private equity backing from Silver Lake

The financial foundation is cemented by Silver Lake's take-private transaction, which closed on March 24, 2025. This deal valued Endeavor Group Holdings, Inc. at an equity value of $13 billion, with stockholders receiving $27.50 in cash per share. Silver Lake, the global technology investment firm, already held a 71% voting stake prior to the buyout. Silver Lake itself manages approximately $104 billion in combined assets under management and committed capital. This move took Endeavor private after its $7.6 billion IPO in 2021. The total enterprise value of the consolidated entity, including TKO, was pegged at $25 billion at the time of the deal announcement. If you look at the balance sheet as of December 31, 2024, total debt stood at $5.678 billion.

Here's a quick comparison of Endeavor Group Holdings, Inc. (EDR) and its majority-owned asset, TKO Group Holdings (TKO), based on late 2024/early 2025 figures:

Global Event Infrastructure: Expertise in managing large-scale, international events

The infrastructure is evidenced by the company's representation in collegiate athletics through Endeavor-Learfield IMG, which covers major conferences. This includes The American, A10, Big 12, Conference USA, Horizon League, MAC, MEAC, OVC, SEC, and WCC. The company's expertise also covers major global sporting moments, such as the Paris 2024 Olympic and Paralympic Games and Super Bowl LVIII, which contributed to revenue in 2024.

Proprietary Data: Consumer and talent data for deal flow and marketing

While specific data points on the size of proprietary databases are not public, the value is embedded in the operations. For example, the growth in the Owned Sports Properties segment in 2024 was driven by increases at UFC from sponsorships, live event revenue, and site fees, all heavily reliant on consumer data for pricing and placement. The WME segment growth was driven across talent, music, and sports, leveraging data for deal flow. The company's total assets were valued at $20.6 billion at the end of 2024, which underpins the scale where this data is generated and used.

Finance: draft 13-week cash view by Friday.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Value Propositions

You're looking at the core value Endeavor Group Holdings, Inc. delivers now that Silver Lake has taken it private in March 2025 for $27.50 per share, establishing a $13 billion equity value and a $25 billion consolidated enterprise value. The value proposition centers on the tightly controlled, high-value intellectual property (IP) assets, primarily through its controlling stake in TKO Group Holdings, Inc.

Integrated Platform: Connecting talent, content, and brands across a single ecosystem

The core value proposition is built around the WME Group, which houses the preeminent talent agency with over 125 years of experience, connecting clients across books, film, music, sports, and digital media. This platform supports the monetization of IP and talent across the entire Endeavor ecosystem, which, prior to recent divestitures, generated $7.11 billion in revenue in fiscal 2024.

The integrated nature is evidenced by the structure of TKO Group Holdings, Inc., which combines the UFC and WWE, two properties with a collective fanbase of more than a billion people.

Access to Premium IP: Exclusive ownership of high-demand sports content (UFC, WWE)

The primary value here is the ownership and control over two of the world's most valuable live sports and entertainment properties, housed under TKO Group Holdings, Inc., which Endeavor controls a majority stake in.

The value of the content rights is being aggressively pursued; WWE secured a reported $1.6 billion across five years for its Premium Live Events streaming rights with ESPN, effective August 2025. Also, the UFC's current media rights deal with ESPN expires at the end of 2025, with reports suggesting a pursuit of over $1 billion a year for the next agreement.

Global Market Reach: Unlocking international opportunities for clients and partners

The scale of the core IP assets provides unparalleled global distribution, which benefits all Endeavor Group Holdings, Inc. clients and partners.

• UFC produces 40+ live events annually.
• UFC broadcasts to over 900 million TV households.
• UFC reaches 170+ countries.
• TKO aims to serve a collective fanbase of more than a billion people.

Career Maximization: Full-service management for top-tier talent

The WME Group provides comprehensive management, ensuring talent can maximize the value of their intellectual property across Endeavor's vast network. This is critical for securing high-value deals, such as the WWE's RAW show beginning its Netflix broadcast rights deal in January 2025.

The depth of digital engagement supports career growth:

• WWE surpassed 7.5 billion digital and social media views in Q1 2023 (Jan/Feb).
• WWE has nearly 94 million YouTube subscribers.
• WWE has more than 20 million followers on TikTok.

Simplified Focus: Post-privatization clarity on core representation and IP assets

Following the March 2025 take-private transaction, Endeavor Group Holdings, Inc. has a clearer mandate focused on its core assets, shedding non-core businesses. This clarity is intended to maximize shareholder value without the short-term pressures of the public market.

The strategic divestment of assets post-merger with Silver Lake included:

• Divestment of IMG, PBR, and On Location Experiences to TKO Group for $3.25 billion (completed February 2025).
• Sale of OpenBet and IMG Arena for $450 million.

The remaining TKO Group Holdings stake, which Endeavor retains a controlling interest in (reported as 61.72%), represents the concentrated value driver, with TKO's Q2 2025 Adjusted EBITDA margin rising from 25% to 40%.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Customer Relationships

You're looking at how Endeavor Group Holdings, Inc. (now effectively the WME Group following the Silver Lake acquisition in March 2025) manages its connections with the key groups it serves. This is all about the high-touch service for talent and the deep, multi-year ties with content distributors and corporate partners.

Dedicated Agent Model: High-touch, personalized service for top talent

The core relationship here is with the talent represented by WME. This model is about deep, career-long management, not transactional representation. The Representation segment, which houses WME, brought in $1.688 billion in revenue for the full year 2024. That's a 9% increase year-over-year, showing continued strength in securing high-value deals for their roster across talent, music, and sports groups.

• Focus remains on the career arc of the client, not just one deal.
• Growth in this segment was driven by talent, music, and sports groups.
• The segment generated $501.6 million in Q4 2024 revenue.

Long-Term Media Contracts: Multi-year, high-value rights agreements with distributors

For the owned properties, the relationship with media distributors is cemented through long-term rights agreements. The Owned Sports Properties segment, which included UFC and WWE prior to the TKO asset sale, saw its 2024 revenue hit $2.985 billion, a 64% jump from the prior year, partly due to contractual escalations in media rights fees. Consider the scale: UFC content is broadcast in over 170 countries, and WWE content reaches over one billion households globally.

The structure of these contracts is designed for stability. For instance, the acquisition of WWE in September 2023 contributed $1.0 billion to the 2024 revenue, illustrating the value locked into long-term content distribution relationships.

Strategic Partnerships: Deep, consultative relationships with corporate clients

The consultative relationship with corporate clients is managed through the agency side and the former Events, Experiences & Rights segment. These partnerships often involve large-scale activations and brand alignments. A major strategic move defining customer relationships in 2025 was the definitive agreement announced October 24, 2024, to sell PBR, On Location, and IMG to TKO Group Holdings in an all-equity transaction valued at $3.25 billion. This transaction, which closed February 28, 2025, redefined the scope of Endeavor's direct corporate partnership portfolio, focusing the remaining entity more squarely on representation.

Direct-to-Consumer (DTC) Engagement: Building fan loyalty via owned digital platforms

Fan loyalty is a direct relationship, especially for the major intellectual properties. While specific DTC revenue figures aren't broken out here, the sheer reach of the properties speaks to the success of this engagement. UFC produces over 40 live events annually, and the PBR Teams league, introduced in 2024, is a direct effort to deepen fan connection. The relationship is maintained through content delivery and live event experiences, which saw revenue increases from events like the Paris 2024 Olympic and Paralympic Games and Super Bowl LVIII in the Events, Experiences & Rights segment for 2024.

Investor Relations: Managing expectations of the new private equity owners

For the new private equity owners, Silver Lake, the relationship is managed through financial transparency and strategic alignment, especially after the take-private transaction finalized on March 24, 2025. The deal valued the company at an enterprise value of $25 billion, with stockholders receiving $27.50 per share in cash. The focus shifts to maximizing returns within the private structure, using cash flows to manage the debt structure, including repaying or refinancing a $2.2 billion term loan maturing in May 2025. The company's full-year 2024 Adjusted EBITDA was $1.316 billion.

Here's a quick look at the financial context surrounding these relationships as of the last public reporting period:

The relationship with the former public shareholders was marked by a required quarterly dividend of $0.06 per share leading up to the take-private. Anyway, the relationship with TKO, where Endeavor retains a majority stake, is now governed by a different set of expectations, reflected in TKO's announced quarterly cash dividend of $0.38 per share.

Finance: draft pro-forma capital structure reflecting TKO asset sale and Silver Lake acquisition by next Tuesday.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Channels

WME/IMG Agents: This channel focuses on direct client-to-agent relationships for talent services, primarily through WME. For the full year 2024, the Representation segment, which includes WME, generated $1.688 billion in revenue, marking a 9% increase over the prior year.

The scope of WME's reach is broad, covering major areas of entertainment and sports representation:

• Motion Picture and Television representation.
• Music division, booking talent across all genres.
• Sports representation.
• Comedy and Speaking engagements.
• Fashion and Literary Media representation.

Global Broadcast/Streaming: Distribution of TKO content, which was Endeavor Group Holdings, Inc.'s primary asset, is channeled through major media platforms. The WWE brand secured a 5-year partnership with ESPN for premium live events, effective starting 2026, with an annual commitment valued at $325 million annually. Separately, the UFC brand locked in a 7-year, $7.7 billion agreement with Paramount, starting in 2026. TKO raised its full-year 2025 revenue guidance to a range of $4.690 billion to $4.720 billion.

Live Venues/Arenas: This involves physical locations for UFC, WWE, and managed events, monetized through ticket sales and site fees. TKO reported significant live event success in 2025, with WWE's SummerSlam selling more than 100,000 tickets at MetLife Stadium. In Q3 2025, TKO's live events and hospitality revenue increased by $31.4 million year-over-year.

Digital Platforms: Content delivery via Endeavor Streaming and social media is a key distribution method. While specific Endeavor Streaming revenue is not isolated for late 2025, TKO's media rights revenue streams are substantial due to the new deals. The UFC's media rights fees contributed to a 5% revenue increase for that segment in Q2 2025, reaching $415.9 million.

On Location: This channel delivers premium hospitality and experience packages for live events. On Location generated more than $150 million in revenue from the Minneapolis Super Bowl. For Super Bowl LIII in Atlanta, the entity generated $175 million in revenue. Endeavor acquired On Location for a price north of $650 million.

Here's a look at the financial scale of the primary content/events business (TKO) that Endeavor Group Holdings, Inc. was majority-owned in through late 2025:

The Representation segment's 2024 revenue, which represents the core of the remaining Endeavor entity post-asset sales, was $1.688 billion.

Finance: draft 13-week cash view by Friday.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Customer Segments

You're looking at the customer base of Endeavor Group Holdings, Inc. right after its transition to a private entity under Silver Lake in March 2025. The structure shifted significantly, making the remaining core business heavily focused on representation under the new WME Group banner.

The customer segments are diverse, spanning the talent they represent to the corporate entities that pay for access to that talent and the media platforms that buy their content rights. Here's the breakdown based on the last full-year figures available before the privatization, which was for the fiscal year ended December 31, 2024, and the key 2025 transaction data.

Top-Tier Talent: Actors, Musicians, Athletes, and Models represented by WME

This group forms the supply side of the core agency business, now consolidated as WME Group. These are the individuals whose market value drives the segment's revenue. The Representation segment, led by WME, generated $1.688 billion in revenue for the full year 2024, marking a 9% increase over 2023. In the final quarter of 2024, this segment brought in $501.6 million, a 17% year-over-year jump. The segment's Adjusted EBITDA for the full year 2024 was $405.7 million. WME's client roster includes talent across film, television, music, theater, digital media, and publishing, and they also represent major sports leagues like the NFL and NHL.

• WME Representation Segment Full Year 2024 Revenue: $1.688 billion
• WME Representation Segment Q4 2024 Revenue: $501.6 million
• WME Representation Segment Full Year 2024 Adjusted EBITDA: $405.7 million

Global Media Platforms: Broadcasters and streaming services seeking premium content

These platforms are the primary buyers of content rights and production services, though Endeavor shed significant content/sports assets in early 2025. Prior to the asset sale, the Events, Experiences & Rights segment, which housed much of this interaction, saw revenue of $2.529 billion for the full year 2024, a 16% increase. The Q3 2024 revenue for this segment was $899.8 million, heavily boosted by the Paris 2024 Olympic and Paralympic Games, where On Location served as the exclusive hospitality provider. Post-privatization, Endeavor retains a controlling stake in TKO Group Holdings (approximately 61% ownership), which includes the UFC and WWE, whose media rights are a major draw for global platforms.

Corporate Brands/Advertisers: Companies seeking high-visibility sponsorship and endorsement deals

Corporate clients engage WME Group for brand strategy, marketing, advertising, and activation services tied to their represented talent or owned intellectual property. The growth in the Representation segment in 2024 was driven by talent, music, and sports, which directly involves brand partnerships. For instance, the UFC (now under TKO, in which Endeavor holds a controlling stake) saw increases in revenue from sponsorships and site fees. The sale of assets like IMG and PBR to TKO for $3.25 billion in February 2025 streamlined the remaining entity, focusing the core business on representation where brand deals are central.

B2C Fans: Consumers attending live events and purchasing PPV/merchandise

While many direct-to-consumer assets like PBR and On Location were sold to TKO in February 2025, the remaining WME Group still serves this segment through its talent roster, facilitating tours and appearances. The Events, Experiences & Rights segment, before the divestiture, reflected strong consumer demand, with its Q3 2024 revenue reaching $899.8 million. The UFC, a major driver of live event and PPV revenue, remains a key asset via Endeavor's controlling stake in TKO Group Holdings.

Financial Sponsors: Silver Lake and co-investors driving the private entity's strategy

This segment is the ultimate owner following the March 24, 2025, transaction. Silver Lake acquired 100% of the outstanding shares Endeavor did not already own, taking the company private. The deal pegged the all-in enterprise value, consolidating TKO's value, at $25 billion at a price of $27.50 per share. Silver Lake initially acquired a 31.25% minority stake in 2012 for $250 million. Additionally, former executive chairman Patrick Whitesell is leading a new sports and media business backed with $250 million from Silver Lake.

You can see the financial structure shift in the table below, comparing the last full-year performance to the transaction details that define the current ownership structure.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Cost Structure

You're looking at the cost base Endeavor Group Holdings, Inc. was managing right before the Silver Lake take-private deal closed in early 2025. The structure was heavily weighted toward human capital and the fixed costs associated with its large asset base.

Talent and Personnel Costs: High commissions and salaries for agents and executives

Personnel costs are a primary driver within Selling, General and Administrative (SG&A) expenses. For the full year ended December 31, 2024, SG&A expenses rose significantly to $711.5 million, an increase of $329.9 million, or 86.4%, compared to the prior year. This jump was largely due to including WWE operations, which were acquired in September 2023, alongside higher general personnel costs, travel, and public company overhead related to TKO Group Holdings, Inc.

• SG&A increase driven by inclusion of WWE operations.
• Higher cost of personnel and travel expenses noted for 2024.
• Equity-based compensation was lower in 2024 than the prior period.

Direct Operating Costs: Production and staging expenses for live events

Direct costs are embedded within the segment results, particularly in Events, Experiences & Rights, and Owned Sports Properties. The revenue growth in the Events, Experiences & Rights segment for the full year 2024, which reached $2.529 billion, was heavily influenced by major events like the Paris 2024 Olympic and Paralympic Games and Super Bowl LVIII, which carry substantial staging and production expenses. The cost of servicing these large-scale operations is a major component here.

Here's a quick look at the scale of the segments driving these operating costs for the year ended December 31, 2024:

Interest Expense: Servicing the substantial debt load, totaling $5.678 billion (2024)

Servicing the debt was a non-trivial cost. Total debt for Endeavor Group Holdings, Inc. stood at $5.678 billion as of December 31, 2024, up from $5.228 billion at September 30, 2024. This debt load resulted in an Interest expense, net of $407.8 million for the full year 2024, representing an increase of $61.6 million, or 17.8%, over the 2023 figure.

The net debt position as of December 2024, after accounting for cash and cash equivalents of $1.004 billion (as of September 30, 2024), was approximately $4.674 billion.

Transaction Expenses: Significant legal and advisory fees related to the 2025 take-private deal

While the Silver Lake take-private deal was expected to close in the first quarter of 2025, the preparatory costs were booked in 2024. Merger, acquisition, and earn-out costs recorded for the year ended December 31, 2024, totaled $128.7 million (reported as $128,659 thousand). Also contributing were Certain legal costs, which amounted to $27.5 million (reported as $27,465 thousand) for the same period. The deal itself valued the equity at $13 billion.

• Merger, acquisition and earn-out costs (2024): $128.7 million.
• Certain legal costs (2024): $27.5 million.
• The deal involved paying stockholders $27.50 per share in cash.

Content Acquisition Costs: Investment in new IP and contractual media rights escalations

Acquisitions and escalations drive content costs. The significant revenue growth in the Owned Sports Properties segment for 2024, up 64.4% to $2.985 billion, was primarily attributed to the acquisition of WWE, which contributed $1.0 billion to that increase. Also, increases at UFC were driven by higher media rights fees from contractual escalations. The Representation segment growth was partially due to an acquisition in 2024, which increased operating costs there as well.

Finance: draft 13-week cash view by Friday.

Endeavor Group Holdings, Inc. (EDR) - Canvas Business Model: Revenue Streams

You're looking at the final full-year revenue snapshot for Endeavor Group Holdings, Inc. before the major restructuring in early 2025, which is based on the fiscal year ended December 31, 2024.

The total consolidated revenue for Endeavor Group Holdings in 2024 hit $7.111 billion.

The revenue streams are clearly segmented, showing a heavy reliance on owned, premium sports intellectual property (IP) alongside the traditional agency business.

Owned Sports Properties: Revenue from UFC/WWE/PBR

This category, which includes the massive value of UFC and the recently acquired WWE, generated $2.985 billion in revenue for the full year 2024, marking a significant 64% increase compared to the prior year. This growth was substantially boosted by the WWE acquisition, which contributed $1.0 billion to the yearly total. Within the UFC component of this stream, revenue increases came from sponsorships, live event revenue, and site fees, alongside higher media rights fees due to existing contractual escalations. Professional Bull Riders (PBR) also contributed via increases in team-related revenue, brand partnerships, and ticket sales.

Representation Commissions: Fees from talent deals

The Representation segment, anchored by WME, brought in $1.688 billion in revenue for 2024, representing a 9% increase year-over-year. The primary drivers here were growth across WME's talent, music, and sports groups, plus an increase in the nonscripted business following an acquisition in 2024. This stream is the core of the remaining private Endeavor entity post-restructuring.

The remaining revenue components fall under the former Events, Experiences & Rights segment, which posted $2.529 billion in revenue for 2024, a 16% increase.

Media Rights Fees: Selling broadcast rights for TKO properties (UFC/WWE)

While the specific dollar amount for just media rights fees is not broken out separately from the Owned Sports Properties segment, the search results indicate that higher media rights fees from contractual escalations at UFC were a key driver of that segment's growth. Furthermore, TKO Group Holdings, Inc. was actively looking for a new UFC broadcast rights deal in 2024, reportedly seeking $1 billion per year.

Live Event Revenue: Ticket sales, site fees, and premium hospitality packages

This revenue source is a mix. Live event revenue and site fees were specifically cited as drivers within the Owned Sports Properties segment (UFC/PBR). Additionally, the Events, Experiences & Rights segment saw revenue increases driven by major live events like the Paris 2024 Olympic and Paralympic Games, Super Bowl LVIII, and the Miami Open and Madrid Open tennis tournaments.

Sponsorship and Licensing: Brand partnerships and IP licensing revenue

Brand partnerships and ticket sales were noted as contributors to the revenue increase within the PBR portion of the Owned Sports Properties segment. Also, UFC saw revenue increases from sponsorships, which falls under this general category.

Here is a quick look at the major segment revenue contributions for the full year 2024:

The composition of the Events, Experiences & Rights segment revenue, which totaled $2.529 billion, is derived from:

• Increases from On Location, the Miami Open, and Barrett-Jackson's Scottsdale event.
• Revenue from major events like the Paris 2024 Olympic and Paralympic Games and Super Bowl LVIII.
• Offsetting factors included the sale of IMG Academy in June 2023.

The Representation segment's growth was also supported by an increase in the nonscripted business due to an acquisition completed in 2024.

Finance: draft 13-week cash view by Friday.