Shares of TKO, which began trading Tuesday on the New York Stock Exchange, closed up 2.6% on the day, to $103.22 per share after opening at $102. Meanwhile,’s stock rose 1.1%, to $22.16/share, as investors reacted to the company’s move to carve UFC off into TKO. Endeavor properties include WME, IMG and the Professional Bull Riders , among other media assets. The gains came amid declines for major market indexes including the S&P 500 and Nasdaq .
Initially, TKO will be fully focused on integrating the operations of WWE and UFC, Mark Shapiro said in an interview with. “We’ll keep an eye on potential strategic pocket acquisitions, but we’ve got our work cut out for us. We’re highly focused on the integration, and we’re not going to get sidetracked,” he said. Eventually, though, Shapiro said TKO could be in the market for M&A deals to acquire additional MMA or wrestling properties.
“We have been writing with enthusiasm about the combination of Buy-rated Endeavor’s UFC and Neutral-rated WWE to form the new TKO Group Holdings that just started trading,” Joyce wrote in a Sept. 12 research note to clients. “We like the 10%+ long-term EBITDA CAGR that we think can be realized from providing each company with more scale in order to leverage into incremental global fan engagement, media rights fees and event volumes.
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