TKO is a sports and entertainment company built around two dominant properties: UFC and WWE. UFC is the world's leading MMA promotion, producing 40+ live events per year distributed to 950M+ TV households across 170+ countries. WWE is the dominant force in professional wrestling entertainment, producing year-round programming anchored by weekly shows (Raw, SmackDown, NXT) and marquee Premium Live Events including WrestleMania and SummerSlam, reaching 1B+ households in 150+ countries. TKO also owns PBR (Professional Bull Riders), IMG (a global sports marketing agency), and On Location (a premium experiential hospitality business). TKO generates revenue across four streams: media rights, live events, sponsorships/partnerships, and consumer product licensing. Media rights are the largest and highest-margin stream — TKO licenses content to broadcasters and streaming platforms under long-term deals with annual escalators, including a 7-year, $7.7B UFC deal with Paramount starting 2026 and a 10-year global WWE Raw deal with Netflix. Live event revenue includes ticket sales and site fees — payments from cities and governments to host TKO events — which are near-100% margin. Through IMG, TKO also earns fees managing media rights and sponsorships for 300+ third-party sports clients. UFC and WWE each run at roughly 50-60%+ adjusted EBITDA margins, while IMG operates at mid-teens margins. TKO's structural advantage is that it owns the IP, controls the event calendar, and operates without franchise partners, giving it full flexibility to optimize event monetization globally.