TKO Group Holdings, the Endeavor-owned entity behind UFC and WWE, has agreed to acquire three major subsidiaries from its parent company for $3.25 billion. The transaction will see TKO take ownership of the talent agency giant IMG, hospitality and travel business On Location, and the Professional Bull Riders (PBR) league.
The all-stock deal will boost Endeavor’s stake in TKO from 53% to 59%. Closing in the first half of 2025, the deal will also involve TKO repurchasing up to $2 billion of its own shares and initiating shareholder dividends, starting with $75 million in quarterly distributions.
IMG, acquired by Endeavor in 2013, manages over 200 client rights, including the NFL, Premier League, NHL, and IOC. However, this acquisition excludes IMG's licensing, modeling, and tennis representation sectors, as well as its entire events portfolio.
On Location, owned by Endeavor since 2020, provides VIP hospitality for top-tier events like the Super Bowl, Ryder Cup, and NCAA Final Four, and has secured hospitality rights for the 2026 FIFA World Cup and upcoming Olympic Games.
Endeavor bought PBR in 2015, and it now reaches over 285 million households in 65+ territories with more than 200 live events annually. Following the acquisition, PBR’s CEO Sean Gleason, On Location’s president Paul Caine, and Adam Kelly, IMG’s newly appointed president, will continue to lead their respective organizations under TKO's banner.