TKO Group Holdings
| Company type | Public |
|---|---|
| Industry | Sports and sports entertainment |
| Founded | September 12, 2023 |
| Headquarters | United States |
Key people | Ari Emanuel (CEO), Mark Shapiro (President), Dana White (UFC CEO), Nick Khan (WWE CEO) |
| Products | Ultimate Fighting Championship (UFC), World Wrestling Entertainment (WWE), Zuffa Boxing, Professional Bull Riders (PBR), On Location Events, IMG |
| Owner | Endeavor (majority stakeholder) |
TKO Group Holdings, Inc. (TKO) is a United States-based company specializing in sports and sports entertainment, established on September 12, 2023. It was created through the combination of Endeavor's subsidiary Zuffa, which owns the Ultimate Fighting Championship (UFC), and the professional wrestling organization WWE.
The executive team at TKO includes CEO Ari Emanuel and president Mark Shapiro, both affiliated with Endeavor. Meanwhile, Dana White and Nick Khan maintain their roles as CEOs of UFC and WWE, respectively. Former WWE co-founder Vince McMahon held the position of executive chairman until his departure in January 2024, following allegations related to a sex trafficking scandal. This merger marked the conclusion of more than seven decades of majority ownership by the McMahon family.
According to Forbes, by 2024, UFC and WWE ranked as the two most valuable combat sports entities worldwide, with UFC generating $1.406 billion and WWE earning $1.398 billion in revenue during 2023.
In 2025, TKO revealed intentions to introduce a new boxing division named Zuffa Boxing and to acquire additional sports and entertainment properties from Endeavor’s divestiture to Silver Lake Partners. These assets include Professional Bull Riders (PBR), the hospitality firm On Location Events, as well as holdings from IMG.
Background
WWE traces its origins back to 1953 when it was established as the Capitol Wrestling Corporation (CWC), operating as a Northeastern territory within the National Wrestling Alliance (NWA). Founded by Vincent J. McMahon, son of promoter Jess McMahon, CWC exited the NWA in 1963 due to disagreements over booking, subsequently rebranding as the World Wide Wrestling Federation (WWWF). The organization adopted the name World Wrestling Federation (WWF) in 1979 and completely severed ties with the NWA by 1983.
The present-day corporate entity, Titan Sports, Inc., was originally incorporated in 1980 and later reincorporated under Delaware jurisdiction in 1987. Co-founded by Vincent K. McMahon alongside his wife Linda, Titan Sports acquired Capitol Wrestling Corporation Ltd. in 1982. Vince McMahon expanded WWF’s reach nationally and internationally through televised programming.
During the wrestling surge of the 1980s, WWF leveraged Hulk Hogan’s ascent following his championship victory in 1984. The inaugural WrestleMania event debuted in 1985, establishing itself as WWF’s premier pay-per-view spectacle and pioneering this distribution approach. In 1993, WWF launched its live weekly broadcast Monday Night Raw.
The company went public on the New York Stock Exchange in August 1999. It reinforced its dominance within the industry by acquiring assets from World Championship Wrestling in 2001 after the Monday Night War concluded. Titan Sports changed its name to World Wrestling Federation Entertainment, Inc. in 1999 and then to World Wrestling Entertainment, Inc. in 2002 following a legal dispute with the World Wildlife Fund. Since 2011, it has used WWE as its brand name while retaining its legal corporate name. Before merging into TKO Group Holdings, Vince McMahon controlled a 38.6% ownership stake along with 81.1% voting rights; both figures were substantially diminished after the merger.
The Ultimate Fighting Championship (UFC) was established in 1993 by entrepreneur Art Davie and martial artist Rorion Gracie through WOW Promotions. The first UFC event sought to determine the most effective martial art via contests governed by minimal rules. Over time, MMA evolved into its current form with tighter regulations and an emphasis on cross-disciplinary fighting techniques.
Following UFC 5 in 1995, Davie and Gracie sold their stakes to Semaphore Entertainment Group. In 2001, Zuffa LLC—headed by brothers Frank Fertitta III and Lorenzo Fertitta—acquired UFC and significantly propelled both company growth and global MMA popularity. Zuffa further expanded UFC’s market share by purchasing key competitors such as Pride Fighting Championships (2007) and Strikeforce (2011).
In 2016, Zuffa was sold for $4.025 billion to a group led by Endeavor (formerly WME–IMG), alongside Silver Lake Partners, Kohlberg Kravis Roberts, and MSD Capital. Endeavor rebranded from WME–IMG in 2017 and completed full acquisition of Zuffa in 2021 at a valuation of $1.7 billion.
WWE's steps toward a sale
On June 17, 2022, following allegations of misconduct, Vince McMahon resigned from his roles as WWE chairman and CEO, transferring leadership responsibilities to his daughter Stephanie McMahon and Nick Khan. By January 2023, Vince intended to return in preparation for upcoming media rights negotiations, as WWE's contracts with Fox and USA Network were due to expire in 2024. That same month, JPMorgan & Co was retained to investigate the possibility of selling the company, with potential buyers rumored to include Comcast, Fox Corporation, The Walt Disney Company, Warner Bros. Discovery, Netflix, Amazon, Endeavor (operator of WWE Network’s streaming platform), Liberty Media, Creative Artists Agency, and Saudi Arabia's Public Investment Fund, connected through WWE’s longstanding partnership with Saudi Arabia.
On January 10, 2023, Stephanie McMahon stepped down as chairwoman and co-CEO; Vince McMahon took on the role of executive chairman while Nick Khan became the sole CEO.
Establishment
In September 2023, Endeavor Group Holdings combined UFC and WWE to form TKO Group Holdings, Inc., a publicly traded entity listed on the New York Stock Exchange under the ticker "TKO". Endeavor holds a majority 51% ownership stake, while WWE shareholders maintain 49%, valuing WWE at $9.3 billion. This transition marked the first occasion in which WWE was not under majority control by the McMahon family. Endeavor CEO Ari Emanuel assumed the role of TKO CEO; Mark Shapiro was appointed president and COO. UFC and WWE continue to operate as distinct divisions within TKO, with Dana White remaining UFC CEO and Nick Khan serving as WWE president after the merger. WWE’s creative head, Paul Levesque, retained his position.
At the announcement, Emanuel emphasized the complementary strengths between these two premier sports-entertainment entities. McMahon reflected on the evolving nature of the family business and commended Endeavor’s success in expanding the UFC brand.
The merger was finalized on September 12, 2023; Vince McMahon personally holds roughly one-third of TKO’s Class A Common Stock. The first television broadcast under TKO’s banner was the September 12 episode of WWE NXT. Dana White continued his tenure as UFC CEO.
In January 2024, former WWE staffer Janel Grant initiated legal action alleging that Vince McMahon forced her into a sexual relationship and engaged in sex trafficking with assistance from WWE executives and a former UFC fighter. Grant described severe abuse and an unfulfilled $3 million payment tied to a nondisclosure agreement. Federal prosecutors issued subpoenas for McMahon, who resigned from TKO on January 26, 2024, citing consideration for stakeholders and employees.
Additional investments and acquisitions
In July 2024, TKO Group invested in EverPass Media, an NFL-supported provider of streaming pay TV content to commercial establishments. Mark Shapiro joined its board of directors.
On October 23, 2024, TKO revealed a $3.25 billion all-stock purchase agreement from Endeavor involving sports and event management company IMG (excluding select licensing rights, modeling divisions, tennis representation, and full events portfolio), luxury hospitality firm On Location Events, and Professional Bull Riders (PBR). Scheduled to close in 2025, this acquisition followed Silver Lake Partners’ demand that Endeavor divest assets amid its planned buyout. Shapiro highlighted interest in owning leagues and acquiring businesses that complement TKO’s sports ecosystem. After closing, Endeavor would hold a 59% stake in TKO while other shareholders own 41%. The transaction was finalized on February 28, 2025. To celebrate the acquisition, TKO organized "TKO Takeover," a sequence of PBR, UFC, and WWE events held consecutively at Kansas City’s T-Mobile Center in April 2025.
On March 5, 2025, TKO collaborated with Saudi General Entertainment Authority chairman Turki Al-Sheikh and conglomerate Sela to establish a new boxing promotion launching in 2026. On April 19, 2025, through WWE, TKO announced it had acquired Mexican lucha libre organization Lucha Libre AAA Worldwide via a joint venture with Fillip; upon closing expected in Q3 2025, TKO will hold a controlling 51% stake.
On June 6, 2025, TKO introduced UFC Brazilian Jiu-Jitsu (UFC BJJ), a sister brand focused on submission grappling competitions. On June 23, Ring Magazine disclosed that TKO’s boxing promotion would be named Zuffa Boxing. Zuffa Boxing’s inaugural event occurred on September 13, 2025 at Allegiant Stadium. On September 29, 2025, Zuffa Boxing secured a media rights agreement with Paramount Skydance to broadcast twelve annual events on Paramount+ streaming service with potential simulcasts on CBS.
Ownership
By June 2025, TKO Group Holdings' ownership composition was as follows:
- Endeavor, through Silver Lake, held a 61.72% stake
- WWE shareholders accounted for 38.28%, broken down into:
- Various individual stockholders – 24.65%
- McMahon family – 4.52%
- Vince McMahon – 3.25%
- Stephanie McMahon – 0.98%
- Linda McMahon – 0.29%
- The Vanguard Group – 4.03%
- State Street Corporation – 2.54%
- BlackRock – 2.20%
- Dwayne Johnson – 0.17%
- Nick Khan – 0.11%
- Andrew Schleimer – 0.04%
- Jonathan Kraft (Kraft Group) – 0.02%
Corporate governance
Initially, the board of TKO Group Holdings consisted of eleven directors, which expanded to thirteen members on January 23, 2024, with the inclusion of Dwayne Johnson, who also obtained rights to his trademark "The Rock." During this period, WWE finalized new broadcasting agreements, including a partnership with Netflix, broadening its global exposure. Shortly after, on January 26, 2024, the board was reduced to twelve following the resignation of Executive Chairman Vince McMahon amid legal issues.
The current board comprises twelve members:
| Name | Affiliation | Position |
|---|---|---|
| Ari Emanuel | Endeavor | CEO and Executive Chairman of TKO Group Holdings |
| Egon Durban | Co-CEO of Silver Lake Management | |
| Nick Khan | WWE | President of WWE |
| Steve Koonin | Lead Independent Director CEO of Atlanta Hawks | |
| Jonathan Kraft | Endeavor | President of the Kraft Group and the New England Patriots |
| Sonya Medina Williams | President and Executive Director for Reach Resilience | |
| Mark Shapiro | President and COO of TKO Group Holdings | |
| Carrie A. Wheeler | WWE | CEO of Opendoor |
| Nancy Tellem | Endeavor | Chief Media Officer of Eko |
| Peter Bynoe | WWE | Senior Advisor at DLA Piper |
| Dwayne Johnson | Co-owner of United Football League Part-time WWE wrestler | |
| Brad Keywell | Endeavor | Executive Chairman of Uptake Technologies |
Assets
- World Wrestling Entertainment (WWE)
- Majority ownership (51%) in Lucha Libre AAA Worldwide alongside Fillip Holdings
- Joint ownership (50%) of Tapout with Authentic
- Minority stakes in Breath Death Inc., including the brand Breath Death
- Minority interest in Rahm Inc., owner of Real American Beer
- TSI Realty Services, Inc.
- WWE Jet Services Inc.
- Ownership of WCW Inc.
- WWE Books
- WWE Music Group
- The WWE Network streaming platform
- The WWE Performance Center training facility
- The WWE Podcast Network
- Recruitment platforms such as WWE Recruit
- WWE Studios production company
- Extensive archival holdings managed by the WWE Legacy Department, including:
- American Wrestling Association, tracing back to the Minneapolis Boxing & Wrestling Club era (1933–1960)
- Selective footage from Central States Wrestling, including the Midwest Wrestling Association
- Championship Wrestling from Florida archives
- Historical content from Championship Wrestling from Georgia
- Select footage from Deep South Wrestling and Dragon Gate USA
- Complete libraries from promotions such as Evolve and Extreme Championship Wrestling (originally Eastern Championship Wrestling)
- Florida Championship Wrestling records
- Selective materials from Georgia Championship Wrestling, Global Wrestling Federation, Heartland Wrestling Association, International Championship Wrestling, Jim Crockett Promotions including Eastern States and Mid-Atlantic Championship Wrestling, Maple Leaf Wrestling including Queensbury Athletic Club footage, Memphis Championship Wrestling, Ohio Valley Wrestling highlights, Smoky Mountain Wrestling archives, Stampede Wrestling including Big Time, Klondike, and Wildcat divisions, St. Louis Wrestling Club content, Ultimate Pro Wrestling materials, Universal Wrestling Federation holdings encompassing Mid-South Wrestling and NWA Tri-State eras, World Class Championship Wrestling including NWA Big Time and World Class Wrestling Association periods, World Championship Wrestling assets, and selected footage from World Wrestling Council's Capitol Sports Promotions.
- Ultimate Fighting Championship (UFC)
- Facilities such as UFC Apex and UFC Performance Institute locations in Shanghai and Mexico City
- UFC Brazilian Jiu-Jitsu program (UFC BJJ)
- Subscription service UFC Fight Pass
- UFC Gym franchise alongside UFC Fit fitness brand
- Published content via UFC Magazine
- Retail operations through UFC Store
- Ultimate Fighting Productions LLC management entity
- Legacy assets from Zuffa acquisitions including: Pride Fighting Championships, Strikeforce, World Extreme Cagefighting, and World Fighting Alliance
- Professional Bull Riders (PBR)
- American Bucking Bull association ownership
- PBR Cowboy Bar operated jointly with The Cordish Companies
- IMG
Ownership over various IMG assets
- On Location Events
- Zuffa Boxing
A collaborative venture between TKO Group Holdings, Saudi Arabia's General Entertainment Authority chairman Turki Al-Sheikh, and Saudi entertainment conglomerate Sela.
See also
- Professional wrestling within the United States
- Mixed martial arts across the United States
- Boxing throughout the United States