LOS ANGELES (CelebrityAccess) — Endeavor Group Holdings, Inc. the parent company of the global talent agency WME, posted a loss of $420.4 million for the third fiscal quarter of 2024.
According to Endeavor, the company reported revenue of $2.032 billion for Q3, driven by strong revenue gains at WWE, along with increased media rights business for sports properties such as Professional Bull Riders (PBA) during he quarter.
Segment breakouts
Endeavor’s Owned Sports Properties segment revenue grew by 53.2% year over year to $735.2 million, bolstered by the acquisition of WWE in September 2023, which contributed $275 million of the increase during the third quarter, partially offset by decreases at UFC due to holding fewer events compared to the prior year period. Endeavor also saw growth at PBR driven by increases in media rights deals combined with increases in ticket sales and PBR Teams-related revenue from the addition of two teams.
Endeavor’s Events, Experiences & Rights segment revenue grew to $899.8 million, up by a staggering 145.1%, compared to the third quarter of 2023. Endeavor attributed the segments success during the quarter to tailwinds from Paris 2024 Olympic and Paralympic Games, for which On Location served as exclusive hospitality provider. However, Adjusted EBITDA for the segment was $(68.0) million for the quarter, down $97.8 million year-over-year.
Endeavor’s representation business saw gains as well, posting revenue of $429.2 million for the quarter, up $43.6 million, or 11.3%, compared to the third quarter of 2023. Endeavor attributed the gains to growth in the talent and music divisions but noted that results were weighed on by decreases in the non-scripted content production business. Adjusted EBITDA was $124.9 million for the quarter, up $28.6 million, or 29.7%, year-over-year.
Recent developments include a $3.25 billion asset acquisition agreement with TKO Group and an extension of the NFL partnership. Additionally, the Silver Lake acquisition of Endeavor, with plans to take the company private, is anticipated to close by Q1 2025.
“During the quarter, our owned sports and representation segments delivered solid results driven by continued consumer demand for live events and content,” said Ariel Emanuel, CEO, Endeavor. “As we work toward the close of our take-private transaction with Silver Lake, we remain focused on delivering for our clients, partners, and shareholders, maintaining momentum throughout our business, and completing the sale of PBR, On Location and IMG to TKO.”
