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What were the key takeaways from TKO Group Holdings’s earnings call?

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What factors drove the changes in TKO Group Holdings's revenue and profit?

- **Media Rights Wins**: $7.7B UFC-Paramount deal and ESPN-WWE partnership lock in high-margin, escalatable revenue.
- **Financial Strength**: Q3 2025 revenue $1.12B, EBITDA $360M; raised 2025 guidance to $4.7B revenue and $1.58B EBITDA.
- **Boxing Breakthrough**: Canelo vs. Crawford generated $47M gate, 41M viewers; Zuffa JV to launch 2026 with Paramount media rights.
- **Global Growth**: 2026 to include three Saudi Arabia WWE events, expanded site fees, and >$450M partnership revenue.

**【CEO Summary Section】**
- **Landmark Media Rights Deals**: Secured a 7-year, $7.7B UFC deal with Paramount and a 5-year WWE premium live events partnership with ESPN, driving recurring revenue and global reach.
- **Financial Milestones**: Announced a $1B stock buyback, doubled quarterly dividend, and raised full-year 2025 guidance to $4.69B-$4.72B in revenue and $1.57B-$1.58B in adjusted EBITDA.
- **Live Events Success**: UFC 319 set a Chicago record, and WWE’s Summerslam sold over 100K tickets at MetLife Stadium. Zuffa Boxing’s Canelo vs. Crawford fight generated $47M in gate revenue and 41M global viewers.
- **Strategic Initiatives**: Expanded site fee negotiations globally, with 2026 featuring three Saudi Arabia WWE events and new boxing media rights with Paramount.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue $1.12B, adjusted EBITDA $360M (32% margin). UFC revenue $325M (-8%), WWE $402M (+23%), IMG $337M (-59%).
- **Free Cash Flow**: Generated $399M, with 111% conversion of adjusted EBITDA. Raised 2025 free cash flow target to >60% of adjusted EBITDA.
- **2026 Outlook**: Media rights deals with Paramount and ESPN to add high-margin, escalatable revenue. Boxing JV (Zuffa) to contribute management fees and media rights commissions.

**【Q&A Key Highlights】**
- **Media Rights Strategy**: Paramount’s base-tier subscription model for UFC expands reach, while ESPN’s promotional ecosystem boosts WWE’s footprint. International rights negotiations prioritize brand, reach, and revenue.
- **Boxing Growth**: Canelo vs. Crawford event showcased super fight potential, with 2-4 such events/year. Zuffa Boxing JV to launch in 2026 with Paramount media rights.
- **Site Fees Momentum**: 2026 to include three Saudi Arabia WWE events, plus new site fee opportunities in the U.S. and globally, targeting multi-million dollar deals.
- **Partnership Expansion**: New sponsors like Wingstop and Maybelline highlight >$450M in 2025 partnership revenue, with long-term goal of $1B by 2030.

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