November 13, 2023 Observer Newsletter: TKO earnings call, NXT to The CW

TKO had its first investors call on 11/7, and as compared with the previous decade-plus of WWE, it was completely different.

For one, nobody from WWE was on the call, as it featured TKO CEO Ari Emanuel, COO Mark Shapiro, and CFO Andrew Schleimer.

The previous details on WWE’s business have also changed. While this call only covered 19 days of WWE business, from the official transaction on 9/12 until 9/30, it’s clear much of the details from live attendance figures, to detailed breakdowns by segment, were not there and likely won’t be there going forward.

They announced revenue for the quarter from 7/1 to 9/30 of $449.1 million with $239.7 million in EBITDA, although the company had a net loss of $21.9 million for the quarter due to a number of expenses, including a $3.86 per share dividend to WWE Class A stockholders as part of the change in ownership to TKO.

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