Endeavor Releases First Quarter Results Following Massive Deal With WWE

Endeavor released its financial results on Tuesday, for the quarterly period that ended March 31. The quarter's revenue was $1.597 billion, with a net income of $36.3 million.

The company's revenue from owned sports properties for the quarter was $353.3 million and went up $56.6 million compared to the first quarter of 2022, while the revenue from events, experiences, and rights was 800.8 million, up $19.9 million compared to the first quarter of 2022. 

The company is expected to start making quarterly cash dividends and will declare its first dividend in the third quarter of 2023. In the report, it was also spoken about the merger of UFC And WWE (the sale of WWE was made official on April 3) as a new publicly listed company as well as the sale of the IMG Academy. Endeavor CEO Ari Emanuel noted how they were "excited about the unique opportunity" of the combination of UFC and WWE. It's worth noting that the combination of the two holds an estimated collective value of more than $21 billion. 

"Our agreement to sell IMG Academy, together with the planned share repurchase and quarterly dividend announced today, are strong examples of our commitment to maximizing return for our shareholders," Emanuel said. "We are excited about the unique opportunity the proposed combination of UFC and WWE presents, and remain focused on durable growth as we continue to execute our successful strategy in content and experiences."

Endeavor is expecting its revenue for 2023 to be between $5.665 billion and $5.815.