Dave Meltzer Questions Accuracy Of Forbes Report On Wrestling Promotion Values

Earlier this week, Forbes released a report offering an evaluation of "combat sports promotions," estimating the total worth of companies including WWE, UFC, and AEW. In today's Wrestling Observer Newsletter, Dave Meltzer took issue with some of the figures in the report, which had WWE estimated at a $6.8 billion valuation, while AEW was valued at $2 billion. According to Meltzer, the report has WWE undervalued while AEW is overvalued.

"There is no way WWE is worth only 3.4 times what AEW is worth," Meltzer wrote. "TKO stock, which is basically valued at 51 percent UFC and 49 percent WWE, is worth ... $95.29 per share and in theory would give WWE a value of $7.727 billion and UFC a value of $8.04 billion."

With regard to AEW's valuation, Meltzer said he had heard the company had between $170 and $175 million in revenue in 2023, compared to the $250 million cited in the report. Meltzer then determined that WWE's total stock price is 5.8 times its annual revenue. If you apply that 5.8 multiplier to AEW's annual revenue to get an estimated value, the figure is roughly $1 billion — about half of the estimate from Forbes.

Meltzer speculated that the reason behind the optimistic valuation for AEW is because the company has grown quickly in its five years of existence, with revenue increasing each year. However, the young promotion still has yet to turn a profit, and Meltzer argued that WWE is undeniably hotter with audiences at the moment. Things could change drastically with AEW's next TV rights deal, which is still set to be negotiated this year.

If you use any of the quotes in this article, please credit Wrestling Observer Newsletter with a h/t to Wrestling Inc. for the transcription.