Endeavor’s Q3 revenue gains driven by WME

WME parent company Endeavor posted a significant loss for the third fiscal quarter of 2024 but saw revenue gains driven by its talent representation and live sports businesses.

The Los Angeles-based sports and entertainment giant reported revenue of $2.03 billion for Q3, as well as a net loss of $420.4 million – nearly three times larger than the same period last year.

The representation segment was up 11% to $429.2m, attributed to growth in WME’s talent and music businesses and “the continued consumer demand for live music”. This increase was partially offset by decreases in the nonscripted content production business.

WME’s roster includes Justin Timberlake, Adele, Bruno Mars, Pearl Jam, The Killers, Bjork, Foo Fighters, Stormzy, St Vincent, Shakira and Snoop Dogg among others.

The owned-sports segment — which includes TKO, the parent company of wrestling giant WWE and MMA leader UFC, along with Professional Bull Riders, which will soon be sold to TKO — increased revenue by 53% to $735.2m.

“Our owned sports and representation segments delivered solid results driven by continued consumer demand for live events and content”

The events, experiences and rights segment surged to $899.8m (a 145% year-over-year increase) due to On Location’s hospitality business at the Paris Olympics.

“During the quarter, our owned sports and representation segments delivered solid results driven by continued consumer demand for live events and content,” says 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.”

In April this year, it was announced that Endeavor would be acquired by majority shareholder Silver Lake in a deal valued at $13 billion. The Silicon Valley-based private equity company plans to take Endeavor private next year, as the firm sheds assets.

In October, Endeavor announced an agreement with TKO to acquire Professional Bull Riders, On Location, and event management, digital services, consulting and media rights company IMG in an all-equity transaction valued at $3.25 billion. The deal will increase Endeavor’s stake in TKO by 6% to 59%.

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