LOS ANGELES (CelebrityAccess) – Endeavor Group Holdings, the company behind entertainment brands such as the global talent agency WME and the fighting sports promotion TKO, announced a loss during the first fiscal quarter of 2024.
According to Endeavor’s Q1 financial filing, the company generated revenue of 1.85 billion during the first quarter, up from $1.5 billion in the first quarter of 2023.
Adjusted EBITDA for the period was $374.1 million while Endeavor swung to a net loss of $303.5 million during Q1 after realizing a modest net profit of 8 million in Q1 2023.
Endeavor cited the performance of their sports operations, following the acquisition of the wrestling promotion WWE in September 2023, which contributed $317 million in revenue during the first quarter along with a boost from the UFC brand across partnerships, live events, and consumer products licensing as well as increased revenue from PBR. Results from the segment were impacted by fewer UFC events during the reporting period, Endeavor said.
Revenue from talent representation came in at $345.3 million for the quarter, down $4.9 million, or 1.4%, compared to the first quarter of 2023. Endeavor attributed the shortfall to impacts from certain fashion projects that took place during Q1 2023 but not this year, though this was partially offset by growth in WME’s music, talent, sports, and comedy divisions, the company said.
“This quarter, Endeavor benefited from brisk demand for our sports and entertainment content, live events, and premium experiences,” said Ariel Emanuel, CEO, Endeavor. “We remain focused on maintaining our momentum through the year while working toward the close of our take-private transaction with Silver Lake.”
