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Endeavor Body Slams Q1 With UFC, Miami Open

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Author: Owen Poindexter

Endeavor bounced back from a Q4 that saw it take a small loss to post net income of $517.7 million in Q1.

The entertainment conglomerate was boosted by the return of capacity crowds at UFC bouts and other events, as well as the 80% sale of its production house, Endeavor Content, which netted the company $464 million.

  • Endeavor banked $1.47 billion in first-quarter revenue, up 37.8% year-over-year.
  • All of its UFC pay-per-view events sold out.
  • The Miami Open, which Endeavor owns through its agency IMG, was “the most attended of all time,” according to the company.
  • Hospitality provider On Location got a boost from Super Bowl LVI, which Endeavor said was the largest event by revenue in On Location’s history.

Endeavor boosted its full-year guidance to $5.2 billion to $5.5 billion, with its predicted adjusted EBITDA raised to $1.1 billion to $1.2 billion.

Endeavor beat analyst expectations on its revenue and earnings-per-share, and its stock was up in after-hours trading.

Minor Problem

The company is still determining how to resolve a hiccup in its planned expansion into Minor League Baseball. The company bought nine teams through a new entity, Diamond Baseball Holdings, late last year.

However, the MLB Players Association says the arrangement violates its bylaws because Endeavor also employs certified MLB agents through its WME Sports agency. The company could sell WME or Diamond to avoid its agents’ decertification.

The post Endeavor Body Slams Q1 With UFC, Miami Open appeared first on Front Office Sports.

Go to Source
Author: Owen Poindexter