TKO Closes Acquisition of PBR, IMG and On Location
TKO Group’s announced purchase of Professional Bull Riders (PBR), On Location, and certain businesses operating under the IMG brand closed on February 28, 2025. The all-equity transaction was valued at approximately $3.25 billion, subject to a $50 million purchase-price adjustment. The deal moved from an October 2024 announcement to a completed acquisition.
What TKO Acquired
TKO, the parent company of UFC and WWE, acquired three groups of sports and event businesses from Endeavor:
- Professional Bull Riders (PBR): the professional bull-riding league and related businesses.
- On Location: premium hospitality and live-event experiences.
- IMG businesses: selected sports media, rights, representation, and event operations operating under the IMG brand.
The scope was specific: TKO acquired certain IMG businesses and related assets, rather than every operation associated with IMG. TKO’s closing announcement describes the transferred businesses.
Value and Structure
The agreement announced in October 2024 was an all-equity transaction valued at approximately $3.25 billion. TKO’s filing with the Securities and Exchange Commission records an additional $50 million purchase-price adjustment and confirms the February 28, 2025 closing. See the SEC-filed transaction announcement.
Why the Deal Mattered
The acquisition expanded TKO beyond the UFC and WWE into sports media, event operations, hospitality, and bull riding. Those businesses offer different ways to work with sports properties and live events, including media distribution, sponsorships, ticketing, and premium fan experiences. These were strategic aims described when the deal was announced; their actual financial results depend on TKO’s subsequent reporting.
For background on the original announcement, read TKO’s October 2024 release.
