TKO was the second-best performer on the S&P 500 Wednesday, after the WWE and UFC parent got a bullish nod from Bernstein.
The company’s shares are up 68% over the past year, and resurgence in the live events business and the WWE’s knack for turning its stunt-show-themed soap opera into a massive touring festival with a circus-like atmosphere are big reasons why.
In April, WrestleMania 41 became WWE’s most watched and highest-grossing show ever.
On-site merch sales are up 45% year over year and e-commerce revenue is up 86%.
Bernstein also flagged the company’s upcoming UFC media rights renewal as a major tailwind, suggesting the deal could top $1 billion annually as sponsorships continue to scale.
Now listen, nothing’s ever assured in wrestling, but the stock’s doing great; the rock bottom for shares was all the way back in October 2002.
The Takeaway
It’s been an exciting performance from the combat and sports entertainment company, which is used to some death-defying days. The biggest one-day drop for TKO was either May 16, 2014, when the stock fell 43%, or June 28, 1998, when The Undertaker threw Mankind off Hell In A Cell and he plummeted 16 feet through an announcer’s table.
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