Endeavor Posts Q2 Profit on IMG Academy Sale, UFC Growth
variety.comCynthia Littleton Business Editor Endeavor swung to a big profit in the second quarter thanks to the sale of its IMG Academy business, which will help fuel a stock buyback program and a cash dividend payments at the end of the current quarter.
The parent company of WME, IMG, UFC and other media and sports assets delivered revenue of $1.43 billion in the quarter, up about 8% from the year-ago quarter.
Adjusted earnings before interest taxes, depreciation and amortization of $304.9 million, up slightly from the year-ago mark ($306.4 million).
Net income swelled to $666.5 million, from $36.3 million a year ago. Endeavor is in the process of closing its $21 billion transaction to combine UFC and wrestling giant WWE into a single sports entity that will trade as a separate stock under the ticker symbol TKO.
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