Endeavor’s plan to merge UFC and WWE is showing early returns thanks to a new quarterly revenue record.
The company’s $1.59 billion Q1 2023 revenue total marks a new first-quarter record for the entertainment giant, which drew $1.47 billion in revenue for the first quarter last year.
Endeavor’s sports properties segment, which is expanding to include WWE after the acquisition announced last month, generated $353.3 million in the first quarter, up 19% compared to the first quarter of 2022.
Sports Data and Technology was Endeavor’s biggest growing segment in Q1 with $100.9 million in revenue, a 124% increase compared to last year’s first quarter.
The segment’s surge was driven by last year’s $1.2 billion acquisition of sports betting company OpenBet and the growth of Endeavor’s sports betting data distribution arm IMG Arena — which has deals with leagues such as MLS, the NWSL, the PGA, and LPGA Tours, and the ATP Tour.
While Endeavor bought WWE in April, it also sold its IMG Academy for $1.25 billion to the private equity firm BPEA EQT.
IMG’s preparatory school for top youth and high school athletes is expected to continue running alongside private equity firm BPEA’s Nord Anglia Education institution.
Once the IMG Academy sale is finalized, Endeavor expects to repurchase up to $300 million worth of company shares to help pay down its debt, which sits above $5 billion.
