TKO Group, the merged ownership company of mixed martial arts promotion UFC and professional wrestling company WWE, has purchased a trio of high-profile sports and entertainment assets from its parent company, the Endeavor Group.

The $3.25 billion all-equity purchase sees the major sports and entertainment agency IMG, the events and hospitality firm On Location, and the bull riding touring competition Professional Bull Riders (PBR) taken under the TKO Group umbrella.

While the leadership of PBR and On Location will remain unchanged, IMG president of media Adam Kelly will now step in as president of the IMG business segment as a whole.

This move, which will close in the first half of 2025, expands TKO’s operations outside of just competition operation and into the broader sports business landscape, whilst simultaneously helping pare down Endeavor’s own operations before it is set to privatize in the first quarter of 2025.

TKO’s current pair of properties already utilize IMG and On Location services across their respective operations.

Speaking on the asset transfer, Endeavor and TKO president and chief operating officer Mark Shapiro stated: “PBR, On Location, and IMG are industry-leading assets that meaningfully enhance TKO’s portfolio and strengthen our position in premium sports globally.

“Within TKO, they will help power the growth of our revenue streams and position us to capture even more upside from some of the most attractive parts of our sports ecosystem: media rights, live events, ticket sales, premium experiences, brand partnerships, and site fees.

“These assets are already built into our business strategy at TKO and will serve to further enhance our strong track record of execution across UFC and WWE.”

The move expands Endeavor's stake in TKO up to 59%, from 53%, whilst diluting the stake of existing TKO shareholders, mostly stakeholders in WWE, down to 41%.