TKO Group (TKO) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic outlook and priorities

• Focus on high-quality execution with multiple avenues for outperformance, led by strong media rights deals totaling $15 billion over the next five to seven years.

• Partnership revenue target raised to $1.2 billion by 2030, with most deals being contractual, recurring, and high margin.

• Financial incentive packages (FIPs) targeted at $380–$420 million by 2030, up from a current run rate of $240 million.

• Emphasis on live events and the experience economy, with strong pricing elasticity and demand.

• Capital return program prioritized, with accelerated share repurchases and dividend increases.

Media partnerships and platform strategy

• New relationships with Paramount and CBS are driving subscriber growth and engagement, with UFC content boosting Paramount+ signups and retention.

• Anticipated merger of HBO and Peacock Plus seen as a positive, creating a stronger competitive platform for sports content.

• WWE's move from Peacock to ESPN Unlimited is expected to expand reach, with early signs of audience growth and optimism for future distribution deals.

• Collaborative marketing and ad sales efforts with media partners are enhancing brand exposure and value.

Growth initiatives and new ventures

• Boxing identified as a major new growth area, aiming to create a league with clear structure, transparency, and marquee matchups.

• Plans to take Zuffa Boxing international, with initial events in the U.K. and ambitions to replicate UFC/WWE success over 5–10 years.

• On Location's Olympic and World Cup hospitality businesses are on track to meet EBITDA guidance, despite operational challenges in Milan.

• Focus on U.S.-based events for On Location due to complexities of international operations.