TKO is acquiring the PBR through an equity arrangement. In 1992, 20 bull riders resolved to make a change in their sport. They took a risk, just like they do whenever they crawl on the back of a bull. Each of them pledged $1,000 to help transform the sport for the better. They attained their goal.
When Spire Capital purchased the PBR 15 years ago, the 20 founding members received their reward on the same day they placed their initial investment. That first set saw their goal come true and received compensation for taking that risk.
In 2015, Endeavor Group purchased the PBR. The transaction was estimated to be worth $100 million at the time.
Now, nine years later, another deal has been arranged to acquire ownership of the company.
TKO, the parent company of WWE and the UFC, has signed a stock purchase deal to acquire the PBR, On Location, and IMG from Endeavor Group. The revised equity deal value is $3.25 billion. So, what does this imply for the Cowboys? Nobody is sure. One thing is clear: when the Endeavor purchase occurred in 2015, the 20 people who created the group had already received their compensation.
The initial founders proved what they already knew to be true. The entire world. Bull riding might exist on its own. People would pay to see clean, direct bull riding at its best. Today, the PBR hosts more than 200 annual live events, with over 1.25 million people in attendance and reaching more than 285 million households in 65 different countries. Mark Shapiro, Chief Operating Officer of TKO, stated in a statement, “PBR, On Location, and IMG are industry-leading assets that significantly improve TKO’s portfolio and strengthen our position in premium sports globally. Within TKO, they will assist drive the expansion of our revenue streams and position us to capture even more upside from some of the most appealing components of our sports ecosystem: television rights, live events, ticket sales, premium experiences, brand partnerships, and
Site fees. In a social media post, PBR CEO Sean Gleason stated, “PBR will be a natural fit within TKO’s expanding business, which includes UFC, the world’s premier mixed martial arts organization, and WWE, the recognized global leader in sports entertainment.” These organizations host more than 300 live events each year, reaching over 1 billion households in about 210 countries and territories.
“Subject to the deal closing in the first half of 2025, we will enhance our position as the leading Western sport committed to delivering the most thrilling and entertaining events to fans, as evidenced by an incredible PBR Teams Championship last weekend in Las Vegas, providing significant value to our partners, and expanding the opportunities available to bull riders, putting
“Everything is on the line for the sport they love.” The agreement is anticipated to be finalized in early 2025.
TKO Group Holdings Inc. shares fell more than 8% following the announcement on Thursday and remained flat through the end of trade on Friday afternoon.
The PBR will begin its new season on November 15-16 with the Unleash the Beast Tour event in Tucson, Arizona.
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