The WWE Is Exhibit B in the $TKO Bear Case
Everything goes great until it doesn't.
I’ve been responding to Scott Barrett’s TKO Long Bull Thesis with a Bear’s Case against TKO.
The prequel, in which I beefed up Scott’s case to build a steelman argument for TKO, is here, and I wrote the first part Dana White Is Exhibit A in the $TKO Bear Case last month.
Today I’m going to argue that WWE’s long-term performance should be of concern to potential investors in TKO.
Let’s get into it.
Disclaimer: This publication is for informational and educational purposes only and does not constitute investment advice. I am not a registered investment advisor. All opinions expressed are my own and may be incorrect. Readers should conduct their own research and consult a qualified financial professional before making any investment decisions.
Nick Khan’s Big Scores Might Hurt the WWE Long-Term
Unlike Mark Shapiro, who struggled to get the UFC a new media rights deal in 2025 (ultimately, Ari Emanuel saved the day by signing the $7.7 billion/7 year Paramount+ deal for the MMA promotion), Nick Khan has delivered big since the formation of TKO.
Again and again.
Since the mid-2023 formation of TKO (a new entity created when Endeavor purchased WWE and merged it with the UFC), Nick Khan has signed the following WWE media rights deals, nearly all of which feature big increases over past rights deals, and some of which may hurt the popularity of the promotion longer term:
