# TKO Group Holdings Moat

Status: published. Policy: company-analysis-1.

TKO has a demonstrated intangible-assets advantage centered on UFC and WWE: distinctive content supports substantial licensing revenue, higher renewal fees and repeat commercial commitments. Multiyear contracts support persistence, while piracy, audience substitution, renewal options and litigation constrain durability. Pricing power is demonstrated in sponsorship renewals and contractual media-fee escalations, but equivalent advantages across the acquired service businesses remain unestablished.

## intangible_assets

UFC and WWE's differentiated intellectual property and established audiences support monetization through media rights, sponsorships, live events and licensing. Actual higher renewal fees and media-fee escalations provide pricing evidence beyond revenue growth alone.

Durability: Multiyear licensing arrangements, substantial remaining contractual obligations and renewed venue commitments support several years of persistence. These commitments do not guarantee successful subsequent renewals or exceptional long-term durability.

Risks: Piracy can impair content economics; audience preferences and athlete popularity can shift. Distributors retain negotiating leverage and some termination options. UFC live-event revenue declined in first-half 2026 despite growth elsewhere, and litigation creates financial and potential operational exposure.

Invalidation: The advantage would weaken materially if successive major media or sponsorship renewals required lower comparable fees, repeat venue commitments failed to renew, or sustained audience deterioration reduced licensing demand. Binding legal restrictions that materially impaired content economics would also invalidate the current durability assessment.

Competitors: Not established
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526071651/tko-20251231.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526071651/tko-20251231.htm) · 2026-02-25
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526330592/tko-20260630.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526330592/tko-20260630.htm) · 2026-08-03
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526173833/d913980ddef14a.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526173833/d913980ddef14a.htm) · 2026-04-23
- [https://www.sec.gov/Archives/edgar/data/1973266/000095017025027778/tko-20241231.htm](https://www.sec.gov/Archives/edgar/data/1973266/000095017025027778/tko-20241231.htm) · 2025-02-26
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_1.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_1.htm) · 2026-08-03
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_2.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_2.htm) · 2026-08-03
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_1.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_1.htm) · 2026-05-06
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_2.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_2.htm) · 2026-05-06
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_1.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_1.htm) · 2026-02-25
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_2.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_2.htm) · 2026-02-25
- [https://www.sec.gov/Archives/edgar/data/1973266/000119312526269552/d80456d8k.htm](https://www.sec.gov/Archives/edgar/data/1973266/000119312526269552/d80456d8k.htm) · 2026-06-12

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