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Endeavor moves to Q1 profit on premium content and live events –

According to Variety.

Endeavor posted a net profit of $517 million on revenue of $1.47 billion. Black Ink was driven by a one-time gain of $463.6 million from the sale last year of the Endeavor Content division, which was acquired by South Korea’s CJ ENM for $775 million.

Excluding the Endeavor Content gain, Endeavor’s adjusted earnings before interest, taxes, depreciation and amortization were approximately $129.2 million.

The company raised its full-year 2022 revenue forecast slightly, predicting it to be between $5.235 billion and $5.47 billion, from the $5.2 billion to $5.45 billion forecast in the previous year. last quarter, and adjusted EBITDA guidance of $1.1 billion to $1.15 billion.

Endeavor recorded operational momentum in its Events, Experiences and Rights division as well as in the Representation segment, which was fueled by a strong performance from WME. Endeavour’s Owned Sports Properties unit posted lower earnings, in part due to the pay-per-view event schedule during the quarter for the UFC compared to the same period last year.

“Our growth in the first quarter was driven by our ability to meet strong demand for premium content
and live events,” said Endeavor General Manager Ariel Emanuel. “We feel good about where we are against the secular tailwinds across our businesses, and have raised our guidance for the fourth consecutive quarter to reflect
our positive outlook for the rest of the year.

Endeavor recently passed the first anniversary of its IPO on April 29, 2021. Shares have held up well staying around the initial price of $24, but with the broader market swings of recent weeks, Endeavor shares have plunged over 40% for the year to date. On Thursday, shares gained 33 cents for the day to close at $18.35.