Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have always said we like businesses we can explain to a reasonably bright teenager in five minutes. Here is TKO in that spirit: the company owns the two dominant franchises in scripted and unscripted fighting — UFC (mixed martial arts) and WWE (professional wrestling) — plus, since February 2025, a collection of Endeavor cast-offs: the IMG media-production and licensing business, On Location (premium event hospitality), and Professional Bull Riders. It makes money four ways: selling media rights to networks and streamers, selling tickets and hospitality to live events, selling sponsorships, and licensing consumer products. The heart of the matter is simple and beautiful.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-08-03), 8-K (2026-06-12), 8-K (2026-05-12).
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