Brandon Ross

Shapiro dismissed the standalone sustainability of MVP and PFL and framed competition as a rising tide; direct but light on specifics.

Shapiro flatly denied any M&A conversations including F1, calling speculation false; unambiguous answer.

Shapiro firmly rejected the premise, pointed to strong brands and sellouts, highlighted emerging talent pipeline and compared cyclical dynamics to other sports.

Shapiro acknowledged fan criticism is a priority topic, compared it to historical commercial integration in other sports, and emphasized product-first approach while noting record attendance and engagement.

Shapiro confirmed $60M cost (could go higher), ~$30M offset from sellable inventory. Explicit that TKO will not profit from event. Investment in earned media, sampling, Paramount+ subscriber acquisition for long term.

Shapiro clarified Conor Benn signed for just one super fight in 2026, not the Zuffa Boxing series. Purse covered by partner Sela, not TKO. Same structure as Canelo-Crawford. Dismissed Hearn criticism as fictional pot-stirring.

Shapiro declined to comment on Paramount/Netflix bidding for WBD. Acknowledged doing meaningful business with both and seeing pros for TKO either way.

Schleimer confirmed meaningful margin accretion but declined specific guidance. Epstein noted structural changes to premium athlete deals moving from PPV-percentage basis. Fighter pay will increase but margins expected consistent with historical levels.

Schleimer clarified only Australia and Canada had meaningful transactional PPV. Australia numbered event main cards retained by Foxtel. Paramount model is base-tier subscription, all-you-can-eat for all content.

Shapiro deferred to ESPN's own commentary. Cited Jimmy Pitaro's public statement about relishing the TKO relationship and not being ruled out.

Shapiro denied UFC deal is more challenging. Explained TKO is simultaneously in market with 5 properties (UFC numbered/fight nights, WWE PLEs, Zuffa Boxing, PBR). UFC described as in the home stretch.

Shapiro detailed two separate boxing businesses: 1-4 super fights per year funded by Saudis with TKO earning commissions, plus 12-card/year Zuffa Boxing JV with separate media rights and partnerships.

Shapiro emphasized flexibility of owning the league. Balancing monetization with reach and brand growth. Highlighted UFC's demographic strength with 18-34 males and high school audience.

Shapiro stated boxing opportunity exists regardless of Ali Act status. Detailed Zuffa Boxing JV framework with Saudis including $10M+ fee and earn-in equity.

Shapiro confirmed exclusive negotiating window with Disney/ESPN but did not confirm deal completion timing. Emphasized content value and flexibility.

Shapiro provided detailed boxing JV economics: $10M+ fee, no TKO capital at risk, earn-in equity over 5 years tied to milestones.

Berchtold quantified the raised AOI expectation and sized secondary at a low double digit portion of global GTV, with concerts about 5%.

Rapino engaged the competitive framing directly, positioning Spotify alongside Verizon and Citi as a paid presale distribution partner.

Rapino cited cancellation rate at 1-2% (below industry), 15 thousand shows on sale with ~100 canceled. Amphitheater demand tracked ahead of prior year with double-digit ticket sales growth.

Berchtold explained growth in stadiums and amphitheaters skews Q3, so AOI will be weighted more heavily toward Q3 and Q4 this year.

Berchtold detailed broker restrictions and identity verification. Many tickets shifting to other platforms. Over 100 artists using face value exchange.

Berchtold said dismissal of promotion/booking monopoly claims removes breakup argument. Consumer monopoly market dismissal means DOJ must prove venue harm.

Rapino reframed as a diversified portfolio story: stadiums outperformed, amps were cyclically lower, but overall AOI growth delivered. 2026 pipeline strong across all types.

Berchtold detailed identity verification canceling 1M+ accounts, broker restrictions cutting concert listings roughly in half. Impact limited given secondary is low single-digit % of revenue.

Berchtold outlined four AI areas: customer service chatbots, faster coding/deployment, B2B pricing tools for clients, and agentic AI for primary ticket sales.

Berchtold cited international expansion, B2B services, pricing sophistication, and TM as ad platform as long-term growth drivers for ticketing.

Rapino cited April on-sales up 18% YoY, Chris Brown selling a million tickets, Lady Gaga sold out. Sponsorship 80%+ contracted. No pullback in any segment.

Berchtold detailed that lower non-concert and other-promoter activity, international deferral timing, and FX headwinds suppressed TM results despite concert growth.

Berchtold explained Live Nation concerts through TM up 10% but other promoters and non-concerts activity dragged the aggregate to 3%. Early in TM season.

Rapino explained remaining high-end tickets will flush out by show date. Artists pricing at near-perfection to balance demand with scalper prevention.