TKO’s stock suffered a major blow when WWE announced big changes in store for SmackDown.
As of September 12th, WWE has officially merged with UFC to form TKO Group Holdings under parent company Endeavor. The takeover was met with great fanfare at the New York Stock Exchange and has resulted in massive earnings for Nick Khan, Vince McMahon, Triple H, and other WWE executives.
Endeavor head Ari Emanuel is CEO of the new corporation, while Vince McMahon is Executive Chairman of the Board of Directors. Former CEO Nick Khan now serves as WWE President.
On September 21st, WWE announced via press release a massive new television deal that will see SmackDown return to the USA Network after residing on FOX since 2019. The move is set to take place in October of 2024, and the deal will also see the company produce four specials a year for NBC primetime. Nick Khan has indicated that the move of station will continue to see SmackDown air on Friday nights.
The new deal does not include rights for Raw and NXT, which are expected to move away from the USA Network.
How Did TKO Stock Respond To WWE SmackDown Moving To USA?
News of these new deals has not been met with enthusiasm on the New York Stock Exchange, and TKO Group has taken a massive financial hit as a result. According to a report from Forbes, the company’s stock dropped 12% in intraday trading.
The report notes that the massive drop took place following the SmackDown announcement and that stock dipped as low as $84.86 per share when it has been trading around $104 throughout the week.