NANTUCKET TAKES: Still Landing "Knockout" Punches, Remains a Top Pick of Ours

Research evidence excerpt

NANTUCKET TAKES: Still Landing "Knockout" Punches, Remains a Top Pick of Ours

USA | Lifestyle & Growth Platforms

TKO EquityJuneResearch18, 2026

FLASH NOTENANTUCKET TAKES: Still Landing "Knockout"

RATING BUYPunches, Remains a Top Pick of Ours

PRICE $200.03^

We hosted TKO for meetings at Nantucket and came away reinforced in our

conviction that the business is well-positioned to activate transformative media PRICE TARGET | % TO PT $250.00 | +25%

rights deals, drive durable top-line growth, expand margins, and generate robust 52W HIGH-LOW $226.94 - $152.29

FCF. Key topics included media rights momentum, live events demand, FIP FLOAT (%) | ADV MM (USD) 31.7% | 285.81

growth, partnership expansion, and capital allocation. TKO remains a top pick. MARKET CAP $38.9B

TICKER TKO

^Prior trading day's closing price unless otherwise

Media Rights Activation in Full Swing. TKO's new media rights deals are delivering across both noted.

UFC and WWE. UFC's Paramount debut set the tone with the first CBS simulcast (UFC 326)

becoming the most-watched live UFC event since 2016, with the CBS audience alone 270%+ above

prior year linear averages. At WWE, WrestleMania 42 marked ESPN2's most-viewed telecast of

the year, Netflix became the official US home of WWE's Archive, and The CW added ~20 live NXT

PLE broadcasts. The recently announced Paramount+ expansion into Canada further extends the

distribution flywheel.

Live Events Resilient, FIPs Scaling Nicely. Across UFC and WWE, live events continue to

demonstrate premium, durable demand, despite the macro backdrop. WrestleMania 42 drew 106K

+ fans over two nights in Las Vegas with FIP economics meaningfully ahead of prior year. The FIP

pipeline continues to expand with new deals spanning Philadelphia, Belgrade, a multi-year Baku