The Beverly Hills-based entertainment company said June 2 that it had $2.4 million in net income for the quarter, a marked improvement over a loss of $51.4 million for the same period a year earlier.
Endeavor Group said the profit bump is due largely to its Ultimate Fighting Championship division.
The company reported $1.07 billion in total revenue for the first quarter, down from $1.19 billion in the same quarter last year.
“As we emerge from the pandemic, we are witnessing strong demand for all forms of content. Our company was purpose-built to fulfill this demand on a global scale — be it live events and experiences or premium on-screen content,” Endeavor Chief Executive Ariel Emanuel said in a statement.
“While our first-quarter results were still negatively impacted by Covid-19, we are well positioned to benefit from the pent-up demand for content while maintaining our long-term focus on secular trends and high-growth areas that have been both validated and amplified by the pandemic,” he added.
Endeavor’s other properties include talent agency William Morris Endeavor Entertainment, sports management company IMG and the Miss Universe Organization.
Endeavor went public April 29 on the New York Stock Exchange, raising more than $500 million. The company’s share price debuted at $24 and is currently trading between $29 and $30.
In the first quarter, revenue in Endeavor’s sports segment, which includes UFC, Professional Bull Riders Inc. and EuroLeague, increased by 22%.
Endeavor-owned On Location was chosen June 2 by the International Olympic Committee as the global hospitality provider for three Olympic and Paralympic Games starting with Paris 2024.
Meanwhile, Endeavor Group’s live events unit saw revenue drop in the first quarter by 19.3% to $539.5 million while the company’s talent representation business reported a15% revenue decline to $248.9 million.
Endeavor Group expects revenue between $4.76 billion and $4.83 billion this year. In 2019 — before the pandemic decimated live events and upended the entertainment industry — the company posted annual revenue of $4.6 billion.
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