Investigations
TKO Group Holdings, Inc.
Overview
Overview
- Deadline:
- Upcoming
| Company Name: | Company Name: TKO Group Holdings, Inc. |
| Stock Symbol: | Stock Symbol: TKO |
TKO Group Holdings, Inc. (NYSE: TKO): Bleichmar Fonti & Auld LLP (“BFA”) is investigating potential claims for breach of fiduciary duty against the board of directors and controlling stockholder of TKO Group Holdings, Inc. (“TKO” or the “Company”) in connection with TKO’s recently announced acquisition of certain business assets owned by Endeavor Operating Company, LLC for $3.25 billion. Minority shareholders of TKO will have no voice in the transaction because controlling shareholder Endeavor Group Holdings, Inc. (“Endeavor”) has approved the acquisition by written consent without a minority vote.
If you own shares of TKO, you are encouraged to submit your information.
Investigation Details:
TKO is controlled by Endeavor Group Holdings, Inc. (“Endeavor”) through its ownership of 53.6% of the total voting power of the Company’s voting stock. Endeavor has designated a majority of directors to the board of directors of TKO. As a result of its control, Endeavor can influence TKO to engage in conflicted transactions and control the outcome of TKO’s corporate actions that typically would require shareholder approval.
On October 24, 2024, TKO announced that it had entered into a transaction agreement with Endeavor Operating Company, LLC, a subsidiary of Endeavor, pursuant to which TKO agreed to acquire the Professional Bull Riders, On Location and IMG businesses from Endeavor for $3.25 billion in Company stock (the “Acquisition”). As a result of the Acquisition, Endeavor will increase its ownership stake in TKO from approximately 53% to 59%. Minority shareholders will have no say in the Acquisition, as Endeavor has approved the Acquisition by written consent without a minority vote.
BFA believes that the Acquisition is a conflicted transaction that may have resulted in the Company overpaying for Endeavor’s businesses. Specifically, upon announcement of the Acquisition, TKO’s stock price fell by more than 5% and likely would have fallen further had TKO not simultaneously announced a $2 billion stock repurchase program. Given Endeavor’s control over TKO, BFA believes TKO minority stockholders may possess valid claims for breach of fiduciary duty against the board of directors of TKO and/or Endeavor.
What are my Rights?
If you currently own shares of TKO, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you own shares of TKO, you are encouraged to submit your information.
Investigation Details:
TKO is controlled by Endeavor Group Holdings, Inc. (“Endeavor”) through its ownership of 53.6% of the total voting power of the Company’s voting stock. Endeavor has designated a majority of directors to the board of directors of TKO. As a result of its control, Endeavor can influence TKO to engage in conflicted transactions and control the outcome of TKO’s corporate actions that typically would require shareholder approval.
On October 24, 2024, TKO announced that it had entered into a transaction agreement with Endeavor Operating Company, LLC, a subsidiary of Endeavor, pursuant to which TKO agreed to acquire the Professional Bull Riders, On Location and IMG businesses from Endeavor for $3.25 billion in Company stock (the “Acquisition”). As a result of the Acquisition, Endeavor will increase its ownership stake in TKO from approximately 53% to 59%. Minority shareholders will have no say in the Acquisition, as Endeavor has approved the Acquisition by written consent without a minority vote.
BFA believes that the Acquisition is a conflicted transaction that may have resulted in the Company overpaying for Endeavor’s businesses. Specifically, upon announcement of the Acquisition, TKO’s stock price fell by more than 5% and likely would have fallen further had TKO not simultaneously announced a $2 billion stock repurchase program. Given Endeavor’s control over TKO, BFA believes TKO minority stockholders may possess valid claims for breach of fiduciary duty against the board of directors of TKO and/or Endeavor.
What are my Rights?
If you currently own shares of TKO, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.