Why TKO Group Holdings Stock Jumped Today
Shares of TKO Group Holdings (NYSE: TKO) jumped 7.5% on Wednesday after the parent company of Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) reached a settlement for two outstanding class action lawsuits against the company.
In a Securities and Exchange Commission (SEC) filing this afternoon, TKO Group says it reached an agreement to settle all claims related to two class action lawsuits in exchange for $335 million in tax-deductible periodic payments over a predetermined (but still undisclosed) period of time.
Over 1,200 fighters were represented by the lawsuits, which were brought by two former fighters alleging that UFC used a monopoly over the mixed martial arts (MMA) market to suppress fighters' wages. If the $335 million payment seems steep, know it could have been worse; the two suits were initially seeking total damages ranging from $894 million to $1.6 billion.
Source Fool.com
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