本研究以世界摔角娛樂公司（World Wrestling Entertainment, Inc., WWE）與 Endeavor Group Holdings, Inc.（Endeavor）旗下終極格鬥冠軍賽（Ultimate Fighting Championship, UFC）整併成立之 TKO Group Holdings, Inc.（TKO）為研究個案，探討大型內容型併購案件於整併前後在營運表現、財務結構及現金流量方面之變化，並進一步評估協同效益是否已初步反映於財務結果，據以剖析此類併購案之整合效果與商業模式變化。研究方法採次級資料分析法，以合併前 WWE 於 2018 年至 2022 年之公開財務資料，以及合併後 TKO 於 2023 年至 2025 年之公開財務資料為主要分析來源，從獲利能力、償債能力、現金流量與核心營運指標等面向進行比較，並輔以交易背景資料，說明本案之產業脈絡、交易緣由及整合基礎。
研究結果顯示，合併後 TKO 之營收規模明顯擴大，Adjusted EBITDA 與現金流量亦呈上升趨勢，顯示核心營運與現金創造能力已有改善。惟受無形資產攤銷、一次性費用及融資負擔影響，帳面獲利並未同步提升；淨負債／EBITDA、利息保障倍數及現金／有息負債比率等指標亦顯示，合併後企業仍承受較高槓桿壓力，其財務結構對核心獲利穩定性與現金流量波動仍具一定敏感度。
媒體收入仍為 WWE 部門主要收入來源，但合併後現場活動、款待服務與商業合作之比重已有提高。現場活動收入於疫情後逐步回升，合併後旗艦賽事、票價調升及高單價體驗服務之發展，進一步強化賽事活動之變現能力。此一變化可視為整合效果逐步形成之跡象，惟現階段尚不足以認定協同效益已全面實現。
WWE 與 UFC 整併後，TKO 已在規模擴張、核心獲利與現金流量表現方面呈現初步正向變化，整合效益已有部分反映於財務結果之中，惟在高槓桿資本結構下，企業仍須仰賴穩定獲利與現金流量支撐其財務彈性。未來研究可延長觀察期間，並納入各事業體細部資訊或同業比較，以提升對整併效果之分析深度與判斷完整性。

This study examines the merger between World Wrestling Entertainment, Inc. (WWE) and Ultimate Fighting Championship (UFC), formerly controlled by Endeavor Group Holdings, Inc. (Endeavor), which resulted in the establishment of TKO Group Holdings, Inc. (TKO). Taking this transaction as a representative case of a large-scale content-driven merger in the sports entertainment industry, the study investigates changes in operating performance, financial structure, and cash flow before and after the merger, and further evaluates whether merger synergies have begun to be reflected in financial outcomes, thereby analyzing the integration effects and business model changes associated with this type of merger.
This study adopts a secondary data analysis approach, utilizing WWE’s publicly available financial data from 2018 to 2022 and TKO’s publicly available financial data from 2023 to 2025 as the primary analytical basis. The analysis evaluates profitability, solvency, cash flow performance, and core operating indicators, while also incorporating transaction background information to explain the industry context, transaction rationale, and basis for integration.
The findings indicate that TKO experienced a substantial expansion in revenue following the merger, while Adjusted EBITDA and cash flow also showed an upward trend, suggesting improvement in both core operating performance and cash-generating capacity. Nevertheless, accounting earnings did not improve in tandem. This divergence can largely be attributed to the amortization of intangible assets, one-time expenses, and financing-related burdens. In addition, indicators such as the net debt-to-EBITDA ratio, interest coverage ratio, and cash-to-interest-bearing debt ratio suggest that the post-merger company continues to operate under relatively high leverage pressure, and that its financial structure remains sensitive to the stability of core earnings and cash flow volatility.
In terms of revenue structure, media revenue remained the primary source of income for the WWE segment after the merger, while the relative importance of live events, hospitality services, and commercial partnerships increased. Live event revenue recovered gradually after the pandemic, and the post-merger development of premium live events, higher ticket prices, and high-value experiential services further strengthened the monetization capacity of event-related activities. These changes suggest that certain adjustments in the revenue structure and signs of operating integration have begun to emerge.
Overall, the merger has brought about preliminary positive changes in TKO’s scale, core profitability, and cash flow, indicating that certain integration benefits have already been reflected in its financial results. However, the current evidence remains insufficient to conclude that synergies have been fully realized. Under a highly leveraged capital structure, the company still depends heavily on stable earnings and cash flow to maintain its financial flexibility. Future research may extend the observation period and incorporate more detailed segment-level information or peer comparisons in order to provide a more comprehensive assessment of the post-merger effects.

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