SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

17.SEGMENT INFORMATION

As a result of the Company's SD&T segment being presented as discontinued operations (Note 4), the Company has three reportable segments in its continuing operations as of September 30, 2024: Owned Sports Properties, Events, Experiences & Rights, and Representation. The Company also reports the results for the "Corporate" group. The profitability measure employed by the Company’s chief operating decision maker for allocating resources and assessing operating performance is Adjusted EBITDA. Segment information is presented consistently with the basis for the year ended December 31, 2023, except for the classification of the SD&T segment as discontinued operations. Summarized financial information for the Company’s reportable segments is shown in the following tables (in thousands):

Revenue

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Owned Sports Properties	$	735,205		$	479,748		$	2,314,691		$	1,173,125
Events, Experiences & Rights		899,761			367,064			2,116,879			1,758,928
Representation		429,207			385,619			1,185,964			1,117,008
Eliminations		(32,383	)		(12,884	)		(74,826	)		(27,888	)
Total consolidated revenue	$	2,031,790		$	1,219,547		$	5,542,708		$	4,021,173

Reconciliation of segment profitability

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Owned Sports Properties	$	315,474		$	237,417		$	1,037,273		$	602,322
Events, Experiences & Rights		(67,970	)		29,846			(40,804	)		214,420
Representation		124,917			96,325			297,502			287,680
Corporate and other		(94,823	)		(77,448	)		(255,054	)		(230,195	)
Adjusted EBITDA		277,598			286,140			1,038,917			874,227
Reconciling items:
Equity losses (earnings) of affiliates		1,763			(1,846	)		(469	)		2,594
Interest expense, net		(108,134	)		(82,271	)		(302,531	)		(257,811	)
Depreciation and amortization		(135,524	)		(66,602	)		(416,556	)		(171,715	)
Equity-based compensation expense		(50,831	)		(61,441	)		(162,559	)		(200,984	)
Merger, acquisition and earn-out costs		(33,849	)		(76,032	)		(91,031	)		(105,770	)
Certain legal costs		(6,790	)		(8,322	)		(26,622	)		(12,233	)
Legal settlement		(40,000	)		—			(375,000	)		—
Restructuring, severance and impairment		(5,362	)		(48,852	)		(65,776	)		(70,788	)
Fair value adjustment - equity investments		(63	)		148			37			929
Net gain on sale of the Academy business		—			—			—			736,978
Tax receivable agreement liability adjustment		(16	)		(20,297	)		(2,460	)		(7,779	)
Other		33,889			(14,014	)		30,555			18,437
(Loss) income from continuing operations before income taxes and equity losses of affiliates	$	(67,319	)	$	(93,389	)	$	(373,495	)	$	806,085