Analysis Report on Insider Trading of TKO Group

Nick Khan (Director of TKO Group, former Co-President and Chief Revenue Officer of WWE)
22 sale transactions in total, totaling 130,188 shares, with an aggregate amount of approximately
Sold 37,425 shares on January 5, 2026, at an average price of $204.01, cashing out approximately [0]

The $1.56 million you mentioned may refer to a specific single transaction, but data shows that the amount of Nick Khan’s single transactions generally ranges from $1.5 million to $1.9 million, with the largest single transaction being

on July 21, 2025.

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Transaction Date	Number of Shares Sold	Average Price	Transaction Amount
2026-01-05	37,425	$204.01	$7,635,074
2025-12-03	9,519	$195.16	$1,857,728
2025-11-03	9,519	$188.26	$1,792,047
2025-10-03	9,519	$197.82	$1,883,049
2025-07-21	45,168	$170.82	$7,715,598
2025-07-03	9,519	$176.96	$1,684,482

Nick Khan conducted over 6 months, showing a continuous share reduction pattern[1][2].

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Dimension	Analysis	Reference Value
Total Reduction Ratio	Held approximately 122,868 shares, reduced 130,188 shares (exceeding holdings)	May involve option exercises or restricted stock vesting
Reduction Frequency	Continuous sales from June 2025 to January 2026	Systematic reduction, not a one-time action
Timing Selection	Average selling price of $170-$176 in July 2025, $204 in January 2026	Obvious signs of cashing out at high prices

• Tax Planning:
  Selling at the end/beginning of the year to optimize tax arrangements
• Option Exercise:
  Selling after exercising options under equity incentive plans
• Personal Financial Needs:
  Diversifying investments or meeting liquidity needs
• Judgment on Company Valuation:
  Needs to be comprehensively judged in combination with other factors

⚠️

1. TKO’s fundamentals remain strong:
   Q3 2025 revenue was $1.12 billion, with Adjusted EBITDA increasing 59% year-over-year to $360 million[0]
2. Analysts remain bullish:
   16 analysts issued a ‘Buy’ rating, with a target price of $228.50 (14% upside potential compared to the current price)[0]
3. Executive Compensation Structure:
   Equity incentives account for a relatively high proportion of executive compensation, and regular sales are a common arrangement
4. The company is also conducting share repurchases:
   Announced an $800 million accelerated share repurchase program in September 2025, and increased dividends by 100%[0]

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Business Segment	Q3 2025 Performance	Strategic Value
UFC	Revenue of $325 million (down 8% YoY)	Will sign a new 7-year agreement with Paramount in 2026, with an annual value of $1.1 billion
WWE	Revenue of $402 million (up 23% YoY)	Signed a 5-year agreement with ESPN covering its DTC platform
IMG/On Location	Revenue of $337 million	Acquisition completed in February 2025, with synergies emerging

Indicator	Value	Industry Position
Market Capitalization	$16.4 billion	Mid-sized media and entertainment company
P/E	71.3x	Relatively high, but growth expectations are already reflected
ROE	5.6%	Stable
Profit Margin	5.27%	Has significant room for improvement

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• Trend Judgment:
  Sideways consolidation (range of $197.40-$207.22)[0]
• MACD Indicator:
  No crossover signal, slight downward pressure
• KDJ Indicator:
  K value is 36.5, in a relatively weak range
• Beta Coefficient:
  0.23 (low correlation with the broader market)

Dimension	Signal Strength
Insider Share Reduction	⚠️ Neutral-Weak (needs to be interpreted in combination with motives)
Fundamentals	✅ Strong
Analyst Consensus	✅ Buy
Technicals	➡️ Neutral
Valuation	📊 Relatively high, but supported by growth

1. Do not panic excessively:
   Executive share reductions do not necessarily mean bearish sentiment, and may be related to compensation structures and personal financial arrangements
2. Pay attention to option expirations:
   If option exercises are involved, this is a routine operation
3. Combine with the company’s share repurchases:
   The company’s $800 million repurchase plan demonstrates management’s confidence in long-term value
4. Pay attention to Q4 earnings report:
   The Q4 earnings report will be released on February 25, 2026, which can verify the fundamentals[0]
5. Long-term holders:
   If optimistic about the sports entertainment media track, can accumulate positions on dips
6. Short-term traders:
   Pay attention to the support level of $197.40 and resistance level of $207.22

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Nick Khan’s continuous share reduction behavior deserves investors’ attention, but

. Investors should pay more attention to:

1. Growth momentum of the company’s core businesses
   (new agreement between UFC and Paramount, WWE’s cooperation with ESPN)
2. Quarterly earnings performance and guidance
3. Changes in industry competition pattern
4. Overall market environment

As the parent company of UFC and WWE, TKO has a unique position in the vertical sports entertainment sector. Insider transactions can be used as an auxiliary reference, but investment decisions should be based on in-depth analysis of the company’s fundamentals.

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[0] Jinling API Market Data - TKO Real-Time Quotes and Financial Analysis (2026-01-23)

[1] QuiverQuant - “Insider Sale: See Remarks of $TKO Sells 500 Shares” (https://www.quiverquant.com/news/Insider+Sale%3A+See+Remarks+of+%24TKO+Sells+500+Shares)

[2] MarketBeat - “TKO Group (TKO) Insider Trading Activity 2026” (https://www.marketbeat.com/stocks/NYSE/TKO/insider-trades/)

[3] SEC EDGAR - TKO Group Holdings 8-K Filings (https://www.sec.gov/Archives/edgar/data/1973266/000119312525266943/tko-20251105.htm)