Skydance's Paramount Lands UFC Rights in $7.7 Billion Deal
Under the terms, the Paramount+ streaming service will carry UFC's slate of 13 marquee events and will also have rights to 30 'Fight Nights.' In addition, Paramount can simulcast some fights on its sister broadcast network CBS on Saturday nights.
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The pact gives TKO's UFC a significant pay increase over the organization's current agreement with Disney's ESPN. Paramount is paying an average of $1.1 billion a year, while Disney's deal was valued at $550 million annually.
The jump in fees shows the popularity of the mixed martial arts sport. The deal is the latest between a sports organization and media company seeking live events to stream and broadcast, a valuable attraction for subscribers.
The deal also moves UFC away from the pay-per-view model that was an element of the ESPN accord.
The agreement comes days after Skydance closed on its acquisition of Paramount, though talks between Paramount and UFC preceded the acquisition.
'Now everyone knows why I was at so many UFC events,' Paramount Chairman and Chief Executive Officer David Ellison joked in an interview. Ellison attended a UFC fight that President Trump was also at in April in Miami, and last year went to a bout at the Sphere in Las Vegas.
TKO President and Chief Operating Officer Mark Shapiro said the company was attracted to the opportunity to show UFC on CBS, along with Paramount's willingness to abandon pay-per-view.
'If we can get with a partner that is going to put us front and center and not charge extra to get our most premium content that is a game changer,' Shapiro said.
Content such as UFC, which is year-round, is seen as crucial for streamers such as Paramount+ in their fight to reduce subscriber churn.
'We believe it will meaningfully drive engagement, revenue growth and subscription acquisitions,' Ellison said.
Paramount indicated it also intends to pursue international rights for UFC content as that becomes available in the coming years.
Ellison said he hopes the deal signals to the industry and Paramount that 'you can't cut to grow' and that the company will meaningfully invest in content that can boost its platforms.
Talks with Paramount began in earnest in early June after TKO's exclusive negotiating window with ESPN expired. There were other bidders as well, both parties said.
ESPN last week signed a deal for premium content from TKO's World Wrestling Entertainment valued at $1.6 billion over five years which might help fill some of the void from losing UFC.
For TKO, the deals with Paramount and ESPN, along with last year's 10-year pact with Netflix for WWE's 'Raw,' valued at $5 billion, has the nearly two-year-old company feeling like it is on a winning streak.
'There are a lot of people who pooh-poohed us when we bought the UFC and merged with WWE. We have made these deals in a very competitive environment, and they have come out extremely well,' said TKO Executive Chairman and CEO Ari Emanuel.
Write to Joe Flint at Joe.Flint@wsj.com
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Business Wire
10 minutes ago
- Business Wire
NiCE Reports 12% Year-Over-Year Cloud Revenue Growth for the Second Quarter 2025 and Raises Full-Year 2025 EPS Guidance
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Operating Income: Second quarter 2025 operating income increased 25% to $160.6 million compared to $128.8 million for the second quarter of 2024. Second quarter 2025 operating margin was 22.1% compared to 19.4% for the second quarter of 2024. Net Income: Second quarter 2025 net income increased 62% to $187.4 million compared to $115.8 million for the second quarter of 2024. Second quarter 2025 net income margin was 25.8% compared to 17.4% for the second quarter of 2024. Fully Diluted Earnings Per Share: Second quarter 2025 fully diluted earnings per share increased 69% to $2.96 compared to $1.76 in the second quarter of 2024. Cash Flow and Cash Balance: Second quarter 2025 operating cash flow was $61.3 million and $30.8 million was used for share repurchases. As of June 30, 2025, total cash and cash equivalents, and short-term investments were $1,631.7 million. Our debt, was $459.6 million, resulting in net cash and investments of $1,172.0 million. Non-GAAP Financial Highlights for the Second Quarter June 30: Revenues: Second quarter 2025 non-GAAP total revenues increased 9% year over year to $726.7 million compared to $664.4 million for the second quarter of 2024. Gross Profit: Second quarter 2025 non-GAAP gross profit increased to $503.9 million compared to $469.4 million for the second quarter of 2024. Second quarter 2025 non-GAAP gross margin was 69.3% compared to 70.7% for the second quarter of 2024. Operating Income: Second quarter 2025 non-GAAP operating income increased 9% to $219.7 million compared to $201.7 million for the second quarter of 2024. Second quarter 2025 non-GAAP operating margin was 30.2% compared to 30.4% for the second quarter of 2024. Net Income: Second quarter 2025 non-GAAP net income increased 9% to $190.3 million compared to $174.2 million for the second quarter of 2024. Second quarter 2025 non-GAAP net income margin totaled 26.2% compared to 26.2% for the second quarter of 2024. Fully Diluted Earnings Per Share: Second quarter 2025 non-GAAP fully diluted earnings per share increased 14% to $3.01 compared to $2.64 for the second quarter of 2024. Third Quarter and Full Year 2025 Guidance*: Third-Quarter 2025: Third-quarter 2025 non-GAAP total revenue is expected to be in a range of $722 million to $732 million, representing 5% year over year growth at the midpoint. Third-quarter 2025 non-GAAP fully diluted earnings per share is expected to be in a range of $3.12 to $3.22, representing 10% year over year growth at the midpoint. Full-Year 2025: The Company reaffirmed full-year 2025 non-GAAP total revenue which is expected to be in a range of $2,918 million to $2,938 million, representing 7% year over year growth at the midpoint. The Company raised full-year 2025 non-GAAP fully diluted earnings per share which is expected to be in a range of $12.33 to $12.53, representing 12% year over year growth at the midpoint. *The planned acquisition of Cognigy is expected to close during the fourth quarter of 2025, subject to regulatory approval, and therefore this guidance excludes any planned impact from this proposed transaction. Quarterly Results Conference Call NiCE management will host its earnings conference call today, August 14, 2025, at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company's website. To access, please register by clicking here: Explanation of Non-GAAP measures Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related and other expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments. The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort. About NiCE NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE's platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes. Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NiCE trademarks, please see: Forward-Looking Statements This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as 'believe', 'expect', 'seek', 'may', 'will', 'intend', 'should', 'project', 'anticipate', 'plan', and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company's management regarding the future of the Company's business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company's revenue and earnings and the growth of our cloud, analytics and artificial intelligence business. Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company's growth strategy, success and growth of the Company's cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company's dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company's business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the 'SEC'). You are encouraged to carefully review the section entitled 'Risk Factors' in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law. NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands (except per share amounts) Quarter ended Year ended June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Revenue: Cloud $ 540,822 $ 481,693 $ 1,067,145 $ 950,099 Services 140,480 147,611 280,683 296,524 Product 45,410 35,096 79,076 77,086 Total revenue 726,712 664,400 1,426,904 1,323,709 Cost of revenue: Cloud 185,971 170,702 365,445 340,680 Services 48,254 46,663 94,497 92,749 Product 7,376 7,418 13,739 14,023 Total cost of revenue 241,601 224,783 473,681 447,452 Gross profit 485,111 439,617 953,223 876,257 Operating expenses: Research and development, net 89,762 86,522 178,864 174,354 Selling and marketing 169,799 157,645 331,233 312,660 General and administrative 64,958 66,626 134,365 138,980 Total operating expenses 324,519 310,793 644,462 625,994 Operating income 160,592 128,824 308,761 250,263 Financial and other income, net (14,820 ) (15,645 ) (30,670 ) (29,654 ) Income before tax 175,412 144,469 339,431 279,917 Taxes on income (11,992 ) 28,684 22,737 57,759 Net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Earnings per share: Basic $ 3.01 $ 1.82 $ 5.05 $ 3.50 Diluted $ 2.96 $ 1.76 $ 4.97 $ 3.36 Weighted average shares outstanding: Basic 62,160 63,534 62,754 63,406 Expand NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands Quarter ended Year ended June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Operating Activities Net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 44,612 51,520 88,053 103,280 Share-based compensation 37,310 42,226 80,647 86,630 Amortization of premium and discount and accrued interest on marketable securities (2,029 ) (2,096 ) (4,304 ) (3,328 ) Deferred taxes, net (3,757 ) (15,773 ) (25,294 ) (11,407 ) Changes in operating assets and liabilities: Trade Receivables, net (30,742 ) (6,707 ) (26,064 ) 1,430 Prepaid expenses and other current assets (14,846 ) 1,740 13,709 10,501 Operating lease right-of-use assets 2,929 3,372 8,826 6,653 Trade payables 21,884 17,702 (31,407 ) 6,939 Accrued expenses and other current liabilities (158,979 ) (40,836 ) (109,461 ) (43,704 ) Deferred revenue (19,719 ) 4,742 49,855 50,281 Operating lease liabilities (746 ) (3,976 ) (10,935 ) (7,776 ) Amortization of discount on long-term debt 428 425 849 974 Other (2,427 ) 1,544 (4,775 ) 1,527 Net cash provided by operating activities 61,322 169,668 346,393 424,158 Investing Activities Purchase of property and equipment (4,579 ) (6,455 ) (8,246 ) (16,976 ) Purchase of Investments (24,687 ) (105,991 ) (74,141 ) (437,113 ) Proceeds from sales of marketable investments 76,416 51,971 134,774 568,121 Capitalization of internal use software costs (18,137 ) (15,238 ) (34,903 ) (31,174 ) Payments for business acquisitions, net of cash acquired - - (36,466 ) - Net cash provided by (used in) investing activities 29,013 (75,713 ) (18,982 ) 82,858 Financing Activities Proceeds from issuance of shares upon exercise of options 333 520 1,008 2,312 Purchase of treasury shares (30,839 ) (146,088 ) (283,168 ) (187,603 ) Dividends paid to noncontrolling interest - - - (2,681 ) Repayment of debt - - - (87,435 ) Net cash used in financing activities (30,506 ) (145,568 ) (282,160 ) (275,407 ) Effect of exchange rates on cash and cash equivalents 5,139 (1,309 ) 6,286 (3,248 ) Net change in cash, cash equivalents and restricted cash 64,968 (52,922 ) 51,537 228,361 Cash, cash equivalents and restricted cash, beginning of period $ 471,601 $ 794,597 $ 485,032 $ 513,314 Cash, cash equivalents and restricted cash, end of period $ 536,569 $ 741,675 $ 536,569 $ 741,675 Expand Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: Cash and cash equivalents $ 535,050 $ 739,556 $ 535,050 $ 739,556 Restricted cash included in other current assets $ 1,519 $ 2,119 $ 1,519 $ 2,119 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 536,569 $ 741,675 $ 536,569 $ 741,675 Expand NICE LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS U.S. dollars in thousands (except per share amounts) Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 GAAP revenues $ 726,712 $ 664,400 $ 1,426,904 $ 1,323,709 Non-GAAP revenues $ 726,712 $ 664,400 $ 1,426,904 $ 1,323,709 GAAP cost of revenue $ 241,601 $ 224,783 $ 473,681 $ 447,452 Amortization of acquired intangible assets on cost of cloud (13,202 ) (24,133 ) (28,605 ) (49,500 ) Amortization of acquired intangible assets on cost of product - (150 ) - (410 ) Cost of cloud revenue adjustment (1,2) (3,293 ) (2,852 ) (6,471 ) (5,854 ) Cost of services revenue adjustment (1) (2,241 ) (2,617 ) (4,696 ) (4,995 ) Cost of product revenue adjustment (1) (21 ) (30 ) (43 ) (60 ) Non-GAAP cost of revenue $ 222,844 $ 195,001 $ 433,866 $ 386,633 GAAP gross profit $ 485,111 $ 439,617 $ 953,223 $ 876,257 Gross profit adjustments 18,757 29,782 39,815 60,819 Non-GAAP gross profit $ 503,868 $ 469,399 $ 993,038 $ 937,076 GAAP operating expenses $ 324,519 $ 310,793 $ 644,462 $ 625,994 Research and development (1,2) (3,178 ) (7,484 ) (7,871 ) (15,627 ) Sales and marketing (1,2) (13,258 ) (13,210 ) (28,672 ) (27,382 ) General and administrative (1,2) (16,924 ) (17,429 ) (36,482 ) (37,260 ) Amortization of acquired intangible assets (6,956 ) (4,972 ) (11,649 ) (10,211 ) Valuation adjustment on acquired deferred commission - 8 - 23 Non-GAAP operating expenses $ 284,203 $ 267,706 $ 559,788 $ 535,537 GAAP financial and other income, net $ (14,820 ) $ (15,645 ) $ (30,670 ) $ (29,654 ) Amortization of discount on debt (428 ) (425 ) (849 ) (974 ) Change in fair value of contingent consideration - (35 ) - (79 ) Non-GAAP financial and other income, net $ (15,248 ) $ (16,105 ) $ (31,519 ) $ (30,707 ) GAAP taxes on income $ (11,992 ) $ 28,684 $ 22,737 $ 57,759 Tax adjustments re non-GAAP adjustments 56,627 14,963 66,720 28,779 Non-GAAP taxes on income $ 44,635 $ 43,647 $ 89,457 $ 86,538 GAAP net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Amortization of acquired intangible assets 20,158 29,255 40,254 60,121 Valuation adjustment on acquired deferred commission - (8 ) - (23 ) Share-based compensation (1) 38,915 43,622 83,840 89,266 Acquisition related and other expenses (2) - - 395 1,912 Amortization of discount on debt 428 425 849 974 Change in fair value of contingent consideration - 35 - 79 Tax adjustments re non-GAAP adjustments (56,627 ) (14,963 ) (66,720 ) (28,779 ) Non-GAAP net income $ 190,278 $ 174,151 $ 375,312 $ 345,708 GAAP diluted earnings per share $ 2.96 $ 1.76 $ 4.97 $ 3.36 Non-GAAP diluted earnings per share $ 3.01 $ 2.64 $ 5.88 $ 5.22 Shares used in computing GAAP diluted earnings per share 63,210 65,856 63,785 66,192 Expand NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands (1) Share-based compensation Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 Cost of cloud revenue $ 3,293 $ 2,852 $ 6,471 $ 5,792 Cost of services revenue 2,241 2,617 4,696 4,995 Cost of product revenue 21 30 43 60 Research and development 3,178 7,484 7,871 15,297 Sales and marketing 13,258 13,210 28,672 26,739 General and administrative 16,924 17,429 36,087 36,383 (2) Acquisition related and other expenses June 30, June 30, 2025 2024 2025 2024 Cost of cloud revenue $ - $ - $ - $ 62 Research and development - - - 330 Sales and marketing - - - 643 General and administrative - - 395 877 $ - $ - $ 395 $ 1,912 Expand NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited GAAP net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Non-GAAP adjustments: Depreciation and amortization 44,612 51,520 88,053 103,280 Share-based compensation 37,310 42,226 80,647 86,630 Financial and other expense/ (income), net (14,820 ) (15,645 ) (30,670 ) (29,654 ) Acquisition related and other expenses - - 395 1,912 Valuation adjustment on acquired deferred commission - (8 ) - (23 ) Taxes on income (11,992 ) 28,684 22,737 57,759 Non-GAAP EBITDA $ 242,514 $ 222,562 $ 477,856 $ 442,062 Expand NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Net cash provided by operating activities $ 61,322 $ 169,668 $ 346,393 $ 424,158 Purchase of property and equipment (4,579 ) (6,455 ) (8,246 ) (16,976 ) Capitalization of internal use software costs (18,137 ) (15,238 ) (34,903 ) (31,174 ) Free Cash Flow (a) $ 38,606 $ 147,975 $ 303,244 $ 376,008 Expand (a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs. Expand
Business Journals
10 minutes ago
- Business Journals
Five things, plus dangerous temps, Beatles history and the Little League World Series
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Newsweek
11 minutes ago
- Newsweek
California High-Speed Rail Protects $4B in Federal Funding Amid Lawsuit
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. California officials have reached an agreement with the Federal Railroad Administration that places $4 billion in federal grants for the state's high-speed rail project into a legal trust while a lawsuit challenging the funding cancellation moves through court. The agreement, which the California High-Speed Rail Authority confirmed to Newsweek, would set aside the funding while state authorities worked to prevent President Donald Trump's funding revocation. Why It Matters Years of delays and an inflated budget have damaged public and political faith in California's high-speed rail project, but the past few years have seen progress, with construction happening throughout the state and tracklaying set to begin later this year. Proponents of the project say that to call if off now, as many of its detractors in the White House desire, would waste years of advancement. That has not stopped Trump, a long-standing critic of the project, from regularly threatening to take away the federal funding that has been vital to the project's progress, a threat he and Transportation Secretary Sean Duffy carried out in July. An Amtrak Pacific Surfliner train headed north arrives at the Moorpark Train Station in Moorpark, California, on June 15, 2024. An Amtrak Pacific Surfliner train headed north arrives at the Moorpark Train Station in Moorpark, California, on June 15, 2024. Getty Images What To Know The agreement with the Federal Railroad Administration places the contested $4 billion into a legal trust, which state officials said would prevent the funds from being redirected while the legal challenge proceeded. The California High-Speed Rail Authority, which does not comment on pending litigation, confirmed to Newsweek that the agreement had been reached. The authority has previously called the Trump administration's funding decision an "unwarranted and unjustified" move that was "based on an inaccurate, often outright-misleading, presentation of the evidence." The project has faced long-running delays and cost increases since voters approved it in 2008, with early estimates near $33 billion and more recent estimates ranging broadly in reporting between roughly $128 billion and $135 billion. The authority and state officials have pointed to continuing construction milestones. Officials said the project had entered or neared a tracklaying phase, with 171 miles under active construction and more than 50 major structures completed. What People Are Saying California Senator Dave Cortese, the chair of the Senate Transportation Committee, said in a statement on the agreement: "I'm encouraged that the California High-Speed Rail Authority has reached an agreement with the Federal Railroad Administration to prevent $4 billion in federal high-speed rail funding from being lost while litigation is pending. "These funds were terminated under the Trump Administration following a compliance review, despite no findings of fraud, waste, or abuse. The Authority promptly challenged that decision in court, and this agreement ensures that the funding will remain available until the legal process is resolved. "As Chair of the California Senate Transportation Committee, I will continue to defend our progress on high-speed rail, and efforts like my bill SB 545 will help secure opportunities for major residential and commercial development along the high-speed rail corridor, creating the kind of public-private synergy that can help fund the infrastructure of the project itself and deliver long-overdue economic benefits to communities across the state." What Happens Next The state's lawsuit challenging the federal withdrawal was filed in U.S. District Court. Initial litigation is expected to proceed in the coming months, with the trust arrangement intended to keep the grants intact until the court resolves the dispute.
