Professional Bull Riders Changes Ownership in $3.25 Billion Equity Deal

The PBR is being acquired by TKO in an equity deal.

PBR Bull Rider competing in Sioux Falls, South Dakota. / Nathan Meyer for Rodeo on SI

In 1992, 20 bull riders decided they wanted to make a change to their sport. Just like they do every time they crawl on the back of a bull, they took a risk. Every one of them committed to put up $1,000 to try to change the sport for the better. They accomplished the goal.

The 20 founding members got their payout 15 years to the day they made their initial investment when Spire Capital purchased the PBR. That original set saw their dream come to reality and got paid for taking that risk.

In 2015, Endeavor Group purchased the PBR. The deal was reported to be worth $100 million at the time.

Now, nine years later, another deal has been made for the ownership of the company.

TKO, who is the parent company for WWE and the UFC, has made a stock purchase agreement to acquire the PBR, On Location, and IMG from Endeavor Group. The new number reported on the equity deal is valued at $3.25 billion.

So, what does this mean for the cowboys? No one is sure. One thing that is clear is that the 20 who founded the organization already got their payout when the Endeavor deal happened in 2015.

Those original founders took what they knew to be true and proved it to the world. Bull riding could stand on its own. People would pay to go see just pure, straight bull riding at its finest.

Today, the PBR has more than 200 annual live events with more than 1.25 million fans attending while also reaching more than 285 million households in 65 different territories.

TKO's Chief Operating Officer Mark Shapiro said in a statement, "PBR, On Location, and IMG are industry-leading assets that meaningfully enhance TKO's portfolio and strengthen our position in premium sports globally. Within TKO, they will help power the growth of our revenue streams and position us to capture even more upside from some of the most attractive parts of our sports ecosystem: media rights, live events, ticket sales, premium experiences, brand partnerships, and site fees."

In a post on social media, Sean Gleason the PBR CEO said, "PBR will be a natural fit within TKO’s expanding business, which includes UFC, the world’s premier mixed martial arts organization, and WWE, the recognized global leader in sports entertainment. These organizations collectively hold more than 300 annual live events, reaching more than 1 billion households in approximately 210 countries and territories.

"Subject to the deal closing in the first half of 2025, we will enhance our position as the leading Western sport committed to delivering the most thrilling and entertaining events to fans evidenced in an incredible PBR Teams Championship last weekend in Las Vegas, providing significant value to our partners, and expanding the opportunities available to bull riders putting it all on the line for the sport they love."

The solidification of the deal is expected to happen in early 2025.

Shares of TKO Group Holdings Inc. were down more than 8% after the announcement on Thursday and held steady through the end of trading on Friday afternoon.

The PBR will kick off it's new season on November 15-16 at the Unleash the Beast Tour event in Tucson, Arizona.