During 2023 and 2024, the Company initiated a cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of WWE and UFC following the formation of TKO. During the first quarter of 2025, the Company implemented an ongoing cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of the Acquired Businesses. The Company recorded restructuring charges of $1.5 million and $11.6 million for the three months ended March 31, 2025 and 2024, respectively, related to these programs. These amounts include equity-based compensation expenses of $2.4 million for the three months ended March 31, 2024. These restructuring charges are recorded in accrued liabilities and additional paid-in-capital on the consolidated balance sheets and within direct operating costs and selling, general and administrative expenses in the consolidated statements of operations, respectively.

Changes in the Company’s restructuring liability through March 31, 2025 were as follows (in thousands):


Balance — December 31, 2024	$	3,232
Restructuring charges (excluding equity-based compensation expense)		1,519
Payments		(1,572	)
Balance — March 31, 2025	$	3,179