TKO settles UFC athlete class action suits for $335M

TKO Group said it reached an agreement to settle all claims asserted in two class action lawsuits for an aggregate amount of $335M payable by the company and its subsidiaries in installments over an agreed-upon period of time. The terms will be memorialized in a long form agreement and then submitted to the court for approval. The company anticipates that the settlement amount will be deductible for tax purposes. As previously disclosed, TKO and certain of its affiliates, including Endeavor Group (EDR), are party to several substantially similar class-action lawsuits filed against them by former UFC athletes, alleging violations of Section 2 of the Sherman Act. Five related class-action lawsuits filed between December 2014 and March 2015 were consolidated into a single action in June 2015. Shares of TKO are up 5% to $84.99 following the news.