Ari Emmanuel’s Endeavor is shuffling its sports entertainment deck. Endeavor’s majority-owned sports entertainment group TKO is purchasing IMG, On Location and Professional Bull Riders (PBR) from its parent company in a $3.

Under an all-equity agreement valued at $3.25 billion, TKO Group ( TKO, Financials) said on Thursday that it would acquire Professional Bull Riders, On Location, and IMG from Endeavour Group ( EDR, Financials ). Under the deal, Endeavor will acquire 59% of TKO, the parent company of UFC and WWE.

All-stock deal is expected to close in first half of 2025 and will see Endeavor increase TKO ownership to 59%.