Endeavor Group Holdings, Inc.

$2 million of revenue for the post-closing period of September 12th through September 30th. As a reminder, the prior year quarter included $33 million of revenue related to Diamond Baseball Holdings, which we sold in September 2022. PBR also hosted 19 series events in the quarter, which drove a 26% increase in attendance over comparative events in 2022. Now turning to events, experiences, and rights. The segment recorded revenue of $367.1 million, down $27.1 million, or 7%. Segment adjusted EBITDA was $29.8 million, down $15.7 million, or 34.4%. The prior year quarter included $72 million of revenue from IMG Academy, which we sold this past June. The decrease in segment revenue was partially offset by increases in media production revenue in IMG's media business from new contracts, including Major League Soccer, as well as media production for certain biennial and quadrennial events, including the Ryder Cup and Rugby World Cup, which did not occur in 2022. Increased revenue related to on-locations premium hospitality at the Ryder Cup. Live event revenue, primarily driven by new events such as Bear Jackson New Orleans, and our acquisition of the Armory Show Art Fair in July of this year. Segment adjusted EBITDA for the quarter was primarily adversely affected by the sale of IMG Academy, On Location's ongoing IOC investment, which began in the third quarter of last year, and is inclusive of personnel, marketing, and technology costs, and decreases at Endeavor Streaming. Moving on to our representation segment, revenue was $385.6 million, down $2.7 million. Segment revenue was impacted by a $29 million decrease at the agency. primarily driven by the impact of the WGA and SAG-AXA strikes, partially offset by growth in the sports and music divisions. This decrease was further offset by content delivery within our non-scripted production business, as well as increases at 160 over 90 in IMG's licensing business. WME Sports closed record-breaking NFL and NBA player deals, and WME's music touring business had a strong quarter driven by continued demand for live music. More than 200 WME clients performed across festivals, including Coachella, Lollapalooza, Glastonbury, and the CMA Fest in Nashville. In the third quarter, segment adjusted EBITDA was 96.3 million, down 36.6 million, or 27.5%, primarily related to the adverse impact from both strikes. Related to the estimated impact of the strikes, We previously estimated the impact of the strikes would adversely affect our representation revenue by up to $25 million per month on average relative to our forecast at the time. In the quarter, our agency performed better than expected, primarily due to overall deals being suspended at a slower rate than anticipated, profit participations, and outperformance in areas previously mentioned such as sports and music. As a result, the strike impact adversely affected our agency revenues in the range of $40 to $50 million in the quarter. Looking to the fourth quarter, we expect the originally estimated impact of the strikes to continue based on the lagging effect of the WGA strikes, the ongoing SAG-AFTRA strike, as well as the time needed to meaningfully ramp production. Now turning to our sports data and technology segment. Revenue was $124.8 million, up $78.1 million, while adjusted EBITDA was $24 million, up $19.8 million. Growth in this segment revenue was attributed to the addition of OpenBet, which we acquired in September of 2022, as well as growth in betting data and streaming at IMG Arena across a widening portfolio. For Wimbledon, IMG Arena delivered data feeds to more than 250 sportsbooks covering 651 matches. IMG Arena also entered a multi-year partnership with Conference USA to become the league's official data rights collector for football and men and women's basketball. Moving on to our capital structure, we ended the quarter with $5.05 billion in debt and $1.34 billion in cash, resulting in $3.74 billion in net debt. Our net leverage was 3.22 times at quarter end. As a recognition of our deleveraging progress and close of the TKO transaction, S&P global ratings recently upgraded our parent issuer credit rating, inclusive of the USC credit group, to double B-minus from B+. In conclusion, given Endeavor's previously announced review of strategic alternatives, we are tabling discussions related to capital allocation and annual guidance at this time. With that, I'll hand it over to James.

Thanks, Jason. Operator, can we open it up for questions now?

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