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TKO Group is acquiring IMG, Professional Bull Riders (PBR), and On Location from Endeavor for $3.25 billion, expanding its sports portfolio. The all-stock deal will increase Endeavor's ownership in TKO from 53% to 59% and enhances TKO's focus on league ownership and related businesses. TKO also announced a $300 million annual dividend and a $2 billion share buyback program.

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