TKO vs WBD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: TKO is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. TKO and WBD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined TKO and WBD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

TKO Group Holdings owns two of the most recognizable combat-sports and entertainment brands in the world, the Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE), and after a February 2025 transaction also owns IMG, On Location, and Professional Bull Riders (PBR). The company makes money primarily from media rights (multi-year deals to broadcast and stream its events), live event ticketing and site fees, sponsorship, licensing, and hospitality. The headline example is the roughly $7.7 billion, seven-year UFC media-rights agreement with Paramount that begins in 2026, moving UFC's numbered events onto Paramount+ and away from the traditional pay-per-view model; across all brands TKO says it has more than $15 billion of long-term media rights secured.

Full TKO guide

Warner Bros. Discovery is a global media and entertainment company formed in 2022 by combining WarnerMedia with Discovery. Its assets span the Warner Bros. motion picture and television studios, the HBO and HBO Max streaming and premium-TV brands, DC, and a large stable of cable and broadcast networks including CNN, TNT Sports, Discovery, Food Network, and HGTV. It makes money four main ways: streaming subscriptions (led by HBO Max), advertising across its networks and streaming, content licensing and theatrical box office from the studios, and distribution or affiliate fees paid by cable and satellite carriers to carry its channels.

Full WBD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• TKO drivers: Media-rights repricing; Scarce, must-watch live IP.
• WBD drivers: Paramount Skydance acquisition; Abandoned split into two companies.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: TKO's value is concentrated in a small number of large rights deals, so any renewal at lower-than-expected terms, or a slip in audience engagement, would matter a lot. For WBD, the overriding risk for a WBD holder in mid-2026 is deal risk: the value rests on the Paramount Skydance acquisition closing at roughly $31 per share.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick TKO if you believe its drivers more; WBD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the TKO and WBD guides.

TKO. Figures are approximate and tied to the asOf date; verify current numbers before acting. TKO reported full-year 2025 revenue of about $4.74 billion and adjusted EBITDA near $1.585 billion, and guided to roughly $5.7 billion of revenue and $2.2 to 2.3 billion of adjusted EBITDA for 2026. The high P/E reflects amortization and acquisition accounting weighing on reported net income, which is why many investors watch EV/EBITDA and the contracted rights backlog instead.

WBD. With a definitive acquisition in its final stages, standard valuation of WBD is dominated by the deal: the shares track the roughly $31-per-share price and the probability the transaction closes, not the usual P/E or streaming multiples. Watch the deal timeline, remaining regulatory approvals, and any risk of the agreement breaking rather than quarterly operating results. All figures are approximate, tied to the asOf date, and should be verified against the latest filings and deal disclosures before acting.

Headline figures (approximate, 2026-06-27): TKO shows revenue (fy2025) ~$4.74 billion, adjusted ebitda (fy2025) ~$1.585 billion (up ~47% YoY), adjusted ebitda margin ~33.5%, net income (fy2025) ~$546 million; WBD shows deal price Paramount Skydance acquisition at ~$31 per share; stock trades near deal terms (approximate; verify live), deal status Signed Feb 2026, shareholder-approved Apr 2026, DOJ-cleared Jun 2026, targeted to close mid-2026 (approximate; verify live), revenue (ttm) ~$39 billion, with the linear-networks side declining (approximate; verify live), net debt ~$34 billion carried from the 2022 merger (approximate; verify live).

TKO and WBD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined TKO and WBD exposure against your real portfolio. It is not an investment adviser.