{"id":10947,"date":"2026-08-11T10:00:00","date_gmt":"2026-08-11T13:00:00","guid":{"rendered":"https:\/\/artica.capital\/?post_type=pilulas&#038;p=10947"},"modified":"2026-10-20T16:47:23","modified_gmt":"2026-10-20T19:47:23","slug":"o-fim-do-pay-per-view-como-a-tko-se-tornou-um-dos-negocios-mais-lucrativos-da-industria-esportiva","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/o-fim-do-pay-per-view-como-a-tko-se-tornou-um-dos-negocios-mais-lucrativos-da-industria-esportiva\/","title":{"rendered":"O fim do pay-per-view: como a TKO se tornou um dos neg\u00f3cios mais lucrativos da ind\u00fastria esportiva"},"content":{"rendered":"<p class=\"wp-block-paragraph\">O UFC deixou de ser apenas um torneio de MMA para se tornar parte de um dos neg\u00f3cios mais lucrativos da ind\u00fastria esportiva mundial. Junto com a WWE e o PBR, a franquia integra a TKO Group Holdings, companhia avaliada em aproximadamente US$ 35 bilh\u00f5es, que combina escala de receita e volume de eventos ao vivo em um \u00fanico ativo: US$ 4,7 bilh\u00f5es de receita consolidada em 2025 e mais de 500 eventos ao vivo por ano, assistidos por mais de 1 bilh\u00e3o de domic\u00edlios em 210 pa\u00edses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paralelamente, o setor vive a transi\u00e7\u00e3o definitiva do pay-per-view para o streaming. A Paramount+ assumiu todos os direitos de transmiss\u00e3o do UFC por US$ 7,7 bilh\u00f5es entre 2026 e 2032, movimento que segue a mesma l\u00f3gica adotada pela WWE.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A estrutura consolidada como vendedor \u00fanico de IP em esportes ao vivo permitiu \u00e0 TKO alcan\u00e7ar margens EBITDA de 45% a 50% no UFC e na WWE, superando amplamente pares do setor como F1, MotoGP e Madison Square Garden. Parte dessa lucratividade, por\u00e9m, \u00e9 sustentada pela baixa remunera\u00e7\u00e3o dos atletas: o UFC destina apenas 17% de sua receita aos lutadores, frente a 48%-50% praticados por ligas como NBA, NHL e NFL. Essa disparidade j\u00e1 resultou em um acordo de US$ 375 milh\u00f5es por supress\u00e3o salarial e segue sendo contestada em a\u00e7\u00f5es judiciais em curso.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nesta p\u00edlula, destacamos como a fus\u00e3o entre UFC e WWE transformou direitos de m\u00eddia em poder de negocia\u00e7\u00e3o, consolidando um modelo de neg\u00f3cio replic\u00e1vel e de alt\u00edssima rentabilidade, ao mesmo tempo em que exp\u00f5e as tens\u00f5es estruturais entre lucratividade corporativa e remunera\u00e7\u00e3o dos atletas que sustentam o produto.<\/p>\n\n\n\n<!-- pilula-html v2 -->\n<style>\n.pil-deck{margin:32px 0}\n.pil-deck .pil-slide{margin:0 0 28px;overflow-x:auto;-webkit-overflow-scrolling:touch}\n.pil-deck .s{position:relative;container-type:inline-size;min-width:640px;font-family:Arial,\"Helvetica Neue\",Helvetica,sans-serif;box-shadow:0 1px 6px rgba(0,0,0,.12)}\n.pil-deck .s>img{display:block;width:100%;height:auto;margin:0}\n.pil-deck .t{position:absolute;box-sizing:border-box;display:flex;flex-direction:column;margin:0;font:inherit;letter-spacing:0;overflow:visible}\n.pil-deck .t p{margin:0;padding:0}\n.pil-deck h2.t{letter-spacing:-.015em;text-transform:none}\n.pil-deck .t sup,.pil-deck .t sub{font-size:.6em;line-height:0}\n.pil-deck .t p.b::before{content:var(--bc,\"\\2022\");display:inline-block;width:var(--bw,1.1em);text-indent:0;font-size:var(--bs,100%);color:var(--bk,inherit)}\n.pil-deck .t span{font-family:inherit}\n<\/style>\n<div class=\"pil-deck\">\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-ufc-tko-1.jpg\" alt=\"Slide 1\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:6.354%;top:43.757%;width:23.021%;min-height:27.778%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:3.75cqw;color:#ffffff;font-weight:700\">US$ 4,7 Bi<\/span><\/p><p style=\"text-align:center;line-height:1.17;margin:0.625cqw 0 0cqw 0\"><span style=\"font-size:1.354cqw;color:#edf0f5\">Receita consolidada em 2025<\/span><\/p><\/div><div class=\"t\" style=\"left:38.542%;top:43.757%;width:23.021%;min-height:27.778%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:3.75cqw;color:#ffffff;font-weight:700\">+500<\/span><\/p><p style=\"text-align:center;line-height:1.17;margin:0.625cqw 0 0cqw 0\"><span style=\"font-size:1.354cqw;color:#edf0f5\">Eventos ao vivo por ano<\/span><\/p><\/div><div class=\"t\" style=\"left:70.729%;top:43.757%;width:23.021%;min-height:27.778%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:3.75cqw;color:#ffffff;font-weight:700\">+1 Bi<\/span><\/p><p style=\"text-align:center;line-height:1.17;margin:0.625cqw 0 0cqw 0\"><span style=\"font-size:1.354cqw;color:#edf0f5\">Domic&#237;lios em 210 pa&#237;ses assistiram a algum evento<\/span><\/p><\/div><div class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">TKO combina escala de receita e volume de eventos ao vivo em um &#250;nico ativo<\/span><\/p><\/div><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-end;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#ffffff\">Fonte: TKO; An&#225;lises &#193;rtica.<\/span><\/p><\/div><div class=\"t\" style=\"left:-0.25%;top:20.249%;width:100.25%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:1.094cqw;color:#ffffff;font-weight:700\">Franquias<\/span><\/p><\/div><div class=\"t\" style=\"left:31.754%;top:31.599%;width:10.049%;min-height:4.937%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#edf0f5\">Ultimate<\/span><span style=\"font-size:0.833cqw;color:#edf0f5\"> Fighting <\/span><span style=\"font-size:0.833cqw;color:#edf0f5\">Championship<\/span><span style=\"font-size:0.833cqw;color:#edf0f5\"> (UFC)<\/span><\/p><\/div><div class=\"t\" style=\"left:44.937%;top:31.599%;width:10.049%;min-height:4.937%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#edf0f5\">World Wrestling <\/span><span style=\"font-size:0.833cqw;color:#edf0f5\">Entertainment<\/span><span style=\"font-size:0.833cqw;color:#edf0f5\"> (WWE)<\/span><\/p><\/div><div class=\"t\" style=\"left:58.12%;top:31.77%;width:10.049%;min-height:4.937%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#edf0f5\">Professional Bull Riders (PBR)<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-ufc-tko-2.jpg\" alt=\"Slide 2: O UFC surge como um pequeno torneio de MMA em 1993 e ao longo dos anos se juntou ao WWE, que combinados valem mais de US$ 35 bilh&#245;es\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) A partir de 18\/08\/2021, Silver Lake ou KKR poderiam exigir unilateralmente um IPO do pr&#243;prio UFC sob o acordo de s&#243;cios de 2016; a WME comprou os 49,9% em maio de 2021, antes de perder o direito de impedir o IPO.<\/span><\/p><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: Capital IQ; Clippings; An&#225;lises &#193;rtica.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">O UFC surge como um pequeno torneio de MMA em 1993 e ao longo dos anos se juntou ao WWE, que combinados valem mais de US$ 35 bilh&#245;es<\/span><\/p><\/h2><div class=\"t\" style=\"left:3.315%;top:71.304%;width:10.865%;min-height:4.039%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Funda&#231;&#227;o<\/span><\/p><\/div><div class=\"t\" style=\"left:6.237%;top:75.868%;width:5.02%;min-height:8.924%;justify-content:center;padding:0.295% 0.0% 0.295% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">1993<\/span><\/p><\/div><div class=\"t\" style=\"left:60.163%;top:56.282%;width:5.02%;min-height:8.924%;justify-content:center;padding:0.295% 0.0% 0.295% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">2021<\/span><\/p><\/div><div class=\"t\" style=\"left:85.802%;top:26.414%;width:5.906%;min-height:10.499%;justify-content:center;padding:0.0% 0.0% 0.0% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">2026<\/span><\/p><\/div><div class=\"t\" style=\"left:2.5%;top:85.556%;width:18.75%;min-height:6.732%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Formato de <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">torneio<\/span><span style=\"font-size:1.25cqw;color:#000000\"> e distribui&#231;&#227;o exclusiva <\/span><span style=\"font-size:1.25cqw;color:#000000\">por <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">pay-per-view<\/span><\/p><\/div><div class=\"t\" style=\"left:16.458%;top:46.061%;width:20.312%;min-height:17.503%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Lorenzo e Frank Fertitta, da Station Casinos, compram o UFC por <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">US$ 2 milh&#245;es<\/span><span style=\"font-size:1.25cqw;color:#000000\"> e criam a <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Zuffa<\/span><span style=\"font-size:1.25cqw;color:#000000\">. Modelo de legaliza&#231;&#227;o estado a estado e cria&#231;&#227;o de estrelas no reality <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">The Ultimate Fighter<\/span><span style=\"font-size:1.25cqw;color:#000000\">, de 2005<\/span><\/p><\/div><div class=\"t\" style=\"left:51.693%;top:29.913%;width:22.135%;min-height:14.81%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Concomitantemente ao IPO<\/span><span style=\"font-size:1.25cqw;color:#000000\"><sup>(1)<\/sup><\/span><span style=\"font-size:1.25cqw;color:#000000\"> na NYSE (maio de 2021), a <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">WME<\/span><span style=\"font-size:1.25cqw;color:#000000\"> compra os <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">49,9% dos minorit&#225;rios <\/span><span style=\"font-size:1.25cqw;color:#000000\">(Silver Lake, KKR, MSD) em caixa e a&#231;&#245;es, passando a deter <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">100% do UFC<\/span><\/p><\/div><div class=\"t\" style=\"left:67.604%;top:67.971%;width:20.833%;min-height:12.117%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Fus&#227;o com a <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">WWE<\/span><span style=\"font-size:1.25cqw;color:#000000\"> cria a <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">TKO Group Holdings<\/span><span style=\"font-size:1.25cqw;color:#000000\">, com Enterprise Value combinado de <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">US$ 21,4 bilh&#245;es<\/span><span style=\"font-size:1.25cqw;color:#000000\">. A Endeavor fica com <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">51%<\/span><\/p><\/div><div class=\"t\" style=\"left:80.208%;top:53.858%;width:17.708%;min-height:9.424%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">TKO atinge valor de mercado de aproximadamente <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">US$ 35 bilh&#245;es<\/span><\/p><\/div><div class=\"t\" style=\"left:24.17%;top:73.168%;width:5.02%;min-height:8.924%;justify-content:center;padding:0.295% 0.0% 0.295% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">2001<\/span><\/p><\/div><div class=\"t\" style=\"left:75.554%;top:41.672%;width:5.02%;min-height:8.924%;justify-content:center;padding:0.295% 0.0% 0.295% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">2023<\/span><\/p><\/div><div class=\"t\" style=\"left:42.143%;top:65.832%;width:5.02%;min-height:8.924%;justify-content:center;padding:0.295% 0.0% 0.295% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.458cqw;color:#f4f4f4;font-weight:700\">2016<\/span><\/p><\/div><div class=\"t\" style=\"left:32.984%;top:78.741%;width:23.407%;min-height:14.81%;justify-content:center;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Cons&#243;rcio liderado pela <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">William Morris Endeavor (WME)<\/span><span style=\"font-size:1.25cqw;color:#000000\">, com Silver Lake, KKR e MSD Capital, assume o controle por cerca de <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">US$ 4 bilh&#245;es<\/span><span style=\"font-size:1.25cqw;color:#000000\">, com profissionaliza&#231;&#227;o comercial e <\/span><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">venda de direitos de m&#237;dia<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-ufc-tko-3.jpg\" alt=\"Slide 3: Fus&#227;o cria vendedor &#250;nico de IP(1) ao vivo e converte escala em contratos plurianuais bilion&#225;rios\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:26.12%;top:44.012%;width:22.388%;min-height:20.504%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw\">&nbsp;<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Enterprise value<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">UFC entra na TKO a US$ 12,1 bilh&#245;es contra US$ 4,1 bilh&#245;es pagos em 2016, e a WWE contribui cerca de US$ 9,3 bilh&#245;es, com alavancagem combinada de 2,8x<\/span><\/p><\/div><div class=\"t\" style=\"left:2.847%;top:44.012%;width:22.388%;min-height:20.504%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw\">&nbsp;<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Poder de barganha<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">Calend&#225;rios complementares sob um s&#243; vendedor transformam direitos de m&#237;dia em negocia&#231;&#227;o de portf&#243;lio<\/span><\/p><\/div><div class=\"t\" style=\"left:26.12%;top:21.857%;width:22.388%;min-height:20.504%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw\">&nbsp;<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Controle da TKO definido<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">51% da WME e 49% dos acionistas da WWE<\/span><span style=\"font-size:1.042cqw;color:#000000\"><sup>(3)<\/sup><\/span><span style=\"font-size:1.042cqw;color:#000000\">, US$ 150 milh&#245;es em caixa no fechamento e conselho de 11 assentos, 6 deles indicados pela Endeavor<\/span><\/p><\/div><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) <\/span><span style=\"font-size:0.833cqw;color:#000000;font-style:italic\">Intellectual property<\/span><span style=\"font-size:0.833cqw;color:#000000\">: marcas, nomes de eventos, acervo de lutas e direitos de imagem detidos pela companhia; (2) Anunciada em abr\/2023 e concretizada em set\/2023; (3) A WWE j&#225; era listada antes da fus&#227;o com o UFC, portanto o free float est&#225; incluso nos 49% mencionados; (4) Rede CBS de televis&#227;o aberta nos Estados Unidos, cujo sinal &#233; gratuito e n&#227;o exige assinatura de TV paga ou de streaming.<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">Fonte: TKO; An&#225;lises &#193;rtica.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">Fus&#227;o cria vendedor &#250;nico de IP<\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\"><sup>(1)<\/sup><\/span><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\"> ao vivo e converte escala em contratos plurianuais bilion&#225;rios<\/span><\/p><\/h2><div class=\"t\" style=\"left:2.768%;top:15.501%;width:47.232%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">F<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">us&#227;o entre UFC e WWE<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"><sup>(2)<\/sup><\/span><\/p><\/div><div class=\"t\" style=\"left:2.847%;top:21.857%;width:22.388%;min-height:20.504%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw\">&nbsp;<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Nasce a TKO<\/span><\/p><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0.625cqw 0\"><span style=\"font-size:1.042cqw;color:#000000\">WME combina UFC e WWE em uma companhia listada na NYSE avaliada em mais de US$ 21 bilh&#245;es, dedicada &#224; posse de IP em esportes ao vivo<\/span><\/p><\/div><div class=\"t\" style=\"left:13.958%;top:75.271%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+40<\/span><\/p><\/div><div class=\"t\" style=\"left:13.958%;top:67.536%;width:8.438%;min-height:4.815%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#7e7e7e\">Eventos por ano<\/span><\/p><\/div><div class=\"t\" style=\"left:22.396%;top:75.271%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+900M<\/span><\/p><\/div><div class=\"t\" style=\"left:22.396%;top:67.536%;width:8.438%;min-height:4.815%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#7e7e7e\">Domic&#237;lios alcan&#231;ados<\/span><\/p><\/div><div class=\"t\" style=\"left:30.833%;top:75.271%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+170<\/span><\/p><\/div><div class=\"t\" style=\"left:30.833%;top:67.536%;width:8.438%;min-height:4.815%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#7e7e7e\">Pa&#237;ses<\/span><\/p><\/div><div class=\"t\" style=\"left:39.271%;top:75.271%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+700M<\/span><\/p><\/div><div class=\"t\" style=\"left:39.271%;top:67.536%;width:8.438%;min-height:4.815%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#7e7e7e\">F&#227;s no mundo<\/span><\/p><\/div><div class=\"t\" style=\"left:13.958%;top:85.556%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+200<\/span><\/p><\/div><div class=\"t\" style=\"left:22.396%;top:85.556%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+1B<\/span><\/p><\/div><div class=\"t\" style=\"left:30.833%;top:85.556%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+180<\/span><\/p><\/div><div class=\"t\" style=\"left:39.271%;top:85.556%;width:8.438%;min-height:4.074%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.667cqw;color:#000000;font-weight:700\">+1,2B<\/span><\/p><\/div><div class=\"t\" style=\"left:2.833%;top:68.748%;width:11.73%;min-height:4.815%;justify-content:flex-end;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#7e7e7e;font-style:italic\">FY2022<\/span><\/p><\/div><div class=\"t\" style=\"left:51.471%;top:15.501%;width:45.781%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Mudan&#231;a do pay-per-view para o streaming<\/span><\/p><\/div><div class=\"t\" style=\"left:67.13%;top:22.75%;width:29.475%;min-height:66.634%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Modelo anterior: <\/span><span style=\"font-size:1.25cqw;color:#000000\">a cobran&#231;a era por evento, no formato pay-per-view. A ESPN detinha os direitos e pagava entre US$ 500 e US$ 550 milh&#245;es por ano<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Novo contrato: <\/span><span style=\"font-size:1.25cqw;color:#000000\">a Paramount+ assumiu todos os direitos por US$ 7,7 bilh&#245;es entre 2026 e 2032, m&#233;dia de US$ 1,1 bilh&#227;o ao ano, com parcelas menores no in&#237;cio e maiores no fim do per&#237;odo<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Efeito para o assinante: <\/span><span style=\"font-size:1.25cqw;color:#000000\">os eventos numerados e as fight nights passam a integrar a assinatura, e parte deles vai tamb&#233;m para a CBS aberta<\/span><span style=\"font-size:1.25cqw;color:#000000\"><sup>(4)<\/sup><\/span><span style=\"font-size:1.25cqw;color:#000000\">, sem cobran&#231;a avulsa<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000;font-weight:700\">Tend&#234;ncia do setor: <\/span><span style=\"font-size:1.25cqw;color:#000000\">a WWE seguiu o mesmo caminho. O Raw foi para a Netflix por mais de US$ 5 bilh&#245;es em 10 anos, cerca de US$ 500 milh&#245;es anuais desde janeiro de 2025, e os Premium Live Events ficaram com a ESPN por US$ 1,6 bilh&#227;o em 5 anos, ou US$ 325 milh&#245;es anuais, 78% acima do acordo que existia com a Peacock<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-ufc-tko-4.jpg\" alt=\"Slide 4: A TKO estabeleceu neg&#243;cios mais lucrativos que seus pares donos de IP, com margem de 45% a 50% no UFC e na WWE...\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">(1) Todas excluem D&amp;A e remunera&#231;&#227;o baseada em a&#231;&#245;es. Overhead corporativo n&#227;o alocado rateado entre os segmentos pro rata pela receita; <\/span><span style=\"font-size:0.833cqw;color:#000000\">(2) <\/span><span style=\"font-size:0.833cqw;color:#000000\">Exerc&#237;cios<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">sociais<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">encerrados<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">in<\/span><span style=\"font-size:0.833cqw;color:#000000\"> <\/span><span style=\"font-size:0.833cqw;color:#000000\">dez<\/span><span style=\"font-size:0.833cqw;color:#000000\">\/2025, <\/span><span style=\"font-size:0.833cqw;color:#000000\">exceto<\/span><span style=\"font-size:0.833cqw;color:#000000\"> MSG Entertainment e MSG Sports (<\/span><span style=\"font-size:0.833cqw;color:#000000\">jun<\/span><span style=\"font-size:0.833cqw;color:#000000\">\/2025).<\/span><\/p><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: Resultados das Companhias; An&#225;lises &#193;rtica. <\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">A TKO estabeleceu neg&#243;cios mais lucrativos que seus pares donos de IP, com margem de 45% a 50% no UFC e na WWE&#8230;<\/span><\/p><\/h2><div class=\"t\" style=\"left:2.768%;top:15.501%;width:42.669%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Margem EBITDA ajustada<\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"><sup>(1; 2)<\/sup><\/span><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\"> por segmento (FY25)<\/span><\/p><\/div><div class=\"t\" style=\"left:2.768%;top:19.54%;width:42.669%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#7a7a7a;font-weight:700\">%<\/span><\/p><\/div><div class=\"t\" style=\"left:86.898%;top:18.818%;width:5.304%;min-height:6.383%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">TKO<\/span><\/p><\/div><div class=\"t\" style=\"left:92.512%;top:18.818%;width:5.304%;min-height:6.383%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 1.25cqw 0\"><span style=\"font-size:1.25cqw;color:#000000\">Outros<\/span><\/p><\/div><\/div><\/figure>\n<figure class=\"pil-slide\"><div class=\"s\"><img src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/10\/pilula-ufc-tko-5.jpg\" alt=\"Slide 5: ...por&#233;m parte dessa lucratividade vem &#224;s custas de baixa remunera&#231;&#227;o dos atletas, situa&#231;&#227;o que tem sido levada aos tribunais\" width=\"1920\" height=\"1080\" loading=\"lazy\" decoding=\"async\"><div class=\"t\" style=\"left:1.953%;top:94.975%;width:94.783%;min-height:4.282%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:0.833cqw;color:#000000\">Fonte: Autos dos processos Le, Cirkunovs e Davis v. Zuffa (D. Nev.); NBA; NHL; NFL; Front Office Sports; Wrestlenomics; An&#225;lises &#193;rtica.<\/span><\/p><\/div><h2 class=\"t\" style=\"left:1.953%;top:3.515%;width:81.952%;min-height:7.596%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p style=\"text-align:left;line-height:1.053;margin:0.0cqw 0 0cqw 0\"><span style=\"font-size:2.083cqw;color:#ffffff;font-weight:700\">&#8230;por&#233;m parte dessa lucratividade vem &#224;s custas de baixa remunera&#231;&#227;o dos atletas, situa&#231;&#227;o que tem sido levada aos tribunais <\/span><\/p><\/h2><div class=\"t\" style=\"left:2.768%;top:15.501%;width:26.971%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">Porcentagem da receita destinada aos atletas<\/span><\/p><\/div><div class=\"t\" style=\"left:35.776%;top:15.501%;width:61.458%;min-height:4.074%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#2e3a4f;font-weight:700\">A&#231;&#245;es judiciais em curso<\/span><\/p><\/div><div class=\"t\" style=\"left:5.196%;top:28.755%;width:4.141%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;transform:rotate(327.6deg);\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">17%<\/span><\/p><\/div><div class=\"t\" style=\"left:22.15%;top:28.565%;width:4.141%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;transform:rotate(331.09deg);\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#ffffff;font-weight:700\">15%<\/span><\/p><\/div><div class=\"t\" style=\"left:8.097%;top:56.697%;width:4.141%;min-height:3.59%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;transform:rotate(337.58deg);\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#ffffff;font-weight:700\">50%<\/span><\/p><\/div><div class=\"t\" style=\"left:20.703%;top:56.697%;width:4.141%;min-height:3.59%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;transform:rotate(337.58deg);\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#ffffff;font-weight:700\">50%<\/span><\/p><\/div><div class=\"t\" style=\"left:14.308%;top:75.767%;width:4.141%;min-height:3.59%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;transform:rotate(337.58deg);\"><p style=\"text-align:center;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.042cqw;color:#ffffff;font-weight:700\">48%<\/span><\/p><\/div><div class=\"t\" style=\"left:35.729%;top:21.313%;width:61.458%;min-height:10.0%;justify-content:flex-start;padding:0.938% 1.25% 0.938% 1.25%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.146cqw;color:#000000\">Em fev de 2025 a dona do UFC homologou acordo de US$ 375 mi com cerca de 1.100 lutadores que a acusavam de suprimir sal&#225;rios entre 2010 e 2017. O acordo, por&#233;m, resultou apenas em pagamento retroativo, sem alterar nenhuma cl&#225;usula contratual.<\/span><\/p><\/div><div class=\"t\" style=\"left:36.397%;top:37.475%;width:29.063%;min-height:55.059%;justify-content:flex-start;padding:1.5% 0.886% 0.295% 0.886%;\"><p style=\"text-align:left;line-height:1.345;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.771cqw;color:#5f5f5f;font-weight:700;font-style:italic\">Lutadores contestam a regra que os obriga a brigar sozinhos<\/span><\/p><\/div><div class=\"t\" style=\"left:36.354%;top:51.177%;width:28.172%;min-height:24.815%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">A&#231;&#227;o de lutadores em corte federal de Nevada<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">O contrato manda toda disputa para arbitragem privada e em sigilo, e pro&#237;be a&#231;&#227;o coletiva<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">&#201; o que mant&#233;m a maioria dos atletas recentes fora do processo bilion&#225;rio de sal&#225;rios<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">Se cair, muito mais lutadores podem cobrar a empresa de uma s&#243; vez<\/span><\/p><\/div><div class=\"t\" style=\"left:67.419%;top:37.475%;width:29.063%;min-height:55.059%;justify-content:flex-start;padding:1.5% 0.886% 0.295% 0.886%;\"><p style=\"text-align:left;line-height:1.345;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.771cqw;color:#5f5f5f;font-weight:700;font-style:italic\">A&#231;&#227;o pede o direito de deixar o contrato ap&#243;s um ano<\/span><\/p><\/div><div class=\"t\" style=\"left:67.396%;top:51.177%;width:28.172%;min-height:24.815%;justify-content:flex-start;padding:0.375% 0.75% 0.375% 0.75%;\"><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">Movida por atletas de organiza&#231;&#245;es rivais, barrados de contratar quem assina com o UFC<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">N&#227;o pede indeniza&#231;&#227;o, pede mudan&#231;a de contrato<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">Quer sa&#237;da do contrato ap&#243;s um ano e fim da renova&#231;&#227;o autom&#225;tica a cada vit&#243;ria<\/span><\/p><p class=\"b\" style=\"text-align:left;line-height:1.17;margin:0.417cqw 0 0cqw 0;font-size:1.25cqw;padding-left:1.406cqw;text-indent:-1.406cqw;--bw:1.406cqw;--bc:'\\2022'\"><span style=\"font-size:1.25cqw;color:#000000\">Mudan&#231;a permanente no modelo, n&#227;o um cheque pago uma vez<\/span><\/p><\/div><div class=\"t\" style=\"left:2.768%;top:19.54%;width:26.971%;min-height:4.039%;justify-content:flex-start;padding:0.375% 0.0% 0.375% 0.0%;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#7a7a7a;font-weight:700\">%<\/span><\/p><\/div><div class=\"t\" style=\"left:36.354%;top:33.995%;width:59.375%;min-height:3.333%;justify-content:center;padding:0.375% 0.75% 0.375% 0.75%;white-space:nowrap;\"><p style=\"text-align:left;line-height:1.17;margin:0cqw 0 0cqw 0\"><span style=\"font-size:1.25cqw;color:#7a7a7a;font-weight:700\">Hoje h&#225; duas a&#231;&#245;es principais movidas contra a TKO sobre o tema<\/span><\/p><\/div><\/div><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>O UFC deixou de ser apenas um torneio de MMA para se tornar parte de um dos neg\u00f3cios mais lucrativos da ind\u00fastria esportiva mundial. Junto com a WWE e o PBR, a franquia integra a TKO Group Holdings, companhia avaliada em aproximadamente US$ 35 bilh\u00f5es, que combina escala de receita e volume de eventos ao [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10953,"template":"","meta":[],"class_list":["post-10947","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/10947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/10953"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=10947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}