“When the window opens, we’ll obviously start talking to a lot of different people and see what the options are out there,” the UFC head honcho Dana White said after UFC 314, before the official negotiation window kicked off on April 15, 2025. The UFC’s deal with ESPN wraps up at the end of this year, and yeah, big changes are on the horizon. In the middle of all this, Ari Emanuel, CEO of TKO Group, shocked many by taking a huge 72% pay cut before the new broadcasting deal around the corner.

Ari Emanuel has been a major player ever since the Fertitta brothers sold the UFC to Endeavor for $4 billion back in 2016. Dana White stuck around as president, keeping the ship steady. Fast forward to 2023, and the UFC joined forces with the WWE under the new TKO brand. Emanuel grabbed the CEO title in the process because his company, Endeavor, owns the biggest slice of the pie, 60.9% of TKO.

TKO’s CEO Ari Emanuel had himself a pretty lavish 2023, raking in $64.9 million. But according to a fresh SEC proxy filing from April 2025, his pay took a big hit, down 72% to $18.1 million. Even with the drop, his 2024 compensation still looked pretty stacked with a $3 million base salary, a $4.29 million bonus, $2.5 million in stock awards, and $8.21 million from a non-equity incentive plan. Also, the extras, $125,407 in other compensation, including $116,782 for private jet use and $8,625 in 401 (k) matching.

Even with that 72% pay cut, Ari Emanuel’s doing just fine. He cashed out $173.8 million when Endeavor went private, shifting from CEO to executive chairman of the newly renamed WME Group. And don’t forget, back in 2021, he grabbed a massive $308 million, leading the talent-agency-turned-conglomerate through its IPO. His pay disclosure doesn’t even count what he made running Endeavor Group Holdings, TKO’s parent company.

In March, Endeavor closed its $25 billion-take private deal with Silver Lake Partners. As part of that move, Emanuel scored a $173.8 million cash payout and rolled $290.27 million of total value in ownership into the private company.

Ari Emanuel’s rolled-over millions just made his financial position even stronger. He’s sitting pretty as TKO gears up to land a huge broadcasting deal for UFC’s media rights, especially with the demand for live sports on TV and streaming blowing up. But the CEO is not riding solo. TKO’s COO, Mark Shapiro, also scored a serious payday.

Mark Shapiro crosses Ari Emanuel with a $31.96 million pay

Mark Shapiro is also one of the real backbones of TKO. He’s serving as the President and Chief Operating Officer, while Dana White sticks to his longtime role as UFC’s CEO. This setup pretty much makes them partners when it comes to running UFC’s day-to-day business and steering the bigger strategic moves. Shapiro’s got a heavy hand in how things play out, working side-by-side with White to push the company forward.

TKO’s Chief Operating Officer had a killer year in 2024, raking in $31.96 million, nearly double what he made in 2023, which is $16.08 million. His pay package included a solid $4 million base salary, an $8.2 million bonus, and a whopping $19.57 million in stock awards. Plus, he got $198,871 in extra compensation, mostly from $194,049 for using the company jet, along with $3,450 in 401 (k) contributions and $1,372 for commuting. Not a bad gig for one of TKO’s top brass.

With this financial disclosure, it will be interesting to see how things will play out when a new deal is signed with a broadcasting partner. Any thoughts on how much they will earn in 2025? Please put them in the comments section below!