, which is navigating the return of production and live events after the worst of the Covid-19 pandemic, reported mixed second-quarter results.
Operating losses widened to $307.5 million from $251.9 million in the year-earlier period. Adjusted EBITDA — a metric favored by media companies given the frequent gyrations of the industry — more than tripled to $168 million from $45.4 million in the year-ago quarter. Revenue in the Events, Experiences & Rights unit increased $408.8 million, to $528.7 million. The company credited higher media rights fees due to the return of a full schedule of European soccer matches in 2021. The Representation segment, which includes agency WME, reported a 70% surge in revenue to $135.4 million.The company raised its full-year financial targets, with revenue now expected to be between $4.8 billion and $4.85 billion.
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