Sports and entertainment company TKO Group Holdings, the firm behind the likes of UFC and WWE, said Wednesday that its board of directors has authorized a doubling of its quarterly cash dividend.

“TKO’s Class A common stockholders will now receive their pro rata share of an aggregate distribution of approximately $150 million …., representing a 100 percent increase over the prior program,” the company said.

As a result, holders of TKO’s Class A common stock will now receive a quarterly dividend of 76 cents per share, up from 38 cents previously. The dividend will be paid on Sept. 30 to Class A common stockholders of record as of the close of business on Sept. 15.

In addition, the company said on Wednesday that it has concurrently launched “a potential upsize of its existing credit facility by up to $1.0 billion, the consummation of which is subject to market conditions and customary closing conditions.”

“On the heels of our UFC and WWE U.S. domestic media rights renewals and the strong earnings and cash flow profile they provide, alongside the continued strength and momentum in our underlying business, we are proud to double TKO’s quarterly cash dividend,” said Mark Shapiro, president and COO of TKO. “The increased dividend, together with our share repurchase program that we expect to commence within the third quarter, reflects our ongoing commitment to a robust capital return strategy and delivering sustainable long-term value for our shareholders.”

TKO also said that it “intends to fund quarterly dividends with cash flow from operations and/or cash on hand.

Last month, the company unveiled a blockbuster $1.6 billion deal with ESPN for the U.S. rights to its WWE premium live events, followed by TKO Group Holdings revealing quarterly earnings that showed substantial growth in both live events and partnerships, two core areas.