---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-213153"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2024-09-04T23:59:59+00:00"
generated_at: "2026-05-31T06:31:49.045251+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway Brands to spin off Topgolf into independent company; plans separation by H2 2025

## Summary
- Board intends to separate into Callaway (golf equipment, active lifestyle, ~$2.5B LTM rev) and Topgolf (venues, ~$1.8B LTM rev, excl. Toptracer).
- Separation expected via tax-free spin-off of at least 80.1% of Topgolf to shareholders; target completion in second half of 2025.
- Post-separation, Callaway will retain existing financial debt; Topgolf will have no financial debt and a significant cash balance.
- Chip Brewer to continue as CEO of Callaway; Artie Starrs as CEO of Topgolf. Callaway will remain Topgolf's exclusive golf equipment partner.
- Topgolf to reduce new venue development to mid-single digit range in 2025 to balance growth and free cash flow.

## SEC filing metadata
- accession: 0001193125-24-213153
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2024-09-04T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312524213153/0001193125-24-213153-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312524213153/d888707d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-213153
- JSON: https://secwatch.observer/filing/0001193125-24-213153.json
- Plain text: https://secwatch.observer/filing/0001193125-24-213153.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.