WWE Announces Merger With UFC , to Create New Publicly Traded Company.
WWE Announces Merger With UFC , to Create New Publicly Traded Company.
On April 3, Vince McMahon's World Wrestling Entertainment announced the company has agreed to merge with the UFC.
On April 3, Vince McMahon's World Wrestling Entertainment announced the company has agreed to merge with the UFC.
CNBC reports that the decision will create a new publicly traded company controlled by Endeavor Group.
According to the agreement, Endeavor will control a 51% stake in the new combat sports and entertainment company.
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CNBC reports that WWE shareholders will control the remaining 49% of the company.
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In a press release, the company revealed that the deal valued the WWE at $9.3 billion, while the UFC, owned by Endeavor, was valued at $12.1 billion.
In a press release, the company revealed that the deal valued the WWE at $9.3 billion, while the UFC, owned by Endeavor, was valued at $12.1 billion.
News of the deal, which is expected to close in the second half of 2023, sent shares in both WWE and Endeavor down.
According to the companies, Ari Emanuel will serve as both Endeavor and the newly formed company's chief executive.
According to the companies, Ari Emanuel will serve as both Endeavor and the newly formed company's chief executive.
Meanwhile, McMahon will serve as executive chairman and Endeavor President and COO Mark Shapiro will remain in the same roles for the new company.
Meanwhile, McMahon will serve as executive chairman and Endeavor President and COO Mark Shapiro will remain in the same roles for the new company.
In the UFC, Dana White will remain the organization's president, and WWE CEO Nick Khan will continue to act as president.
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In the UFC, Dana White will remain the organization's president, and WWE CEO Nick Khan will continue to act as president.
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CNBC reports that the new company, which has yet to be named, will be traded on the New York Stock Exchange as TKO.
