The firms said Monday morning that World Wrestling Entertainment, owned by Vince McMahon, has agreed to merge with UFC to create a new publicly traded company that would be governed by Endeavour Group.
According to the terms of the arrangement, Endeavour will own 51% of the new combat sports and entertainment firm and WWE shareholders would hold the remaining 49%. According to a press release from the firms, the purchase values WWE at $9.3 billion and Endeavor’s UFC at $12.1 billion.
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The deal is anticipated to be finalised in the second half of 2023. On Monday, shares of Endeavour plunged more than 5% and those of WWE dipped more than 2%.
According to the firms, Ari Emanuel will serve as the new business’s chief executive. McMahon will also serve as executive chairman, while Mark Shapiro, president and chief operating officer of Endeavour, will continue in those capacities at the new business. Dana White will continue in his role as UFC president, and WWE CEO Nick Khan will continue in his role as president of the wrestling industry.
As per Wrestle Ops tweet in X, they stated,” ANNOUNCED: WWE and the NFL are announcing the launch of NFL legacy title belts for all 32 teams.”
Eleven persons will make up the board, including six chosen by Endeavour and five by WWE. The name of the combined business will be disclosed later. Under the ticker symbol TKO, the company will trade on the New York Stock Exchange.
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An earlier CNBC report was validated by the announcement. Additionally, it happened the day after WrestleMania, the main live event for WWE, ended in California. The business has been looking for a buyer for a while. In January, McMahon returned to WWE as chairman to direct the procedure. The market value of WWE is approximately $6.5 billion. The market value of Endeavour is approximately $10 billion.
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