WWE and UFC have agreed to merge to form a new publicly traded company managed by Endeavor Group.
According to the terms of the arrangement, Endeavor will own 51% of the new combat sports and entertainment firm, while WWE owners would possess the remaining 49%. According to a press release from the firms, the deal values WWE at $9.3 billion and UFC, which is controlled by Endeavor, at $12.1 billion.
WWE and Endeavor both saw their stock prices fall on Monday morning. The deal is expected to be completed in the second half of 2023.
"This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed," Emanuel said in a press release. "For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together."
WWE executive chairman and long-time owner Vince McMahon, the company's largest existing stakeholder, will continue to lead the WWE portion of the new company, second only to Endeavor founder and CEO Ari Emanuel. WWE CEO Nick Khan is anticipated to retain president of wrestling operations, while Dana White will remain president of the UFC.
The board will have 11 members, with Endeavor appointing six and WWE appointing five. The name of the united company will be revealed at a later date. TKO will be the ticker symbol for the corporation on the New York Stock Exchange.
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