WWE has sold to Endeavor – UFC’s parent company.
The news of the sale started to circulate on the second day of WrestleMania, April 2, with the announcement coming on Monday, April 3. WWE put out the following announcement on its social media –
“Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity” – Vince McMahon
McMahon, who returned to the company a few months ago to finalize a sale, will be staying on as executive chairman. Endeavor will hold a 51% controlling interest in the new publicly traded company. Existing WWE Shareholders will hold the remaining 49$. The new company has not yet been named but will be listed on the New York Stock Exchange under the ticker code, “TKO.”
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “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.”
“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” said Vincent K. McMahon, Executive Chairman of WWE.
McMahon continued, “Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”
In an interview with CNBC, McMahon answered the following way on if he will be in charge of creative –