- WWE is saying goodbye to existing as a family-run business as it joins with the company that runs Ultimate Fighting Championship to create a $21.4 billion sports entertainment company.
McMahon, in an interview with CNBC, addressed doubts among some WWE fans and industry experts that he would ever make a deal for the business. “It’s the right time to do the right thing. And it’s the next evolution of WWE,” he said. A new publicly traded company will house the UFC and WWE brands, with Endeavor Group Holdings Inc. taking a 51% controlling interest in the new company. Existing WWE shareholders will hold a 49% stake.The new business, which does not yet have a name, will be lead by Endeavor CEO Ari Emanuel. McMahon, executive chairman at WWE, will serve in the same role at the new company. Dana White will continue as president of UFC and Nick Khan will be president at WWE.
Confirmation that WWE is being sold comes after McMahon, a majority shareholder of WWE, returned to the company in January and said that it could be on the block with viewership continuing to rise. “It makes all the sense in the world for all these synergies that we have to extract all of the value that we can out of the marketplace,” he explained.The company held its marquee event, WrestleMania, over the weekend. The two-day spectacular, held at SoFi Stadium in California, topped the existing global viewership record by 28% on the first night. On the second night, it beat the existing global viewership record by 33%. Merchandise sales for WrestleMania 39 climbed 20% from a year earlier.
The new company plans to trade on the New York Stock Exchange under the “TKO” ticker symbol. Its board will have 11 members, with six being appointed by Endeavor and five being appointed by WWE.
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