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UFC, WWE combine to form $21.4B sports entertainment company

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'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 said in a statement Monday.

WWE and the company that runs Ultimate Fighting Championship will combine to create a $21.4 billion sports entertainment company.

People are also reading… He also provided some idea of where the focus of the new company will be, saying that it will look to maximize the value of combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster their brands.

The announcement of the WWE transaction arrives after McMahon, the founder and majority shareholder of WWE, returned to the company in January and said that it could be up for sale. The company held its marquee event, WrestleMania, over the weekend. Last year, WWE booked revenue of $1.3 billion. 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.

Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, are up 33% this year, but fell more than 6% before the opening bell on Monday. Shares of Endeavor, based in Beverly Hills, California, rose more than 4%.

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