The father or mother firm of the UFC combined martial arts league has introduced a deal to purchase skilled wrestling large WWE and merge the 2 companies.
“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, World Wrestling Entertainment govt chairman, mentioned together with the announcement of the merger.
According to an announcement made by Ultimate Fighting Championship proprietor Endeavor Group Holdings on Monday morning, the businesses have signed a “definitive agreement” to mix with Endeavor sustaining 51% controlling curiosity and WWE shareholders retaining the remaining 49% holdings.
The skilled wrestling firm previously often called the WWF was bought for $9.3 billion or roughly $106 per share, in response to the the announcement.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” Endeavor CEO Ariel Emanuel mentioned with the announcement. “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.”
UFC President Dana White will proceed to steer the skilled martial arts league, which in response to Endeavor is at the moment valued at $12.1 billion. McMahon will likely be president of Endeavor, and the present president, Mark Shapiro, made chief working officer. WWE CEO Nick Khan will likely be made WWE President.
“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,” McMahon mentioned of the deal.
In January, after stepping away for a time following allegations of impropriety with WWE workers, McMahon resumed management of the corporate he constructed into the most important skilled wrestling promotion firm on the earth.
McMahon is the third of his household to steer the Connecticut primarily based firm, not together with daughter Stephanie McMahon who led the WWE in her father’s absence however resigned her position as CEO and Chairwoman in January.
“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,” McMahon mentioned.
Source: www.bostonherald.com”