Wrestling company WWE has been sold to the parent company of UFC, to form a $21 billion sports and entertainment company.
WWE and UFC will now be merged together to form a new standalone public company.
The news brings an end to the McMahon family’s control over their wrestling empire, 43 years after Vince McMahon founded the company.
Confirming the news online, Endeavour said: “Today, Endeavor announced it has signed an agreement to form a $21+ billion global live sports and entertainment company made up of UFC and WWE.”
Endeavor now holds a 51 percent controlling stake in the new company, with existing WWE shareholders holding a 49 percent interest.
Ariel Emanuel, the company’s CEO, said: “This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed.
“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.”
McMahon, the Executive Chairman of WWE, said: “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.
“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.”
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