UFC owner Endeavor and WWE announced Monday they will form a new publicly traded company, with Endeavor holding 51% controlling interest and Ari Emanuel as CEO.
Ultimate Fighting Championship and WWE on Monday said they will combine to form a new company, in an effort to create a $21-billion fighting sports and entertainment powerhouse.Ari EmanuelEndeavor, which also owns Hollywood talent agency WME, will hold a 51% controlling interest and WME shareholders will have a 49% interest. The combined company will trade under the stock ticket TKO.
“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,” McMahon said in a prepared statement Monday.WWE represented a value of $9.3 billion out of the $12.1 billion transaction value, according to Endeavor. Both Endeavor and WWE will contribute cash to the new combined business. The deal is expected to close in the second half of this year.
Multiple parties were rumored to be in the running for the popular asset at one point, including ESPN owner Walt Disney Co., Comcast’s NBCUniversal and Saudi Arabia’s Public Investment Fund. The WWE has media rights deals with NBCUniversal, which airs “Monday Night Raw,” and Fox Corp., which carries “Friday Night Smackdown” on its broadcast network. Both are said to be coming up for renewal.The company began in 1995, after Emanuel and three other ICM agents defected to form their own agency and all put up their homes for collateral to get a $500,000 line of bank credit.
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