WWE is going through the biggest change in company history as Endeavor, the parent company for the UFC, has purchased the global multimedia conglomerate. This comes after reports broke yesterday that the deal would be announced today.
Vince McMahon returned to WWE in order to usher in a company sale. Although their projection was the middle of 2023, they were able to get a deal together by the beginning of April.
Endeavor has officially announced that they have purchased WWE. The official press release about the sale mapped out exactly how much of the company Endeavor is taking on.
World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4 billion and a 10% annual revenue growth rate since 2019.
Ariel Emanuel, CEO of Endeavor, spoke about the sale. He said that this is an amazing chance for them to build in the industry while using the company that Vince McMahon made famous.
“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.”
Ariel Emanuel will lead this new company, while Vince McMahon will remain Executive Chairman of the Board and Mark Shapiro will become President and Chief Operating Officer of both Endeavor and the new company.
Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. 11 members of the company’s Board of Directors will be named at a later time.
What’s your take on this massive sale? Will it change everything about WWE as we know it? Sound off in the comments!