Endeavor’s recent purchase of the WWE was the result of a competitive bidding process, according to a recent article on Puck.com.
The article highlights the efforts made by Mark Shapiro and Ari Emanuel, who faced stiff competition from at least one rival bidder, John Malone’s Liberty Media, the owner of Formula One.
According to the report, Shapiro and Emanuel outlined their proposal during a meeting with WWE chairman Vince McMahon and CEO Nick Khan at Raine Group offices in New York in mid-March. They then made a more emotional pitch one week later at WWE headquarters in Stamford. Despite their efforts, however, the bidding process continued until the very end, with Shapiro describing it as “nip and tuck all the way.”
In the end, Shapiro and Emanuel’s bid prevailed with the pair signing the term sheet on a Saturday night. It’s believed that the emotional pitch made by Shapiro and Emanuel may have helped them secure the deal, but it was a close contest up until the end.
“The pair outlined their proposal during a meeting with WWE chairman Vince McMahon and C.E.O. Nick Khan at Raine Group offices, in New York, in mid-March, sources involved with the deal told me, and made a more emotional pitch one week later at WWE headquarters in Stamford. Still, they faced stiff competition from at least one rival bidder—John Malone’s Liberty Media, the owner of Formula One—until the very end, and it wasn’t until Saturday night that they signed the term sheet. As Shapiro described it, ‘it was nip and tuck all the way.’”
The success of Shapiro and Emanuel’s bid underscores the value of the WWE as a major entertainment brand, and signals the company’s continued importance in the world of sports and entertainment.
What are your thoughts on the competitive bidding process for WWE’s acquisition by Endeavor? Do you think other bidders like Liberty Media could have made a better offer? Leave a comment below.