Steve Carrier on September 13, 2023
September 12, 2023, marked a historic day for WWE as the merger between Endeavor’s WWE and UFC was officially completed, forming TKO Group Holdings.
The newly formed entity began trading on the New York Stock Exchange under the symbol “TKO.” The stock launched at $102.00 per share, closing at $103.05 per share on its first day of trading, marking a 2.38% increase from WWE’s previous close of $100.65. In pre-market trading, TKO’s stock rose to $106.95 per share, reflecting a 3.78% increase from the previous day’s closing price.
Additionally, TKO Group Holdings declared a special cash dividend of $3.86 per share to its Class A common stockholders, payable on September 29, 2023, to those on record as of September 22, 2023.
NEW YORK–(BUSINESS WIRE)–TKO Group Holdings, Inc. (NYSE: TKO) (“TKO” or the “Company”), a premium sports and entertainment company, today announced that it has declared a special cash dividend pursuant to the terms of the transaction agreement between UFC and WWE, which provides for a special one-time dividend on TKO’s shares of Class A common stock, funded by an intracompany cash distribution to TKO prior to the consummation of the transaction. The dividend to TKO’s Class A common stockholders will be $3.86 per share, payable on September 29, 2023 to TKO’s Class A common stockholders of record as of September 22, 2023.
Future declarations of dividends are subject to the determination and discretion of TKO’s board of directors based on its consideration of various factors, such as its results of operations, financial condition, market conditions, earnings, cash flow requirements, restrictions in its debt agreements, legal requirements and other factors that TKO’s board of directors deems relevant.
While there was speculation about WWE Chief Content Officer Triple H’s role following the merger, he confirmed that he will continue working as the head of WWE creative. Triple H expressed his excitement about the historic day, comparing it to WWE going public on October 19, 1999, and emphasizing that the sky is the limit for TKO Group Holdings.
John Cena also congratulated everyone involved in the merger, recognizing it as another historic moment in the sports-entertainment industry.
The merger ceremony included WWE representatives Bianca Belair and Montez Ford, UFC Hall of Famer Daniel Cormier, and other notable figures from WWE, UFC, and Endeavor.
The occasion marked a significant development in the industry, with no major changes planned for the WWE and UFC products under TKO Group Holdings.
September 13, 2023 9:42 am
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