World Wrestling Entertainment (WWE) has a new owner. This morning Endeavor announced that it had acquired a controlling stake in the pro wrestling company in a deal worth over $21 billion. This adds the WWE to Endeavor’s catalogue of sporting interests which already includes the UFC.
“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.” stated Endeavor in a tweet this morning.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Endeavor CEO Ari Emanuel in an official release. “For decades, Vince [McMahon] 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.”
In the official press statement Endeavor revealed it will create a new Publicly Listed Company to control the WWE with 51% of the company being owned by Endeavor and 49% being owned by the WWE’s existing shareholders. The UFC will be added to this company at an enterprise value of $12.1 billion.
Emanuel will serve as the CEO of the new company. Vince McMahon will be Executive Chairman of the Board and Mark Shapiro will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue as his role as President of the UFC and Nick Khan will serve as President of the WWE.
Who previously owned the WWE?
The WWE had been controlled by the McMahon family for decades, starting with Vince McMahon’s father, Vincent J. McMahon. In 1999 the company became a publicly traded company. Last year McMahon announced his retirement from the company due to a string of accusations regarding extramarital affairs, misconduct and alleged ‘hush money’. On his departure his daughter Stephanie McMahon was listed as co-CEO with Khan. McMahon returned to the company in January and Stephanie McMahon stepped down from her role.
Last year it was reported that Saudi Arabia had an interest in purchasing the WWE.
When did Endeavor buy the UFC?
Endeavor, then known as WME-IMG, purchased the UFC in 2016 for around $4 billion from the Fertitta Brothers.
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