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WWE and UFC proprietor Endeavor are merging, the 2 corporations mentioned Monday.
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The transfer marks the top of a three-month lengthy sale course of for WWE.
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The brand new firm shall be listed on the New York Inventory Change and commerce underneath the ticker “TKO”.
World Wrestling Leisure and UFC proprietor Endeavor Group Holdings will mix to kind a brand new publicly listed leisure large that could possibly be value $21 billion or extra, the 2 corporations mentioned Monday.
The merger between the 2 combat-sport powerhouses comes three months after WWE cofounder and former CEO Vince McMahon rejoined the professional wrestling large’s board in January to discover a possible sale.
The brand new firm shall be listed on the New York Inventory Change and commerce underneath the ticker “TKO,” based on WWE and Endeavor.
“Collectively, we shall be a $21+ billion stay sports activities and leisure powerhouse with a collective fanbase of greater than a billion folks and an thrilling progress alternative,” McMahon mentioned in an announcement Monday.
The merger settlement values WWE shares at round $106 every, 16% larger than the $91.26 degree they traded at as of Friday’s shut.
Endeavor will personal a 51% controlling curiosity within the new firm, with WWE holding a 49% stake. Endeavor CEO Ari Emanuel will keep on in his present position, whereas McMahon would be the government chairman of the brand new firm’s board as a part of the deal.
Emanuel rose to prominence as a high-profile Hollywood agent and has beforehand invested in bull-riding occasions, style reveals and tennis competitions. He pledged to develop the corporate via profitable media and licensing offers and by bettering working effectivity.
“It is a uncommon alternative to create a world stay sports activities and leisure pureplay constructed for the place the trade is headed,” he mentioned.
“For many years, Vince and his workforce have demonstrated an unbelievable monitor report of innovation and shareholder worth creation, and we’re assured that Endeavor can ship vital extra worth for shareholders by bringing UFC and WWE collectively,” Emanuel added.
WWE shares slipped 2% to only over $89 Monday, whereas Endeavor’s inventory fell 6% to underneath $23 by the closing bell.
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