World Wrestling Entertainment (WWE) has been sold to Endeavor Group Holdings in a deal valued at $21bn. The merger of UFC, which is owned by Endeavor, and WWE is set to create a “global live sports and entertainment company”. The newly combined company is expected to have a collective fanbase of over a billion people. WWE shareholders are set to receive 49% of the new company, while Endeavor shareholders will own a controlling 51% stake.
Vince McMahon, WWE’s executive chairman, said the new company “will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands.” UFC’s CEO, Ari Emanuel, will be the CEO of the new company, and the new company’s board of directors will have 11 members, with six of them appointed by Endeavor and the remaining picked by WWE.
The move to sell WWE marks the end of the McMahon family’s control of the company after almost 70 years. It began as the Capitol Wrestling Corporation in 1953, founded by Vincent K McMahon’s grandfather Jess McMahon and father Vincent J McMahon. The company was later sold to Vincent J McMahon in 1982, and it has since become a global powerhouse.
While fans and industry experts have been bracing for the sale, questions remain about what it means for the future of the company. McMahon and Triple H’s roles within the new company are yet to be determined by the buyer.
Source: CNN Business and Bleacher Report
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