Stamford
Wrestling’s new tag-team: Connecticut-based World Wrestling Entertainment (WWE) and Endeavor Group are merging within a new parent company that will combine professional wrestling with mixed martial arts (MMA) under one roof, says Dean Seal in The Wall Street Journal. Endeavor, which owns the MMA league Ultimate Fighting Championship (UFC), will hold a 51% stake and WWE the remainder in the new entity, which will be listed on the New York Stock Exchange with the ticker “TKO”. The deal gives Endeavor an enterprise value of $12.1bn and WWE $9.3bn. Both will contribute cash to the new entity so that it holds $150m, with Endeavor picking up any left over after the deal closes. Endeavor CEO Ari Emanuel will head the new company, while WWE’s majority owner, Vince McMahon (pictured), is slated to become its executive chairman. McMahon had retired as CEO of WWE last year amid an investigation into sexual misconduct only to return as executive chairman in January to pursue the sale.
The plan to unite WWE and UFC
