There had been rumblings about a potential sale of WWE since the pandemic era. Things really picked up when Vince McMahon returned from his retirement earlier this year. Nick Khan went on air to confirm that the company was talking to multiple parties about a potential deal. The rumored buyers ranged from USA Network parent NBCUniversal to the Saudi Sports Authority.
News broke out over the WrestleMania weekend that WWE had almost reached a deal with the Endeavor group to hand over the controlling stocks of the company. Now this deal has been confirmed.
WWE has been sold
The acquisition was confirmed early morning on Monday. In a joint statement, both the companies confirmed that they have signed an agreement to create a new publicly listed company consisting of both UFC and WWE. Endeavor group will hold 51% shares in this new company while the existing WWE shareholders will hold the remaining 49%:
“Endeavor Group Holdings, Inc. (NYSE: EDR) (‘Endeavor’) and World Wrestling Entertainment, Inc. (NYSE: WWE) (‘WWE’) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.”
The new company will be led by Endeavor CEO Ari Emanuel. Vince McMahon will remain on board as the Executive Chairman of the Board and Mark Shapiro will be the President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as the UFC President. Likewise, Nick Khan will serve as the President of WWE.
Stay tuned for more details on the acquisition