In the latest development, World Wrestling Entertainment (WWE) has decided to merge with the Ultimate Fighting Championship (UFC) to form a new company. The publicly traded company will be controlled by Endeavor Group, the owners of the UFC.
The announcement of the deal came after the conclusion of WWE’s biggest event of the year, Wrestlemania 39.
According to details, Endeavor Group will own 51% stakes while the owner of WWE, Vince McMahon, will own 49% stakes in the new merger deal. According to the deal, WWE has been valued at $9.3 billion while the UFC is currently valued at $12.1 billion.
CEO of Endeavor Group, Ari Emanuel, a renowned businessman, will assume the responsibility as the chief executive of both the Endeavor Group and the newly formed company.
At the moment, no major changes are expected in the management of both the UFC and the WWE, with Dana White set to continue as President of UFC and Nick Khan continuing his role as the WWE CEO.
WWE’s owner, Vince McMahon, was reportedly searching for a buyer for the past few years. McMahon, who had run into trouble over sexual harassment complaints a couple of years ago, returned as the chairman of WWE in January to oversee the merger/sale.
The latest deal between UFC and WWE will provide an opportunity for both combat sports to compete in the ever-changing market dynamics of the entertainment industry.
