Endeavor Group Holdings, Inc. officially announced its purchase of World Wrestling Entertainment as part of its plan to merge the professional wrestling company with Ultimate Fighting Championship as a new, merged publicly listed company.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”
The deal is reported to be valued at $9.3 billion, according to Reuters.
Endeavor will hold 51% of the new combat sports and entertainment company, while WWE shareholders will hold for 49%. The report comes after WrestleMania 39, WWE’s biggest annual event.
Longtime WWE chairman Vince McMahon will serve as executive chairman, while Endeavor President Mark Shapiro will continue the same role with the new company.