Back in April, we learned that WWE has been acquired by The Endeavor Group for a whopping $9 billion. Now, it's been confirmed that the deal is going to be finalised next week with WWE and UFC merging to become a new publicly traded company called TKO Group Holdings.
While WWE and UFC will soon be under the same umbrella, both companies are going to remain separate entities. However, we'd be shocked if they don't both start promoting each other's shows, while there are bound to be at least some talent crossovers down the line.
Layoffs are expected in WWE and there's a lot of uncertainty among employees across the board when it comes to what the merger means for them.
Here's the press release sent out by The Endeavor Group earlier today:
Endeavor Group Holdings, Inc. and World Wrestling Entertainment today announced they expect to close the previously announced transaction to form TKO Group Holdings, Inc. on September 12, 2023, at which time TKO will begin trading on the New York Stock Exchange under the ticker symbol "TKO."
Endeavor is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation, sports operations & advisory, event & experiences management, media production & distribution, experiential marketing and brand licensing.
Valued at $21 billion, TKO is going to be a subsidiary of Endeavor. WWE Chairman Vince McMahon is expected to remain in his role, though ongoing legal issues have left many wondering whether he'll eventually step down once this new company is firmly established on the stock market.
McMahon is currently on a medical leave of absence following spinal surgery and, back in August, WWE announced federal law enforcement agents had executed a search warrant and served a federal grand jury subpoena on McMahon although no charges had been brought.
Ari Emanuel is Endeavor/TKO's CEO, while Dana White will continue as UFC President.
Stay tuned next week for updates.