The UFC’s parent company Endeavor has completed a purchase of WWE, it has been announced.
The UFC (Ultimate Fighting Championship) is the flagship promotion in mixed martial arts, while WWE (World Wrestling Entertainment) is the biggest professional wrestling brand in the world.
During Wrestlemania (1-2 April), the most important weekend of the year for WWE, reports emerged that Endeavor were in talks to purchase the pro wrestling company.
Those reports have now been confirmed by an official statement, released on Monday (3 April).
The statement read: “[Endeavor] and [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 percent controlling interest in the new company and existing WWE shareholders will hold a 49 percent interest in the new company.
“Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4billion and a 10 percent annual revenue growth rate since 2019.”
Vince McMahon, WWE’s executive chairman, said: “Given the incredible work that Ari [Emanuel, Endeavor CEO] and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders.
“Together, we will be a $21bn+ live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands.
“I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”
Emanuel added: “This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed. 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.”
Emanuel and McMahon will retain their existing roles with Endeavor and WWE, with the former also serving as CEO of the new company and the latter working as execcutive chairman.
Dana White will continue in his role as UFC president, and Nick Khan will serve as president of WWE. “The board of directors for the new company will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE,” the official statement added.
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