WWE sold to UFC's parent company in $21 billion merger
UFC parent company Endeavor has announced that they've secured a $21 billion deal to buy WWE and will merge the two brands together.
Endeavor will have 51 percent of the new company formed after the merger while the current WWE shareholders will get the remaining 49 percent.
Ariel Emanuel, CEO of Endeavor, said the merger would create a brand with 'global reach, impressive scale and omnichannel distribution', whatever that last one is supposed to mean.
He said: "This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed.
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"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."
WWE boss Vince McMahon welcomed the move, hailing it as 'the best outcome' while praising Ariel for his work in developing UFC.
"Given the incredible work that Ari 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." He said.
"Together, we will be a $21+ billion 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 will be the CEO of this new merged brand, while McMahon will be Executive Chairman of the Board.
They believe that together they can grow even stronger, though how much higher can you really climb when WWE has got Snoop Dogg turning up to drop a People's Elbow at Wrestlemania?
Needless to say $21 billion is an absolutely honking massive amount of money but for that you're squishing together two of the biggest sports brands in the world.
There are still a few regulatory hoops to jump through so this deal is expected to be completely done 'in the second half of 2023'.
Joe Harker