Vince McMahon got his asking price, retains – even expands – his power over WWE, both the business and creative, and the best news for the product: he didn’t have to sell to the Saudis.
The deal, announced Monday, will combine WWF and UFC into a single company owned by Endeavor Group, which already owned and operated UFC.
The transaction combining the two comes with a valuation of $21.4 billion.
Vince McMahon, 77, will serve as the executive chairman of the 11-member board of directors of the new company, which will trade on the New York Stock Exchange as TKO.
Ari Emanuel, the CEO of Endeavor, will serve as CEO of TKO.
Dana White will continue to serve as president of UFC, and Nick Khan will continue to serve as president of WWE.
“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,” said McMahon, a 1964 alumnus of Fishburne Military School in Waynesboro, who purchased WWE from his father, Vince McMahon Sr., in 1982 for $1 million.
The sale price in Monday’s transaction: $9.3 billion.
McMahon told CNBC that he was willing to step down from his role atop WWE to facilitate a sale, but Emanuel said he wouldn’t let McMahon retire, insisting that McMahon is an important asset to WWE.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” Emanuel said. “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.”
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Chris Graham
