Earlier this month, Vince McMahon came back to WWE following his retirement last July. McMahon made it clear that he wanted to sell the company to maximize shareholders’ value.
Today, the McMahon family business, World Wrestling Entertainment was acquired by Endeavor Group Holdings Inc. The Endeavor Group announced that they formed a new publicly traded company with WWE and UFC. The Endeavor valued WWE at $9.3 billion and owned 51% of the new company. You can read more details by clicking here.
The Executive Chairman of the new company Vince McMahon issued the following statement regarding the sale.
“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.
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.”
Vince McMahon
$EDR has won the battle royal for $WWE, merging @WWE with @ufc in a $21 billion deal. @VinceMcMahon and @Endeavor CEO Ari Emanuel discuss with @ScottWapnerCNBC.
— Squawk on the Street (@SquawkStreet) April 3, 2023
McMahon: It’s the right time to do the right thing.
Emanuel: We have unbelievably attractive economics. pic.twitter.com/t73lUcVEM7
McMahon issued the following announcement to World Wrestling Entertainment’s employees.
“I’m excited to announce that WWE has entered into a partnership with Endeavor to create a one-of-a-kind company that will bring together two global sports and entertainment powerhouses: WWE and UFC. The historic alliance of these two formidable institutions has the potential to unlock vast growth opportunities for both organizations and generate an optimal outcome for our employees, shareholders, fans, and other stakeholders. We are huge admirers of the work Endeavor has done to grow the UFC brand, and they will be the perfect partner to help supercharge our growth at WWE.”
In an interview with CNBC, Vince McMahon was asked whether he will be involved in the creative team like in the past. McMahon said the following.
“Yes and no. On a higher level, yes. In the weeds, no. Can’t do that.”
Vince McMahon
.@Endeavor CEO Ari Emanuel: I would have body-slammed [@VinceMcMahon] if he thought he was going to leave.@ScottWapnerCNBC: What happens if you guys disagree?@VinceMcMahon: We have a little contest in the ring.$WWE $EDR pic.twitter.com/wbg4Vy3stN
— Squawk on the Street (@SquawkStreet) April 3, 2023
Stay tuned with The Spotlight for more news.