On Monday, Endeavor Group Holdings Inc announced that they acquired WWE to form a new company with UFC. Endeavor owns 51% of the new company while WWE shareholders retain 49%. They valued WWE at $9.3 billion and UFC at an enterprise value of $12.1 billion.
WWE and UFC are under one company which means there is an excess of employees. Therefore, layoffs will happen in the near future.
In an interview with Puck News, the president, and COO of Endeavor Group Holdings Mark Shapiro discussed the cost reduction.
“Anything from H.R. to finance to legal to communications production to distribution and marketing. Across every area, you’re going to find cost synergies; you’re going to integrate and ultimately highlight and appoint the best and brightest teams.”
Shapiro also discussed WWE’s upcoming media rights negotiations deals which are set to expire later this year.
“There’s no question that when Nick (Khan) goes in to renew his domestic deals, having us at the table, with our relationships and our portfolio of assets, will be helpful in the process.”
Stay tuned with The Spotlight for more news.
