Endeavor has announced that it has reached an agreement to purchase a majority stake of 51% in WWE. As part of the deal, the two companies will create a new publicly traded entity.
According to a statement released to the press, the parent company of UFC will acquire a 51% stake in WWE, while the remaining shares will be held by the existing shareholders of the sports entertainment company. The transaction, which was signed on Monday, values WWE at $9.3 billion.
Following the merger, Nick Khan will assume the role of president of WWE. The new board of directors, consisting of 11 members, will be announced at a later date, with Endeavor holding six seats and WWE holding five.
Rumors of the WWE-UFC merger had been circulating for several weeks, and CNBC reported yesterday that the deal was in the final stages.
Recently, WWE concluded its 39th annual two-day WrestleMania event in Hollywood, which saw Kevin Owens and Sami Zayn defeat The Usos to become the Undisputed Tag Team Champions on Night One. On Night Two, Roman Reigns retained his Undisputed Universal Championship in an outstanding main event match against Cody Rhodes.
It remains to be seen how the merger will impact the sports entertainment company and what changes will occur as a result of the deal.
