In Monumental Deal, The WWE And UFC Merge
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The wrestling entertainment company WWE and mixed martial arts promotion UFC have merged under the label of TKO Group Holdings. The news comes nine months after the board of the WWE was looking to sell. By merging the two companies, the hope is for both to become stronger than they were separate. With the merger, the unified strength already looks good in numbers. More than one billion fans around the world. Producers of more than 350 annual events. Fans spread across 180 countries.
Endeavor, owners of the UFC brand, will utilise their expertise in the business to drive revenue growth. This includes global partnerships, ticket sales and yield optimisation, licencing and premium hospitality, and domestic and international media rights. Vince McMahon, the former CEO of WWE, has taken on the role of executive chairman for TKO Group, owning 16.4% of the company’s economic interests.
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In a statement about the merger, McMahon said, “This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights. Given our collaborative, trusted relationship and Endeavor’s incredible track record of success growing UFC, we believe WWE is optimally positioned for future growth and success as part of TKO. Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.”
Endeavor CEO Ariel Emanuel will take up the responsibility of CEO for TKO Group, with a few others of the management team sharing roles between companies. Mark Shapiro will be president and chief operating officer for both TKO alongside Endeavor. Seth Krauss will be the chief legal officer of TKO alongside Endeavor. TKO’s chief financial officer will be Andrew Schlemer, former CFO for the UFC.
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Source: Variety
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