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World Wrestling Entertainment, Inc., or WWE, is reportedly in advanced talks with the Endeavor Group for the sale of the company. Vince McMahon is selling his professional wrestling promotion company to the parent company of the Ultimate Fighting Championship (UFC).
Sources who are familiar with the ongoing negotiation between WWE and Ari Emanuel’s Endeavor Group said that the deal could be formally announced soon, and it could be any time this week. Moreover, as part of the agreement, it was said that the wrestling company and UFC are expected to create a new publicly traded company.
According to CNBC, Endeavor is set to acquire 51% of WWE, while the latter’s shareholders are bound to get 49%. Insiders further said that the deal would give the wrestling entertainment firm an enterprise value of $9.3 billion.
Once the acquisition is completed, Emanuel will serve as the chief executive officer of both Endeavor and the new company that it will form with WWE. On the other hand, McMahon will become the executive chairman, while Mark Shapiro, president of Endeavor, will also hold the same position at the new company. As for UFC, Dana White will remain as its president, and WWE chief Nick Khan will become president of the wrestling unit.
The latest development in the negotiations comes on the same weekend when WWE hosted its Wrestlemania flagship live event in California. It was noted that Vince McMahon has been looking for a buyer for several months now, and he only returned to the company earlier this year to supervise the sales process. He already retired from the company in July 2022 following controversies involving several women.
In any case, the deal with the Endeavor Group will effectively put an end to WWE’s status as a family-run business. McMahon’s father, Vincent McMahon, founded WWE, and Vince was a controlling shareholder in the company. In 1982, he bought the company from his father, and it has since produced well-known wrestlers such as Hulk Hogan, John Cena, Dwayne “The Rock” Johnson, and Dave Bautista.
Photo by: Harry Murphy/Web Summit via Sportsfile(CC BY 2.0)
