Vince McMahon is the iconic figure who has been the majority owner of the WWE for 40 years. He has officially resigned from his position following the $9.3 billion deal with Endeavor Group. Furthermore, the deal will merge WWE with the Ultimate Fighting Championship (UFC). To create a new publicly traded company controlled by Endeavor Group. Moreover, the WWE shareholders own 49%, and Endeavor owns 51% of the new company. Continue reading to know more about the topic.
Who Will Lead The New Company?
The new company is expected to be led by Endeavor CEO Ari Emanuel, while Vince McMahon is expected to serve as executive chair of the board. The deal values WWE at $9.3 billion and UFC, owned by Endeavor, at $12.1 billion. The announcement confirmed an earlier CNBC report and came a day after WWE wrapped up its flagship live event, WrestleMania, in California.
The company has spent the past several months looking for a buyer. McMahon returned to the company as chairman in January to oversee the process. The new company is expected to be named “TKO” and will be a global fighting juggernaut worth $20 billion. Endeavor plans to spin out the combined company on the public market, and it is expected to trade under the moniker “TKO.” When the deal closes, Endeavor will hold a 51% controlling interest in the newly combined company, and WWE shareholders will have the remaining 49%.
What Will Be The Role Of Vince McMahon?
Endeavor will appoint six board seats, and WWE will appoint five. The deal has raised concerns among fans and industry experts that it may not be suitable for wrestlers or the industry as a whole despite WWE being under a separate umbrella. It is unclear whether Endeavor would allow wrestler contracts to be negotiated independently of UFC fighters. Veteran wrestling writer Dave Meltzer of the Wrestling Observer reports that McMahon will have the final say. On all creative decisions inside the company once more. Furthermore, this is a role he formerly gave up in 2022 when it was alleged he used $3 million in company funds. He used the funds to pay hush money to a former WWE employee he had an affair with. Moreover, McMahon retired from WWE, with his daughter Stephanie McMahon stepping in as co-CEO and her husband Paul Levesque (former wrestler Triple H) overseeing creative.
Vince McMahon has officially stepped down as majority owner of WWE following the $9.3 billion deal with Endeavor Group. Moreover, the deal will merge WWE with UFC to create a new publicly traded company controlled by Endeavor Group. The WWE shareholders own 49%, and Endeavor owns 51% of the new company. The deal has raised concerns among fans and industry. Experts say that it may not be good for wrestlers or the industry as a whole. What do you think about the topic discussed above? Do let us know your thoughts in the comment section below. Stay tuned for further updates.