More Details On Endeavor's Purchase Of WWE And Formation Of New Company
For those looking for a break following WrestleMania 39, you're not going to find one. Following WWE's success this past weekend, Monday morning brought about the announcement that WWE was being acquired by Endeavor, merging with UFC in the process.
Speaking to CNBC Monday morning, Endeavor CEO Ari Emanuel stated that they've yet to decide on a name for the new company. "We're working on it now actually," Emanuel stated. As for when the new company expects to go public on the New York Stock Exchange, that depends on a couple of factors. Though Emanuel does have a time frame in mind. "Hopefully 4-6 months," he continued. "So, depending on the government."
However, there are some finer points in the agreement that are getting lost in the broad strokes of the sale news. According to PWInsider, the deal itself is set to officially close during the second half of 2023. While both WWE and UFC will be under the same parent company, each of them will be run separately. Additionally, the new Board of Directors will include 11 people — five from WWE and six from Endeavor — while McMahon stays on as Executive Chairman of the Board. Despite the merger, both WWE's headquarters — in Stamford, Connecticut — and UFC's own offices will remain.
Additionally, Endeavor plans to use their staff for "back office" dealings, which points to cuts once redundancies are sorted out. As for the higher-ups, Emanuel will be CEO, Nick Khan will stay on as President of WWE and is set to receive a $10 million bonus once the deal is finalized, while Chief Content Officer Paul "Triple H" Levesque and CFO Frank Riddick III will each receive a $5 million bonus. Each side can cancel the agreement if one is not reached by January 2024, and WWE will disappear on the NYSE — instead trading as TKO in the future.
An all-hands-on-deck meeting has been called for WWE employees later this afternoon.
If you use any quotes from this article, please credit CNBC and/or PWInsider with a h/t to Wrestling Inc. for the transcription.