The parent company of the UFC mixed martial arts league has announced a deal to buy professional wrestling giant WWE and merge the two corporations.
“Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” Vince McMahon, World Wrestling Entertainment executive chairman, said along with the announcement of the merger.
The professional wrestling company formerly known as the WWF was purchased for $9.3 billion or approximately $106 per share, according to the the announcement. “This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” Endeavor CEO Ariel Emanuel said with the announcement. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.
UFC President Dana White will continue to lead the professional martial arts league, which according to Endeavor is currently valued at $12.1 billion. McMahon will be president of Endeavor, and the current president, Mark Shapiro, made chief operating officer. WWE CEO Nick Khan will be made WWE President.
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