World Wrestling Entertainment Inc. Chairman Vince McMahon (L) and wrestler Triple H appear in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009
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Vince McMahon’s World Wrestling Entertainment as agreed to merge with UFC to form a new publicly traded company controlled by Endeavor Group, the companies announced Monday morning.
Endeavor will own a 51% stake in the new combat sports and entertainment company, while WWE shareholders will have the remaining 49%, according to the terms of the agreement. The deal values WWE at $9.3 billion and UFC, which is owned by Endeavor, at $12.1 billion, the companies said in a press release.
Shares of WWE fell in premarket trading, while Endeavor shares rose.
Ari Emanuel will act as chief executive of both Endeavor and the new company, the companies said. McMahon, likewise, will be executive chairman, while Endeavor President and COO Mark Shapiro will also work in the same roles at the new company. Dana White will remain as president of UFC, and WWE CEO Nick Khan will stay on as president of the wrestling business.
The board will consist of 11 people, six appointed by Endeavor and five by WWE. The merged company’s name will be announced at a later time.
Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
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The announcement confirmed an earlier CNBC report. It also 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. Shares of WWE are up more than 33% this year as of Friday’s closing bell, giving it a market value of more than $6.79 billion.
The agreement would pair two of the biggest…
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