Endeavor's Purchase Of WWE Finally Closing Soon
WWE, UFC merger to be finalised imminently.
Endeavor's purchase of WWE is to be finalised next week.
WWE and the UFC will formally merge under a new company, TKO Group Holdings, on Tuesday, 12 September, Endeavor has announced.
The group published the following press release on Thursday:-
BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)--Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced they expect to close the previously announced transaction to form TKO Group Holdings, Inc. (“TKO”) on September 12, 2023, at which time TKO will begin trading on the New York Stock Exchange under the ticker symbol “TKO”.
That WWE's sale had been agreed was announced in the wake of WrestleMania 39. Such a transaction had been speculated for months, with Vince McMahon claiming in January that unless WWE's Board of Directors blocked his return to the company as Executive Chairman, he wouldn't agree to any sale of the promotion, or new media rights deals. The 77-year-old resigned in disgrace as CEO and Chairman amid myriad sexual misconduct allegations in July 2022.
McMahon is set to remain WWE Executive Chairman following the takeover. Chief Content Officer Paul 'Triple H' Levesque has been removed from the WWE board as part of the process.
Job losses and other cost-cuttings are expected in WWE following the deal's completion.