WWE’s Vince McMahon has risen from the ashes once again, this time in the form of a historic merger with Ultimate Fighting Championship’s parent company Endeavor Group. The new listed entity, with an enterprise value of $21.4 lum, will see him in the role of executive chair on the board of the merged entity. The deal brings together an interesting mix of scripted entertainment, exemplified by Trump’s memorable episode in which he hit McMahon in the ring and then shaved his hair on TV, and the world of mixed martial arts.
The remarkable comeback for wrestling’s biggest promoter had come after McMahon suddenly retired in July 2020 amidst allegations of secret payments to female employees. His daughter, Stephanie took his place as co-CEO and chair but this January, almost like Logan Roy from ‘Succession’, McMahon retook hold of the company, installing himself as executive chair and reshuffling the board.
Though the deal has made sense for the Endeavor Group financially, with its main source of net revenues from media rights, it has taken its toll on WWE shareholders with a 2.2% reduction in shares.
Glencore, the world’s most profitable coal miner, is also facing some troubles of its own. Its unsolicited proposal to Canada’s Teck Resources, which sees a spinoff of Glencore’s coal business, has been rejected. To make the deal more apppealing, Glencore must sweeten the offer, likely with a cash portion, in order to win over Teck’s major shareholder, the Keevil family who have been involved since the 1960s.
EY Germany has also been dealing with some drama, with the firm banned from taking on new listed audit clients for two years and fined €500,000 by Germany’s auditing regulator Apas. Five current and former partners of the firm have also received penalties for their involvement.
Yet, amidst all the troubles, EY’s top exec Andy Baldwin has said that the firm is making progress in its split from Everest, with a decision on the partition yet to be reached as the firm fights to salvage the tumultuous project.
As for the companies and people mentioned in the article, it serves as a reminder of how quickly a person or entity’s fortunes can change. For WWE, it has been an interesting journey for the company, and Vince McMahon, who despite the odds, managed to rise from the ashes. For EY, it is on the journey of a massive operational change and the hope is that the firm will emerge stronger than before. As for Glencore, it has to now finesse a deal in order to push through with its plans. As for Mark Tucker and the Keevil family, they remain strong despite the twist and turns of their respective stories.
