Endeavor Group Holdings Inc announced on Monday a mega deal to acquire World Wrestling Entertainment (WWE) for a whopping $9.3 billion. This landmark agreement will see Endeavor shareholders owning 51% of the joint venture, with WWE shareholders receiving the remaining 49%. Trading on the stock exchange showed Endeavor’s stock rose to 4%, while WWE lost 4.5% before the market opened.
The UFC franchise, owned by Endeavor, was acquired by the mega tech and entertainment company five years ago in a remarkable $4.2 billion transaction. After months of speculation, the WWE officially launched a review of the company’s strategic options in January with Raine Group and law firm Kirkland & Ellis as their advisers. Co-Ceo and chair, Stephanie McMahon resigned from her position a week after her father, Vince McMahon’s, return to the board. Vince McMahon’s retirement as CEO and chair of WWE came after a misconduct investigation.
Endeavor Group Holdings Inc is an American entertainment and media company based in Beverly Hills, California. Endeavor is a global leader in entertainment, sports, and fashion and provides innovative content to audiences around the world. Endeavor’s portfolio of brands and businesses include WME, IMG, UFC, dcp, and Effie. Endeavor’s investments and divisions create, curate, market, and distribute content to millions of people worldwide.
Vince McMahon has been associated with the WWE dating back to 1982 when his father retired and he took over the reigns. Since then, he has driven the company to become one of the largest and most successful sports entertainment organization in the world. Under his stewardship, WWE has become a global powerhouse, growing in notoriety and influence which allowed it to host events, acquire new talent and even establish its own rival professional wrestling game. McMahon also fought hard against rival organizations, including WCW and the now-defunct ECW, in the Monday Night War.
