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World Wrestling Entertainment and Endeavor, the parent company that runs mixed martial arts outfit Ultimate Fighting Championship, have confirmed that they will merge to create a $21.4 billion company that will be listed on the New York Stock Exchange.
The move brings together two of the most popular sports and entertainment brands under one umbrella.
Endeavor will have a 51% controlling interest in the new entity while WWE shareholders will retain a 49% stake in the company, which has yet to be named.
The new entity’s board of directors will consist of 11 members — six of whom will be picked by Endeavor and five to be tapped by WWE.
The new company plans to trade on the New York Stock Exchange under the “TKO” ticker symbol.
Ari Emanuel, the super-agent who runs Endeavor, will be CEO of the company while WWE boss Vince McMahon will serve as executive chairman.
Dana White, the president of UFC, will continue in his current role while WWE CEO Nick Khan will keep his title.
“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,” McMahon said in a prepared statement Monday.
