Endeavor Group Holdings, Inc. announced on Monday it reached an agreement to buy World Wrestling Entertainment, Inc. (WWE) and form a new publicly listed company consisting of WWE and Endeavor's brand UFC.
The company stated that it will hold a 51% stake in the newly created company, while existing WWE shareholders will retain a 49% interest. The transaction, which is expected to close in the second half of 2023, values UFC at an enterprise value of $12.1 billion, while WWE at $9.3 billion, bringing the total value of the new company at over $21 billion.
The joint company will be called NewCo until it is renamed at a later date and will trade under the ticker symbol TKO on the New York Stock Exchange. Endeavor CEO Ariel Emanuel will lead NewCo, while WWE Executive Chairman Vincent McMahon will serve as the president of both Endeavor and NewCo.
