Vince McMahon has commented on the WWE-UFC merger and claimed that it is an exciting growth opportunity for the company. The former WWE CEO also added that he would be working with Ariel Emanuel, CEO of Endeavor, to take the business to the next level.
Endeavor has announced that they have bought 51 % of WWE, which was valued at $9.3 billion. The merger will see a new publicly listed company formed, with the remaining 49% of shares staying with the WWE shareholders.
In the statement released to the media, McMahon revealed his excitement at the deal. The American, who bought the company in 1982, said:
“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. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”
Ariel Emanuel, CEO of Endeavor, added:
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed. For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”
“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders.”
The merger press release has confirmed that Nick Khan, the CEO of WWE, will become the new president. They also plan to appoint a new board, which will see Endeavor have six seats while WWE hold five.
We spoke to Bushwhacker Luke about his partner’s health scare here.