Two American promotion companies, Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) will soon merge under one name.
This was after the former’s parent group Endeavor confirmed they would combine with the latter in a deal worth 21 billion dollars.
While UFC is involved in mixed martial arts, WWE is in professional wrestling.
The two promotion companies will form a new, publicly-listed organisation that will unite them beneath one banner.
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Endeavor is set for a 51 per cent controlling interest while existing WWE shareholders will have 49 percent.
The news comes in the wake of WWE’s latest edition of its flagship event, Wrestlemania, and will see a significant shake-up among key personnel at the top.
Endeavor CEO, Ari Emanuel, who will expand his position while WWE majority owner, Vince McMahon, becomes executive chairman, believes both organisations can grow from their unification.
“This is a rare opportunity to create a global live sports and entertainment pure-play built for where the industry is headed,” he said in a statement.
“For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value-creation.
“We are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”
McMahon, who stepped down as WWE Chief Executive Officer (CEO) in 2022, echoed his colleague’s sentiments.
He added that he thought the merger was “without a doubt the best outcome for our shareholders and other stakeholders.”
“Together, we will be a 21-plus billion-dollar live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” McMahon stated.
“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.”
Nick Khan will be president of the WWE brand, while Dana White will continue in his role as UFC president. (dpa/NAN)