Kemo
09-11-2023, 09:56 PM
https://i.imgur.com/2JKaxwl.jpg
WWE will merge with UFC to form TKO, formally removing the McMahon family from controlling power of WWE for the first time ever.
The new TKO organization will trade on the NYSE when then the deal closes.
Vince McMahon will serve as Executive Chairman of the new TKO company, a role that is underneath Endeavor CEO, Ari Emmanuel.
The WWE merger with UFC to form the new TKO Holdings Inc. company under the Endeavor banner will be official on September 12. The news was announced via press release on Thursday morning. When the deal closes, TKO will trade on the New York Stock Exchange.
The press release stated:
"Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced they expect to close the previously announced transaction to form TKO Group Holdings, Inc. (“TKO”) on September 12, 2023, after which time TKO will begin trading on the New York Stock Exchange under the ticker symbol “TKO”."
WWE announced that Endeavor would be purchasing the company in April of 2023 during WrestleMania weekend. To that point, numerous reports indicated that the company had been up for sale. Endeavor already owned the UFC and the merging of both companies together created a $20 billion dollar media and entertainment entity.
In July of 2022, WWE Chairman Vince McMahon retired from the company amidst a WWE Board of Directors investigation into hush money payments made to women within the company with whom he allegedly had affairs with.
McMahon returned to WWE in January of this year, with the main reason being to facilitate a sale and/or renegotiate the company's next television rights agreements with potential partners.
In the new TKO Holdings company, McMahon will be Executive Chairman and report to Endeavor CEO, Ari Emmanuel. Nick Khan will serve as President of WWE, while Dana White continues his role as President of the UFC.
WWE will merge with UFC to form TKO, formally removing the McMahon family from controlling power of WWE for the first time ever.
The new TKO organization will trade on the NYSE when then the deal closes.
Vince McMahon will serve as Executive Chairman of the new TKO company, a role that is underneath Endeavor CEO, Ari Emmanuel.
The WWE merger with UFC to form the new TKO Holdings Inc. company under the Endeavor banner will be official on September 12. The news was announced via press release on Thursday morning. When the deal closes, TKO will trade on the New York Stock Exchange.
The press release stated:
"Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced they expect to close the previously announced transaction to form TKO Group Holdings, Inc. (“TKO”) on September 12, 2023, after which time TKO will begin trading on the New York Stock Exchange under the ticker symbol “TKO”."
WWE announced that Endeavor would be purchasing the company in April of 2023 during WrestleMania weekend. To that point, numerous reports indicated that the company had been up for sale. Endeavor already owned the UFC and the merging of both companies together created a $20 billion dollar media and entertainment entity.
In July of 2022, WWE Chairman Vince McMahon retired from the company amidst a WWE Board of Directors investigation into hush money payments made to women within the company with whom he allegedly had affairs with.
McMahon returned to WWE in January of this year, with the main reason being to facilitate a sale and/or renegotiate the company's next television rights agreements with potential partners.
In the new TKO Holdings company, McMahon will be Executive Chairman and report to Endeavor CEO, Ari Emmanuel. Nick Khan will serve as President of WWE, while Dana White continues his role as President of the UFC.