After Vince McMahon's litany of sexual misconduct and misuse of company funds allegations became public last year, WWE's board of directors insisted that the once and future chairman should resign from his position of power. At the time of his board-approved exodus from the company, McMahon, in addition to being a recurring on-air character, was the WWE CEO and the television product's sole creative director. For lack of a better term, WWE was Mcmahon's personal kingdom.
As McMahon receded from the public eye, the long-standing rumors that WWE was looking to court a potential buyer were thrown into doubt. However, only a few months after being removed from his position as CEO, McMahon forced his way back into the company under the guise of engineering the brand for a multibillion-dollar sale, thanks to owning a majority stake in WWE. Just imagine HBO's Succession, except it's all about professional wrestling.
According to Variety, McMahon's desire to hock WWE and cash out for billions has come to fruition, as UFC's parent company Endeavor has agreed to purchase a majority stake of 51% in the pro wrestling giant.
Endeavor Group Holdings and World Wrestling Entertainment said Monday that they had signed a definitive agreement to form a new, publicly listed company consisting of two complementary, global sports and entertainment brands: UFC and WWE.
The deal was reported to be close over the weekend by financial media CNBC and Bloomberg.
Upon closing, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest.
"Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution," Endeavor said in a statement.
