Age of The Nerd
After a historic WrestleMania weekend at SoFi Stadium, WWE is making history once more. It was announced earlier today that Endeavor (the parent company of UFC ) will purchase WWE for $9.3 billion. UFC once a competitor to WWE will now be under the same umbrella, and will form a new publicly traded company. The name of the company has not been announced yet.
WWE released a press release earlier today about the buyout. You can read the press release below:
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.
“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.
Rumors have swirled around for years about a possible sale of WWE. McMahon gave an interview to CNBC, and revealed he and Endeavor CEO Ari Manueal will run the new company. When asked if he would be taking over creative McMahon replied that he would be, “but only on a higher level.”
Stay tuned for more news when it drops.
