It has been a very busy weekend for WWE, as they get set for the second night of WrestleMania 39 on Sunday, but behind the scenes, they’ve also been working hard finalizing a sale that is expected to get done officially on Monday.
Ever since Vince McMahon returned in January to the company after retiring due to numerous scandals, he has been pursuing a sale and they have apparently found a buyer that will keep him around as a significant part. Shortly after his return, his daughter, Stephanie McMahon, stepped down as CEO with Nick Khan elevating to that role.
Per Alex Sherman of CNBC, WWE will sell 51 percent of its shares to Ari Emanuel’s Endeavor Group, which owns UFC, and, most interestingly, the leading companies in wrestling and mixed martial arts will apparently be joined as one publicly traded company.
A deal could be announced as soon as Monday. UFC and WWE are expected to form a new publicly traded company as part of the agreement, according to the people, who declined to be named due to the confidential nature of the discussions.
Endeavor is slated to own 51% of the new combat sports and entertainment company, while WWE shareholders would get 49%, according to the people.
Vince McMahon will stay on board as an executive chairman, with Nick Khan continuing as the president of the wrestling side and Dana White remaining the president of UFC. It’s fascinating to see the two companies, which once were not exactly friendly with one another (but have since embraced each other more), join under one umbrella. How that changes the business for WWE, in particular, remains to be seen, but it will mark the first time it leaves the hands of McMahon family control, albeit with most of the major decision-makers remaining as part of the company, at least initially.