Group Holdings Inc. has closed its previously announced deal with World Wrestling Entertainment Inc. The pairing of WWE with the company that runs Ultimate Fighting Championship creates a $21.4 billion sports entertainment company.
In a presentation after the deal was announced in April, the WWE and Endeavor said that they will cross-promote to drive brand awareness and deepen penetration of their overlapping fan base of more than 700 million UFC fans and 1.2 billion WWE fans worldwide.Endeavor has a 51% controlling interest in the new company. Existing WWE shareholders hold a 49% stake.
“With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide,” Ariel Emanuel, CEO of Endeavor and TKO Group, said in a statement.“We like the assets of UFC and WWE in a world where linear TV is losing market share to streaming, thus live sports content is in high demand,” he wrote in a note to clients.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Variety - 🏆 108. / 63 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: DEADLINE - 🏆 109. / 63 Read more »
Source: DEADLINE - 🏆 109. / 63 Read more »