Tag: TKO Group Holdings

WWE-Endeavor deal official, TKO begins trading on stock market

Posted on by Joseph Currier

A new era for WWE is officially here.

For the first time in more than four decades, Vince McMahon is not the majority owner of WWE. A press release was issued on Tuesday announcing that Endeavor and WWE have completed their deal to create TKO Group Holdings, a merged company with WWE and the UFC. Endeavor holds a controlling interest of 51 percent in the new company, with WWE shareholders holding a 49 percent interest.

WWE and the UFC will continue to operate independently despite now being part of the same company.

“TKO brings together UFC, the world’s premier mixed martial arts organization, and WWE, an integrated media organization and the recognized global leader in sports entertainment, to create a new premium sports and entertainment company serving more than one billion young and diverse fans, reaching viewers in 180 countries, and producing more than 350 annual live events,” the press release said. “Through this combination, TKO will leverage Endeavor’s expertise in areas including domestic and international media rights, ticket sales and yield optimization, event operations, global partnerships, licensing, and premium hospitality to drive revenue growth.”

Endeavor CEO Ari Emanuel will serve as the CEO of TKO Group Holdings. Vince McMahon, whose title is executive chairman of the company, will run the pro wrestling side of the business. Dana White is the CEO of UFC.

The press release included a statement from McMahon:

This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights. Given our collaborative, trusted relationship and Endeavor’s incredible track record of success growing UFC, we believe WWE is optimally positioned for future growth and success as part of TKO. Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.

WWE president Nick Khan also has a seat on TKO’s board of directors.

To celebrate the deal becoming official, Emanuel rang the opening bell of the New York Stock Exchange this morning. McMahon, White, Khan, Paul “Triple H” Levesque, Bianca Belair, Daniel Cormier, and Kevin Dunn were among those joined Emanuel as he rang the bell.

TKO, WWE, and UFC branding is represented at the stock exchange on Tuesday. TKO is officially listed for trading starting today.

A hype video for the new company included clips of Becky Lynch, Logan Paul, John Cena, Belair, and Jey Uso.

The deal between Endeavor and WWE was first announced this April.

WWE-Endeavor deal expected to close next week

Posted on by Ian Carey

The WWE-UFC merger is expected to be finalized next week. 

Endeavor and WWE announced today that the deal for Endeavor to purchase WWE and merge the company with UFC to create TKO Group Holdings is expected to close on September 12. 

From today’s press release:

BEVERLY HILLS, Calif. & STAMFORD, Conn.–(BUSINESS WIRE)–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, at which time TKO will begin trading on the New York Stock Exchange under the ticker symbol “TKO”.

Endeavor revealed in their Q2 earnings release last month that they expected the deal to close mid to late September. 

Layoffs of company employees are widely expected in the wake of the deal closing. Endeavor CEO Ari Emanuel has stated there are plans for “cost savings and synergies” resulting from the merger. 

A filing with the Securities and Exchange Commission on August 10 revealed ten of the eleven board members for TKO Group Holdings. Vincent K. McMahon (WWE), Ariel Emmanuel (Endeavor), Egon P. Durban (Endeavor), Nick Khan (WWE), Steven R. Koonin (WWE), Jonathan A. Kraft (Endeavor), Sonya E. Medina (Endeavor), Mark Shapiro (Endeavor), Nancy R. Tellem (WWE), Carrie Wheeler (Endeavor), were the names listed in the filing. 

WWE-UFC merged company TKO Group board members revealed

Posted on by Ian Carey

New documents filed with the United States Securities and Exchange Commission on Thursday have revealed 10 of the 11 board members for TKO Group Holdings, the company to be created through the WWE-UFC merger. 

Six of the new company’s board will be selected by Endeavor and the remaining five by WWE. Today’s filing listed the following names, along with their ages, as those confirmed:

  • Vincent K. McMahon (WWE), 77
  • Ariel Emmanuel (Endeavor), 62
  • Egon P. Durban (Endeavor), 49
  • Nick Khan (WWE), 48
  • Steven R. Koonin (WWE), 66
  • Jonathan A. Kraft (Endeavor), 59
  • Sonya E. Medina (Endeavor), 47
  • Mark Shapiro (Endeavor), 53
  • Nancy R. Tellem (WWE), 70
  • Carrie Wheeler (Endeavor), 51

The remaining board member to be confirmed will be selected by WWE. 

From today’s filing: 

“Under the terms of the transaction agreement, upon the completion of the Transactions, the New PubCo Board will consist of 11 members who will be determined prior to the Closing, five of whom will be selected by WWE, of whom (x) two will be members of the WWE management team (one of whom will be Mr. McMahon) and (y) three will be independent, and six of whom will be selected by Endeavor, of whom (x) three will be members of the Endeavor management team or Endeavor directors (one of whom will be Mr. Emanuel) and (y) three will be independent.”

Durban is the co-CEO of global technological investment firm Silver Lake and serves on the board for Endeavor Group Holdings. 

Koonin has been the CEO of the Atlanta Hawks and State Farm Arena since 2014. He’s also a former president of TBS. 

Kraft is the president of the New England Patriots and the Kraft family holding company, The Kraft Group. He’s the son of Patriots owner Robert Kraft. 

Medina is the president and CEO of Reach Resilience and a co-founder of Greenlight Growth Capital, LLC. 

Tellem is the executive chairperson and chief media officer of media company Eko and a former president of Xbox Entertainment Studios. 

Wheeler is CEO of Opendoor Technologies Inc. and has served on the board of directors of numerous companies. 

Khan currently serves as CEO of WWE and has been with the company since August 2020. McMahon was named executive chairman of WWE in January after a brief sabbatical from the company. Shapiro has been president of Endeavor since December 2018. Emanuel founded the company in 1995 and currently serves as its CEO. 

WWE & UFC merged company to be called TKO Group

Posted on by Josh Nason

The name of the hopeful merged public company that will combine WWE and UFC will be called TKO Group Holdings.

CNBC’s Alex Sherman first reported the news Tuesday.

When the plan for the merger between Vince McMahon’s WWE and Ari Emanuel’s Endeavor was first announced, it was known at that point that the eventual new public merged company would trade under the TKO ticker. McMahon and Emanuel told CNBC that the name would be announced soon.

The deal is expected to close in the second half of 2023 assuming it clears all regulatory hurdles. When it was first announced, the valuation was at $20 billion for the merged company but that will be determined by the public when shares begin trading.

McMahon will be Executive Chairman of the new company while Emanuel will be CEO. Nick Khan will remain as WWE president while Dana White will remain as UFC president.