Endeavor Group Holdings and Worldwide Wrestling Entertainment have entered a definitive agreement to create a new $21.4 billion live sports and entertainment company consisting of UFC and WWE.The deal, which was unanimously approved by Endeavor and WWE’s boards of directors, values UFC at $12.1 billion and WWE at $9.3 billion.
It is expected to close in the second half of 2023.Under the terms of the transaction, existing WWE shareholders will roll all existing equity into a new entity that will be the parent company of UFC and WWE (“NewCo” until it is named at a later date) and intends to list on the New York Stock Exchange under the ticker symbol “TKO”.
Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
The transaction represents a contribution price of WWE of approximately $106 per share (before any post-closing dividend). Additionally, UFC and WWE will each contribute cash to the new company so that it holds approximately $150 million.
Read more on thewrap.com
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