WWE has belonged to the McMahon family for nearly 70 years, but Vince McMahon is ending that proud tradition.
On Monday, McMahon agreed to sell WWE to Endeavor Group Holdings, which currently owns UFC. Endeavor will have a 51% controlling interest in WWE, with the remaining 49% spread out among WWE’s shareholders.
The two sports giants will merge to form a $21B “global live sports and entertainment company.”
During the sale, UFC was valued at $12.1B and WWE was valued at $9.3B.
McMahon said of the sale, “Together, we will be a $21-plus 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.”
It’s unclear what role McMahon will play in the new company, or head of creative Triple H – and fans are waiting to hear what these changes will mean for their favorite entertainers.