Vince McMahon and World Wrestling Entertainment (WWE) are reportedly closing in on a deal to partner with the Ultimate Fighting Championship (UFC), in a merger led by Ari Emanuel’s Endeavor Group.
As reported by Alex Sherman of CNBC, a deal between WWE and the Endeavor Group could be announced as soon as Monday. UFC and WWE have been discussing a merger that would create a new publicly traded company.
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While sources for the New York Times and CNBC requested anonymity, a deal is expected to be publicly unveiled later this week. If the current terms of the agreement are finalized, UFC will compose 51 percent of the business with WWE taking the remaining 49 percent.
Sportsnaut’s Jason Burgos previously highlighted Endeavor as a potential buyer for McMahon’s company. Led by Emanuel, the emerging giant would have a significant influence on WWE’s value and is expected to dramatically increase the new company’s leverage at the negotiating table for the distribution rights to its content.
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Under the tentative agreement, Emanuel will serve as the chief executive of Endeavor and the joint WWE-UFC company. It will push McMahon into the role of executive chairman, with Endeavor President Mark Shapiro taking on the same role with the joint group.
As for Dana White, he will reportedly retain his role as president of UFC, while WWE CEO Nick Khan will serve as the president on the wrestling side of the business.
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Since WWE began engaging in negotiations with bidders on a potential sale, shares in the company climbed by more than 33 percent. It pushed its market value up to nearly $7 billion and the new agreement with Endeavor is expected to now increase the enterprise value to $9.3 billion.
As the final elements of the deal are hammered out, with the official announcement days away, WWE is hosting WrestleMania 39 in California. It will mark the final marquee event for the family-owned company, which McMahon took over from his father and built into a multi-billion dollar entertainment giant.