Vince McMahon officially no longer holds majority control of WWE as the wrestling company completed a merger with mixed martial arts company and UFC worth $21 billion.
Endeavor officially completed its majority-stake purchase of the wrestling giant merging WWE with UFC to create a new company TKO Group Holdings.
Endeavor owns 51 percent of the newly formed company. McMahon owns 16.4 percent of TKO under the terms of the deal.
Endeavor agreed to a deal to acquire a majority stake in WWE in April. The deal placed a $9.3 billion valuation on the world’s largest professional wrestling company. As part of the deal, Endeavor agreed to spin off UFC and create a $21 billion combat sports behemoth.
McMahon has owned a controlling stake in WWE since purchasing the company from his father in 1982. The 78-year-old transformed the business, taking it from its regional base and turning it into a national phenomenon.
“The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment,” Endeavor CEO Ariel Emanuel said in a statement.
“Given their continued connectivity to the Endeavor network, we are confident in our ability to accelerate their respective growth and unlock long-term sustainable value for shareholders. With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide.”
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While there have been ebbs and flows, McMahon has found a way to stabilize WWE and ensure it remains atop of the sport.
The 1990s challenge from WCW provided fierce competition and AEW’s ascent over the last decade has done the same, but WWE is far and away the most valuable promotion on the planet.
McMahon is staying on as executive chairman of TKO Holdings and is expected to remain involved in WWE creative decisions. Paul Levesque, better known as Triple H, will remain WWE’s head of creative.
