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CNBC is reporting that UFC parent company Endeavor are in advanced talks to purchase World Wrestling Entertainment.
There had been some talks about this in recent days and one source had told PWInsider.com Endeavor was locking in a deal for 51%, with the other 49% purchased by other investors. We had been working to confirm when CNBC's report was released. CNBC's report indicates WWE stockholders would retain the 49%.
Endeavor head Ari Emanuel had previously downplayed the idea of buying the company.
Several days ago, PWInsider reported the following in the Elite section:
"In regard to a WWE sale, we are told by sources things are "progressing." There are said to be multiple entities interested and with the company in Los Angeles this weekend, one would think there have been meetings and conversations with reps based out of the area. Those who know are keeping very quiet and guarded, but there's certainly a feeling the company is indeed heading in the direction of being sold. As I wrote this past week, this weekend could very well be the beginning of the end of the chapter that began with Vince McMahon's national expansion in the 1980s. This could be a historic Wrestlemania in that regard."
Should the purchase go through, WWE and UFC would have the same owner and form a new publicly traded company. Endeavor is publicly traded.
CNBC'S report states the deal could be announced as soon as tomorrow. Their report also stated:
"Endeavor is slated to own 51% of the new combat sports and entertainment company, while WWE shareholders would get 49%, according to the people. The Endeavor deal gives WWE an enterprise value of $9.3 billion, they said.
Emanuel, a media executive, is expected to act as chief executive of both Endeavor and the new company. McMahon, likewise, is expected to be executive chairman, while Endeavor President Mark Shapiro will also work in the same role at the new company. Dana White will remain as president of UFC, while WWE CEO Nick Khan will serve as president of the wrestling business."
Obviously, there is more to come.
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