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I have literally just landed in New York City, so bear with me as we try to cover everything we can in relation to Endeavor officially acquiring WWE. Here are the major points:
*The deal will officially close in the second half of 2023.
*Effectively, WWE and UFC will be run as separate entities owned by the same, new parent company.
*Endeavor will own 51%. WWE stockholders will have their current stock transferred into 49% of ownership of the new company.
*The new Board of Directors will have six members named by the Endeavor side, five by WWE.
*WWE HQ in Stamford will remain, as will UFC's own front offices.
*However, Endeavor will utilize their own staff for the "back office" for savings which likely means that there will be cuts and firing of employees determined to be redundent. So, if Endeavor's accountants can handle it, WWE won't need their own accounting office, for example.
*Vince McMahon will be Executive Chairman of the Board for the new company. Given that McMahon just locked in a new two-year contract with WWE, they would have to financially reward him if the decision was made to remove him before the end of that term.
*Ari Emanuel, owner of Endeavor will be Chief Executive Officer.
*Nick Khan would continue on as President of WWE.
*When the deal is finalized, Khan gets a $10 million bonus.
*When the deal is finalized, Paul Levesque gets a $5 million bonus.
*When the deal is finalized, WWE Chief Financial Officer Frank Riddick III gets a $5 million bonus.
*WWE will go away on the stock exchange. The new company will trade as TKO.
*There is an all hands on deck meeting for WWE staff at 4 PM EST.
*If the deal is not done by January 2024, the two sides have the right to cancel the agreement.
I'm en route home, so more to come.
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