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This morning, Vince McMahon and Ari Emanuel spoke with CNBC about the Endeavor purchase of World Wrestling Entertainment. The following is a complete transcript of the conversation, which touches on a number of topics related to WWE's future, McMahon and more.
Scott Wapner: Ari and Endeavor was mentioned throughout this entire process and now you're the last person standing. Why the WWE?
Ari Emanuel: He decided not the body slam me. We've brought together in a pure play UFC and the WWE into a new publicly traded company. It's very rare to get iconic brands like the UFC and the WWE together. Individually, they're incredible assets. Together with the flywheel of Endeavor, which we've built, I think makes them unicorns.
Vince McMahon: Let me say it another way.
Scott Wapner: Go.
Vince McMahon: This is the biggest thing Ari Emanuel and Vince McMahon have ever done. Combining forces like this, there's nothing like this. There's never been anything like this. People are going to be talking about this for a long time.
Scott Wapner: There were a lot of other suitors.
Vince McMahon: Sure, there were. Everyone was very interested in us and I appreciate that, but the synergies that Ari brings, totally different than everyone else.
Scott Wapner: So the Saudis were said to be interested.
Vince McMahon: Sure.
Scott Wapner: Liberty said to be interested and others.
Vince McMahon: Yes.
Scott Wapner: And you had your pick.
Vince McMahon: Yes.
Scott Wapner: And Endeavor ends up the place.
Vince McMahon: Here he is.
Ari Emanuel: Well, you know the fun thing? We've known each other for 23 years. When I was a young agent, he said, "Why don't you represent us?" It was an honor then. Throughout the pandemic, we got even closer. We've sold the media rights. There's a lot of trust here. But I think we built a flywheel that Vince realized the value. And what we did with UFC, he could see what we could do with his assets. I'll just give him a little credit right here. He saw cable when nobody saw cable, and he built a national brand way back in the day when there was about 15 different promoters out there. He built an in-house sales force to sell the product. Pay per view, took it public, and last but not least, I think five, six years ago, he went Direct-to-Consumer when none of us were thinking about Direct-to-Consumer. So us being in Venice with Vince, and now you're sitting there with the guy who's seen around the corner better than anybody in our space, and him being able to play with our flywheel, just look out.
Scott Wapner: That said, many doubted we would ever see this day that you would ever be willing to sell a controlling stake in your company. You are the WWE and the WWE is you, so why?
Vince McMahon: It's the right time. It's the right time to do the right thing, and it's the next evolution of WWE. I could probably do what Ari is right now with UFC, it would take me 10 years. By the time I would grab those 10 years, he'd be 10 years ahead again. So it makes all the sense in the world for all these synergies that we have to extract all of the value we can out of the marketplace.
Scott Wapner: I can't help but wonder, and I have to ask you, had the scandal not happened, would we be sitting here today?
Vince McMahon: Absolutely.
Scott Wapner: Why?
Vince McMahon: Because it makes sense. Nothing's ever happened like this before. And again, I'm always looking what's best for our stockholders, what's best for the company. This is the best thing that's happened in a long time. All of the WrestleMania's combined have been 39 including tomorrow. Does it really equal to the magnitude of what we will do together?
Scott Wapner: Did that event push you towards this day faster than you thought you'd ever be here?
Vince McMahon: No, it didn't really, in and of itself, no. But it's great that we can combine all of this news together at the same time.
Ari Emanuel: I was talking to him when we didn't go public the first time. He and I started talking about, we should be combined. I've been in business with him actually for 23 years, seeing what he's done like I was in business with UFC for a long time. I always thought about this combination, especially with the Endeavor flywheel that we could add onto it and what that could become. And putting it into a new company as a pure play there's nothing like it out there. He gets value, which I don't think is captured presently in the WWE. I don't think we got pure value for the UFC combined. I think the market will understand it. I do also think for the Endeavor shareholders, they'll have a different perspective on Endeavor and the remaining assets.
More on Page 2!
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