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Endeavor CEO Ari Emanuel and COO Marc Shapiro appeared on CNBC this morning to discuss Endeavor's merger of WWE and UFC into TKO Group Holdings.
Emanuel said they run the companies together. They know each other and do certain things very well and trust each other. There's no nervousness between them. They are both hands-on and willing to jump in.
They are looking at $50-$100 million in cost-cutting saving post-merger. Emmanuel said they had a range of 50-100 with "back office and costs" and "we are on our way to kind of doing that." Emanuel also commented there are savings "as it relates to the production side. Their production facility, our production facility at UFC." He said it was a pure play, a sports play. He boasted they have 350+ live events produced a year with a global reach for both.
Emanuel said you can't underestimate the TV rights and sponsorship potential.
On Endeavor and WWE stock taking a hit as a result of Saudi Arabian investors putting money into MMA company PFL, they categorized it as the stock market over-reacting and that there was some correction on that the next day.
Emanuel said they have a lot of work to do on TKO in terms at synergies and sponsorships but once they are done, if the PGA (Professional Golfers' Association of America) is still available, they would take a look.
On their expectations of WWE and UFC TV deals, Emanuel said they feel very good where they are at with WWE TV negotiations. Emanuel wouldn't give further details. They are "in conversations" right now and said the current WWE deals are up in October "of next year." Everyone wants to fight churn but UFC and WWE are content the entire year. They are talking to everyone about linear and digital (streaming) rights.
On the Writers and SAG-AFTRA strike, they are losing $25 million a month in revenue. Emanuel said that if they don't get something done in the next three weeks, he believes it could go to the end of the year. In the end, a deal will be made and everyone will go back to work. He talked about the diversity of Endeavors holdings.
Emanuel doesn't believe Elon Musk will ever fight Mark Zuckerberg. He said that given Musk has had some surgeries on his neck and shoulder, that's probably for the best.
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