Vince McMahon Announces WWE Sold to Endeavor

WWE executive vice chairman Vince McMahon announced that WWE will be merging with UFC, owned by Endeavor Group Holdings to form a $21 billion “global live sports and entertainment company” as Endeavor purchased WWE on Monday, according to Reuters.

WWE had a valuation of $9.3 billion.

Endeavor will have a 51 percent controlling interest, with the remaining 49 percent spread across WWE’s shareholders. McMahon will retain his role in the new company, which was internally referred to as Project Stunner.

“Together, we will be a $21-plus billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” McMahon said. “The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands.”