CNBC is reporting that the WWE is very close to closing a deal to sell the company to Endeavor, the parent company of UFC.
“UFC and WWE are expected to form a new publicly traded company as part of the agreement, according to the people, who declined to be named due to the confidential nature of the discussions,” CNBC states in its report. A deal is expected to be announced in a matter of days.
WWE and UFC would merge to form a new entertainment company of which Endeavor would own 51% of that company and WWE shareholders would own 49%.
There would be some shuffling of the executives too, according to CNBC.
“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,” writes Alex Sherman.