December 2, 2023

NEW DELHI: In a major announcement on Monday, Endeavor Group Holdings Inc said it would acquire entertainment firm World Wrestling Entertainment (WWE) Inc in a deal valued at $9.3 billion.
Endeavor said the deal represents a contribution price of about $106 per share for WWE, which is about 16% higher than the stock’s Friday closing.
Endeavor shareholders will own 51% of the combined company under the agreement, while WWE shareholders would get 49%.
Shares of WWE were down 4.5% in trading before the bell, while Endeavor, the parent of the popular UFC mixed martial arts franchise, was up 4%.
Endeavor took a majority holding in the Ultimate Fighting Championship, the world’s largest martial-arts organization, in 2016, in a $4.2 billion deal, and acquired the remaining stake in the company along with its IPO five years later.
In January, WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon‘s return to the company. WWE hired the Raine Group and law firm Kirkland & Ellis as its advisers for the review.
McMahon had retired in July last year as the company’s CEO and chair, following an investigation into his alleged misconduct. His daughter, Stephanie McMahon, resigned as the company’s co-CEO and chair less than a week after her father returned to the board.
(With Reuters inputs)

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