Things have to evolve.
A family business has to evolve, for all the right reasons.
He returned as a director last year to explore strategic alternatives, i.e., a sale.
WWE had to restate some of its earnings to incorporate the payments.
It launched then closed an internal investigation.
Im not going to write it, so I dont know.
… Let me just say, Ive made mistakes both personally and professionally through my 50-year career.
I have owned up to every single one of them and then moved on.
Endeavor shareholders will own 51% and WWE shareholders 49%.
An 11-member board will be split 6 directors to 5, Endeavor-WWE.
Endeavor chief executiveAri Emanuelwill be CEO, and McMahon executive chairman.
WWE CEO Nick Khan will be president of the combined entity.
UFC Dana White will continue as president of UFC.
Pressed on the price tag, Emanuel insisted its fair.
I will tell you why.
We paid a little bit for a control premium.
And with our cost cuts and their new deals coming up, which is right now.
The parties expect $50 million-$100 million in annual cost synergies.
Both turned out to be great deals, he said.
The deal is expected to close in the second half of 2023 pending regulatory approval.
In an interview with Deadline, Khan described the sale process as robust, with interest from multiple parties.
The pro wrestling circuit has supplied Fox and USA connection withRawandSmackDowntelecasts year-round since the current contracts began in 2019.
Shares of both Endeavor and WWE dipped today but were trending higher in after-market trading.
