Last Updated: April 07, 2023, 10:24 IST
WWE and UFC merged in a landmark transfer, in a deal price a mouth-watering $21.4 Billion.
With the merger, there’s discuss of layoffs and this has brought about a stir within the wrestling franchise which has turn out to be a world phenomenon prior to now couple of many years.
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Endeavor COO Mark Shapiro spoke of means to seek out price synergies and appoint the brightest skills going ahead.
“Anything from H.R. to finance to authorized to communications manufacturing to distribution and advertising and marketing,” Shapiro said.
“Across every area, you’re going to find cost synergies,” the 52-year-old added.
“You’re going to combine and in the end spotlight and appoint one of the best and brightest groups.”
The value of UFC was quoted to be around 12.1 Billion dollars, while WWE clocked in at 9.3 Billion dollars in the same parameter.
Endeavor Group Holding Inc., UFC’s owners, are set to take up a controlling stake of 51 per cent in the venture, while WWE shareholders will be responsible for the other 49 per cent of the stake.
A new publicly traded company under the ticket name ‘TKO’ will comprise both the brands, WWE and UFC.
UFC’s stock values also have consistently seen a rise ever since the Endeavor takeover. Shapiro had also stated earlier that Endeavor would do what they did with the UFC when they bought the company in 2016 with WWE.
Endeavor started out representing movie and television talents, before successfully branching out to other industries such as tennis championships, with investments in Madrid Open and Miami Open.
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Former WWE chairman Vince McMahon played a crucial role in the merger following his return to the company after his sabbatical, which was a result of sexual allegations levelled against the 77-year-old by female wrestlers.
The cover-up hush money McMahon had paid the wrestlers for their silence also became a huge topic of discussion and many fans of the sport want to see him fired.
Sources said that Endeavor was well aware of the fans’ desire pertaining to the future of McMahon in the company.
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