It has come to light that employee layoffs in WWE is on the horizon.
A recent report has emerged that provides a major update on when Endeavor plans to close the merger between WWE and UFC.
Back in April, it was announced that WWE would be merging with UFC to form a new $21+ billion entity under parent company Endeavor. A press release at the time revealed the following details:
“Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
The new company will be led by Emanuel (Chief Executive Officer), who will also continue in his role as Chief Executive Officer of Endeavor, McMahon (Executive Chairman of the Board) and Mark Shapiro, who will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. The Board of Directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.”
It was later reported that the new company will be called TKO Group Holdings.
Brandon Thurston has reported that “On the call, Endeavor CEO Ari Emanuel added that plans are underway to make cost savings and synergies happen immediately upon closing.”
It has been further reported that:
“To address the chaotic replies and quotes, I don’t have a strong impression about whether talent cuts will coincide with closing. Employee layoffs are widely expected unfortunately.”
To address the chaotic replies and quotes, I don’t have a strong impression about whether talent cuts will coincide with closing. Employee layoffs are widely expected unfortunately.
— Brandon Thurston (@BrandonThurston) August 8, 2023
