WWE has been sold to UFC’s parent company, Endeavor. In a statement, Endeavor announced a “definitive agreement” that will see WWE come under the company’s ownership in an estimated $9.3 billion deal.
The deal will see Endeavor from a new publicly listed company, consisting of both WWE and UFC. Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
It has come to light that Mark Shapiro will serve as President and Chief Operating Office of both Endeavor and the new company. The Board of Directors will consist of 11 members, of whom will be appointed by Endeavor and five of whom by WWE.
The deal is expected to be completed in the second half of 2023. However, Endeavor COO Mark Shapiro stated in a recent interview that he did not even know the company had made a bid to acquire WWE until April 1st.
Mark Shapiro talks about WWE merger
While speaking to Puck, it was mentioned that the first target of the merger will be synergies, which could include layoffs and operational efficiencies. Shapiro stated that cost synergies will be found across every area, including HR, finance, legal, communications production, distribution, and marketing. He added that the company will integrate and appoint the best and brightest teams.
“Anything from H.R. to finance to legal to communications production to distribution and marketing. Across every area, you’re going to find cost synergies; you’re going to integrate and ultimately highlight and appoint the best and brightest teams.”
WWE is set to begin its next round of media rights negotiations, and its deals for WWE Raw on USA Network and WWE SmackDown on Fox are up in 2024. Shapiro believes that having Endeavor at the table with their relationships and portfolio of assets will be helpful in the process.
“There’s no question that when Nick (Khan) goes in to renew his domestic deals, having us at the table, with our relationships and our portfolio of assets, will be helpful in the process,” said Shapiro.
