WWE, Endeavor-owned UFC merge to forge $21 billion entertainment giant

(Reuters) – World Wrestling Entertainment Inc will combine with Endeavor Group-owned mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about $21 billion, the companies said on Monday.

Ending months of speculation, the two of the biggest names in wrestling and entertainment will come together to capitalize on consumers’ desire to participate in live experiences – a trend that has resumed since the height of the pandemic.

Here is the snapshot of key events prior to the merger:

Date Development

June 17, 2022 WWE launches an investigation into alleged

misconduct by long-time CEO Vince McMahon and

appoints daughter Stephanie McMahon as the

interim head.

July 22, 2022 McMahon says he would retire as the company’s

CEO and chairman.

July 25, 2022 WWE says it would restate some of its

financial results after finding unrecorded

expenses made by McMahon.

Aug. 9, 2022 WWE discloses additional unrecorded expenses,

totaling $19.6 million, related to McMahon.

Jan. 6, 2023 WWE confirms McMahon’s return to board and

says it would explore strategic alternatives.

Jan. 10, 2023 WWE elects McMahon as executive chairman of

its board and appoints Nick Khan as CEO; says

co-CEO and chairwoman Stephanie McMahon

resigns from her role.

Jan. 12, 2023 WWE retains bankruptcy and restructuring

powerhouse Kirkland & Ellis LLP as its legal

adviser for reviewing strategic alternatives.

April 3, 2023 Endeavor Group-owned mixed martial arts

franchise UFC and WWE agree to combine to form

a new publicly listed entertainment giant

valued at about $21 billion.

(Reporting by Tiyashi Datta and Yuvraj Malik in Bengaluru; Editing by Shinjini Ganguli)