Endeavor Nears Deal to Acquire WWE (Report)

World Wrestling Entertainment Inc. (WWE) is nearing a deal to be acquired by Endeavor Group Holdings Inc.

CNBC and Bloomberg were first to report on the ongoing acquisition deal. The report states that “no final decision has been made” and that negotiations could potentially fall through.

The talks coincide as WrestleMania 39, one of the organization’s premier annual events, continues to unfold. The two-day pay-per-view and streaming extravaganza concludes Sunday evening, with more than 80,000 fans in attendance in Los Angeles.

The WWE has been actively exploring an acquisition deal for some time now. Vince McMahon, the longtime public face and majority owner of the professional wrestling organization, returned to the company as executive chairman in January. McMahon had exited his WWE leadership role last year amid investigations into sexual misconduct allegations, leaving his daughter, Stephanie McMahon, to take on offices as chairman and co-CEO alongside Nick Khan, who previously served as the company’s president.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” Vince McMahon said in a statement coinciding with his return to the company. “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives.”

In March, McMahon reimbursed the $17.4 million in costs that were incurred by investigations into the sexual misconduct allegations.

Although reports of McMahon’s troubled history have placed an unflattering spotlight on corporate leadership, the WWE still represents a desirable asset for entertainment companies looking to add professional sporting event broadcasts and their dedicated audiences to their arsenal. WWE shares have climbed 33% this year as speculation surrounding an acquisition has mounted.

Endeavor, the entertainment agency powerhouse led by Ari Emanuel, has a blueprint for incorporating the WWE into its assets. Endeavor mounted a successful integration of the Ultimate Fighting Championship (UFC) after acquiring 100% of the martial arts promotion company in 2021.

Read More About:

Source: Read Full Article

Previous post Half of Brits still back plans to deport migrants to Rwanda – poll
Next post Sex Pistols frontman tells Prince Harry, Meghan Markle to fk off and shut up