It's official - the WWE and UFC are merging.
UFC's Endeavor and World Wrestling Entertainment will form the "Endeavor Group Holdings World Wrestling Entertainment". The newly-formed company will operate under the name TKO.
Under the new ownership structure, Endeavor will hold a 51% controlling interest while the WWE will hold 49%.
Here's what the company CEO, Ari Emanuel, said about the company:
This is a once-in-a-lifetime opportunity to bring together two leading pureplay sports and entertainment companies that operate in the most attractive parts of the media ecosystem. We know this business and are confident in what Endeavor can deliver to unlock even more growth and profitability. This transaction is a natural evolution of the strategy we've been refining and successfully executing for the past decade, a rare and compelling opportunity to grow our global business.