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.

Both companies' board of directors unanimously approved the deal and it's expected to close before the year ends.

Before the official confirmation, it was believed that Vince McMahon returned to the WWE only to help facilitate the sale. In addition to Endeavor, the other companies that showed interest in buying the WWE included Disney, FOX, Comcast, Amazon, and Saudi Arabia's Public Investment Fund.

With the merge, the McMahons are no longer the head of the WWE for the first time in 70 years. McMahon officially retired from his former position last year and was replaced by his daughter and Nick Khan with Triple H stepping in to be the Creative Head.

However, McMahon re-signed with the WWE a few months ago, which was followed by his daughter's resignation.

The WWE recently hosted WrestleMania 39, which saw Roman Reigns walk away with a surprising win over Cody Rhodes.