(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)
