WWE Stock Surges Following Endeavor Sale
The 3rd of April 2023 will go down in history as the day that WWE revealed it was to be sold to Endeavor and merged into a new company with UFC.
The Endeavor Group officially announced on the morning of the 3rd of April 2023 that it had agreed to a $21 billion deal to form a new company that will encompass both UFC and WWE in the biggest shake-up in the wrestling world in decades.
Vince McMahon will become Executive Chairman of the parent company which will own both WWE and UFC while WWE CEO Nick Khan will become President of the brand and Dana White will continue in his role as UFC President.
The deal also gives UFC a valuation of $12.1 billion with WWE valued at $9.3 billion. The new company will run under the TKO ticker on the New York Stock Exchange and will be known as NewCo until it is named.
As a result of the deal, WWE stock soared on Tuesday, 4th of April, closing at $97.23 – up $7.93 from Monday’s closing value. That value is the highest that the stock price has reached since April 19th, 2019 when it closed at $98.50.
Forbes has reported that the jump in the value of the stock earned Vince McMahon a cool $198 million and he is now worth $3.1 billion.
While the deal might mean good news for shareholders, it has brought Vince McMahon back into creative control of his company, a move that has prompted some stars in the company to consider their future elsewhere.