Rumor Mill - Triple H And Vince McMahon's Roles In WWE Creative

Rumors began to emerge yesterday suggesting that Paul "Triple H" Levesque is fully in control of WWE creative following the formation of TKO Group Holdings. In this scenario, it was said that Vince McMahon still retains his position on the board, but is no longer submitting last-minute creative changes to "WWE Raw" and "WWE SmackDown." On today's "Wrestling Observer Radio," journalist Dave Meltzer shared what he's heard regarding the creative situation in WWE.

McMahon has reportedly "backed off" of the company's creative. However, that is only for the time being, and McMahon still retains the power to change things if he desires. As of now, though, the creative direction is said to be almost entirely set by Levesque. Meltzer stated he was unsure why exactly McMahon seems to have chosen to take a step back willingly, as he has expressed no desire to do that in the past. In fact, McMahon pushed hard to return to the company in the wake of his retirement last year, and for a period of time was said to be making a number of creative changes to WWE shows.

While the details are not yet clear, McMahon is currently under investigation by the federal government. The investigation is likely diving into alleged "hush money" payments made by McMahon to several women previously employed by WWE. Several months after news of the scandal first broke, McMahon stepped down as WWE CEO, and soon after announced his retirement. Early this year, however, McMahon would shockingly re-appoint himself to the board, quickly changing the rules to allow himself to become the company's Executive Chairman. McMahon then presided over the merger between WWE and UFC under the umbrella of Endeavor, which was finalized last month.

Details Of Vince McMahon's Agreement To Pay Legal Fees For WWE Stockholder Lawsuit

For over a year now, former WWE owner Vince McMahon has been embroiled in a scandal revolving around hush money payments over alleged sexual misconduct. According to a recent SEC filing, McMahon agreed to pay $2 million to the plaintiffs in a stockholder lawsuit that originated back in January, meant to cover legal fees. That sum is in addition to the $17.4 million that McMahon was forced to pay back to the company to cover the cost of the investigation into his actions, which was one of the points of the lawsuit. The larger sum was ordered by the court back in March, while the $2 million amount was agreed to in May.

The suit, filed by WWE stockholders Carole Casale and Chrystal Lavalle in January, also sought to address McMahon's changing of the company's bylaws, allowing him to appoint himself back to the Board of Directors after stepping down in 2022. Once the nature of the lawsuit became clear, McMahon reverted the bylaws to the previous iteration, rendering that aspect of the lawsuit no longer relevant.

This isn't the end of the road for McMahon in terms of legal trouble. It was reported that McMahon had been served with a federal search warrant as well as a subpoena from a Grand Jury in July.

Details Behind Vince McMahon's WWE Ouster And Return

Last year, allegations of sexual misconduct and hush money payments forced Vince McMahon to step down from his role as WWE CEO. Though he retired for a time, it would be short-lived. McMahon was able to reinstate himself to the board earlier this year, though he remains under investigation by federal officials. A new story by the LA Times, in which the publication spoke to an "individual close to the board," features new insight into the company's internal investigation into McMahon and more.

According to the LA Times report, McMahon initially told the board he wouldn't stand in the way of their investigation into his actions. Additionally, McMahon reportedly agreed to step down from the board voluntarily, with some reluctance, while also claiming that each of the described encounters had been consensual and the payoffs had only been a matter of "protecting the company against potential litigation."

However, by December, McMahon had seemingly changed his mind about stepping to the side. McMahon sent a pair of letters to the company's board, informing them of his intent to return to shepherd a sale. Though the company's board, which at the time featured Stephanie McMahon and her husband Paul "Triple H" Levesque, voted unanimously against McMahon's return, the 78-year-old was able to use his voting power as a majority stockholder to replace two members and get himself back on the board.

The report indicates that McMahon viewed the internal investigation as being disloyal, and two more board members resigned in the aftermath of McMahon's return. Since then, McMahon was true to his word on setting the company up for a sale, with WWE and UFC merging into TKO Group Holdings, made official earlier this month. Under the new corporate infrastructure, McMahon remains in power, serving as the Executive Chairman.

Endeavor Announces Close of UFC® And WWE® Transaction To Create TKO Group Holdings, A Premium Sports And Entertainment Company

Endeavor Announces Close of UFC® and WWE® Transaction to Create TKO Group Holdings, a Premium Sports and Entertainment Company

New Company to Begin Trading Today, September 12, on the New York Stock Exchange Under “TKO” Ticker Symbol

BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)--Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (previously NYSE: WWE) (“WWE”) today announced the close of their previously announced agreement and the launch of TKO Group Holdings, Inc. (NYSE: TKO) (“TKO”).

TKO brings together UFC, the world’s premier mixed martial arts organization, and WWE, an integrated media organization and the recognized global leader in sports entertainment, to create a new premium sports and entertainment company serving more than one billion young and diverse fans1, reaching viewers in 180 countries, and producing more than 350 annual live events. Through this combination, TKO will leverage Endeavor’s expertise in areas including domestic and international media rights, ticket sales and yield optimization, event operations, global partnerships, licensing, and premium hospitality to drive revenue growth.

“The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment,” said Ariel Emanuel, CEO of Endeavor and TKO. “Given their continued connectivity to the Endeavor network, we are confident in our ability to accelerate their respective growth and unlock long-term sustainable value for shareholders. With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide.”

“This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights. Given our collaborative, trusted relationship and Endeavor’s incredible track record of success growing UFC, we believe WWE is optimally positioned for future growth and success as part of TKO,” said Vince McMahon, Executive Chairman of TKO. “Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.”

TKO will begin trading today on the New York Stock Exchange under the ticker symbol “TKO,” with Endeavor holding a 51% controlling interest in the new company and existing WWE shareholders holding a 49% interest in the new company, on a fully diluted basis.

As previously announced, TKO is led by:

Ariel Emanuel, Chief Executive Officer, who continues as Chief Executive Officer of Endeavor;

Mark Shapiro, President and Chief Operating Officer, who continues as President and Chief Operating Officer of Endeavor;

Andrew Schleimer, Chief Financial Officer; and

Seth Krauss, Chief Legal Officer, who continues as Chief Legal Officer of Endeavor.

Dana White is now Chief Executive Officer of UFC and Lawrence Epstein remains Senior Executive Vice President and Chief Operating Officer of UFC. Nick Khan continues at WWE in the role of President.

The Board of Directors of TKO is led by Vince McMahon as Executive Chairman of the Board and consists of 11 members, including Mr. Emanuel, Mr. Shapiro, and Mr. Khan, in addition to the following directors:

Peter C.B. Bynoe, Senior Advisor at DLA Piper LLP;

Egon P. Durban, Co-Chief Executive Officer of Silver Lake;

Steven R. Koonin, Chief Executive Officer of the Atlanta Hawks, LLC;

Jonathan A. Kraft, President of the Kraft Group LLC;

Sonya E. Medina, President and Chief Executive Officer of Reach Resilience;

Nancy R. Tellem, Executive Chairperson and Chief Media Officer of Eko; and

Carrie Wheeler, Chief Executive Officer and a board member of Opendoor Technologies Inc.

End Of An Era

Tonight's WWE Raw will be the last WWE show under the full majority control of Vince McMahon. End of an era.

Details On Endeavor Deal, WWE-UFC Merger And Plans For NXT

Following the news from earlier this week that the WWE-UFC merger under Endeavor is expected to close next month, Dave Meltzer's latest Wrestling Observer Newsletter offers up some additional details. The report states that layoffs and other efforts to save money are expected to begin within the company very soon. Additionally, Meltzer indicates that people within Endeavor are hoping to work with WWE to make NXT more of a "sustainable third brand."

The idea behind that is to increase the show's ratings, allowing it to bring in higher TV rights fees. According to Meltzer, the company hopes to make NXT a touring brand once again, with both live events and TV taped on the road. However, there is no timeline for when this will become a reality.

As for the previously discussed revival of "NXT U.K.," there is reportedly an idea for a full-time Performance Center in London, as well as the introduction of a new show focused on all of Europe. However, there will be no updates on that until at least next year.

WWE's stock price hit another record-high earlier this week, reaching $114 per share, giving the company a market valuation of nearly $8.5 billion. When the dust settles, the board of TKO will include six individuals from Endeavor and five from WWE. On the WWE side, that includes both Vince McMahon and current WWE CEO Nick Khan, as well as Steve Koonin, Nancy Teliem, and one more individual who has yet to be revealed.

In addition to remaining on the Board of Directors, Vince McMahon will own 16.4% of the stock for the new company, which will be called TKO. Stephanie McMahon will own 1.1% while Linda McMahon will have 0.3% of the company's stock. There was no word on how many shares Shane McMahon will own.

Triple H: Vince McMahon Is Not Currently Involved With WWE Creative Day-To-Day

WWE Chief Content Officer Triple H says Vince McMahon is not involved with WWE creative day-to-day.

McMahon reportedly had major spinal surgery in late July. Sean Ross Sapp of Fightful Select reported that it was unclear whether the surgery would affect McMahon’s work. McMahon had reportedly been making changes to WWE shows from a remote location in recent months.

During the WWE SummerSlam post-show press conference, Brandon Thurston of Wrestlenomics asked Triple H about Vince McMahon’s current contribution to creative. He also asked what extent McMahon recovery will impact his ability to contribute. Triple H noted that he wasn’t sure how long McMahon’s recovery would take. He also highlighted McMahon’s legacy.

“As far as the surgery, I’m not a doctor,” Triple H said. “I can’t tell you how fast that recovery will be. If I’m a guessing man, I’ve seen Vince come back from some remarkable things way faster than anybody else I’ve ever seen do it. He still brags that he was back quicker from two quad tears than I was from one. So how long that it, I don’t know.

“As far as contributions, I would just say this. The reason WWE is what it is, the reason this business, not just WWE, because you could make an argument that without Vince and his vision for this business, maybe it wouldn’t be here anymore. There was some things at that time back in the day that were very popular that just disappeared off the face of the planet. Vision of what he did changed the business, changed all of it for 50 years. Incredible run of success. No greater mind in the business.”

Triple H continued by noting that it would be silly not to ask for “counsel” from McMahon. However, he stated that McMahon is not involved with WWE creative on a day-to-day basis.

“At this point, if all of us didn’t look at moments in time for counsel from him on thoughts or ideas or if we had a question to go to him and ask, we’d be silly not to,” Triple H said. “It’s sitting next to somebody that knows more about this, it has forgotten more about this, than you’ll ever know, and to not utilize that in some aspect. But is he day-to-day? No. Is he in it all the time? No. If anybody has, he’s earned that right to be able to do that.”

WWE & Vince McMahon Statements On Grand Jury Subpoena, Search Warrant

WWE revealed in their latest earnings report that Executive Chairman Vince McMahon was served with a search warrant and federal grand jury subpoena on July 17. In an update, both WWE and McMahon have provided statements pertaining to the subpoena.

McMahon stated, "In 2022, WWE formed a special committee to review allegations of misconduct against me. That review was concluded in November 2022 following an extensive investigation. Throughout this experience, I have always denied any intentional wrongdoing and continue to do so. I am confident that the government's investigation will be resolved without any findings of wrongdoing. I am focused on completing the recovery process from my recent spinal surgery and on closing our transaction with Endeavor, which will create one of the preeminent global sports and entertainment brands."

WWE responded, "We believe this is a continuation of the investigation that commenced last summer. WWE has cooperated throughout and fully understands and respects the government's need for a complete process."

No charges have been filed against McMahon as of this writing. The details of the warrant and subpoena are currently unknown, although it has been publicized for more than year that the 77-year-old has been under investigation for hush money allegations pertaining to sexual misconduct.

McMahon underwent major spinal surgery on July 21, just mere days after being served the warrant. He is currently on medical leave until further notice. WWE confirmed that McMahon will remain Executive Chairman during this time as the company continues closing in on its merger deal with UFC under Endeavor.

WWE boss Vince McMahon hit with federal grand jury subpoena and search warrant

Federal law enforcement agents executed a search warrant on World Wrestling Entertainment

Vince McMahon last month and served him with a federal grand jury subpoena, the company disclosed Wednesday.

The actions represent an escalation of an ongoing investigation into allegations that McMahon paid millions of dollars over the years to women after being accused of sexual misconduct.

WWE also revealed Wednesday that McMahon “went on medical leave after undergoing major spinal surgery.”

McMahon’s leave began July 21, and he will “remain on medical leave until further notice but will remain Executive Chairman” of WWE, the company said in its quarterly report to the Securities and Exchange Commission...More?

source:  cnbc.com

WWE Executive Chairman Vince McMahon on Medical Leave “Until Further Notice” Following Surgery

The WWE said in a footnote to a SEC filing that federal agents executed a search warrant and served a federal grand jury subpoena on McMahon July 17...More?


source: hollywoodreporter.com

WWE Executive Chairman Vince McMahon Has Major Spinal Surgery

Vince McMahon, WWE's former CEO and current executive chairman, reportedly underwent a major surgical operation on his spine recently. According to TMZ, which cited sources close to McMahon, the procedure took place last week and lasted more than four hours. The outlet reported that the operation was considered successful, and that McMahon has been recuperating in the time since.

Wrestling Inc. reached out to WWE; a spokesperson said the company has no statement at this time but acknowledged that the facts of TMZ's report are believed to be true.

WWE Touts Nearly 90M U.S. Fans as CEO Says “It’s Time to Monetize” With New TV Deals

Merged UFC And WWE Will Reportedly Be Called TKO Group Holdings

The New Whale has been knocked out and a new, permanent name has been chosen for the soon-to-be-merged WWE and UFC hybrid company.

CNBC is reporting that what was temporarily known as New Whale Inc. will now be known going forward as TKO Group Holdings, with the TKO acronym meaning "technical knockout," paying homage to both UFC and WWE's shared combat sports lineages. While the two companies have an agreement to merge under this new name, WWE is still to be run by Vince McMahon out of its headquarters in Stamford, Connecticut, while UFC is still being run by Dana White out of its headquarters in Las Vegas, Nevada.

The new company will be listed on the New York Stock Exchange as TKO. The merger between the two companies will make TKO Group Holdings worth an estimated $20 billion.

Endeavor CEO Ari Emmanuel secured Chairman Vince McMahon to oversee WWE during negotiations with a new revision made to WWE's term sheet which says McMahon must remain in charge of the company until he either retires or is physically unable. McMahon was also granted five of the eleven seats on the WWE Board of Directors, as well as veto power. In exchange for the request to make McMahon executive chairman, WWE shareholders get a higher percentage of voting power under the new terms. Despite McMahon's newly cemented authority, Endeavor has been adamant that WWE Chief Content Officer Paul "Triple H" Levesque will continue to oversee the creative direction of the company.

Lawsuit Brought Against Vince McMahon Has Been Dropped

WWE shareholders dropped a lawsuit recently, according to Bloomberg.

Shareholders leading the consolidated lawsuit agreed to drop it Wednesday, saying their claims became moot when McMahon agreed in late March to repay $17.4 million the company wracked up investigating him. Vice Chancellor J. Travis Laster granted the motion the same day.

The payment appears to cover only the cost of the probe, not the nearly $20 million McMahon allegedly paid his accusers since 2007. Counsel for the WWE investors indicated they plan to seek a “mootness fee” as a reward for their role in forcing McMahon’s hand.

A different group of shareholders is already seeking a mootness fee after dropping a related case when McMahon walked back some bylaw changes he’d pushed through as part of his corporate coup in early January. McMahon had left the board in mid-2022.

Vince McMahon, WWE Sued by Ex-Writer Over ‘Racist’ Scene Scripts

World Wrestling Entertainment Inc., Vince McMahon, and other executives allegedly discriminated and retaliated against a Black female writer for objecting to “offensively racist and stereotypical jargon” used in the scripts of Black wrestlers including Bianca Belair and Apollo Crews, according to a new lawsuit.

Britney Abrahams’ multiple complaints were ignored, and she was pretextually terminated for taking home a WrestleMania-branded chair, according to the complaint filed in the US District Court for the Eastern District of New York on Monday.

The lawsuit includes Stephanie McMahon, Chris Lubrando (SVP, Creative Writing Operations at WWE), WWE creative team members Chris Dunn, Ryan Callahan, Jen Pepperman, and former team member Mike Heller.

Abrahams began writing for WWE SmackDown! and WWE Monday Night RAW in 2020, according to the complaint. She complained of racial and gender stereotypes in scripts, including ones instructing Belair to say “Uh-Uh! Don’t make me take off my earrings and beat your ass! " and Crews to speak with a “stereotypical and exaggerated Nigerian accent,” but was rebuffed, she said.

WWE didn’t immediately respond to Bloomberg Law’s request for comment.

‘Harmful Stereotypes’

She was allegedly subject to a number of racist pitches after complaining. On a Slack thread that McMahon and his daughter Stephanie McMahon were included on, other writers suggested a Black male wrestler should dress in drag. Only when a White writer noted that doing so could “perpetuate harmful stereotypes that would offend viewers” was the pitch scrapped, she said.

On another occasion, a writer allegedly proposed that a Muslim’s wrestler’s secret in a script be that he was “behind the 9/11 attacks.”

Abrahams and other writers complained about the comments, to which Vice President Christine Lubrano allegedly responded, “Wacky things are said in the writer’s room all the time!” and “I know but look at the waves we’re making in the company. 4 years ago, no woman worked on the writer’s team!”

Abrahams continued to opposed racist, sexist pitches, she said, and was fired in retaliation in April 2022. WWE fired her for taking with her a WrestleMania 38 branded chair, but the practice was allegedly a common practice that White male writers weren’t punished for.

She is seeking reinstatement, damages, declaratory judgment, and an injunction restraining defendants from engaging in such unlawful conduct.

Cochran Firm represents Abrahams.

The case is Abrahams v. World Wrestling Ent., Inc., E.D.N.Y., No. 23-cv-03109, complaint filed 4/24/23.

source: Bloomberg Law

Nick Khan Comments On Vince McMahon’s Current Creative Role In WWE

Nick Khan says that Triple H remains WWE‘s sole Chief Content Officer despite Vince McMahon‘s recent involvement.

WWE President Nick Khan recently sat down with LightShed Live to discuss a wide variety of subjects. When asked about Vince McMahon’s current creative role in WWE based on what happened on the RAW following WrestleMania 39, Khan confirmed that Triple H is still the sole Chief Content Officer of WWE. However, he’ll also continue to communicate with Mr. McMahon.

“On Monday [April 3], when this deal was officially announced, Vince sent out a company-wide email to our thousand or so employees, including myself, and in the email, he laid out the structure of the NewCo,” Nick Khan said. “Specifically, he articulated that Paul Levesque remains the sole Chief Creative Officer. Sole. How does that work? Does that mean that technically because I’m in charge of the business side of the business that I don’t seek input from other people?

“I wouldn’t seek input from Vince McMahon; who created this entire empire? That would be a mistake on my behalf. Paul and Vince, a family relationship, a relationship that spans back to the mid-90s. Paul is in charge of creative. If he wants input from Vince or Vince has ideas that he and Paul are going to communicate, that’s always going to be the case. We’re lucky to have Vince.

“We’re lucky to have Paul in control of creative. We’re lucky that the setup that Vince created that the company could continue to exist; even when Vince stepped out for that five-month period, the company kept flowing. We think the best organizations are set up that way, and that’s the way Vince set up WWE.” [H/T: Fightful]

Analysis Shows WWE's Fan-Driven Business Metrics Improved Under Paul Levesque

However you feel about the state of WWE programming and the specifics of how shows have or haven't differed when spearheaded by Paul "Triple H" Levesque as compared to Vince McMahon, there absolutely have been differences. Levesque brought back various wrestlers who had been cut by the previous regime, and under his guidance, the last-minute changes that were constant under McMahon had subsided. Past that, it becomes a matter of personal preference and business metrics. On Thursday, Wrestlenomics offered the latter, comparing TV ratings and live attendance for Levesque's eight months running creative to how McMahon's WWE was doing a year earlier. And the answers are favorable to Levesque.

On the TV side, "WWE Raw" averaged 1.80 million viewers each week under Levesque, up 4% from McMahon a year prior, which is doubly impressive considering USA's reach among cable customers has dropped. "WWE SmackDown," meanwhile, saw a bigger increase, going up 6%, from an average of 2.14 million viewers under McMahon to 2.28 million viewers under Levesque. Since "SmackDown" is on FOX, a free broadcast network, the caveat about its potential viewership does not apply, though.

As for ticket sales, that data is from WrestleTix, which is able to count tickets distributed, but without being able to distinguish between paid admissions and comps. With that out of the way, for every month of the Levesque era, "Raw" averaged a higher number of tickets out than the McMahon regime did a year prior, and "SmackDown" did the same for all but one month, even with the latter including the initial surge in interest when WWE resumed touring after COVID-19 precautions eased. Across the full eight-month periods being compared, "SmackDown" averaged 8,555 tickets distributed for Levesque vs. 7,532 for McMahon, a 14% increase, while "Raw" averaged 8,463 tickets distributed for Levesque vs. McMahon's 6,787, a 25% increase. And though the McMahon period had a 2% lead on Levesque's for domestic house shows, that gain was carried by August through November 2021, the early months of post-pandemic touring.

Vince McMahon tells WWE staff that Paul Levesque will remain in charge of creative process

Vince McMahon has sent an internal email to WWE employees stating that Paul Levesque will retain his position as head of creative.

On the heels of the Endeavor/WWE deal, sources have told POST Wrestling’s John Pollock that the email contains the line: “Paul Levesque will remain WWE’s chief content executive.”

Earlier, during an interview on CNBC, McMahon was asked by Scott Wapner whether he planned to be “as involved in the creative side as he has in the past.”

McMahon replied:

Yes and no. On a higher level, yes. In the weeds — which I always loved to get into the weeds in the past — no; can’t do that.

Back in 2019, after McMahon appointed Paul Heyman and Eric Bischoff as Executive Directors of Raw and SmackDown respectively, McMahon used similar language, saying that those two hires freed him up:

“to look at longer range story arcs and work on character development, versus being in the weeds”

An all-employee Zoom meeting for WWE staff has been arranged for 4.00 pm ET.

ENDEAVOR ANNOUNCES UFC® AND WWE® TO FORM A $21+ BILLION GLOBAL LIVE SPORTS AND ENTERTAINMENT COMPANY

BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)-- Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.

Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4 billion and a 10% annual revenue growth rate since 2019.

“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”

“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” said Vincent K. McMahon, Executive Chairman of WWE.

McMahon continued, “Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”

The new company will be led by Emanuel (Chief Executive Officer), who will also continue in his role as Chief Executive Officer of Endeavor, McMahon (Executive Chairman of the Board) and Mark Shapiro, who will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. The Board of Directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.

WWE reportedly close to sale to Endeavor

World Wrestling Entertainment is reportedly closing in on a deal to be sold to talent-agency company Endeavor Group Holdings (NYSE:EDR), already the parent of mixed martial arts league Ultimate Fighting Championship.

The sale is in advanced talks, CNBC reported, and it could be announced as soon as Monday.

It would result in a new publicly traded company focused on combat sports and entertainment, according to the report, and Endeavor would own 51% while WWE holders would own 49%.

The proposed transaction would reportedly assign WWE an enterprise value of $9.3B. WWE has a market capitalization of about $6.8B.

It would also mean the end of Vince McMahon's control of WWE after several decades.

Recent weeks have brought increasing sale speculation and WWE CEO Nick Khan said last week the company had seen "robust" interest.

source: seeking alpha