Big Ticket Merger: Endeavour and WWE Join Forces to Form TKO Group

New York, September 13: The joint venture of Endeavor Group Holdings Inc. (EDR on NYSE) owned UFC and World Wrestling Entertainment Inc. (formerly WWE on NYSE) has been finalized, resulting in the formation of TKO Group Holdings Inc. (TKO on NYSE).

Combining forces, UFC – the prime international MMA organization – with WWE, an established, global sports entertainment provider, TKO's goal is to generate a high-end sports and entertainment enterprise targeting more than a billion young, diverse fans, covering 180 countries, and creating over 350 live events per year.

Thanks to this merger, TKO will employ Endeavor’s resources, especially in areas like domestic and global media rights, event management, ticket sales and yield enhancement, worldwide collaborations, licensing, and elite hospitality to surge revenue growth.

"With the union of UFC and WWE under TKO, which signals an intriguing progression for UFC and WWE as pioneers in international sports and entertainment, we are optimistic about speeding up their individual growth and revealing sustainable value for shareholders, given their continual links to the Endeavor network," said Ariel Emanuel, Endeavor and TKO’s CEO.

"We are committed to offering unmatched experiences for well over a billion ardent fans around the globe. Endeavor and WWE’s partnership over many years culminated in this enormous endeavor, revolving around strategic campaigns that include talent representation and media rights", stated Vince McMahon, TKO’s Executive Chairman.

"Seeing Endeavor's outstanding accomplishments with UFC, we're confident that WWE is ideally placed for greater growth and success as a member of TKO. Our emphasis continues to be pleasing our worldwide fans as we elevate the business to newfound heights with Endeavor and UFC."

TKO has started trading on the NYSE under the "TKO" ticker, a company in which Endeavor owns a majority 51% stake and remaining WWE stockholders hold a sizeable 49% share, calculated on a fully diluted basis.

The executive team of TKO includes:

- Ariel Emanuel, CEO

- Mark Shapiro, President and COO

- Andrew Schleimer, CFO

- Seth Krauss, CLO

Dana White has been appointed UFC CEO and Lawrence Epstein remains the Senior Executive VP and COO. Nick Khan, meanwhile, maintains his position as WWE’s President.The TKO Board, comprising 11 members, is led by Vince McMahon as Executive Chairman.

Other board members include Peter C.B. Bynoe, Egon P. Durban, Steven R. Koonin, Jonathan A. Kraft, Sonya E. Medina, Nancy R. Tellem, and Carrie Wheeler.

Endeavor received financial advisory services from Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC. Legal advisory services were provided by Latham & Watkins LLP, and Alvarez & Marsal served as an integration advisor while WWE was advised by The Raine Group.

Financial consultancy was provided by J.P. Morgan and Moelis & Company LLC, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as a legal advisor to WWE. McMahon, WWE’s controlling stockholder, was legally advised by Kirkland & Ellis LLP.

Source: Media Release