(WKBN)- The Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE) announced their official merger into one large company on Tuesday with a listing on the New York Stock Exchange (NYSE).
The new company is called TKO Group Holdings Inc. The group holds both global live-event sports promotors.
According to ESPN, Endeavor, the company that owns the UFC, will own 51% of the shares, while the WWE shareholders will own the remaining 49%. Both companies helped TKO reach a total valuation of $21.4 billion.
Endeavor’s Ari Emanuel will be the CEO of TKO, while Endeavor’s Mark Shapiro is the president and chief operating officer of the new company. Former UFC President Dana White will serve as the CEO of the UFC, while WWE’s controlling shareholder and chairman Vince McMahon will be the executive chairman of TKO.
The UFC brought sanctioned MMA to the United States. Zuffa LLC and owners Frank Fertitta III, Lorenzo Fertitta and Dana White brought the UFC brand to combat sports in January 2001.
UFC was acquired by Endeavor with Silver Lake Partners and KKR in January 2016.
Vince McMahon acquired the WWE from his father in 1982 and served as CEO of the sports entertainment company for nearly 40 years. The WWE became a publicly traded company in 1999.
ESPN is reporting that there are no plans for “massive changes” for both products.