Posted on 9/12/123 by Colin Vassallo
For the first time in its entire history dating back to 1953
as Capitol Wrestling Corporation, WWE is no longer owned and
controlled by someone named McMahon, as today, the Endeavor
takeover of WWE was completed.
Endeavor now owns a majority share of WWE with Ari Emanuel
at the top of the pyramid and Vince McMahon no longer the
boss. While he is no longer the boss, McMahon has been named
as Chairman of the Board of TKO Group Holdings Inc., the
company which will control both the WWE and the UFC, now
valued at a whopping $21 billion.
Endeavor will hold a 51% controlling interest in TKO while
existing WWE shareholders will hold a 49% interest in the
new company.
Vince McMahon will own around 16% of the new TKO Group
Holdings, valued around $3 billion, but the voting powers
that he had at WWE will no longer remain in play.
WWE will continue running its operations from their
corporate headquarters in Stamford, Connecticut, while the
UFC will continue theirs from their HQ in Las Vegas. With
the merge, a lot of people are expected to lose their jobs
as the company will be consolidating a number of jobs.
Endeavor President and COO Mark Shapiro has targeted as much
as $100 million in cost cutting measures, adding that
anything from HR to finance to legal to communications,
production, distribution and marketing will be subject to
mass layoffs.