Dana White handed UFC promotion as company merges with WWE under 'TKO' banner
UFC boss Dana White was handed a promotion by the MMA leader today as he swapped his title of President for Chief Executive Officer in the company's newest move.
Owners Endeavour have brought together the UFC and WWE under the new TKO Group banner, with White named CEO of the a new 'sports entertainment' company that is valued at a whopping $21.4billion, or just over £17billion. His role is expected to remain largely unchanged, and he has insisted that the crossover between the two businesses will be limited in practice.
The move will see Endeavour take 51 per cent ownership of the new entity, with WWE's various shareholders taking control of the other 49 per cent. News of the merger between the two leaders in their respective fields emerged in April, with the move marking the first time in seven decades that the professional wrestling conglomerate is not owned by a member of the McMahon family.
A press release regarding the merger noted White's new role, saying: "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."
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“This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights," Mr McMahon said in the statement released today, which was followed by a number of stars and executives from both companies, including White, ringing the opening bell at the New York Stock Exchange.
What do you think of the new UFC structure? Let us know your thoughts in the comments section below!
"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. Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.”
Endeavour boss Ari Emmanuel added: “The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment. 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 unrivalled experiences for more than a billion passionate fans worldwide.”
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