As reported
earlier today, WWE had been sold to Endeavor, who will combine it with UFC to form a new company valued at $21 billion. Endeavor will own 51% of the company while WWE stockholders own 49%.
PWInsider has more details on the sale including how much certain people will make once it finalizes.
* It’s expected that the deal will officially close in the second half of the year.
* WWE will be run separately from UFC, although both will be owned under the same parent company.
* The Board of Directors will have six members named by Endeavor and five by WWE.
* WWE will still have a headquarters in Stamford, same as UFC having their own head office. But Endeavor will have their own staff for the ‘back office’ for savings. This could mean that there will be staff cuts coming up. It was noted that if Endeavor can handle the accounting, for example, then the WWE accounting office would be jettisoned.
* When the deal is finalized, Nick Khan will get a $10 million bonus, Triple H will get $5 million and WWE Chief Financial Officer Frank Riddick III will get $5 million.
* WWE will no longer be traded on the stock exchange. The new company is TKO.
* There will be an “all hands on deck” staff meeting in WWE today at 4 PM ET.
* If the deal doesn’t close by January, both sides have the right to cancel the agreement.
