UFC outperformed WWE by more than $244 Million despite hosting significantly fewer events in year before merger, per reports
UFC and WWE have joined forces and are now under a single entity. The merger was recently finalized, and Endeavor has introduced TKO Group Holdings as the new sports and entertainment company. This company has started trading on the New York Stock Exchange (NYSE) under the 'TKO' ticker symbol.
The merger values the combined entity at $21.4 billion, solidifying its position as a major player in the sports and entertainment industry. Endeavor holds a 51% stake in the new company, with current WWE shareholders owning the remaining 49%.
Vince McMahon, a long-time WWE promoter, will remain as the newly established company's executive chairman. Dana White, the former president of the MMA company, will now serve as CEO, while Nick Khan takes on the role of WWE president. Ari Emanuel of Endeavour will take over as CEO of TKO, while Mark Shapiro, also of Endeavour, will be president and chief operating officer of the new organization.
According to recent findings by MMA journalist Jed I. Goodman, UFC outshone WWE by an impressive margin of over $244 million, even though it hosted considerably fewer events in the year leading up to the merger.
As the reports indicate, UFC organized just over 40 events in 2022, reaching a global audience of over 700 million and raking in earnings exceeding $628.7 million. In contrast, WWE hosted more than 300 events during the same period, boasting a global reach of over 1.2 billion but with total earnings totaling around $384.6 million.
Check out Goodman's post below:
UFC-WWE merger triggers mass layoffs: Over 100 employees reportedly let go
Following the official merger of UFC and WWE into TKO, a significant number of layoffs occurred, affecting over 100 individuals. This initial round of cuts included both employees and a few executives.
The mass layoffs were somewhat anticipated, considering the formation of this new company under Endeavor's leadership. Ari Emanuel, upon announcing the merger, highlighted TKO's potential stock value, opportunities for growth, and the possibility of saving up to $200 million through cost reductions.
According to reports from PWInsider, more than 100 employees were impacted in the recent round of layoffs. While there were rumors about potential roster cuts, no talent releases occurred; the focus was on office staff. It remains uncertain whether Endeavor has concluded its staff reductions within the pro-wrestling organization or UFC following this merger.