UFC to undergo cost cuts with WWE merger officially closing in September; board members for new company reportedly announced
The UFC is likely to undergo cost cuts as its merger with the WWE is set to be officially completed in September 2023.
A few months ago, UFC parent company Endeavor acquired majority stakes in the top professional wrestling-based sports-entertainment organization (WWE). It was confirmed that the world's premier MMA organization (UFC) would merge with the WWE, forming a new company known as TKO Group Holdings.
Deadline reported that the merger would likely close in mid-to-late September 2023. Besides, as tweeted by Brandon Thurston, Endeavor's earnings release has reiterated that the merger will combine the two organizations within TKO Group Holdings, Inc., and that the merger will close in mid-to-late September 2023.
From Endeavor's earnings release:
"Transaction to combine UFC and WWE within TKO Group Holdings, Inc. expected to close in mid- to late September 2023"
$EDR $WWE $TKO
investor.endeavorco.com/news/news-deta… pic.twitter.com/Ym6JNtP39V
Brandon Thurston further indicated that as per Endeavor CEO Ari Emanuel, cost cuts and synergies could be on the cards as the merger is finalized. This could potentially include roster cuts in both companies owned by Endeavor.
On the call, Endeavor CEO Ari Emanuel added that plans are underway to make cost savings and synergies happen immediately upon closing.
As reported by NoDQ.com, a filing was made with the United States Securities and Exchange Commission (SEC). As per the filing, 10 board members of the 11 for TKO Group Holdings have been revealed. It was noted that five members of the 11 would be chosen by the WWE, of which two will be from the WWE's management team.
One of the aforesaid two will be longtime WWE head honcho Vince McMahon. The other three members of the five from WWE will be independent.
Moreover, the other six members of the 11 will be chosen by Endeavor, out of whom three will be from the Endeavor management team/Endeavor directors. One of the aforesaid three members will include Ari Emanuel. Meanwhile, the other three of the six Endeavor representatives will be independent.
The members and their respective ages have been displayed in the list below:
Vincent K. McMahon (WWE), 77
Ariel Emmanuel (Endeavor), 62
Egon P. Durban (Endeavor), 49
Nick Khan (WWE), 48
Steven R. Koonin (WWE), 66
Jonathan A. Kraft (Endeavor), 59
Sonya E. Medina (Endeavor), 47
Mark Shapiro (Endeavor), 53
Nancy R. Tellem (WWE), 70
Carrie Wheeler (Endeavor), 51
To address the chaotic replies and quotes, I don’t have a strong impression about whether talent cuts will coincide with closing. Employee layoffs are widely expected unfortunately.
Dana White foresees WWE UFC merger creating a 'sports juggernaut'
American holding company Endeavor also notably owns a professional bull-riding organization i.e. the PBR (Professional Bull Riders). In an interview with Forbes earlier this year, UFC president Dana White asserted that he'll continue to run the UFC the way he has, whereas the WWE will keep functioning the way they have.
Endeavor has announced the merger of UFC and WWE to create a mammoth $21 billion+ live sports powerhouse 💰💪
Full story: sportskeeda.com/mma/news-break…
#WWE #UFC pic.twitter.com/gWzw0w9fR7
Dana White added that the synergies between the two companies coupled with the sponsorship and licensing benefits brought by Ari Emanuel and Endeavor will undoubtedly produce great results. Noting that Endeavor could put on UFC, WWE, and PBR events in a given city on the same weekend, he predicted the creation of a sports juggernaut. White stated:
"When you look at the parent company [Endeavor] and all the things that we're creating and building inside the parent company, this thing's gonna turn into a sports juggernaut."
Watch White's assessment below:
Dana White asked about the possibilities of Synergy between UFC and WWE.
pic.twitter.com/iuL0SqmhQ1
Full interview here:
forbes.com/video/63311423…