Vince McMahon sends message to WWE employees after UFC merger
Vince McMahon sent a message to WWE employees after the UFC merger was confirmed on Monday. He praised the work done by Endeavor with the UFC and believes it will help the wrestling company's growth.
The 77-year-old is set to become the Executive Chairman of the new company that is being formed following the merger with Endeavor. He has confirmed that there will be some role in the creative decisions, but it will only be at the higher end.
Vince McMahon's message to employees:
"I'm excited to announce that WWE has entered into a partnership with Endeavor to create a one-of-a-kind company that will bring together two global sports and entertainment powerhouses: WWE and UFC."
As per Brandon Thurston, WWE employees received a message from Mr. McMahon earlier today confirming the merger. It read:
"I'm excited to announce that WWE has entered into a partnership with Endeavor to create a one-of-a-kind company that will bring together two global sports and entertainment powerhouses: WWE and UFC. The historic alliance of these two formidable institutions has the potential to unlock vast growth opportunities for both organizations and generate an optimal outcome for our employees, shareholders, fans, and other stakeholders. We are huge admirers of the work Endeavor has done to grow the UFC brand, and they will be the perfect partner to help supercharge our growth at WWE."
WWE's merger with UFC confirmed on Monday
WWE's possible sale has been in the news for the past few months. Endeavor, who owns the Ultimate Fighting Championship, has taken a 51% stake in the wrestling company with a $9.3 billion valuation.
Vince McMahon also spoke about the merger in a press release and claimed it was an exciting growth opportunity for the company. He said:
"Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well-positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content, and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level."
Ahead of the sale, Vince locked himself in for a new two-year deal at the company. As per a CNBC report, the contract sees him take $1.2 million as base salary, with a stunning 175% of that salary as an incentive bonus. The former WWE owner will end up taking home $2.4 million per year.