Entertainment
In a storyline worthy of the finest pro wrestling angles, the McMahon family’s nearly complete control of WWE is coming to an end after seven decades.
That is not to say there will no one within the McMahon family at the helm of the sports entertainment juggernaut. With the announcement that Endeavor Group is purchasing WWE and combining it into a new company with the UFC, it was revealed that Vince McMahon will be executive chairman of the board of the new entity. In addition, Paul Levesque — known to fans as Triple H and also McMahon’s son-in-law — will stay on as chief content officer, a role he assumed in September 2022.
But no longer will the WWE be the family-run business that WWE and its predecessors have been since McMahon’s father and grandfather began promoting professional wrestling in New York in 1953. As such, it marks the end of an era for TV’s dominant pro wrestling franchise.
Under the terms of the deal unveiled April 3, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold 49%. Endeavor’s Ari Emanuel will serve as CEO of the newly formed company housing WWE and UFC, in addition to staying on as Endeavor CEO.
McMahon, the majority shareholder in WWE, announced his intentions to seek a buyer for the company in January. It was at the same time he returned after a five-month retirement that began as WWE was undertaking an investigation into sexual misconduct allegations against McMahon. He recently reimbursed the company just over $17 million for costs related to that investigation.
According to Nick Khan, WWE’s CEO who will become the WWE president once it is combined with the UFC, told Variety that there were “multiple significant bidders” once the intent to sell was announced, but the deal with Endeavor did not close until Saturday night, the first night of WrestleMania 39 at SoFi Stadium in Los Angeles.
“Close proximity is always helpful when you’re trying to get material deal points done,” Khan said. “So the fact that we were all in Los Angeles — Vince, myself, other members of the management team — and the fact that Endeavor is primarily based out of Los Angeles, it did make it a lot easier.”
Khan also stated that McMahon’s exit and subsequent return in no way impacted the deal, saying McMahon has a relationship with Endeavor’s Emanuel that goes back over 20 years.
“Vince has always said that he would do always do what’s right for the business,” Khan said. “So when he stepped out for five months, that’s what he believed was right when he returned to engage in the strategic alternatives process. I think many folks out there did not believe that he would actually transact. He did. And here we are.”
There has been something of a rivalry between the UFC and WWE for sometime, though there have been multiple crossover stars in both organizations. Brock Lesnar made a name for himself in WWE before leaving in 2004 to pursue a pro football career and then transitioning to mixed martial arts. He made his UFC debut in 2008 and went on to win the organization’s heavyweight championship before ultimately returning to pro wrestling.
Ronda Rousey, meanwhile, made a name for herself as the UFC’s first female fighter and the first UFC women’s bantamweight champion. She made her first WWE appearance in 2015 and began appearing for them full-time in 2017, most recently winning a match at night two of WrestleMania 39 alongside Shayna Baszler.
Khan says that both McMahon and UFC boss Dana White are open to other such crossovers, but the two organizations “for the most part are going to be standalone businesses.”
Per WWE, WrestleMania 39 was the most successful iteration of the pay-per-view ever, with a gate of nearly $22 million, sponsorship revenue of over $20 million, and record viewership on Peacock. Between that and the announcement of the sale, WWE is in a solid position as it begins its new media rights negotiations. WWE’s current deals with Fox and NBCUniversal for “SmackDown Live,” “Monday Night Raw,” and “NXT,” all expire in 2024. WWE also previously signed a five-year streaming deal with NBCU’s Peacock in 2021.
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Joseph Otterson