Entertainment <\/p>\n
\n\tIn a storyline worthy of the finest pro wrestling angles, the McMahon family\u2019s nearly complete control of WWE<\/a> is coming to an end after seven decades. <\/p>\n \n\tThat 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<\/a> and combining it into a new company with the UFC, it was revealed that Vince McMahon<\/a> will be executive chairman of the board of the new entity. In addition, Paul Levesque \u2014 known to fans as Triple H and also McMahon\u2019s son-in-law \u2014 will stay on as chief content officer, a role he assumed in September 2022. <\/p>\n \n\tBut no longer will the WWE be the family-run business that WWE and its predecessors have been since McMahon\u2019s father and grandfather began promoting professional wrestling in New York in 1953. As such, it marks the end of an era for TV\u2019s dominant pro wrestling franchise.<\/p>\n \n\tUnder 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\u2019s Ari Emanuel will serve as CEO of the newly formed company housing WWE and UFC, in addition to staying on as Endeavor CEO.<\/p>\n \n\tMcMahon, the majority shareholder in WWE, announced his intentions to seek a buyer<\/a> for the company in January. It was at the same time he returned after a five-month retirement<\/a> that began as WWE was undertaking an investigation into sexual misconduct allegations against McMahon. He recently reimbursed the company just over $17 million<\/a> for costs related to that investigation. <\/p>\n \n\tAccording to Nick Khan, WWE\u2019s CEO who will become the WWE president once it is combined with the UFC, told Variety<\/em> that there were \u201cmultiple significant bidders\u201d 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. <\/p>\n \n\t\u201cClose proximity is always helpful when you\u2019re trying to get material deal points done,\u201d Khan said. \u201cSo the fact that we were all in Los Angeles \u2014 Vince, myself, other members of the management team \u2014 and the fact that Endeavor is primarily based out of Los Angeles, it did make it a lot easier.\u201d<\/p>\n \n\tKhan also stated that McMahon\u2019s exit and subsequent return in no way impacted the deal, saying McMahon has a relationship with Endeavor\u2019s Emanuel that goes back over 20 years. <\/p>\n \n\t\u201cVince has always said that he would do always do what\u2019s right for the business,\u201d Khan said. \u201cSo when he stepped out for five months, that\u2019s 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.\u201d<\/p>\n \n\tThere 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\u2019s heavyweight championship before ultimately returning to pro wrestling. <\/p>\n \n\tRonda Rousey, meanwhile, made a name for herself as the UFC\u2019s first female fighter and the first UFC women\u2019s 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. <\/p>\n \n\tKhan says that both McMahon and UFC boss Dana White are open to other such crossovers, but the two organizations \u201cfor the most part are going to be standalone businesses.\u201d <\/p>\n \n\tPer 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\u2019s current deals with Fox and NBCUniversal for \u201cSmackDown Live,\u201d \u201cMonday Night Raw,\u201d and \u201cNXT,\u201d all expire in 2024. WWE also previously signed a five-year streaming deal with NBCU\u2019s Peacock in 2021. <\/p>\n