By Jason Powell, ProWrestling.net Editor (@prowrestlingnet)
The announcement of a WWE sale to Ari Emanuel’s Endeavor Group could be announced as soon as Monday, according to CNBC.com. The story adds that UFC and WWE are expected to form a new publicly traded company. Under new ownership, Vince McMahon is expected to serve as executive chairman, while Nick Khan will be named as president of the wrestling side of the business. Read more at CNBC.com.
Powell’s POV: Emanuel previously indicated that he was not interested in acquiring WWE because Endeavor was still in debt reduction mode. Either that was a smokescreen or something has changed if the CNBC report is accurate. Emanuel has also spoken highly of Vince McMahon and WWE.
Update: Deadline.com has also confirmed the CNBC story.
$9 billion evaluation. That is mind blowing if it’s true
$9.3 billion valuation is the number being thrown around. That’s crazy.
I see too much keeping Vince there, but aside from that, seems like a better choice than Saudi. Idk much about Endeavor, but it seems like it could have been worse
Endeavor took a $400 million investment from the Saudis and then returned it following the slaughter of Jamal Khashoggi. I’m guessing their stuck with the WWE/Saudi deal they inherited, but that’s just one of a million interesting components of this deal.
Endeavor has UFC, Professional Bull Riders, E-League sports, and Euroleauge basketball among other things. They’ll maximize exposure for sure.
Ari never said he wasn’t interested in purchasing WWE, he said he wasn’t interested in acquiring more debt
He clearly downplayed it in a way that left everyone assuming they weren’t going to be bidders. This is from a March 8 Deadline.com story…
Endeavor CEO Ari Emanuel ruled out any major stock deal right how and indicated reluctance to increase debt, both at a time when the UFC’s main rival, WWE, is up for sale.
“Here’s what I would say to you, I don’t talk about M&A,” he told a Morgan Stanley investor conference when asked about a potential acquisition of Word Wrestling Entertainment. Owner Vince McMahon is currently overseeing a strategic restructuring of WWE including a potential sale.
“We have taken the company from eight times levered to below four,” he said of Endeavor. “I am sleeping, because of that, four hours to eight hours. I’d sleep a lot more if I got it lower… We are going to take it a lot lower this year.” Deleveraging “is very high on the list” of priorities.