Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company, and World Wrestling Entertainment, Inc. (NYSE: WWE) (WWE), an integrated media organization and recognized leader in global entertainment, have announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in the fourth quarter of 2023.
Latham & Watkins LLP represents Endeavor, owner of the UFC, in the transaction with a corporate team led by partners Justin Hamill, Michael Anastasio, Jonathan Solomon, Ian Nussbaum, Rick Offsay, and Morgan Brubaker. Advice was provided on capital markets matters by partners Marc Jaffe and Benjamin Cohen; on finance matters by partners Joshua Tinkelman, Reza Mojtabaee-Zamani, and Seniz Yakut; on real estate matters by New York partner Michelle Kelban; and on tax matters by partners Alan Kimball, Austin Ozawa, and Erin Murphy.