WWE is close to being sold to Endeavor Group Holdings Inc., which also owns the UFC, according to the multiple reports.
The deal states that “Endeavor’s UFC business and WWE will form a separate publicly traded entity,” per the Wall Street Journal.
Endeavor shareholders will have 51% of the company while WWE shareholders will retain 49%. The announcement of the deal is expected to come on Monday.
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WWE and Endeavor did not immediately answer FOX Business’ request for comment.
Endeavor’s deal for the wrestling giant is expected to give it an enterprise value of $9.3 billion. The UFC is even more valuable at $12.1 billion, according to the Wall Street Journal.
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WWE majority owner Vince McMahon, who retired last year amid a sexual misconduct scandal, came back to the company in January looking to sell the company. McMahon was later elected executive chairman.
His daughter, Stephanie McMahon, had taken over alongside Nick Khan as co-CEO when McMahon retired. Stephanie McMahon has since stepped down as chairwoman and co-CEO.
Khan has mentioned to CNBC, though, that Vince McMahon is willing to leave the company in the event of the sale despite returning as executive chairman. However, the Wall Street Journal is hearing that he will remain in that position for the new company set up by Endeavor.
“Vince made it clear to me and to the marketplace that he does not need to be included in any offer or any deal moving forward, and he has held to his word on that as many of us predicted he would,” Khan said this past week.
Ari Emanuel, who serves as CEO of Endeavor, will be CEO of the new company as well.
Vince McMahon is the majority shareholder of WWE and could likely receive an estimated $2.6 billion from his shares when the sale goes through, per the Hollywood Reporter. As of this past Friday, WWE shares were worth $90.
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McMahon considers WWE his “life story,” and he will retain exclusive rights to it in the event of a sale as well. So, books, documentaries and more can be done by him.
When McMahon retired, the Wall Street Journal previously reported that he paid more than $12 million in the past 16 years to “suppress allegations of sexual misconduct and infidelity.”
McMahon built his father’s company into a powerhouse after purchasing it from him in 1982.
Fox Business’ Ryan Gaydos and Brie Stimson contributed to this report.