Vince McMahon Says “I’ve Made Mistakes” But “Owned Up To Every Single One” As WWE And UFC Finalize Merger
03.04.2023 - 23:25
/ deadline.com
Vince McMahon called Monday “a great day” as his iconic company announced plans to sell a controlling stake to Endeavor in a merger with mixed martial arts firm UFC. “Things have to evolve. A family business has to evolve, for all the right reasons. And this is the right business decision, and it’s the right family decision,” McMahon said in an interview today on CNBC.
McMahon’s father founded WWE in 1953 and colorful Vince McMahon has been its public face for decades, growing it into an international powerhouse. But the majority owner of WWE stepped down as CEO, then from the board in 2022, amid a scandal over payments to hush up sexual encounters. He returned as a director last year to explore strategic alternatives, i.e., a sale. WWE had to restate some of its earnings to incorporate the payments. It launched then closed an internal investigation. Last week, McMahon agreed to pay the company more than $17 million to reimburse costs of the probe.
Asked what he thought the last year meant for his legacy, he said, “I’m not sure about the legacy stuff. I’m not going to write it, so I don’t know. … Let me just say, I’ve made mistakes both personally and professionally through my 50-year career. I have owned up to every single one of them and then moved on.”
The all-stock deal confirmed early Monday will see Endeavor’s UFC and WWE merged to create a new stand-alone company, as yet unnamed, worth about $21 billion. Endeavor shareholders will own 51% and WWE shareholders 49%. An 11-member board will be split 6 directors to 5, Endeavor-WWE.
The deal values WWE at about $9.3 billion, well above its market cap (of $6.6 billion today). Endeavor chief executive Ari Emanuel will be CEO, and McMahon executive chairman. WWE CEO
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