As noted before, WWE announced this past Monday that they have entered an agreement to sell their company to Endeavor, who is the parent company of UFC. As part of the terms of the deal, WWE and UFC will be merging into a new currently unnamed company.
Puck held a recent interview with Endeavor President Mark Shapiro. One of the topics discussed included Shapiro revealing that Endeavor’s first bid for a majority ownership in WWE was only made around three weeks ago.
In the article, it was reported that their sources stated that Shapiro and Endeavor CEO Ari Emanuel had a meeting with WWE’s Vince McMahon and Nick Khan at the Raine Group offices in New York City, New York in mid-March for their first bid. Emanuel and Shapiro reportedly traveled to WWE’s headquarters in Stamford, Connecticut the following week for a second and “more emotional” pitch to purchase their company.
The pair outlined their proposal during a meeting with WWE chairman Vince McMahon and C.E.O. Nick Khan at Raine Group offices, in New York, in mid-March, sources involved with the deal told me, and made a more emotional pitch one week later at WWE headquarters in Stamford.
In regards to Liberty Media, it was reported that Endeavor’s bid was still facing “stiff competition” from Liberty’s own bid right up until Endeavor and WWE signed a sale agreement deal this past Saturday.
Shapiro stated that he feels that the upcoming merger of WWE and UFC will put WWE in a better position for the negotiations later this year for their next television rights deals.
“There’s no question that when Nick goes in to renew his domestic deals, having us at the table, with our relationships and our portfolio of assets, will be helpful in the process.
There’s no question that when Nick goes in to renew his domestic deals, having us at the table, with our relationships and our portfolio of assets, will be helpful in the process.”
Shapiro also gave his thoughts on the cost savings to Endeavor from the staff redundancy layoffs that will take place as part of WWE’s upcoming merger with UFC. Shapiro stated that this could save around $100 million for Endeavor in the end.
“Anything from H.R. to finance to legal to communications production to distribution and marketing. Across every area, you’re going to find cost synergies; you’re going to integrate and ultimately highlight and appoint the best and brightest teams.”