INGLEWOOD — While a multi-billion-dollar deal for the future of the company was being quietly brokered backstage, the WWE provided waves of over-the-top action that spurred eight hours of boisterous emotions for the 161,892 fans throughout the two-night WrestleMania 39 event over the weekend at SoFi Stadium.
WrestleMania is the company’s biggest event of the year — essentially the Super Bowl for this brand og sports entertainment — and results in the conclusion of several of its top scripted storylines.
But this year’s event — which WWE officials on Monday said shattered company records for attendance, revenue, sponsorships, charitable contributions and social-media activity — marked the start of a new chapter in the company’s history, not in the arena but in the boardroom.
The company made headlines for months on the business pages, with news of then-embattled WWE founder Vince McMahon’s abrupt but short-lived retirement — spurred by reports that he paid more than $12 million in hush money to women in hopes of keeping them quiet about alleged sexual misconduct — and eventual return as executive chairman in January.
McMahon returned, he said, to orchestrate discussions of the WWE being available for purchase. His asking price: $9 billion.
A deal appeared to emerge over Wrestlemania weekend, Endeavor, parent company of the UFC cage-fighting dynasty, reportedly signed an agreement to merge with the WWE.
“Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” McMahon said in a statement Monday.
McMahon and Ari Emanuel, CEO of the American mixed martial arts promotion, sat down for an interview with CNBC on Monday morning to confirm the pact.
“We’ve known each other for 23 years,” Emanuel said of his relationship with McMahon during the interview. “There’s a lot of trust here.”
WWE’s chief content officer…
Read the full article here
