Endeavor Group Holdings Inc. EDR said Monday it agreed to combine with World Wrestling Entertainment Inc. WWE to form a new, publicly listed company to trade under the symbol TKO, with a combined enterprise value of $21.4 billion. The purchase price for WWE stock will be about $106 a share, a premium over its $91.26 a share close on Friday. The deal gives Endeavor Group a 51% controlling interest in the new company, with WWE shareholders holding a 49% interest in the new company. “This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Endeavor CEO Ariel Emanuel. Emanuel will be CEO of the combined company while WWE executive chairman Vince McMahon will also have a leadership role. WWE stock is down 4.7% in premarket trade, while Endeavor Group is up by 6.6%. Reports of the deal surfaced late Sunday.
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