WWE, UFC Look to Create Parent Company

World Wrestling Entertainment Inc. and Endeavor Group Holdings Inc. have agreed to combine their efforts and create a new parent company that will encompass both professional wrestling and the ultimate fighting championship.

The companies announced that the currently unnamed publicly traded company will have Endeavor holding a 51% controlling interest with the WWE holding the other 49%.

The new parent company will be listed on the New York Stock Exchange under the ticker symbol “TKO.”

The deal was voted on unanimously by the directors of both companies and the current CEO of Endeavor, Ari Emanuel, will be the CEO of the newly founded company with Vince McMahon, the WWE’s majority owner, will be named executive chairman.

Source: CNBC