UFC parent Endeavor nears deal to buy WWE

On the second day of WWE’s biggest-ever annual event, WrestleMania, CNBC reported UFC-parent Endeavor Group is nearing a deal to buy the sports entertainment giant. The deal is expected to be announced today.

According to the deal, Endeavor will get 51% of the new company, while WWE shareholders will retain 49%.

Ari Emanuel, CEO of Endeavor, is set to lead the new public company. He will remain the boss of Endeavor as well.

WWE CEO Nick Khan will become president of the wrestling unit. Dana White would stay as UFC president.

WWE Executive Chairman Vince McMahon was looking to sell his company for $9 billion, an amount questioned by many since it’s significantly above its current market value of $6.79 billion.

The deal gives UFC an enterprise value of $12.1 billion and WWE would be valued at $9.3 billion.