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Media Man Entertainment Blog
WWE Premium Live Events aka PPVs: Night of Champions, Crown Jewel, WrestleMania etc
Media Man Entertainment Blog
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ENDEAVOR ANNOUNCES UFC® AND WWE® TO FORM A $21+ BILLION GLOBAL LIVE SPORTS AND ENTERTAINMENT COMPANY
April 3, 2023
New, Publicly Listed Company to be 51% Owned by Endeavor and 49% by Existing WWE Shareholders
Endeavor to Contribute UFC into Company at Enterprise Value of $12.1 Billion
BEVERLY HILLS, Calif. and STAMFORD, Conn. (April 3, 2023) – Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4 billion and a 10% annual revenue growth rate since 2019.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”
“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” said Vincent K. McMahon, Executive Chairman of WWE.
McMahon continued, “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. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”
The new company will be led by Emanuel (Chief Executive Officer), who will also continue in his role as Chief Executive Officer of Endeavor, McMahon (Executive Chairman of the Board) and Mark Shapiro, who will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. The Board of Directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.
Together, UFC and WWE expect to deliver an estimated $50 million to $100 million in annualized run rate cost synergies by leveraging, among other things, Endeavor’s back office and robust infrastructure. Endeavor also expects significant growth across revenue areas including domestic and international media rights, ticket sales and yield optimization, event operations, sponsorship, licensing and premium hospitality. Endeavor’s success at UFC, including increasing commercial opportunities that have driven more than 2x Adjusted EBITDA growth since its acquisition in late 2016, demonstrates the significant value creation opportunity and upside potential of having UFC and WWE under one roof.
Transaction Details and Approvals
The transaction values UFC at an enterprise value of $12.1 billion and WWE at an enterprise value of $9.3 billion. The transaction represents a contribution price of WWE of approximately $106 per share (before any post-closing dividend). Additionally, UFC and WWE will each contribute cash to the new company so that it holds approximately $150 million. At closing, Endeavor intends to sweep all excess cash at UFC, and shareholders of the new company (other than Endeavor) are expected to receive a post-closing dividend.
Under the terms of the transaction, existing WWE shareholders will roll all existing equity into the new entity that will be the parent company of UFC and WWE (“NewCo” until it is named at a later date) and intends to list on the New York Stock Exchange under the ticker symbol “TKO”. The listing of NewCo will expand the collective investor base to allow for broad market participation across Endeavor and NewCo.
The transaction has been unanimously approved by the Executive Committee of the Board of Directors of Endeavor and by the Board of Directors of WWE. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in the second half of 2023.
This marks the successful conclusion of WWE’s strategic alternatives review process. WWE embarked on this process to take advantage of the company’s unique position in the entertainment ecosystem as well as the inflection point coming with its media rights renewals, both of which were widely recognized in the marketplace through this process.
Advisors
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Endeavor, and Latham & Watkins LLP is serving as legal advisor to Endeavor. The Raine Group is acting as lead financial advisor to WWE. J.P. Morgan and Moelis & Company LLC are also acting as financial advisors to WWE. The Raine Group, J.P. Morgan, and Moelis & Company LLC each rendered fairness opinions to the Board of Directors of WWE. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to WWE, and Kirkland & Ellis LLP is serving as legal advisor to WWE’s controlling stockholder, McMahon.
Webcast
Endeavor and WWE will make public a recorded audio webcast at 8:00 a.m. ET today discussing this transaction. The event and accompanying presentation materials can be accessed at investor.endeavorco.com or corporate.wwe.com/investors. The link to the webcast, as well as a recording, will also be available on those websites after the call concludes.
# # #
About Endeavor
Endeavor is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation, sports operations & advisory, event & experiences management, media production & distribution, experiential marketing and brand licensing.
About UFC®
UFC® is the world’s premier mixed martial arts organization (MMA), with more than 700 million fans and 228 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world, while broadcasting to over 900 million TV households across more than 170 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 80 countries. The organization’s digital offerings include UFC FIGHT PASS®, one of the world’s leading streaming services for combat sports. UFC is owned by global sports and entertainment company Endeavor, and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC, Twitter, Snapchat, Instagram and TikTok: @UFC.
About WWE®
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The Company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly entertainment on its television programming, premium live events, digital media, and publishing platforms. WWE’s TV-PG programming can be seen in more than 1 billion homes worldwide in 25 languages through world-class distribution partners including NBCUniversal, FOX Sports, BT Sport, Sony India and Rogers. The award-winning WWE Network includes all premium live events, scheduled programming and a massive video-on-demand library and is currently available in more than 180 countries. In the United States, NBCUniversal’s streaming service, Peacock, is the exclusive home to WWE Network. Additional information on WWE can be found at wwe.com and cororpate.wwe.com.
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The Richest Wrestlers in the World
Media Man Entertainment Blog
A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports.
Media Man Entertainment Blog
Best 5 Gangster Movies Of All Time; The Godfather Still Rules The Mob
From Bondi Beach, to Blacktown, all the way to Hollywood, Cannes and Italy (we can't forget the Mafia connection), gangster movies are as cool as ever. In Australia we have to settle for Underbelly, Underbelly Razor (now in an Uncut DVD set), and then there was Dirty Deeds (collecting money from pokie dens et al) from a few years ago on TV (soon to be released). Gangster movies serve as history, entertainment and commentary. With a combination of violence, betrayal, power and family, it is no surprise gangster movies are so popular. Here's our Top 5 Gangster Movies of all time.
5. Scarface
Oliver Stone wrote the screenplay and Brian De Palma directed this movie that reflected the violent chaos that cocaine brought to Miami in the late 70s and early 80s. Al Pacino gave an epic performance as Cuban immigrant turned drug lord, Tony Montana. Lots of violence, done in a way that makes the movie even better.
4. Casino
“Casino” was written by Nicholas Pileggi and directed by Martin Scorcese. It is based on the real life story of Frank "Lefty" Rosenthal, but the protagonist’s name was changed to Sam "Ace" Rothstein. Robert DeNiro, Joe Pesci and Sharon Stone give excellent performances and Robbie Robertson did an excellent job providing the music for the movie. You don't have to be a fan of gambling to appreciate this classic movie.
3. The Godfather
Directed Francis Ford Coppola and written by Coppola and Mario Puzo, “The Godfather” is an epic tale of the fictitious Corleone mafia crime family and their struggles. Marlon Brando gives the performance of a lifetime and Al Pacino is amazing in his break out role.
2. Goodfellas
Nicholas Pillegi wrote and Martin Scorcese directed this real life story of mafia affiliate, Henry Hill. With its raw depiction of criminal life, “Goodfellas” takes away whatever romance and glamour that other movies have attributed to mob life.
1. The Godfather II
Again written by Mario Puzo and directed by Francis Ford Coppola, “Godfather II” expands on the original by both going forward and backward, covering the origins of the original Godfather, Vito Corleone. The epic tale shows how crime took down Cuba and features great performances by Pacino and DeNiro as well as Lee Srassberg who played the Meyer Lansky based character, Hyman Roth.
Flashback
News Update...
The Godfather Movie Franchise Turns 40...
Francis Ford Coppola's The Godfather turned 40 this past weekend, a surprisingly ripe old age for a movie that hasn't aged a bit.
One of the great American movies, The Godfather hasn't stopped influencing popular culture since the day it was released.
Martin Scorsese owes much of his career to it, The Sopranos wouldn't have made sense without it, and VH1's reality show Mob Wives is a winking travesty of it.
The film's alluring portrait of the mob as Old World charmers with ice-cold hearts appears again and again in crime films, comedies, video games, comic books, hip-hop videos - the list goes on. In fact, nearly anything that focuses on organized crime, corporate gamesmanship or the glories of patriarchy - from HBO's The Wire to AMC's Mad Men - seems unable to escape the long, broad-shouldered shadow of The Godfather. You can even play The Godfather online slot game at Bwin.Party Digital Entertainment owned PartyCasino.com Tell 'em the Media Man sent you.
But for all its heavy themes (immigration, politics, business, the American dream), The Godfather is also vastly entertaining. It's a grand, macho soap opera full of unfettered ids, violently settled scores and men wearing enviable suits. And talk about a bromance: Have you ever seen so many guys hugging and kissing in a Hollywood movie?
Robert De Niro; King Of Gangster Movies Flys Into Perth: Visits Burswood Casino...
The general public might have guessed a president were in Perth a few days ago if they been near the Burswood Entertainment Complex.
Legendary actor Robert De Niro is Hollywood personified and as you might expect he got the super VIP treatment at James Packer's Crown Perth.
Speaking at the launch of his restaurant Nobu Perth on Sunday, De Niro was friendly, relaxed and "slightly scruffy" (said The West Australian). The voice and intense stare was true to form.
De Niro said he was planning to make the most of his whirlwind visit.
"I just got here last night, in the middle of the night," he said. "We have a list of things to do and see, so we are on it.
"I want to see as much as I can."
The New York native said he had "no expectations" of what to expect on his first visit to Perth, but wanted to explore the sights before he leaves tomorrow.
"I'm very curious about the west coast of Australia and my impressions are that it is somewhat like LA, but I could be wrong about that," he said.
Perth's social set jumped at the opportunity to rub shoulders with the star of such films as The Godfather: Part II, Goodfellas, Raging Bull and Taxi Driver.
The 68-year-old and his wife Grace Hightower De Niro, 56, joined his business partners of almost two decades, acclaimed chef and restaurateur Nobu Matsuhisa and movie producer Meir Teper, along with Burswood owner... king of the castle James Packer and wife Erica for the event, which followed in the tradition of Nobu openings around the globe with a sake ceremony.
Premier Colin Barnett and wife Lyn, Seven West Media chairman Kerry Stokes and Christine Simpson Stokes, Adam and Mel Gilchrist, Patti Chong, Janet Holmes a Court and Denise Satterley were in the mix of the 280 guests who walked a red carpet into the beautiful restaurant.
Former boxer turned actor Rai Fazio was quite likely the most excited guest of all.
"I got a call this afternoon saying Mr De Niro requests your company at Nobu tonight," he said.
Fazio met De Niro a year ago in West Hollywood, after they hit it off famously.
That's it fans. Stay tuned to Media Man for more entertainment news and scoops daily.
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Full-time WWE star tells John Cena to go back to wearing a skirt and heels in Hollywood
"Somebody being a part-timer was an issue for John Cena, but now John Cena had to show up on RAW and say everything that he had to say because he's gotta go back to Hollywood and wear a skirt and his heels and get ready for his next scene, you know, so I get it, you've gotta say everything you can."
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United States Champion Austin Theory vs. John Cena
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News Summary - March 2023
Pop culture related news remains some of worlds most powerful says Media Man group founder
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Be your own network to help ride out the big tech and social media platform storys says Media Man
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Brand shuffle. It's just business!
#brand #brands #branding #brandshuffle #brandmix #brandportfolio #clients #associates #affiliates #affiliate #ads #advertising #pr #exposure #b2c #b2b #traffic #hits #referals #syndication #syndicats #data #biz #business #popculture #media #web