The UFC and WWE announced they will merge to create a new $21B sports and entertainment company.

UFC’s parent company ‘Endeavor’ will continue to be run by its CEO Ari Emanuel, who will also run the combined company. Endeavor will have a 51% controlling interest in while WWE’s shareholders will own 49% of the new company. Emanuel said in a joint press release: “This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed. 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.”

In an Instagram post, White said of both brands: “This company has been on fire for the last seven years and now that we will be adding WWE to the portfolio I’m excited to take this to another level.”

McMahon said in a statement announcing the merger: “Together, we will be a $21-plus 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.”

The new executive team will be comprised of WWE owner Vince McMahon, who will become executive chairman of the combined company; and Endeavor President and COO Mark Shapiro, who will retain his roles. UFC president Dana White will remain president, and WWE CEO Nick Khan’s new title will be president of the wrestling business.

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