WWE-UFC merger may lead to mass layoffs according to Endeavor CEO
In a historic move, WWE and UFC merged for a whopping $21.4 Billion. The merger has sparked concerns about job cuts in the wrestling industry, which has exploded in popularity around the world in recent decades.
Mark Shapiro, COO of Endeavor, discussed strategies for reducing expenses and hiring top personnel.
According to Shapiro, these include human resources, finance, legal, communications, production, distribution, and marketing.
According to a report by News18, Shapiro hinted at layoffs, stating:
“Anything from H.R. to finance to legal to communications production to distribution and marketing. Across every area, you’re going to find cost synergies. You’re going to integrate and ultimately highlight and appoint the best and brightest teams.”
It has been estimated that UFC is worth roughly $12.1 billion, while WWE is worth around $9.3 billion. The proprietors of the Ultimate Fighting Championship (UFC), Endeavor Group Holding Inc., will possess 51% of the business, with WWE shareholders owning the remaining 49%.
The WWE and the UFC will be merged into a single publicly traded entity called TKO. Since Endeavor’s acquisition, UFC stock prices have gone up steadily as well. When Endeavor acquired the UFC in 2016, Shapiro predicted that the firm will follow the same model with WWE.
Vince McMahon, 77, returned to his post as chairman of WWE after taking a leave of absence in the wake of sexual misconduct allegations made against him by female performers. Many wrestling fans now believe McMahon should be fired because of the cover-up hush money he gave the wrestlers for their quiet.
According to insiders at the firm, McMahon’s future at Endeavor was a hot topic of discussion amongst fans.
Dana White sheds light on what the UFC can offer WWE following the recent merger
In light of the recent announcement that the UFC will be merging with WWE, UFC President Dana White gave an interview to the ‘Associated Press’ and stated [via BJ Penn.com]:
“I’m sure better deals will be made with the arenas. Alliances will be made. Deals and alliances and sponsorships, the list goes on and on. The business side is really where you’re going to see a big difference. As far as the performance and what we do, you’ll never see a difference in that.”
Continuing, White spoke of ‘crossovers’ saying (h/t MMAJunkie):
“… There won’t really be any type of crossover. Yeah, Brock Lesnar, who wanted to come over to the UFC and test himself became the heavyweight champion. He’s that good of an athlete. Then, you had Ronda Rousey who was a world champion here and then went over to WWE and tested herself there and became a world champion. That type of synergy will still exist.”
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