The reported WWE takeover of the Endeavor Group Holdings Inc. is projected to be finalized by next month once the final paperwork has been signed.
Once made official, Endeavor will own 51% of the new publicly listed company, while WWE stakeholders will have a 49% stake. The new company will comprise two iconic entertainment brands, the UFC and the WWE, according to a release by Business Wire.
But beyond that, anxiety is in the air - particularly for WWE employees. There is a sense of gloom and doom for the people who are not part of production or are categorized as WWE talent.
Hence, their career outlook is on the line. In all likelihood, affected personnel will likely be dismissed once the merger is made official since the new company is expected to cut back departments that may be redundant, PW Insider reported.
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This was also made clear by Endeavor CEO Ari Emmanuel, pointing out that this will be made to avoid redundancy.
Also, Endeavor already has departments that can handle needs such as travel. With that said, some WWE employees have done the necessary in looking for a new job.
The only question that remains is how many employees will be affected by the impending merger. More so, it remains unclear if some talents or anyone who regularly goes on the road may be let go.
Aside from Emmanuel serving as the Chief Executive Officer, Vince McMahon will be the Executive Chairman of the Board, while Mike Shapiro will be the President and Chief Operating Officer of both Endeavor and the new company.
Dana White will continue to serve as the president of the UFC, while Nick Khan will serve as president of the WWE.
The new group will be known as TKO Group Holdings.
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