Ari Emanuel and Vince McMahon appeared in a pre-taped interview with CNBC to formally announce the sale of WWE to Endeavor.
The yet-to-be-named “new company” is expected to go public in four-to-six months according to Emanuel “depending on the government”. In an investor’s presentation by Endeavor, executives stated they expected the deal to close later this year.
McMahon called this the biggest deal he had ever made and it was all about timing and cited the need to evolve when asked about it going from a family-owned operation beginning with his father.
Emanuel believes they paid a fair price for WWE in order to secure controlling interest and doesn’t believe WWE is getting its true market value, with a current valuation of approximately $6.5 billion. Emanuel noted the television audience that Raw and SmackDown command including in the 18-49 demographic and that the show’s rate cards are “way below market (value)” and sounded very optimistic regarding the upcoming domestic rights negotiations for WWE with its deals to NBC Universal and Fox expiring in the fall of 2024.
McMahon was asked about last year’s sexual misconduct allegations that led to his resignation. McMahon acknowledged that within his fifty-year career, he has made mistakes, owned up to them, and has moved on. On his legacy, he said he is not the one to write his story, although it was pointed out that he just completed a deal to own his intellectual property, and therefore, would control the telling of such a story.
Emanuel will serve as the CEO of the new company with McMahon holding the title of executive chairman. Emanuel doesn’t plan to get involved in any creative decisions and would have a similar relationship as he does with UFC president Dana White with Endeavor managing the back end. Emanuel said if he and McMahon disagreed on something, they would not do it.
Emanuel emphasized that he would not allow McMahon to walk away following the sale with McMahon adding that he didn’t need to do too much convincing to stay.
On the creative front, when asked if McMahon would be involved, the executive chairman replied, “Yes and no.” He would be involved at a “higher level” but not “in the weeds” and he can’t do that. It is worth noting, McMahon used the same phrasing in 2019 during an earnings call after the appointments of Eric Bischoff and Paul Heyman as executive directors of SmackDown & Raw with McMahon also stating he wouldn’t be getting “in the weeds”.
