In speaking with Puck, Endeavor president Mark Shapiro said he did not know the deal with WWE was going through until last Saturday. Shapiro also said that Endeavor put in a bid to purchase a majority share of WWE just three weeks prior.
Several reports have noted that the all-stock deal is expected to close by the end of 2023, pending regulatory approval.
Endeavor’s first bid for WWE was said to have been made back in mid-March during a meeting with Shapiro, Ari Emanuel, Nick Khan, and Vince McMahon held at the Raine Group offices in New York. It was further said Shapiro and Emanuel then made a second and “more emotional” pitch the following week at WWE headquarters.
Shapiro also stated he feels the merger puts WWE in a much better position to negotiate television rights fees later this year. However, due to the merger, there would potentially be layoffs as a cost-saving measure for the newly created company. Shapiro said that he believes the new entity can save up to $100 million by combining WWE and UFC into one company.
Liberty Media, who are the owners of F1, the Atlanta Braves, and SeriusXM were said to be ‘stiff competition’ in the running to purchase WWE, made a bid up until Endeavor and WWE signed a term sheet last Saturday.
Secondary source: F4WOnline