• WWE Expected To Make Cuts Up To $50 Million
The sale of WWE is official at a valuation of $9.3 Billion. Vince McMahon will serve as the Executive Chairman of the Board until the earliest of his death, resignation or incapacitation; in the new company, New PubCo.
UFC and WWE will form a $21+ Billion global live sports & entertainment company.
New, Publicly Listed Company will be 51% owned by Endeavor and 49% by existing WWE shareholders.
Now, $50 million in cuts are coming for the WWE. Nick Khan had the following to say about it during an interview with Lightshed Live:
“If you look at what Endeavor was able to take out, cost-wise, from UFC in 2016 or shortly after that deal was done, we have the same expectation here.
We think 50 (million) is a really conservative number. We have integration teams now, we’re going to get those in shape, I think we’ll have a better sense of it in a month or two.
We’re going to be pretty aggressive with them to make sure that, for our shareholders and for our company, our organization is as lean and mean as possible, and we’re going to rely on the Endeavor flywheel to make up the rest.
The most important thing is to leave the product untouched. Untouched, meaning, if Triple H and Kevin Dunn want to evolve it, great, but in terms of cutbacks there, that’s not what we’re looking to do.”
WATCH: Becky Lynch Exposed At Survivor Series 2021 (Part 3):
• On This Day In Pro Wrestling History (April 18, 2002) – Old School Wrestling Legend Passed Away
On this day in 2002, we lost Old School NWA Legend “Chief” Wahoo McDaniel (Real name: Edward McDaniel) at the age of 63 due to complications from diabetes.
During his successful career in the NFL, Wahoo also became a professional wrestler, who wrestled during the off-season in Football, but eventually turned to full-time pro-wrestling after he left the Miami Dolphins in 1968.
McDaniel made a name for himself in several territories, such as Jim Crockett Promotions, Championship Wrestling From Florida and Georgia Championship Wrestling, but never won the NWA World Heavyweight Championship.
He was inducted into the short-lived WCW Hall of Fame in 1995, but in 2019 he was also inducted into the WWE Hall of Fame as part of their annual Legacy Wing inductions.
† REST IN PEACE WAHOO MCDANIEL
June 19, 1938 – April 18, 2002