TKO holdings
Vince McMahon officially no longer holds majority control of WWE.
Endeavor officially completed its majority-stake purchase of the wrestling giant Tuesday, merging WWE with UFC to create TKO Group Holdings.
Shares in the company began trading on the New York Stock Exchange with the opening bell Tuesday, opening at a price of $102 per share.
Endeavor owns 51 percent of the newly formed company. McMahon owns 16.4 percent of TKO under the terms of the deal. Endeavor agreed to a deal to acquire a majority stake in WWE in April. The deal placed a $9.3 billion valuation on the world's largest professional wrestling company. As part of the deal, Endeavor agreed to spin off UFC and create a $21 billion combat sports behemoth.
McMahon will serve as Executive Chair of TKO "until his death, resignation or incapacity," according to the agreement filed with the SEC. With that position, he has the right to select five of the 11 directors of the company and certain veto rights as well.
Former UFC president Dana White will now serve as the CEO of UFC under TKO.
Khan will serve as the president of WWE in a role similar to White's former role as UFC's president.
Endeavor will own 51% controlling interest in the new company. WWE shareholders will own the remaining 49% on a fully diluted basis.
McMahon personally owns 34% of the new company, according to its filing with the SEC.
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