World Wrestling Entertainment Inc. shares tumbled as investors expressed disappointment in plans to combine the professional wrestling company with Endeavor Group Holdings Inc.’s mixed martial arts league, Ultimate Fighting Championship.
The new entity, a $21-billion “sports and entertainment powerhouse,” according to a statement from the companies, will be listed on the New York Stock Exchange under the ticker TKO. Instead of receiving cash or Endeavor shares as part of the deal, WWE shareholders will see their equity rolled into the merged company, a move that underwhelmed investors banking on a more straightforward acquisition.
Watch: Endeavor Group Holdings agrees to buy WWE in a $9 billion deal.
Source: Bloomberg
“Investors were looking for a ...
