As we reported here on eWn earlier today, Endeavor Group has agreed to acquire WWE, who will merge it with the UFC to form a new company valued at over $21 billion. Endeavor will own 51% of the company while WWE stockholders own 49%. That company will trade on the NYSE (New York Stock Exchange) as TKO.
Bloomberg is reporting that the news of Endeavor acquiring WWE has resulted in WWE stock dropping more than it has in the last two years. WWE stock closed on Friday at $91.26 and opened today at $85.60. It is currently trading at $86.50. Interestingly, WWE’s stock had closed at a nearly three-year peak on Thursday heading into WrestleMania 39.
Meanwhile, Endeavor closed at $23.93 on Friday and opened today at $24.49. It is currently trading at $22.30.
You can check out further details about the impending merger here.