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Thread: Professional Wrestling

  1. #106
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    Quote Originally Posted by GeneChing View Post
    This is slightly OT for UFC-lawsuits-and-scandals. It's spot on for Professional-Wrestling
    Can't wait to see Khabib return from retirement as he comes down on a motorcycle to face the Undertake rise from the grave.

    On a serious note, I am very curious to see how this goes. I believe the Pro-Wrestling and MMA content will remain separate in the same sense as Disney's properties (e.g., Marvel & LucasFilm), and there probably will some cross promotion when it makes sense (e.g., Brock Lesnar hopping from Pro-Wrestling to MMA and vice versa). I sense that the Pro-Wrestling side of business might borrow some elements from New Japan Pro-Wrestling, where it is presented more as a sport than sports entertainment. Could be wrong, but let's see.

  2. #107
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    TKO Group

    Again, this is slightly OT for UFC-lawsuits-and-scandals. It's spot on for Professional-Wrestling

    Endeavor Closes UFC, WWE Merger, Creating Powerhouse Firm TKO Group
    Georg Szalai and Alex Weprin
    Tue, September 12, 2023 at 6:00 AM PDT·5 min read



    Endeavor Group Holdings’ mixed martial arts promotion UFC and the sports entertainment powerhouse WWE are now officially a tag team, closing a mega-combination that they had unveiled in early April.

    “We’re ready to fire out of the gate,” says Mark Shapiro, Endeavor’s president and COO, who will hold the same title at the combined company, TKO Group. With the companies combined, Endeavor and its leadership team will “now have a much stronger and firmer seat at the table. But our first mission is to fully capitalize on this insatiable demand for premium content and live events.”

    The new, publicly listed company, whose stock will be trading on the New York Stock Exchange, consists of two “iconic, complementary” global sports and entertainment brands, UFC and WWE, and is officially called TKO Group Holdings. Its ticker symbol, TKO, is also a reference to the short version of the term “technical knockout” that is used in combat sports. Endeavor owns a 51 percent controlling interest in the new company, with existing WWE shareholders owning a 49 percent interest.

    Endeavor CEO Ari Emanuel will step into the ring as the CEO of TKO, while also keeping the same title at Endeavor, which includes talent agency WME and the likes of IMG. WWE executive chairman and majority shareholder Vince McMahon serves as executive chairman of the newly created firm. Mark Shapiro is president and COO of both Endeavor and TKO. Dana White will be CEO of UFC, with WWE CEO Nick Khan pinning down the new title of president of WWE.

    Shapiro tells The Hollywood Reporter the executives have traveled frequently between the UFC’s Las Vegas headquarters and the WWE’s new HQ in Stamford, Connecticut, “to communicate, ideate, collaborate. And I would say there’s very much a meeting of the minds on the opportunity that exists.”

    On a combined basis, UFC and WWE hit 2022 revenue of $2.4 billion and a 10 percent annual revenue growth rate since 2019, Endeavor had previously highlighted. Since going public in 2021, it has been building out its sporting events business, mostly through UFC and to a lesser degree via PBR. Endeavor acquired UFC in 2016 for $4 billion.

    The merger creating TKO will secure $50 million to $100 million in annual operating synergies, Endeavor has said, but some analysts have argued that could be conservative (“We think there’s potentially more once we get into real due diligence,” Shapiro says, noting the potential for production synergies like satellite trucks and camera equipment). The game plan is to follow the championship example set by the UFC takeover, which delivered $70 million in cost synergies within two years of Endeavor’s ownership. As such, it is expected that WWE will be integrated into Endeavor’s global infrastructure.

    Endeavor also expects growth in domestic and international media rights for UFC and WWE that are up for renewal just as streaming platforms increasingly show interest in sports rights. It also plans to create more content, increase the number of live events, boost premium hospitality revenue and bolster sponsorship licensing.

    “We will be wringing out cost synergies, but at the same time identifying those areas that are under-monetized or where revenue synergy significantly exists,” Shapiro says. “And that’s happening across our domestic and international media rights, our sponsorship and global partnerships, our product licensing, enhancing our live events, through ticket yield, venue fees and premium experiences, and then just overall expanding internationally, all of these businesses and doing it with a halo of the Endeavor flywheel, which cannot be underestimated the influence and impact that will bring.”

    As for the rights talks, Shapiro says conversations have already begun relating to WWE Raw and Smackdown rights, which are coming up for renewal with NBCUniversal and Fox next year.

    “We’re having very encouraging conversations with several players and platforms at the moment on WWE Raw and Smackdown,” Shapiro says. “We’re cautiously optimistic. We’re, in many ways, being valued as a unicorn because we’re year-round. WWE is a full-calendar sports and entertainment platform with significant engagement, strong reach and attractive demos. And that bodes well for these conversations, and I believe that we’ll have results that are in line with market expectations.”

    Outside the business prospects for the new behemoth, McMahon is one controversial part of the deal. The wrestling mogul returned to WWE early this year after having, in June 2022, “voluntarily stepped back” from the company amid a misconduct investigation by its board. The probe focused on allegations that McMahon had sexual relationships with employees at the company and subsequently paid the women millions of dollars in severance packages, along with nondisclosure agreements. The company said in November that the investigation had concluded.

    Wall Street analysts have focused on the business outlook, though, touting much potential for Endeavor’s new mixed martial arts and sports entertainment titan. “With the media industry increasingly fragmenting, there is clearly scarcity value for premium IP companies,” Bank of America analyst Jessica Reif Ehrlich wrote in an Aug. 28 report. “We believe TKO reflects an opportunity to own a quasi-sports league with robust year-round programming, and an attractive financial profile that offers sizable revenue/cost savings.”

    Reiterating her “buy” rating and $32 price target on Endeavor’s stock, she highlighted: “We continue to view Endeavor as a collection of highly compelling assets that each, individually, have exposure to favorable secular tailwinds within the media and entertainment industry. The announcement of share repurchases, the commencement of a dividend, continued de-levering as well as the recent IMG [Academy] sale and UFC/WWE deal are all strong signals that management is committed to driving shareholder value.”
    Gene Ching
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  3. #108
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    Wrestling throws Japan bullet train into chaos | 9 News Australia

    Gene Ching
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  4. #109
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    merger layoffs

    WWE Suffers Massive Layoffs After Finalizing A Merger With UFC
    Afouda Bamidele
    Fri, September 22, 2023 at 12:49 PM PDT·4 min read
    15

    MEGA

    World Wrestling Entertainment (WWE) 's current reality involves the slashing of many of its staffers during a company "restructuring."

    The entertainment company has finalized its merger with the world's largest mixed martial arts organization, The Ultimate Fighting Championship (UFC). However, the company is making moves to adjust its current workforce to fit into the new system, and many of its talented employees are directly affected.

    Inside WWE's Massive Population Shrink
    World Wrestling Entertainment reportedly mopped up dozens of positions right after WWE and UFC partnered up together and created TKO Holdings. According to one report, termination notices began circulating at the company's headquarters in Stamford, Connecticut, last Friday; over 100 positions at WWE have been removed.

    Before the announcement of the new publicly traded company, WWE had about 1,000 employees. However, the elimination was well thought out, as both companies target about keeping $50 to $100 million from their new power move.

    The affected posts were duplicate positions held by workers in both companies and their parent company, Endeavor Group Holdings. Nick Khan, the WWE president, in an internal memo on Thursday evening, revealed the new plans:

    "As part of WWE's transition into the newly formed TKO Group Holdings, we are evaluating our existing operations and systems to identify potential synergy. This effort includes workforce reductions, which will take place tomorrow."


    MEGA

    Sources revealed that Endeavor had planned to clear out backlogs created due to the merger since last year in the early stages of acquiring WWE. Endeavor currently owns 51% of the newly partnered company, and CEO Ari Emmanuel confirmed that plans are "underway to maximize revenue and cost synergies immediately upon closing."

    Emmanuel reinstated his "bullish" resolve to make TKO work and ensure the progress of WWE media renewal discussions. He revealed all these in an earnings call last month. Executive vice president of development and digital WWE, Jamie Horowitz, and his team in Los Angeles are part of those exiting the company.

    Sources disclosed that Horowitz will commence work with Omaha production, which he co-founded with Peyton Manning in December 2020 before he joined WWE. Omaha is a Sports Emmy award-winning outfit courtesy of its popular "ManningCast" featuring Peyton and Eli Manning.

    The company's value also jumped to a whopping $400 million earlier this year after North Road, owned by Peter Chernin, invested $10 million. Horowitz has a rich resume, including Fox Sports and ESPN management roles. He created "First Take" and "Undisputed" alongside Stephen A. Smith and Skip Bayless, respectively.

    The "Embrace Debate" reportedly exited the WWE network on amicable terms, and his friendship with Khan remains intact.

    Vince McMahon Planned Shocking Return To The Wrestling Network Despite Sale

    MEGA
    In January, The Blast shared that Vince McMahon is secretly planning to come back to the network despite leaving on shaky grounds. The 77-year-old was hit with serious allegations of sexual misconduct and bribery, causing him to retire suddenly.

    However, sources confirmed that the businessman still holds majority voting rights as WWE owner and former chief executive. McMahon allegedly submitted a written consent to return him and former directors Michelle Wilson and George Barrios to the board. In his confirmation statement, he said:

    "WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms."

    He added that his return would help the company benefit from their plans to sell and negotiate brilliantly for their media rights, offering proper guidance on strategic alternatives. As a controlling shareholder, McMahon believes his presence can foster a smooth interaction between the transacting parties.

    The professional wrestling promoter also expressed his interest in collaborating with Wilson and Barrios, "I look forward to working closely again with Michelle and George – as well as the Company's remaining directors and management team, who have my full support and confidence."

    In the spirit of epic returns, the media expert has plans to release a new memoir covering his rise to fame and building the WWE network into a multibillion-dollar outfit. The memoir will be part of his storytelling collection, including a series titled "The United States of America vs. Vince McMahon."

    Plans are also underway to release a four-part documentary on Netflix about his life.
    I wonder if UFC will also have layoffs.
    Gene Ching
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  5. #110
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    McMahon out

    McMahon discussion starts here.

    Vince McMahon Out at WWE and UFC Owner TKO
    The WWE founder faced allegations of battery and sex trafficking by a former employee.

    BY ALEX WEPRIN

    JANUARY 26, 2024 5:39PM


    Vince McMahon is out at TKO.

    Following allegations of battery and sex trafficking from a former employee, McMahon “has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE,” stated WWE Nick Khan president in an email to staff late on Friday, just before 8:30 p.m. eastern.

    In a statement of his own, McMahon said that “I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.

    “However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately,” he added.

    It is a stunning end to McMahon’s decades-long career in the professional wrestling business. In fact, McMahon rang the opening to bell on the New York Stock Exchange just three days earlier, standing next to Dwayne “The Rock” Johnson, who had been appointed to TKO’s board.

    McMahon previously retired from the WWE in 2022 after facing allegations of hush money payments and a misconduct probe, led by the WWE board (McMahon would pay more than $17 million to the company for costs associated with the probe). But he remained the WWE’s controlling shareholder, and used that power to rejoin the company’s board a year ago, simultaneously announcing that the WWE would look into a sale.

    Ultimately, of course, the WWE would merge with Endeavor’s UFC, creating TKO, with McMahon sticking around as executive chairman, and as a board member.

    However, as TKO noted in a statement after the lawsuit, “Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE.” In other words, he can’t just appoint himself back to the company board like he could last time.

    Indeed, Khan’s note seemed to suggest that McMahon is gone for good this time.

    There had been some indications that McMahon was already stepping back from the business after the sale to TKO. After closely overseeing WWE creative, he officially handed control over the product to Paul “Triple H” Levesque, the former wrestler who is also also his son-in-law.

    And late last year, McMahon sold some $700 million in TKO stock.

    While the lawsuit was explosive, McMahon had been grappling with other legal issues. Last summer, federal agents served a search warrant on his home and issued a subpoena in an investigation connected to the WWE misconduct claims.
    Gene Ching
    Publisher www.KungFuMagazine.com
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