According to multiple reports, WWE is close to being sold to Endeavor Group Holdings Inc., which also owns the UFC.
According to the Wall Street Journal, the deal states that Endeavor s UFC business and WWE will form a separate publicly traded entity.
The shareholders of Endeavor will hold 51% of the company, while WWE shareholders will retain 49%. The deal is expected to be announced on Monday.
Paul Triple H Levesque, the head of WWE's chief content officer, was asked if he could confirm the report after WrestleMania 39.
WWE and Endeavor didn't respond immediately to FOX Business's request for comment.
A deal for the wrestling giant is expected to give it an enterprise value of $9.3 billion. According to the Wall Street Journal, the UFC is more valuable at $12.1 billion.
Vince McMahon, who retired last year because of a sexual misconduct scandal, came back to the company in January looking to sell the company. McMahon was elected executive chairman.
His daughter Stephanie McMahon had taken over as CO-CEO when McMahon retired. Stephanie McMahon stepped down as chairwoman and co-CEO.
Khan has mentioned to CNBC that Vince McMahon is willing to leave the company in the event of the sale despite returning as executive chairman. The Wall Street Journal is hearing that he will stay in that position for the new company set up by Endeavor.
Vince made it clear to me and to the marketplace that he does not need to be included in any offer or any deal moving forward, and he has held to his word on that as many of us predicted he would, Khan said this past week.
Ari Emanuel, who serves as CEO of Endeavor, will be CEO of the new company as well.
Vince McMahon is the majority shareholder of WWE and could potentially get $2.6 billion from his shares when the sale goes through, according to the Hollywood Reporter. As of Friday, WWE shares were worth $90.
McMahon considers WWE his life story, and he will retain exclusive rights to it in the event of a sale. Books, documentaries, and more can be done by him.
In the past 16 years, when McMahon retired, the Wall Street Journal reported that he paid more than $12 million to suppress allegations of sexual misconduct and infidelity. After purchasing it from him in 1982, McMahon built his father's company into a powerhouse.