Listen Now: Expanding the Business

Subscribe on iTunes

World Wrestling Entertainment is expanding the family. Brian Banmiller on Business.

In 1982 Vince McMahon purchased capitol wrestling from his father. Over the years with the help of stars such as Hulk Hogan, Andre the Giant and The Rock, it became one of the biggest family businesses in the world. And now the family is getting bigger. Earlier this week WWE and Endeavor, which runs Ultimate Fighting Championship, announced a deal to join forces. A $21 billion deal that will create a massive sports entertainment company. The two plan to cross promote to drive brand awareness and better link their overlapping fan base. McMahon says the focus of the new company will be maximizing the value of combined media rights, enhancing sponsorships, and developing new forms of content. He was also quick to comfort wrestling fans worried their favorite sport would lose the personal touch. In an interview with CNBC he said it’s simply the right time to do the right thing, and that the deal is the next evolution of WWE. Shares of both companies dropped on the news but neither one is tapping out. Brian Banmiller, CBS News.

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.