World Wrestling Entertainment (WWE) has long been a cornerstone of professional wrestling, captivating audiences worldwide with its unique blend of athleticism and storytelling. Understanding who owns WWE provides insight into the company’s strategic direction and market influence.
History of WWE
WWE’s origins trace back to 1952 when Jess McMahon and Toots Mondt founded the Capitol Wrestling Corporation. Over the decades, the company underwent several transformations, evolving into the World Wide Wrestling Federation (WWWF) in 1963 and later rebranding as the World Wrestling Federation (WWF) in 1980.
In 2002, to emphasize its entertainment focus, the organization adopted the name World Wrestling Entertainment (WWE).
Throughout its history, WWE has expanded beyond wrestling, venturing into film, football, and various business endeavors.
Who Owns WWE?
As of September 2023, WWE is owned and operated by TKO Group Holdings, a majority-owned subsidiary of Endeavor Group Holdings. This transition marked a significant shift from the McMahon family’s longstanding control over the company.
World Wrestling Entertainment (WWE), now operating under TKO Group Holdings, has undergone significant ownership changes, particularly following its merger with Endeavor Group Holdings in 2023.
This merger redefined the company’s shareholder landscape, introducing new major stakeholders and altering the distribution of ownership.
As of September 2023, the ownership of TKO Group Holdings, which encompasses WWE, is primarily divided between Endeavor Group Holdings and former WWE shareholders.
Endeavor holds a 51% stake, granting it majority control, while the remaining 49% is distributed among previous WWE shareholders.
WWE Shareholders and Investors
Beyond Endeavor’s majority stake, several institutional investors hold significant portions of TKO Group Holdings:
| Shareholder | Percentage Ownership | Role/Influence |
|---|
| Endeavor Group Holdings | 51% | Majority owner, controls TKO Group Holdings |
| Vince McMahon | ~5% | Executive Chairman, former majority owner of WWE |
| The Vanguard Group, Inc. | ~10.5% | Institutional investor, manages passive index funds |
| BlackRock, Inc. | ~10.2% | Institutional investor, global asset management |
| State Street Corporation | ~7.4% | Institutional investor, manages ETFs and mutual funds |
| Wellington Management Group LLP | ~5.6% | Investment management firm, actively manages funds |
| Invesco Ltd. | ~5% | Institutional investor, manages various asset portfolios |
| FMR LLC (Fidelity) | ~4.6% | Mutual fund and asset management firm |
| Geode Capital Management, LLC | ~4% | Institutional investor, provides asset management |
| Franklin Templeton Investments | ~3.8% | Investment management firm, manages global funds |
| JPMorgan Chase & Co. | ~3.5% | Financial services company, investment banking |
| Northern Trust Corporation | ~3.2% | Institutional investor, wealth management |
Endeavor Group Holdings
As the majority shareholder, Endeavor possesses 51% of TKO Group Holdings. Endeavor is a global entertainment conglomerate known for its ownership of the Ultimate Fighting Championship (UFC) and other media ventures.
Vince McMahon
Prior to the merger, Vince McMahon was WWE’s majority owner, holding 38.6% of the company’s outstanding stock and 81.1% of the voting power. Post-merger, his ownership and voting power have significantly decreased.
Lindsell Train Limited
A UK-based investment firm, Lindsell Train has been a long-standing investor in WWE and continues to hold a notable stake in TKO Group Holdings.
The Vanguard Group, Inc.
As one of the world’s largest investment management companies, Vanguard holds approximately 10.5% of TKO’s shares.
BlackRock, Inc.
Another global investment management corporation, BlackRock owns about 10.2% of TKO’s shares.
State Street Corporation
This financial services and bank holding company possesses around 7.4% of TKO’s shares.
Wellington Management Group LLP
An investment management firm, Wellington holds approximately 5.6% of TKO’s shares.
Invesco Ltd.
A global independent investment management company, Invesco owns about 5% of TKO’s shares.
FMR LLC (Fidelity)
Fidelity holds around 4.6% of TKO’s shares.
Geode Capital Management, LLC
This investment management firm possesses about 4% of TKO’s shares.
Franklin Templeton Investments
Holding approximately 3.8% of TKO’s shares, Franklin Templeton is a global investment firm.
JPMorgan Chase & Co.
This multinational investment bank and financial services holding company owns about 3.5% of TKO’s shares.
Northern Trust Corporation
A financial services company, Northern Trust holds around 3.2% of TKO’s shares.
Influence of Institutional Investors
The substantial holdings of these institutional investors grant them considerable influence over TKO’s strategic decisions and corporate governance. Their investment choices often reflect confidence in the company’s direction and performance, impacting market perceptions and stock valuations.
Who Controls WWE?
Post-merger, TKO Group Holdings oversees WWE’s operations. Ari Emanuel, CEO of Endeavor, serves as the CEO of TKO, with Vince McMahon as the Executive Chairman. This leadership structure ensures that while WWE operates under the TKO umbrella, it maintains its distinct brand identity.
Board of Directors
The governance of WWE under TKO Group Holdings is overseen by an 11-member Board of Directors. Endeavor, as the majority stakeholder, appoints six members, while WWE designates five. This structure ensures that Endeavor has a controlling influence over corporate decisions.
Executive Leadership
- Ari Emanuel: Serving as the Chief Executive Officer (CEO) of TKO Group Holdings, Emanuel brings extensive experience from his role as CEO of Endeavor.
- Vince McMahon: Appointed as the Executive Chairman, McMahon retains significant influence, including life tenure in this role and the authority to nominate five WWE representatives to the board. He also holds veto rights over specific corporate actions.
- Mark Shapiro: As President and Chief Operating Officer (COO) of TKO Group Holdings, Shapiro oversees operational aspects of the company.
- Nick Khan: Post-merger, Khan serves as the President of WWE, focusing on the wrestling division’s operations.
- Paul Levesque (Triple H): Continuing his role as the head of creative, Levesque is responsible for the creative direction of WWE’s content.
Decision-Making Process
While Endeavor holds a majority stake and appoints most of the board members, the presence of WWE-appointed directors ensures that WWE’s interests are represented. Major strategic decisions require board approval, with the CEO and executive team managing daily operations. McMahon’s veto power and nomination rights provide him with substantial influence over WWE’s direction.
Annual Revenue and Net Worth of WWE
In 2024, WWE reported revenues of $1.40 billion, reflecting its robust financial performance. The merger with Endeavor in 2023 valued WWE at approximately $9.1 billion, underscoring its significant market presence.
In 2024, WWE reported revenues of $1.406 billion, a 5.7% increase from the previous year. This growth was driven by:
- Sponsorship Revenue: An increase of $55.1 million, reflecting successful partnerships and marketing strategies.
- Live Events Revenue: A $52.5 million rise, indicating a strong return to in-person events and higher ticket sales.
- Media Rights and Content Revenue: An $8.8 million increase, showcasing the value of WWE’s media properties.
Adjusted EBITDA for 2024 was $801 million, up 6% from the previous year, though the adjusted EBITDA margin slightly decreased to 57% from 58%.
Below is a detailed overview of WWE’s annual revenue and net income from 2015 to 2024, including year-over-year (YoY) percentage changes.
| Year | Revenue (in millions) | YoY Revenue Change | Net Income (in millions) | YoY Net Income Change |
|---|
| 2015 | $658 | — | $24 | — |
| 2016 | $729 | +10.8% | $33 | +37.5% |
| 2017 | $801 | +9.9% | $32 | -3.0% |
| 2018 | $930 | +16.1% | $99 | +209.4% |
| 2019 | $960 | +3.2% | $77 | -22.2% |
| 2020 | $974 | +1.5% | $131 | +70.1% |
| 2021 | $1,095 | +12.4% | $180 | +37.4% |
| 2022 | $1,300 | +18.7% | $195.6 | +8.7% |
| 2023 | $1,330 | +2.3% | $175.7 | -10.2% |
| 2024 | $1,406.2 | +5.7% | Data not available | Data not available |
WWE’s revenue has generally trended upward over the past decade, with notable increases in 2018 (+16.1%) and 2022 (+18.7%). The company’s ability to adapt its business model, including expanding media rights and live events, has contributed to this growth.
Brands Owned by WWE
World Wrestling Entertainment (WWE), now operating under TKO Group Holdings, has developed and acquired several brands and subsidiaries over the years, each contributing uniquely to its global entertainment portfolio. Below is a detailed overview of these entities:
WWE Music Group
Established in 2006, WWE Music Group is WWE’s record label responsible for producing entrance theme songs for wrestlers. The label has released various albums, including “WWE Originals” and John Cena’s “You Can’t See Me,” which achieved notable positions on the US Billboard 200.
Historically, composer Jim Johnston crafted many of these themes, with CFO$ taking over from 2012 to 2020. Since 2019, the production has been managed by DJDTP under the pseudonym “def rebel.”
NXT
Launched in 2010, NXT serves as WWE’s developmental brand, providing a platform for emerging talent to hone their skills before transitioning to the main roster. Over time, NXT has evolved into a standalone brand, recognized for its high-quality wrestling and storytelling. It has its own weekly television show and exclusive events, contributing significantly to WWE’s content offerings.
Tapout
In 2015, WWE entered into a joint venture with Authentic Brands Group to relaunch Tapout, transforming it from a mixed martial arts apparel company into a broader “lifestyle fitness” brand. This partnership expanded WWE’s reach into fitness apparel, beverages, supplements, and gyms, with WWE talent often promoting Tapout products across various platforms.
Evolve
WWE acquired the assets of Evolve in July 2020 and announced plans to relaunch it as a brand in January 2025. Set to premiere on March 5, 2025, Evolve will feature up-and-coming wrestlers from the WWE Performance Center and the WWE Independent Development program. The goal is to provide a platform for these talents to progress to NXT and eventually to the main roster on Raw or SmackDown.
Professional Bull Riders (PBR)
As part of TKO Group Holdings’ acquisition strategy, WWE’s parent company purchased Professional Bull Riders (PBR) in a $3.25 billion all-stock deal. PBR hosts over 200 events annually, bringing a unique sports entertainment aspect to WWE’s portfolio.
On Location
Included in the same acquisition as PBR, On Location is a premium experience company that manages over 1,200 sporting events. This addition allows WWE to enhance its live event offerings and provide exclusive fan experiences, aligning with the evolving demands of modern sports enthusiasts.
IMG
Also acquired alongside PBR and On Location, IMG specializes in sports media rights and event management. This acquisition aims to bolster WWE’s media distribution capabilities and expand its global event management operations.
Conclusion
The ownership landscape of WWE has evolved, transitioning from family control to integration within a global entertainment conglomerate. This shift signifies WWE’s adaptability and its commitment to expanding its global footprint while continuing to deliver premier wrestling entertainment.
FAQs
Who founded WWE?
WWE was founded in 1952 by Jess McMahon and Toots Mondt as the Capitol Wrestling Corporation.
When did WWE merge with Endeavor?
The merger between WWE and Endeavor was finalized in September 2023, leading to the creation of TKO Group Holdings.
What is TKO Group Holdings?
TKO Group Holdings is the parent company overseeing both WWE and UFC, formed after the merger between WWE and Endeavor.
How much is WWE worth?
The 2023 merger valued WWE at approximately $9.1 billion.
Who is the current CEO of WWE?
While WWE operates under TKO Group Holdings, Ari Emanuel serves as the CEO of TKO, with Vince McMahon as the Executive Chairman overseeing WWE operations.