WWE and UFC have decided to merge under Endeavor Group, a newly listed firm.
Endeavor holds 51% of shares of UFC, whereas WWE owns 49%, as per agreement.
The deal locked the new firm at more than $21.4bn (£17.3bn) according to the firms, with UFC valued at $12.1bn (£9.8bn) and WWE at $9.3bn (£7.5bn).
Shares of WWE were droped by 4.5% in premarket trading, while Endeavor’s rose by 4%.
Ariel Emanuel, CEO of Endeavor, said: ‘This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed.’