Endeavor Group, World Wrestling Shares Lower On Saudi Investment In MMA Competitor
Portfolio Pulse from Ryan Gustafson
Endeavor Group Holdings, Inc. (EDR) and World Wrestling Entertainment, Inc. (WWE) shares fell following reports of Saudi Arabia's investment in a UFC competitor, the Professional Fighters League (PFL). SRJ Sports Investments, backed by Saudi Arabia's Public Investment Fund, has purchased a partial share in PFL with a commitment worth over $100 million. This investment will facilitate PFL's expansion into Saudi Arabia and the Middle East.
August 31, 2023 | 6:41 pm
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Endeavor Group Holdings, Inc. (EDR) shares fell due to Saudi Arabia's investment in a UFC competitor, PFL.
The investment by Saudi Arabia in PFL, a competitor to UFC which is owned by Endeavor, is likely to increase competition and potentially reduce UFC's market share. This could negatively impact Endeavor's revenues and profitability, leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
World Wrestling Entertainment, Inc. (WWE) shares fell due to Saudi Arabia's investment in a UFC competitor, PFL.
The investment by Saudi Arabia in PFL, a competitor to UFC which is merging with WWE, is likely to increase competition and potentially reduce UFC's market share. This could negatively impact WWE's future revenues and profitability, leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100