Sports and entertainment talent representation company WME-IMG announced Monday an agreement to buy mixed martial arts company UFC for an undisclosed amount. Earlier reports said a deal would be valued at $4 billion. Private equity companies Silver Lake Partners and KKR & Co. will join WME-IMG as new strategic investors. When the deal is completed, UFC Chief Executive Lorenzo Fertitta will step down from day-to-day operations, while Fertitta and Frank Fertitta III will retain passive minority interests in the new company. "We're now committed to pursuing new opportunities for UFC and its talented athletes to ensure the sport's continued growth and success on a global scale," said WME-IMG Co-CEOs Ariel Emanuel and Patrick Whitesell in a statement.
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