BREAKING NEWS: WWE agrees to merge with UFC to create a new company

Endeavor has confirmed that they have come to terms with buying 51% of WWE. They are set to form a new publicly traded company as part of the agreement.

The statement released to the media confirms that the parent company of UFC will own 51% of WWE, with the rest set to be with the sports entertainment company's shareholders. The transaction agreement signed on Monday values the enterprise at $9.3 billion.

The merger will see Nick Khan serve as the president of WWE, with the new board of directors set to be announced at a later date. The new board will have 11 members, with Endeavor taking six seats and WWE having five.

The WWE-UFC merger had been widely rumored over the past few weeks, with CNBC reporting last night that it was at an advanced stage.

WWE recently concluded the 39th edition of its annual two-day WrestleMania event in Hollywood. On the show's first night, Kevin Owens and Sami Zayn defeated The Usos to win the Undisputed Tag Team Championship. Meanwhile, Roman Reigns retained his Undisputed Universal Championship against Cody Rhodes on Night Two in a tremendous main event bout.

It will be interesting to see what changes will take place in the sports entertainment company following the deal.