In today's ExchangeWire news digest: WWE merges with UFC in a multibillion dollar deal; publisher-focused microblogging site Post becomes available to the public; and Australia becomes the latest country to ban TikTok from government devices.
No holds barred: WWE merges with UFC
Word Wrestling Entertainment (WWE) will merge with UFC to form a new publicly traded company valued at around USD$21bn (~£16.9bn). WWE shareholders will retain a 49% stake in the company while UFC-owner Endeavor will take 51%.
In a press release, WWE executive chairman and 1999 Royal Rumble champion Vince McMahon said, “we will be a $21+ billion live sports and entertainment powerhouse,” adding that the new company “will be well positioned to maximise the value of our combined media rights, enhance sponsorship monetisation, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands.”
Twitter-rival Post launches to the public
Post, a microblogging site focused on revamping how publishers engage with social media, has become available to the public. Positioned as an alternative platform to Twitter, the start-up has gained traction in the aftermath of Elon Musk’s acquisition of the site. Post has, however, prompted scrutiny for its plans to make users pay to access individual articles.
Australian government latest to ban TikTok app
Australia has become the latest country to ban the use of the TikTok app on government devices. The Chinese-owned video app has already been blocked by governments in North America, the UK, and Europe over concerns it presents a threat to security. Today (4th April) Australia's attorney general Mark Dreyfus stated the ban would be imposed “as soon as practicable”.
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Fact of the Day
USD$89.30 (~£72.26) - WWE's share price on 3rd April, after the merger with UFC was announced.