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Endeavor Group Holdings, Inc. (NYSE:EDR) and World Wrestling Entertainment, Inc. (NYSE:WWE) shares got pummeled Thursday following reports suggesting Saudi Arabia invested in a UFC competitor.
What To Know: According to an ESPN article, it was revealed Wednesday that SRJ Sports Investments has purchased a partial share in the Professional Fighters League, a mixed martial arts promotion, with a commitment worth more than $100 million. SRJ Sports Investments was established earlier in August by Saudi Arabia's Public Investment Fund.
The agreement will also help facilitate the PFL's spread into Saudi Arabia and the Middle East, with SRJ as an investor in a new regional league called PFL MENA. Six international regional leagues are also expected to be launched by 2026.
"PFL's mission is to become the global co-leader in MMA with our fighter-first mission and disruptive sport-season format," PFL founder and chairman Donn Davis said in a statement. "This investment by SRJ continues the monumental growth that PFL has experienced throughout the world, and there is no better partner in global sports than SRJ."
Endeavor Group Holdings, owner of competitor UFC, stock fell Thursday in response. Shares of World Wrestling Entertainment, Inc., which is merging with Endeavor, also traded lower.
Related Link: What's Going On With Moderna (MRNA) Stock?
EDR, WWE Price Action: Shares of EDR were down 8.70% at $22.05 while shares of WWE were down 12.1% at $96.69 at the time of publication, according to Benzinga Pro.
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