Tony Khan-backed Base 10 offered $76.83 per share for WWE, the lowest of the four bids identified in the company’s 2023 sale process. KKR and Liberty Media offered cash in higher ranges, while Endeavor made an all-stock offer valued at $95.66 per share before synergies, according to POST Wrestling’s reporting. Endeavor ultimately won and completed the deal in September 2023.
What each buyer offered for WWE
The reported per-share figures show Base 10’s offer well below the other three. The consideration types differed, so the dollar amounts do not describe identical transactions.
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| Bidder | Reported offer | Consideration | Estimated implied value |
|---|---|---|---|
| Base 10 | $76.83 per share | Cash | About $6.9 billion |
| KKR | $90–$97.50 per share | Cash | About $8.0–$8.7 billion |
| Liberty Media | $95–$100 per share | Cash | About $8.5–$8.9 billion |
| Endeavor | $95.66 per share before synergies | All stock | About $8.5 billion |
POST Wrestling reported the bid prices and estimated the implied values using WWE’s contemporaneous diluted share count. The valuation figures are the reporter’s calculations, not four headline enterprise values quoted by the bidders. The ranges for KKR and Liberty overlap, and Endeavor’s stock offer is not directly equivalent to a cash bid; the per-share figures alone therefore do not establish which proposal would have produced the best completed transaction.
Who actually bid—and who was only rumored
WWE’s transaction narrative, filed with the SEC, says the sale process involved 20 potential counterparties, eight indications of interest and four offers. Unredacted responses in shareholder litigation identified those four bidders as Base 10, KKR, Liberty Media and Endeavor. The filing used aliases for three: Strategic Party 2 was Base 10, Financial Sponsor 1 was KKR, and Strategic Party 1 was Liberty Media. The filing is available through the SEC at WWE’s transaction narrative.
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Comcast/NBCUniversal, Disney, Amazon and Netflix were discussed publicly as possible buyers, but POST Wrestling’s review says they were not among the four parties that bid. It also found no Saudi Arabian government bid, despite rumors following WWE’s announcement that it was reviewing strategic alternatives. Those names should not be treated as confirmed bidders.
Why Base 10’s offer did not advance is not settled
The court filing describes Base 10 as needing equity and debt financing partners. POST Wrestling reports that Endeavor, KKR and Liberty Media received data-room access, and says it found no filing or lawsuit material indicating that Base 10 did. The report suggests the much lower offer may help explain why Base 10 did not advance, but does not establish that as the reason. It is also unclear whether AEW’s competitive position affected WWE’s decision.
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The corporate relationship needs care: the filing calls Base 10 the owner of All Elite Wrestling (AEW), but POST Wrestling notes that other legal records identify Beatnik Investments LLC, a separate Khan family company, as AEW’s parent, with Warner Bros. Discovery holding a minority stake. “Tony Khan-backed Base 10” is a useful shorthand; the evidence does not support saying Khan personally made the bid.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How Endeavor’s winning deal differed from its reported bid figure
WWE and Endeavor announced their agreement on April 3, 2023. Their release described a $9.3 billion enterprise value for WWE and approximately $106 per share before a post-closing dividend. The approximately $106 figure is the companies’ announced contribution price; it is not the same measure as POST Wrestling’s comparison of Endeavor’s bid at $95.66 per share before synergies. The announcement is available from WWE and Endeavor.
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- Super Collectible! WWE fans can find their favorite Superstar figures (each sold separately, subject to availability).
Vincent K. McMahon, then WWE Executive Chairman, said at the time that the agreement was “without a doubt the best outcome for our shareholders and other stakeholders.” That was the seller’s contemporaneous view of the deal, not an independent assessment of the auction.
The transaction closed on September 12, 2023, when TKO Group Holdings launched and began trading under ticker TKO. At closing, Endeavor held a 51% controlling interest in the combined company and existing WWE shareholders held 49%, according to WWE’s closing announcement.
Quick Recap
What the comparison does—and does not—show
- Base 10’s $76.83-per-share offer was the lowest reported bid.
- KKR, Liberty Media and Endeavor’s reported per-share figures were closer together, but the bids were not identical in structure.
- Financing needs and reported data-room access provide process context; the available reporting does not conclusively explain why Base 10 did not proceed.
- Claims by plaintiffs in shareholder litigation that the process was unfair or Endeavor had been preselected are allegations, not court findings; defendants denied them.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
