$21B merger: Endeavor gears up for media dominance with UFC-WWE merger.

Sports on TV were impenetrable for decades. Live games on local or national networks attracted large audiences and massive advertising revenue.

As streaming disrupts the market, practically everything about how TV generates money from sports has changed in a few years. 

Endeavor dropped a new sports entity built for the future of television and fandom into this dangerous mix. 

That new firm began trading on the NYSE on Sept. 12 with the fiery ticker symbol TKO.

“We sit at the epicenter of large and fast-growing markets,” says Endeavor president Mark Shapiro. 

“We live in super fan land.”Endeavor's acquisition of WWE, the McMahon family's 70-year-old pro wrestling enterprise.

Created TKO Group Holdings as a public corporation this month.  

Endeavor is excited to acquire WWE because it's a logical complement to UFC, the world's most successful mixed martial arts league, which Endeavor bought for $4.1 billion in 2016.  

The industry laughed at Endeavor CEO Ari Emanuel's overpayment for UFC to turn the talent agency into a media firm. 

Six years later, WWE's internal issues allowed Endeavor to unite UFC and WWE into TKO. The new fight club is worth $21.4 billion, with UFC contributing $12.1 billion.

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