Shares of TKO Group, the brand new firm that homes WWE and UFC, opened at $102 per share of their first day of buying and selling on the New York Stock Exchange on Tuesday.

Endeavor Group Holdings Inc. has closed its beforehand introduced cope with World Wrestling Entertainment Inc. The pairing of WWE with the corporate that runs Ultimate Fighting Championship creates a $21.4 billion sports leisure firm.

In a presentation after the deal was introduced in April, the WWE and Endeavor stated that they may cross-promote to drive model consciousness and deepen penetration of their overlapping fan base of greater than 700 million UFC followers and 1.2 billion WWE followers worldwide.

Endeavor has a 51% controlling curiosity within the new firm. Existing WWE shareholders maintain a 49% stake.

“With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide,” Ariel Emanuel, CEO of Endeavor and TKO Group, stated in a press release.

Jefferies analyst Randal Konik likes the mixture of UFC and WWE.

“We like the assets of UFC and WWE in a world where linear TV is losing market share to streaming, thus live sports content is in high demand,” he wrote in a word to purchasers. “The upcoming rights expirations for both WWE and UFC present meaningful upside opportunities to the cash flows of both UFC and WWE in their own rights and will further drive EBITDA margins in each franchise incrementally higher.”

TKO Group Holdings Inc. is buying and selling on the NYSE beneath the “TKO” ticker image.

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