Benchmark downgrades WWE to Hold, doesn’t see bidders beyond Endeavor

As previously reported, Benchmark downgraded WWE (WWE) to Hold from Buy with no price target after the company announced their plans to merge with Endeavor’s (EDR) subsidiary UFC and form a new global live sports and entertainment company. While cautious that Endeavor’s valuation of the as-to-be-named "TKO" could be aggressive, and says "the all-stock and somewhat complex transaction was disappointing versus a cash deal consideration," the firm does not anticipate new bidders as it believes the all-stock valuation was "competitive and likely achieved WWE’s target valuation" and Vince McMahon’s blessing.