World Wrestling Leisure and Endeavor-owned UFC are set to merge this 12 months in a deal that can create a sports activities leisure behemoth valued at greater than $21 billion.

After the deal was introduced in early April, WWE shares soared to their highest level in almost 4 years. The inventory is up greater than 50% to date this 12 months.

For wrestling followers, although, the story’s not about these numbers. Slightly, the merger’s success hinges on what’s really occurring within the ring — and whether or not it is price their money and time. 

In a panorama the place shoppers have broad financial and political sway, the merger will function a check of simply how potent followers’ collective energy could be within the face of company behemoths. And wrestling followers aren’t afraid to share their opinions.

Some are fearful {that a} return to a pay-per-view mannequin for WWE’s flagship occasion, WrestleMania, is on the horizon. Final month, it streamed solely on NBCUniversal’s Peacock, the place it generated the streaming service’s highest weekend utilization ever. Although NBCU would not launch particular streaming numbers for the occasion, solely the Tremendous Bowl outpaced WrestleMania for essentially the most watched hours of any stay occasion on Peacock, in keeping with the corporate.

The WWE’s unique streaming cope with Peacock, which incorporates WrestleMania streaming rights, is ready to run out in 2026.

WWE declined to remark for this text. In late March, earlier than the UFC deal was introduced, WWE CEO Nick Khan stated the corporate retains followers’ value sensitivity in thoughts.

“If NBCU got here to us and stated, ‘Hey, we’ll take you from the place you are at now to 5 instances for Peacock, however we have to cost an upcharge,’ we would should take a tough have a look at that,” Khan advised “The Marchand and Ourand Sports activities Media” podcast. “Most significantly, we do not need to value out our followers.”

Jerry D’Erasmo, a longtime fan who hosts a wrestling podcast, stated he understands why WWE would possibly ultimately shift WrestleMania again to pay-per-view. But he additionally thinks it is one of many few issues that would really flip off swaths of the fan base. He stated many followers have advised him that they’re going to tune in to recap podcasts like his personal as an alternative of paying $60 or $70 to observe a pay-per-view.

How WWE will inform its tales and conduct its matches beneath a brand new govt regime may even assist decide how they spend their cash, followers stated.

“The largest concern from a fan’s perspective — not from buyers’, however from followers’ — is artistic management,” stated Matt Courcelle, longtime wrestling aficionado and host of The WWE Podcast.

On this case, there’s an elephant within the room, and its title is Vince McMahon. For a lot of WWE followers, whether or not they’ll pay up for brand spanking new streaming or pay-per-view providers rests a fantastic deal on whether or not McMahon, 77, who’s managed WWE since taking on from his father in 1982, can be concerned with artistic choices.

Regardless of quite a few settlements with ladies who’ve claimed sexual misconduct by McMahon, together with a rape declare, which he denies, he stays on the prime of WWE.

“This man, for higher or for worse, has been accountable for the most important wrestling firm on the earth,” stated Jimmy Baxter, a professional wrestling commentator and podcaster in New Jersey. “For that, he was successful story, however alongside the best way, there’s a whole lot of blood, sweat and tears — and a whole lot of paid-off ladies.” 

McMahon is not going wherever, at the very least not any time quickly. He would be the govt chairman of the brand new mixed firm, which has but to be named, alongside Endeavor Chief Government Ari Emanuel. After 40 years, many followers see him as a everlasting fixture, even when he isn’t the CEO.

“When the bombs drop, there will be three issues left: cockroaches, Twinkies and Vince McMahon,” Baxter stated.

McMahon advised CNBC final month he will not be deeply concerned with WWE’s storytelling when WWE and UFC merge — however followers say they want extra proof earlier than they’re going to settle for his statements at face worth.

“As a lot as they need to inform us he isn’t ‘within the weeds’ in artistic, there’s been a whole lot of proof recently that Vince is,” Courcelle stated, together with rumors he was operating the present behind the scenes at Uncooked after WrestleMania. 

There are different considerations concerning the content material, too.

In late April, a former WWE author filed a lawsuit in opposition to the corporate, claiming she was fired in retaliation for pushing again in opposition to racist pitches within the author’s room, in keeping with courtroom paperwork. The grievance lists McMahon and his daughter, Stephanie McMahon, herself a former govt, as defendants, in addition to WWE itself and different backstage firm staff. 

“We all know what Vince McMahon is; we all know what he is dropped at the desk creatively,” Courcelle stated. “During the last 5 to 10 years, it hasn’t been the perfect it may very well be, from a fan’s perspective.”  

Nonetheless, followers preserve coming again for extra. Anybody who’s forked over 1000’s of {dollars} on wrestling occasions and merchandise over time will not instantly cease watching if the brand new WWE is not as much as snuff of their eyes. Some longtime hardcore followers aren’t positive the place they’re going to land fairly but, however they’re prone to stick round to see the place issues go from right here. 

“I completely love the drama,” Baxter stated. “I like watching a loopy outdated man burn his empire to the bottom solely as a result of he can.” 

Disclosure: Peacock is the streaming service of NBCUniversal, the mother or father firm of CNBC.