In order to form a new business led by Vince McMahon and Ari Emanuel, WWE and UFC decide to unite.

The UFC and Vince McMahon’s World Wrestling Entertainment have decided to combine to create a new publicly traded business that will be governed by Endeavor Group, the organizations said on Monday morning.

As per the agreement, Endeavor will hold a 51% investment in the new combat sports and entertainment firm, with the remaining 49% owned by WWE shareholders. According to a press release from the firms, the deal values WWE at $9.3 billion and the Endeavor-owned UFC at $12.1 billion.

WWE’s stock dropped in premarket trade, but Endeavor’s share price increased.

According to the firms, Ari Emanuel will lead both Endeavor and the new venture as chief executive. McMahon will also serve as executive chairman, while Mark Shapiro, the COO and president of Endeavor, will have similar positions at the new business. Both WWE CEO Nick Khan and UFC President Dana White will continue to lead the wrestling industry.

WWE and UFC are set to merge, with WWE and Endeavor forming a board of 11 people. The merger will be announced at a later time, and the company has been looking for a buyer for several months.

WWE, which features scripted matches and soap opera-like storylines, and UFC, which showcases authentically brutal mixed martial arts fighting, are seen as a good fit in terms of content and culture.

UFC champion and superstar Conor McGregor has praised the news of the pending deal. The merger will also conclude WWE’s decades-long run as a family business, with McMahon’s father founding the company in 1982.

WWE offers Endeavor shareholders a muscular media and live events business, as well as decades worth of intellectual property. UFC has paid off for Endeavor, with the MMA league helping its parent company’s sports business make $1.3 billion in revenue last year.