Wrestling company WWE and mixed-martial arts company UFC have completed a multi-billion-dollar merger and launched under a new name, TKO.

The business is led by UFC owners Endeavour Group Holdings chief executive Ari Emanuel.

He said with UFC and WWE under one roof, they will provide unrivalled experiences for more than a billion passionate fans worldwide.

Dana White has become the UFC’s new CEO and Vince McMahon has been appointed as TKO’s executive chairman.

Shares of TKO Group opened at $102 per share in their first day of trading on the New York Stock Exchange today [Tuesday].

In a statement to announce the completion of the merger, TKO said: “TKO brings together UFC, the world’s premier mixed martial arts organisation, and WWE, an integrated media organisation and the recognised global leader in sports entertainment, to create a new premium sports and entertainment company serving more than one billion young and diverse fans, reaching viewers in 180 countries, and producing more than 350 annual live events.”