Shares of WWE and Endeavor Group steadied Friday after two days of sharp declines brought on by news of a $100 million minority investment by Saudi Arabia’s Public Investment Fund in the Professional Fighters League, a mixed martial arts competitor for WWE and Endeavor’s UFC.
World Wrestling Entertainment shares fell more than 12% in Thursday’s session, after giving up nearly 5% on Wednesday when word of the Saudi investment leaked. The stock edged back up 2% in Friday morning trading, to $98.55, still up about 42% since the start of the year.
Ari Emanuel’s Endeavor Group shed nearly 10% between Wednesday and Thursday, and edged up less than 2% Friday morning to $22.25.