Dwayne “The Rock” Johnson is set to join the board of directors for the TKO group, the publicly traded arm of the UFC & WWE’s recent merger, after being formally appointed on Tuesday.
The former football player, turned wrestler, turned actor, will assume his new role effective immediately. The announcement was met with widespread fanfare amongst both viewers, and the market alike. TKO’s stock price spiked in the hours following the press release to the tune of a 24% increase in value, or a roughly $19 per share increase.
In addition to Johnson taking on a formal role with the company, the 51 year old will also assume control of “The Rock” trademark, which was previously owned by WWE. The transfer of ownership of the trademark also comes on the heels of a new multi-year licensing and merchandising agreement signed between Johnson’s camp and the WWE.
“Being on the TKO Board of Directors, and taking full ownership of my name, ‘The Rock,’ is not only unprecedented, but incredibly inspiring as my crazy life is coming full circle,” Johnson said in a statement. “At my core, I’m a builder who builds for and serves the people, and Ari is building something truly game-changing.”
“I’m very motivated to help continue to globally expand our TKO, WWE, and UFC businesses as the worldwide leaders in sports and entertainment — while proudly representing so many phenomenal athletes and performers who show up every day putting in the hard work with their own two hands to make their dreams come true and deliver for our audiences. I’ve been there, I’m still there and this is for them.”
The new role is just one of many forays into the business world which Johnson has on the go at the moment. In addition to his job with the board of directors, The Rock also runs a TV and film studio (Seven Bucks Productions), a Tequila brand (Teremana Tequila), energy drink (Zoa Energy), and an Under Armour collaboration “Project Rock”, which has existing deals with the UFC already in place. The former 8x WWE champion is also a partner in the recently merged United Football League, which brings together the USFL and XFL.
“Very few people on the planet understand the convergence of sports, entertainment, media, and business like ‘Rock,'” TKO executive chairman Vince McMahon said in a statement. “We are proud to have him join the TKO board to help take our company to new heights.”
TKO’s board of directors will now expand to 13 individuals following the announcement of Johnson’s appointment.
Photo: Henry Villarama. This file is a work of a U.S. Army soldier or employee, taken or made as part of that person’s official duties. As a work of the U.S. federal government, it is in the public domain in the United States.