UFC made its new parents official, announcing its purchase by WME/IMG for a sum estimated to top $4 billion. UFC President Dana White confirmed that he will remain to oversee day-to-day operations of the behemoth, while Lorenzo Fertitta will pull back and will join his brother Frank with a minority stake in the promotion. WME/IMG will also serve as UFC’s operating partner and focus on boosting the sport’s popularity and presence around the world. Other partners involved in the deal include Silver Lake Partners, KKR, MSD Capital, L.P. and MSD Partners.

“We’ve been fortunate over the years to represent UFC and a number of its remarkable athletes,” said WME/IMG Co-CEOs Ariel Emanuel and Patrick Whitesell in a statement. “It’s been exciting to watch the organization’s incredible growth over the last decade under the leadership of the Fertitta brothers, Dana White and their dedicated team. We’re now committed to pursuing new opportunities for UFC and its talented athletes to ensure the sport’s continued growth and success on a global scale.”