The Rock is officially back in business with the WWE.
Dwayne “The Rock” Johnson has been appointed to the board of directors of TKO, the public company that owns the WWE and UFC. TKO announced Johnson’s appointment Tuesday morning.
In addition, the company is granting Johnson full ownership of his trademarked in-ring name “The Rock,” with the actor and entrepreneur inking a services and merchandising agreement with the company. Per an SEC filing, TKO will award Johnson a stock award valued at $30 million in connection with the agreement, vesting over time. Johnson will also still be able to collect royalties in connection with sales of “The Rock” merchandise.
Johnson, who is one of the biggest stars in WWE history, made a surprise appearance during WWE Monday Night Raw earlier in January, where he teased a possible feud with current world champion Roman Reigns.
“My grandfather, High Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve never thought this day would come,” Johnson said in a statement. “Which is why I’m very humbled to have a seat at the table that has decades of history and family legacy for me. A table that my family helped to build. 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.”
“At my core, I’m a builder who builds for and serves the people, and [TKO CEO] Ari [Emanuel] is building something truly game changing,” he added. “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.”
Giving Johnson the full rights to The Rock would allow him to exploit the brand name as he sees fit, rather than seeking to cut TKO in on certain licensing agreements or other products (i.e. Under Armour’s Project Rock). Per a source, WWE has been granted a license to use The Rock name for certain categories and products for 10 years, and during that period Johnson can’t license the IP to businesses competitive with TKO.
TKO notes that the name “is derived from his father, WWE Hall of Famer Rocky Johnson, who was the first Black champion in WWE history (alongside partner Tony Atlas).”
It should also be noted that while TKO is a public company, Emanuel’s Endeavor is the controlling shareholder, with the executive serving as CEO of both companies. Johnson has been a client of Endeavor’s WME for 13 years.
TKO was formed last fall, when Endeavor spun out its UFC business and merged it with the WWE.
“I am thrilled to partner with Dwayne and welcome his immense talent to TKO’s Board,” Emanuel said in a statement. “Dwayne brings an incredible track record of creating content and building globally recognized consumer brands, and he will play a key role in realizing our ambitions for TKO.”
In addition to his movie and TV roles, Johnson is also an owner of the UFL; the owner of Seven Bucks Productions; the founder of tequila brand Teremana; the co-founder of energy drink ZOA Energy; and has brand deals with companies like Under Armour.
Johnson is also set to star in and produce (via Seven Bucks) a feature film with A24 about the life of MMA fighter Mark Kerr called The Smashing Machine. Benny Safdie is attached to direct.
But it was the WWE that made him a household name, and helped secure that first feature acting role in 2001’s The Mummy Returns.
“Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock,” added WWE founder and TKO executive chairman Vince McMahon. “We are proud to have him join the TKO board to help take our company to new heights.”
In addition, TKO is naming Brad Keywell to its board, and expanding the board size from 11 to 13 members to accommodate Johnson and Keywell. Keywell is a veteran tech executive, having co-founded companies like Groupon and MediaOcean. He is currently executive chairman of Uptake Technologies.