Dwayne ‘The Rock’ Johnson has been appointed to the board of TKO, the company which owns both the WWE and the UFC, the US-listed company announced on Tuesday.
Johnson has also been granted full ownership of his nickname, which up until now has been trademarked to the sports organisation.
TKO signed a services and merchandising deal with the former wrestling star so that it can still use, produce, and sell ‘The Rock’ products.
WWE has received a license to use The Rock name in certain areas and for specific products and will be able to stop Johnson from licensing out his IP to any companies in direct rivalry with TKO, a source revealed.
In return, Johnson will receive a stock option worth around US$30 million and will still be able to collect royalties from the sale of his character’s merchandise.
“My grandfather, High Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve never thought this day would come,” the Hollywood actor 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.”
Johnson became a mainstay in Hollywood when he retired from the WWE, but he also has started businesses in other industries like with his TV company Seven Bucks Production and tequila brand Teremana.
Back in 2016, he partnered with Under Amour to bring out the “Project Rock Collection”, featuring high-performance exercise equipment and clothing, which, before his ownership of the trademark, required him to cut TKO in on the deal.
Shares in TKO are up more than 19% on the back of the announcement, trading at US$92.60.