"Stocks Tumble as Saudi Arabia Backs UFC Rival, WWE"

World Wrestling Entertainment (WWE) shares dropped 12% after a Saudi Arabian sovereign wealth fund acquired a minority stake in the Professional Fighters League (PFL), a competitor to the UFC. Endeavor Group, which is merging with WWE, also fell 10%. The PFL Middle East division, backed by Saudi Arabia's PIF, is set to start next year with events in Saudi Arabia. Analysts have differing views on the impact of the investment, with one suggesting it could negatively affect WWE and UFC's talent costs, while another sees it as insignificant compared to UFC's dominance.