UPDATED, with release: WME-IMG this morning confirmed the news that it has finalized a $4 billion deal to acquire UFC. The release is pasted below our original story.

PREVIOUS: A consortium led by WME-IMG is finalizing a $4 billion deal to acquire UFC (Ultimate Fighting Championship), the world’s leading mixed martial arts (MMA) franchise. Other investors in the deal include Michael Dell’s MSD Capital, Kohlberg Kravis Roberts and Silver Lake. The deal has been in the works for some time, with the final points believed to have been agreed over the weekend. A formal announcement is expected later today.

UFC was bought by Frank and Lorenzo Fertitta a quarter of a century ago. The brothers had controlled an 80% stake in the company. They will retain a minority stake moving forward under the terms of the new deal. Other minority shareholders with 10% each had been the Abu Dhabi government-owned Flash Entertainment as well as another 10% stake for UFC president Dana White.

WME-IMG will serve now as the operating owner of UFC moving forward. The sports company, which has soared in popularity in recent years, has already provided a number of crossover stars, including former champion Ronda Rousey (Furious 7) and Randy Couture (Expendables 3).

Private equity firm Silver Lake is the biggest shareholder in WME-IMG, having invested $200m for a 31% stake back in 2012. In 2014, WME co-toppers Ari Emanuel and Patrick Whitesell bought leading sports agency IMG for $2.4 billion. While some analysts at the time commented that WME had overpaid for the company, synergies have begun to bear fruit for WME. In March, Japan’s Softbank invested $250 million in WME-IMG, valuing the talent and sports agency at $5.5 billion.

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WME-IMG last year acquired Professional Bull Riders for an estimated $100 million and the Miss Universe pageant. In June, WME-IMG and a consortium led by venture capital and private equity firm Sequoia Capital China unveiled a new China-based joint venture with the aim of accelerating the agency’s growth in the Middle Kingdom in its core fields of sports and entertainment. Tencent and FountainVest Partners also participated in the investment.

UFC matches air on pay-per-view and on Fox Sports.