In an exclusive interview with CNBC taped Sunday, both Endeavor CEO Ari Emanuel and WWE Executive Chairman Vince McMahon went into deep detail about the big Monday news that WWE will be acquired and merge with UFC into a new combat sports powerhouse.

A jubilant McMahon, sporting his new look, was asked about whether he would remain in creative going forward. He said "yes and no" and that he would remain at a higher level, but not "in the weeds" as he said he has loved to be in the past.

McMahon said the merger is "the biggest thing Ari Emanuel and Vince McMahon have ever done. Combining forces like this, there's never been anything like this. People will be talking about this for a long time."

Following regulatory approval that could come within the next 4-6 months, the yet-to-be named company will combine the two combat sports brands in a way that excites Emanuel.

"It's very rare to get iconic brands like the UFC and WWE together. Individually, they are incredible assets. Together, with the flywheel of Endeavor, I believe it makes them unicorns," he said, later saying they are working on the new name of this property.

Emanuel said he has known McMahon for 23 years as he first represented them as a young agent. He put McMahon over as a visionary that saw the explosion of cable, pay-per-view, taking the company public, and going direct to consumer before others in his space did. 

"Just look out," he said.

The scandal and legacy

Asked by Scott Wapner about whether last summer's hush money scandal helped pushed a sale along quicker than he would have liked, McMahon said it didn't "in and of itself" and the sale would have happened anyway.

McMahon was asked about his legacy with the sale, the last year of controversy, and everything else.

"I have made mistakes, obviously, personally and professionally throughout my 50 year career. I have owned up to every single one of them and then moved on. I'm not sure on legacy stuff, I'm not going to write it," he said, adding he has had an extraordinary amount of fun, a great passion for what he has done, and "did the biggest deal (Emanuel) has ever done in his life."

Emanuel joked he would have bodyslammed McMahon if he thought was going to leave following a sale, answering "Oh my god, yes" when asked if he wanted him to stick around.

"Him being able to utilize what we have built in our flywheel, I'm the luckiest guy in the world," he explained, saying that between McMahon, UFC president Dana White and what Endeavor has built, "That's pretty unstoppable."

When it comes to being talked into staying, McMahon said "not that much" as the company is his passion and he's loved building WWE all his life and now with the opportunity to grow the company further.

"I wasn't going to let him (walk away)," Emanuel said, adding that it's an honor to him to have McMahon stay "because of what his vision for what the business is and where it's going."

With McMahon reporting to Emanuel, what happens if there's a disagreement?

"If we disagree on something that we want to do, we're not doing it," Emanuel said, saying the same relationship will apply as it does with Dana White and Silver Lake where Endeavor has nothing to do with the creative process and focus on all the "back stuff."

"That's called a relationship. We will work it out," he explained.

Both men downplayed McMahon gaining the full rights to his likeness and story with Emanuel saying, "It's fair. It's his legacy. He is the one that should control his legacy."

"This is going to be UFC 2.0"

McMahon said the company needed to evolve and the synergies Endeavor brings are "totally different than everyone else. 

"It's the right time to do the right thing and the next evolution of WWE. I could probably do what Ari is with the UFC, but it would probably take me ten years. When I got to that ten years, Ari would be ten years ahead so it makes all the sense in the world for all the synergies and so we can extract all the value we can from the marketplace," he said.

Emanuel felt neither WWE or Endeavor weren't getting the pure value out of what they offer, saying that, "Combined, it's rarified air."

Emanuel said they paid a fair price and paid a little bit for control premium. He feels that with Endeavor's cost cuts, WWE's new deals coming up, and cost savings, they are in a great position going forward. 

He said people criticized them for buying IMG and UFC, but, "This is going to be UFC 2.0 as it relates to all the things in the flywheel," and the "unbelievably attractive economics" in doing so.

What did Wall Street miss in not seeing the deal? "Everything," according to Emanuel.

When asked about the possibility of TV rights increases, Emanuel touted Raw and SmackDown's rating increases, the key demos it appeals to, and how their rate card is "way below market by a significant amount." He feels that with content being king and everything that WWE brings to the table, "I think they're going to get a proper price" with the next round of rights negotiations.

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