World Wrestling Entertainment is merging with the Ultimate Fighting Championship. WWE is owned by Vince McMahon while UFC, a publicly traded company is controlled by Endeavor Group. The merger was announced on Monday. 

In the new combat sports and entertainment company, Endeavor will own a 51% stake while the remaining 49% will be controlled by WWE’s shareholders. The companies said in a press release that the deal values WWE at $9.3 billion and UFC at $12.1 billion. The deal is expected to close in the second half of next year.

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The chief executive of both Endeavor and the new company will be Ari Emanuel. McMahon will assume the post of executive chairman. “This is going to be UFC 2.0,” Emanuel said in an interview that aired Monday on CNBC’s Squawk on the Street.

“It’s a great day,” said McMahon. “Things have to evolve. Family businesses have to evolve for all the right reasons.” However, more than the deal, people on social media were more interested in Vince McMahon’s new look. Several people commented on his look, comparing it to filmmaker and actor, John Waters.

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Here are some of the reactions:

WWE was founded by McMahon’s father in the middle of the 20th century. In 1982, McMahon bought the company from his father and became its controlling shareholder. WWE gradually gained its mammoth status over the years and became a global phenomenon, creating wrestling sensations such as Hulk Hogan, Dwayne ‘The Rock’ Johnson, Dave Bautista, and John Cena.

In July, McMahon retired from the company after scandals came to light which claimed that he paid several women millions of dollars in hush money to keep their mouths shut about alleged affairs and misconduct. After an investigation, Vince McMahon came back in January.