WWE and Endeavor shares got hit big time today after it was announced that Saudi Arabia invested $100 million in the PFL: Professional Fighters League.

As of this writing, WWE shares plunged 13% following a near-5% drop yesterday while Endeavor dropped a further 10%.

WWE has a 10-year multi-million dollar agreement with the Saudi kingdom and get approximately $50 million per show every time they perform there. WWE goes to Saudi Arabia twice a year.

The Saudi investment in PFL is seen as trying to mount competition with the UFC. The UFC has never done shows in Saudi and Endeavor always resisted going there.

WWE and UFC will merge under the TKO Group Holdings Inc umbrella next month, owned by Endeavor.