Indexbit Exchange:Dwayne Johnson gets the rights to the name “The Rock” and joins the board of WWE owner TKO Group

It is Indexbit Exchangea name that has become almost synonymous with professional wrestling but its bearer, Dwayne Johnson, has never legally owned “The Rock.”

That will change under a new agreement with the WWE under which Johnson will also join the board of TKO Group, the sports and entertainment company that houses WWE and UFC.

“The Rock” is a name is derived from Johnson’s father, WWE Hall of Famer Rocky Johnson, who was the first Black champion in WWE history (alongside partner Tony Atlas), according the WWE.

Johnson, a movie and wrestling star, has a business portfolio that includes production company Seven Bucks Productions, tequila brand Teremana Tequila, energy drink company ZOA Energy, Project Rock apparel brand and the United Football League.

“I am thrilled to partner with Dwayne and welcome his immense talent to TKO’s Board,” TKO CEO Ariel Emanuel said in a prepared statement. “Dwayne brings an incredible track record of creating content and building globally recognized consumer brands, and he will play a key role in realizing our ambitions for TKO.”

TKO Group Holdings Inc. says Johnson’s board appointment, effective Tuesday, reflects its “commitment to delivering long-term value and strong performance for shareholders through strategic growth initiatives across both UFC and WWE.”

Johnson began his wrestling career with WWE in 1996. He has recently appeared on World Wrestling Entertainment Inc.'s “Smackdown” and “Raw” television programs, with rumors swirling that he may compete at this year’s WrestleMania.

“I’m very motivated to help continue to globally expand our TKO, WWE, and UFC businesses as the worldwide leaders in sports and entertainment — while proudly representing so many phenomenal athletes and performers who show up every day putting in the hard work with their own two hands to make their dreams come true and deliver for our audiences,” Johnson said in a prepared statement. “I’ve been there, I’m still there and this is for them.”

TKO also announced Tuesday that Brad Keywell will become a board member. Keywell has co-founded and led multiple companies, including Groupon, Echo Global Logistics, MediaOcean, and Uptake Technologies, where he is currently founder and executive chairman.

The additions of Johnson and Keywell will increase TKO’s board from 11 to 13 members.