The ATP and WTA said in a statement that they are "exploring discussions that would enable us to leverage assets across both Tours via the creation of a new joint commercial entity, delivering more value to players, tournaments, and fans, while remaining as separate Tours".
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A deal would allow the two groups to reduce duplication in their organizations and to more effectively market themselves to broadcasters and sponsors, the person added.
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The WTA said it is "engaging actively with the other governing bodies of professional tennis, (and) existing and potential commercial partners, to explore whether we can bring greater alignment across the sport, while reducing the fragmentation that exists at present".
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WTA chief Steve Simon told The New York Times in 2020 that they compete against themselves and other leagues for fans, sponsorships and broadcasts.
Tennis fans need different pay-TV platforms to watch matches, and a merger could simplify television contracts and sponsorship deals.