Vince McMahon Plans Return WWE With Intent To Sell Company

Vince McMahon’s retirement was short-lived.

McMahon plans to return to WWE in order to facilitate the sale of the company. Wall Street Journal first reported Thursday.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” McMahon stated in a statement. “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

“I look forward to working closely again with Michelle and George – as well as the Company’s remaining directors and management team, who have my full support and confidence,” McMahon was also mentioned. “WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”

McMahon stepped down from his role as chairman and CEO WWE in July After the Journal revealed he had paid millions of dollars in “hush money” to several former employees For alleged sexual misconduct and infidelity

After McMahon was forced to resign, his daughter Stephanie McMahon, former super-agent CAA Nick Khan, who had been WWE’s president, assumed the roles of co-CEO. Stephanie McMahon’s husband Paul LevesqueYou will know him by his ring title “Triple H,” He was promoted to head of creativity.

According To the JournalThe 77-year old Vince McMahon wrote a letter to WWE’s board in late December An announcement of his intent to conduct a strategic review of the company. WWE’s live rights for “Raw” “SmackDown,” They are expected to increase in 2024, as they represent a major source revenue source for the business. ThereforeMcMahon believes there’s a window of opportunity for a sale. He was of the belief that potential buyers would want to own WWE’s intellectual property as opposed to renting it for their linear TV networks and/or streaming services.

McMahon said that he was a candidate for himself and former co-presidents of WWE. Michelle Wilson  George BarriosHe fired a colleague in 2020, before finally hiring. Khan For the job, to board The The board responded positively to the idea of a review in order to consider a sale but “unanimously agreed” that McMahon’s return to the company “wouldn’t be in shareholders’ best interest.”

Though he stepped down from an operational role, McMahon still owns a majority of the company’s voting shares.

Three To allow him to return, he would have to make changes to his positions on the board.

In after-hours trading, WWE stock rose 10% from $72 per share to $79 pershare following the announcement. Journal’s report.