Tag: Wwe Sale

Reports: WWE has not been sold to Saudi Arabia’s Public Investment Fund

Posted on by Josh Nason

After a feverish level of speculation Tuesday night on social media that included some reports that a sale was a done deal, it was reported by multiple outlets and media members Wednesday that as of now, WWE has not been sold to Saudi Arabia’s Public Investment Fund.

As of the start of the morning stock exchange, WWE had not made any formal announcement or recognition of the rumors. Their stock hit as high as $92.50 in pre-open trading but had dipped under $90 as of this writing. The last week alone has seen the stock increase more than 27% following Vince McMahon’s return to the company and anticipation of a sale.

MMA reporter Ariel Helwani, a former client of WWE CEO Nick Khan, tweeted that according to his sources, while WWE is exploring all options, “Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia’s Public Investment Fund or any entity.”

TMZ also reported Wednesday that no deal has been done and Wrestlenomics’ Brandon Thurston also tweeted that the sale rumor was untrue.

The rumors of WWE being sold and then going private emerged hours after Stephanie McMahon announced she was resigning as WWE co-CEO, and that the Board had unanimously approved Vince McMahon to return as Executive Chairman.

After resigning as CEO and Executive Chairman last July in the midst of a scandal caused by nearly $20 million in unreported expenses tied into allegations of sexual misconduct, Vince McMahon officially made his way back to the company’s Board last Friday along with two former WWE executives. Three Board members were dismissed to make room while two others resigned that day.

In SEC filings about his return, McMahon included his previous communication to the Board and press release where it stated that as the company’s primary shareholder, he would not approve any new media rights deal or sale unless he was reinstated as Executive Chairman — the impetus for his desire to return.

Report: JPMorgan hired to help lead WWE sale talks

Posted on by Joseph Currier

With the company considering a potential sale, WWE has reportedly hired a bank to help assist with the process.

“WWE has hired JPMorgan to help the company advise on a potential sale, according to people familiar with the matter. JPMorgan declined to comment. A WWE spokesman couldn’t immediately be reached for comment,” CNBC reported.

“If a deal occurs, it would likely occur in the next three to six months, said the people, who asked not to be named because the discussions are private. WWE plans to talk to potential buyers before it makes a decision on TV rights renewal agreements.”

It was revealed this Thursday that Vince McMahon was returning to WWE and naming himself back to WWE’s board of directors to pursue a potential sale of the company. McMahon also named former WWE co-presidents George Barrios and Michelle Wilson back to the board.

The Wall Street Journal reported that McMahon communicated to the board of directors that, “unless he has direct involvement as executive chairman from the outset of a strategic review, he won’t support or approve any media-rights deal or sale.”

McMahon’s return to WWE comes less than six months after he retired amid a sexual misconduct scandal. Despite retiring, McMahon remained WWE’s majority shareholder.

WWE employees have been told that McMahon’s return won’t change the day-to-day operations of the company. They were also told that there will not be any changes to WWE’s management team or their responsibilities. That includes the roles held by Stephanie McMahon, Nick Khan, and Paul “Triple H” Levesque.

Front Office Sports reported on Friday that Saudi Arabia’s Public Investment Fund “is emerging as a possible bidder for WWE if the promotion puts itself up for sale.” Amazon, Comcast/NBCUniversal, Fox, Endeavor, Liberty Media, and talent agency CAA were also listed as potential suitors by Front Office Sports.