Vince McMahon plans WWE comeback, seeks board seats, strategic review
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VINCE McMahon, World Wrestling Entertainment’s (WWE) controlling shareholder and former chief executive officer, is seeking to return to the company and proposing a possible sale of the business.
McMahon, who retired last year amid allegations of sexual misconduct, wants to come back to WWE as its executive chairman, he said in a statement Thursday (Jan 5).
He is also nominating former executives George Barrios and Michelle Wilson to the board and asking for a strategic review of the business to “capitalise on a unique opportunity to maximise long-term value for all WWE shareholders”.
The executive, who ran the wrestling giant for decades, said that with its television rights coming up for renewal, it is a good time to review the company’s options. Comcast’s NBCUniversal broadcasts WWE matches on its Peacock streaming service and USA cable network, while Fox airs WWE’s Friday Night SmackDown.
He said: “The only way for WWE to fully capitalise 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.”
A spokesperson for WWE did not respond to a request for comment. The Wall Street Journal reported earlier on McMahon’s plans.
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Shares of the Stamford, Connecticut-based company jumped as much as 18 per cent in after-hours trading. The business was valued at US$5.3 billion at the close of regular trading.
WWE’s board has been investigating McMahon for payments he made over the past 16 years to settle allegations of sexual misconduct and infidelity.
The company has said it found payments that McMahon agreed to make personally from 2006 through 2022, which should have been recorded as expenses by the company. It has also said it has received “regulatory, investigative and enforcement inquiries, subpoenas or demands” related to the matters.
McMahon’s push to return to WWE could lead to a potentially awkward family feud. WWE is now run by his daughter, chairwoman and co-chief executive Stephanie McMahon, and co-CEO Nick Khan. The two also serve on the board, along with Paul Levesque, who is chief content officer and Stephanie McMahon’s husband.
The 77-year-old Vince McMahon owns 92 per cent of the company’s Class B shares, which have 10 votes each. BLOOMBERG
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