September 23, 2023
Vince McMahon open to leaving WWE if he sells firm, CEO says

Vince McMahon open to leaving WWE if he sells firm, CEO says

World Wrestling Leisure Government Chairman Vince McMahon is open to stepping away from the corporate “if it is the fitting deal,” in accordance with WWE CEO Nick Khan.

Shares of the corporate closed greater than 5% larger Friday.

McMahon’s potential future involvement in WWE has change into an early sticking level in preliminary talks with varied consumers, in accordance with folks conversant in the matter, who requested to not be named as a result of the discussions are non-public.

McMahon is WWE’s controlling shareholder. He developed the inventive storylines for the skilled wrestling league for many years, usually participating in narratives himself. Earlier this yr, he stepped down as head of inventive, handing the reigns to his son-in-law, former WWE celebrity Paul “Triple H” Levesque. Khan took over as sole CEO in January when Levesque’s spouse and McMahon’s daughter, Stephanie, stepped down as co-CEO.

“Vince has declared to the board he is 100% open to transactions the place he is not included within the firm transferring ahead,” Khan stated in a CNBC interview Friday.

Vince McMahon attends a press convention at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro | Getty Photographs

McMahon stepped away from his CEO position in June amid accusations of sexual misconduct from former feminine WWE staff. A month later, he introduced he introduced he would retire from the wrestling firm he purchased from his father over 4 a long time in the past. Final month, nonetheless, McMahon returned to the board to be immediately concerned in sale negotiations with potential consumers.

WWE has employed monetary advisors to proceed with a sale course of, which Khan predicted would final about three months. Khan emphasised WWE may very well be interesting to a big media firm with a streaming platform that might improve subscribers by solely proudly owning WWE’s month-to-month stay occasions, together with its historic library of previous matches.

“We really feel {the marketplace} is strong for our product,” Khan stated. “It is in essence it is personal sports activities league. Somebody can purchase it and put it on their platform.”

Potential consumers for WWE embrace Comcast, Netflix, Liberty Media and Endeavor, which already owns UFC.

Khan acknowledged “it is robust to take management” from McMahon, who has owned and run WWE (beforehand WWF) for greater than 40 years. Nonetheless, he reiterated that McMahon would prioritize shareholder worth and step away “if it is the fitting deal — and we’ll check out all the components that make it the fitting deal.”

Disclosure: Comcast is the mum or dad firm of NBCUniversal, which owns CNBC.

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