More Details Emerge On WWE Sale, Company Spoke With “Over 60 Potential Counterparties”

Vince McMahon WWE Executive Chairman

In January, Vince McMahon returned to WWE, not only to the Board of Directors but to help sell the company.

Via a number of twists and turns, it was announced on April 3rd that WWE was entering into a transaction agreement with Endeavor. The deal is expected to be completed by the end of 2023, and it will see WWE merge with UFC.

Before the agreement with Endeavor was confirmed, there were a number of parties linked with buying WWE, but details on this interest were thin on the ground. However, according to a new legal filing, the sports entertainment giant was contacted by over 60 interested parties. This resulted in 20 confidentiality agreements.

You can find the full SEC filing here, and a short snippet below.

“Beginning on January 17, 2023 and continuing until April 2, 2023, when WWE executed the transaction agreement, WWE’s financial advisors, acting on its behalf, contacted and were contacted by over 60 potential counterparties, including strategic companies, financial sponsors, family offices and sovereign wealth funds.

Between February 6 and March 21, 2023, WWE entered into confidentiality agreements with 20 potential counterparties. All but one of the confidentiality agreements entered into by WWE in connection with this process included a standstill provision for the benefit of WWE with a customary exclusion permitting parties to make proposals to WWE privately and confidentially, and each of the standstill provisions had a duration of at least 12 months.

All confidentiality agreements entered into with standstill provisions included the customary exclusion for private proposals and a “fallaway” provision that would allow the counterparty to make a proposal to acquire WWE in the event WWE entered into a definitive sale agreement. Each potential counterparty that had indicated interest in exploring a strategic transaction with WWE was provided an opportunity to enter into a confidentiality agreement with WWE.”

New Company Encompassing WWE Given A Name

As part of the deal with Endeavor, WWE will merge with UFC and a new publicly listed company will be created. In the filing, it was confirmed that the company is now known as New Whale Inc, although this is expected to change when the deal is finalised later in 2023.

It has also been confirmed that the company’s board will be made up of 11 people, with five coming from WWE including two from their management team. The six other members will come from Endeavor with three from their management team.

Both Vince McMahon and Ari Emanuel will be part of the board.