Following the return of Vince McMahon as Executive Chairman, WWE have hired multiple advisors to help with a potential sale of the company.
During the last week, rumours of a sale heightened with potential suitors Disney and Saudi Investment Fund both linked.
Releasing a public statement, WWE announced the hiring of a legal advisor, financial advisor and strategic communications advisor, stating this move is aimed at the upcoming media rights negotiations.
Earlier this week Stephanie McMahon announced her resignation from WWE, leaving Nick Khan as sole CEO.
WWE Shares Up 23% Since Vince McMahon Returns
With WWE set to enter discussions over its media rights, including TV deals, along with rumours of the potential sale, Forbes confirmed that at one point the company share price had risen by 23% since the 1999 Royal Rumble winner Vince McMahon has returned to the board.
“WWE stock pared gains in choppy morning trading, but shares are still up 23% since McMahon announced last Thursday he planned to return as executive chairman of the WWE’s board after spending seven months away from the company amid a sexual misconduct scandal.”
Whilst stories of a sale to the Saudi Investment Fund appear premature, there is genuine interest from the group to add WWE to its sports profile alongside Newcastle United Football Club and LIV Golf.
The full WWE Press Release can be seen below:
STAMFORD, Conn., January 12, 2023 – WWE (NYSE: WWE) today announced that it has retained The Raine Group, LLC as financial advisor, Kirkland & Ellis LLP as legal advisor, and August LLC as strategic communications advisor to support WWE’s management team and its Board of Directors in connection with a review of strategic alternatives to maximize value for all WWE stockholders and other stakeholders.
Vince McMahon, WWE’s Founder and Executive Chairman said, “WWE’s upcoming media rights cycle will take place amid a rapidly evolving media and entertainment landscape, and we believe exploring our strategic alternatives at this critical juncture will enable WWE to fully capitalize on the significant value of our intellectual property. I am highly confident that our outstanding Directors, outside advisors and executive team will provide valuable expertise and counsel to help guide the Company through this important process while our management team and employee base continue to deliver results and content our fans love.”
There can be no assurances given regarding the outcome or timing of the strategic alternatives review process. WWE does not intend to comment further until the process has concluded or the Company has otherwise determined that further disclosure is appropriate or required.
H/t to Forbes