WWE Stunner: Vince McMahon Says He Plans to Re-Join Board of Directors as Company Pursues Possible Sale
A twist worthy of a Monday Night Raw Storyline: Former CEO and founder of the wrestling company is planning to make a comeback after being fired amid a misconduct investigation by the board.
McMahon still owns Class B shares and controls the company. He has informed the WWE board that he plans on naming himself and two former executives, George Barrios, and Michelle Wilson, to the new board. McMahon has asked to be the company’s executive chairman.
McMahon said Thursday night that WWE is at a critical point in its history. He stated that the upcoming media rights negotiations coincide with an increased industry demand for quality content and more companies looking to own the intellectual properties on their platforms. “WWE must fully take advantage of this opportunity by having me return to the role of executive chairman and supporting the management team in the negotiation for our media rights. This will be combined with a review and considerations of strategic alternatives. My return will allow WWE and any counterparties to transactions to participate in these processes knowing that they will have the support from the controlling shareholder.
The board coup d’etat occurs as the WWE is believed to be exploring strategic options, including the possibility for a sale. McMahon stated in his statement that he wants to lead any negotiations about a sale or rights negotiation.
McMahon Retired in July After an investigation into allegations that he was having sexual relations with employees, the company paid the women millions of dollar as part of their severance package. The company stated that it Spend $19.4 Million The investigation cost was completed in November.
His daughter Stephanie McMahon, and the WWE president Nick Khan were his co-CEOs.
McMahon stated that “WWE has an outstanding management team in place, so I don’t intend for my return on their roles, duties or responsibilities.”
McMahon stated that he first reached out to the board last week, asking for a return as executive chair. However, it doesn’t sound like those conversations went well.
“Following discussions with representatives of the Company both prior and after Mr. McMahon’s most recent December 31 letter, Mr. McMahon concluded, consistent with his rights to be the controlling shareholder, that the steps announced today were necessary to maximize value, for all WWE shareholders,” the statement continued.
The new leadership led some to speculate that the WWE might be closing down. Could be available for sale. With rights Raw And Smackdown McMahon believed that the window to buy the company was closing. Some potential buyers, such as streaming services, would probably prefer to keep the programming on their platforms.
Potential buyers would also include the existing streaming and TV partners of WWE, NBCUniversal, and Fox.
If it happens, the board shake-up suggests that such talks will be taken seriously.