Vincent Kennedy McMahon has returned to WWE’s Board Of Directors to help in the potential sale of the company. WWE is on the verge of a media rights renewal deal and it’s sale is very much possible before that.
Rumours of the company’s sale have been floating around since last year. After McMahon’s exit, it seemed more likely but hasn’t happened till now. WWE is a much sought after intellectual property. Owning this IP means streaming services will be able to own and broadcast exclusive content. They will be able to do so without the hassle of contesting in auctions for licenses every few years. WWE has hired the services of JPMorgan Chase & Co., the financial services giant, to help them in this massive sell-out. The deal is set to happen in the next three to six months. WWE plans to approach potential buyers before they renew their TV rights agreements.
VKM has returned to make sure the sale process goes ahead smoothly. The 77 year old is still the controlling shareholder of the company. However his return does not change the current structure of leadership within WWE. Stephanie McMahon and Nick Khan are still co-CEOs and Triple H is still the Head of Creative as the Chief Content Officer.
“My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder,” McMahon said on his return.
WWE has reportedly told investors that his role in the company is essential to create popular characters and creative storylines. He doesn’t have any say in their shows’ creative process yet although he wanted it back before returning.
The former CEO had to step down from his position after it was revealed in an investigation that he had paid nearly $15 million to four women. He had done this to silence these women from revealing his alleged behaviour as a sexual predator.
WWE has a market capitalization of upwards of $6 billion after rising 17% on Friday influenced by the potential sale prediction.
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