World Wrestling Entertainment will reportedly be sold to Saudi Arabia’s Public Investment Fund.
The news comes just hours after the bombshell that Stephanie McMahon had resigned from the company after her father Vince McMahon returned as CEO. McMahon, who owns the majority stake in the company, is said to have sold the company to Saudi Arabia to delist the company from the public stock exchange and turn it back into a private company, according to DAZN pro wrestling reporter Steven Muehlhausen.
Sources: #WWE was sold
Saudi Arabia’s Public Investment Fund. The company is privatized again. Not known if Vince McMahon will return as head of creative, but some people are expecting it.— Steven Muehlhausen (@SMuehlhausenJr) January 11, 2023
WWE, the leading professional wrestling company that has broadcast deals with USA Network, Peacock and Fox, went public on August 3, 1999. The company was previously owned by the McMahon family.
News of a sale isn’t entirely shocking, as McMahon made it clear that he intended to return to sell the company.
“WWE enters at a critical juncture in its history as upcoming media rights negotiations coincide with increased industry-wide demand for quality content and live events, and more companies seeking to own the intellectual property on their platforms,” McMahon said last Week. “The only way for WWE to take full advantage of this opportunity is for me to return as Executive Chairman, supporting the management team in negotiating our media rights and combining this with a review of strategic alternatives. My return will allow WWE, as well as all transaction counterparties, to participate in these processes knowing that they will have the support of the controlling shareholder.”
Last year, McMahon came under fire over various reports alleging the former chairman paid over $12 million in hush money to various women to cover up allegations of sexual misconduct and infidelity. An initial report alleging that McMahon paid $3 million in hush money to a woman he allegedly was having an affair with. As a result of this report, McMahon resigned from his role as WWE’s chief executive officer while the board continued its investigation.