Vince McMahon Reportedly Sold WWE to Saudi Arabia PIF

World Wrestling Entertainment Reportedly sold to the Public Investment Fund of Saudi Arabia.

The news comes hours after the bombshell that Stephanie McMahon resigned from the company after her father Vince McMahon returned as Chairman of the Board. McMahon, who owns controlling shares of the company, is said to be selling the company to Saudi Arabia in a move that will take the company off the public stock market and back into private business per DAZN pro wrestling reporter Steven Muehlhausen.

WWE, which is the leading professional wrestling company and has broadcasting deals with USA Network, Peacock, and Fox, went public on August 3, 1999. Previously, the business was owned by the McMahon family.

News of a sale isn’t entirely surprising as McMahon has made it clear that he intends to return to sell the company.

“WWE is entering a critical period in its history with upcoming media rights negotiations consistent with increased industry-wide demand for quality content and live events and with many companies seeking to own the intellectual property of 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 and support the management team in negotiations for our media rights and combine that with a review of strategic alternatives. My returns will allow WWE, as well as any counterparties in the transaction, to carry out these processes knowing that they have the support of the controlling shareholder.

Last year, McMahon came under fire over various reports alleging the former chairman paid more than $12 million in hush money to various women to cover up claims of sexual misconduct and treachery An initial report that the alleged McMahon paid $3 million in hush money to a woman that he has a girlfriend. As a result of that report, McMahon left his position as chief executive officer of WWE while the board continued its investigation.

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