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In a twist befitting a pro wrestling storyline, WWE majority owner and former executive chairman Vince McMahon is reportedly angling to return to the company after stepping down due to sexual misconduct allegations over the summer.
The bigger twist? McMahon reportedly wants to return to help sell WWE, according to the Wall Street Journal.
Per WSJ’s report, McMahon has informed the company that he is electing himself and two other former co-presidents and directors, Michelle Wilson and George Barrios, to the board. McMahon’s majority voting power through his Class-B stock ownership allows him to do this, and three current board members would have to vacate their seats as a result.
McMahon is reportedly making the move now because WWE’s media rights are going to be renegotiated soon — providing a small window for McMahon to lead a sale of the company before it has to engage in media negotiations.
WWE has actually done reasonably well — and, thus, increased its potential sale price — without McMahon in the picture.
Immediately following McMahon’s “retirement” announcement in July, the company’s stock price soared, and several companies — namely, Endeavor, Comcast’s NBCUniversal Media, and Liberty Media — expressed interest in buying the company should it go up for sale.
In November, WWE reported a record $304.6 million in Q3 2022 revenue — a 19% increase year-over-year.
Since the elder McMahon’s departure, the company has been led by co-CEOs Nick Khan and Stephanie McMahon — Vince’s daughter. It is unclear how his return will affect their positions.
