Vince McMahon will go down in history as the man who single-handily revolutionized the wrestling business with his acumen and creative expertise. However, he took retirement back in July 2022 signaling the end of an era. Now it looks like Vinnie Mac is coming back with a different angle this time.
The former WWE Chairman and CEO was in control of the entire regime until July 2022 when he shockingly announced his retirement from WWE. This came after Vince McMahon found himself caught in a cobweb of hush money scandals and various sexual misconduct allegations.
According to a press release issued today, Vince McMahon is indeed looking to return to WWE. Moreover, he is planning to sell off the global juggernaut, as reported by Wall Street Journal. After all, WWE is entering into big-time television rights talks, and Mr. McMahon is the right man for the job.
“Submits written consent to WWE Board electing himself and Company veterans George Barrios and Michelle Wilson as DirectorsActions are necessary to ensure McMahon’s full participation in upcoming media rights negotiations and review of strategic alternatives
GREENWICH, Conn., Jan. 5, 2023 /PRNewswire/ — Vince McMahon, the founder and controlling shareholder of World Wrestling Entertainment Inc. (“WWE” or the “Company”) (NYSE: WWE), announced today that he has taken necessary actions to position the Company to capitalize on a unique opportunity to maximize long-term value for all WWE shareholders. The actions, communicated to WWE’s Board of Directors today via written consent, include the election to the Board of Mr. McMahon, as well as Michelle Wilson and George Barrios – former WWE Co-Presidents and Board members, and currently the Co-Founders and Co-CEOs of Isos Capital Management – and the requisite removal from the Board of three directors. Mr. McMahon expects to assume the role of Executive Chairman of the Board.
Mr. McMahon’s new role will enable unified decision making through the Company’s upcoming media rights negotiations and a parallel full review of the Company’s strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry. As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon’s direct participation, leadership, and support as controlling shareholder.
WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” said Mr. McMahon. “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. 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.”
Vince McMahon is looking to return as the Executive Chairman and provide support to the top management team in negotiations for selling WWE’s media rights and work on strategic alternatives. This is viewed as a unique opportunity by him to maximize the long-term value of the WWE shareholders.
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