The former CEO of WWE, Vince McMahon, rejoined the WWE board reportedly to handle a potential sales process for the wrestling company. After he rejoined the company, it was believed that WWE would probably be sold by mid-2023, before its media rights with Fox and USA Network expire in 2024. The list of potential media companies includes some of the biggest names in the industry, and the WWE founder has allegedly neared a deal with the parent company of UFC, Endeavor Group Holdings.
Vince McMahon Reportedly Finalizing Deal With Endeavor
CNBC has reported that the people familiar with the sales of WWE have revealed that the wrestling company is in advanced talks for a deal with Endeavor Group. The alleged deal is reported to be announced this week, and both UFC and WWE are expected to form a new company under their agreement.
Sources have revealed Endeavor is expected to receive 51%, while WWE shareholders would get 49%, taking its total enterprise value to $9.3 billion. Ari Emanuel will reportedly be the chief of both – Endeavor, and the new company formed with UFC and WWE.
Vince McMahon is expected to be executive chairman along with Endeavor President Mark Shapiro. Dana White would continue to be the president of UFC, and WWE CEO Nick Khan would serve as the president of the wrestling business.
The WWE founder and UFC President have been involved in a feud for years after Vince McMahon challenged him to a fight in 2011. However, White has been open about his respect for the 77-year-old American businessman.
Vince McMahon Allegedly Returned to Facilitate a Potential Sale
The former CEO of WWE, Vince McMahon resigned from his position last year in July. He was then replaced by Nick Khan. McMahon’s daughter and former wrestler Stephanie McMahon also took over as co-CEO, along with Khan. However, followed by his return in January this year, his daughter resigned from her position, making Nick Khan the sole CEO of the company.
It is believed that the reason behind McMahon’s return was to offer assistance with the potential sale of the company and the upcoming media rights negotiations. Earlier reports claimed that the WWE could be sold to Saudi Arabia’s Public Investment Fund. However, it was debunked as no such deal happened between the two companies.
Source: CNBC
