WWE has hired JPMorgan to help the company on a potential sale, according to CNBC.
Vince McMahon, who controls the company through his ownership of Class B shares, was reinstated to the WWE Board of Directors on January 6, 2023. He was joined by Michelle Wilson and George Barrios to the Board. The moves come as the WWE is said to be pursuing strategic options on their media rights negotiations and the possibility of a sale.
“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 Vince McMahon in a statement.
“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.”
McMahon’s return doesn’t affect current leadership. McMahon’s daughter, Stephanie, and former CAA agent Nick Khan remain as co-CEOs. Paul Levesque (Triple H) stays as director of creative.
“WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities,” McMahon said in his statement.
Last year McMahon suddenly announced his retirement from WWE on Twitter while he was under investigation for paying multiple women to keep quiet about alleged sexual affairs. The WWE then disclosed multiple expenses totaling $19.6 million, which forced the company to revise its financial statements for 2019, 2020 and 2021.
