Reports on Wednesday morning said that the American professional wrestling promotion WWE is being sold to Saudi Arabia’s Public Investment Fund. This is a big change. The reports came out a few hours after Stephanie McMahon said she was leaving the company and that her father, Vince McMahon, would be taking over as chairman of the board again.
Steven Muehlhausen, a reporter for Dazn Pro Wrestling, said that Vince McMahon, who is also the controlling shareholder of WWE, bought the company to get it off the public stock market and back to being a private business.
Sources: Saudi Arabia’s Public Investment Fund has bought WWE. The company will become private again. Some people think Vince McMahon will return to his job as head of creative, but no one knows for sure.
On January 11, 2023, — Steven Muehlhausen (@smuehlhausenjr)
The WWE is the biggest professional wrestling company, and they have deals to show their matches all over the world. The company went public on August 3, 1999, according to a CNN report. It used to belong to the McMahon family.
The news that WWE had been sold to Saudi Arabia should not have come as a surprise, as Vince had previously stated that he intended to sell the company when he returned.
Vince stepped down as chairman of the WWE in July of last year after it was said that the company was looking into sexual misconduct claims against him. The Wall Street Journal said that Vince had paid more than $12 million to four women who worked for the company to hide claims of sexual misconduct and cheating for more than 16 years.
At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful
— Vince McMahon (@VinceMcMahon) July 22, 2022
Stephanie Mcmahon resigned as WWE’s co-CEO this morning.She was also the head of the company until last Friday, when her father came back. Stephanie was co-CEO with Nick Khan, who is now the only CEO of the WWE.
Paul “Triple H” Levesque, who is Stephanie’s husband and a WWE legend, will keep his role in the company. Since Vince stepped down as chairman last year, The Game is now in charge of what WWE does.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
Stephanie McMahon wrote in an official statement, “With Nick’s leadership and Paul “triple H” Levesque as Chief Content Officer, I am confident that WWE is in the perfect place to continue to provide unmatched creative content and drive maximum value for shareholders.”
“We are in such a good position that I’ve decided to come back from my leave and make my resignation official.” I’m looking forward to cheering for WWE from the other side of the business, where I started when I was a kid, as a fan.
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