Since Vince McMahon rejoined the WWE Board of Directors more than a month ago, it appears the business is inching closer to a sale. According to the reports, McMahon is looking to buy a company for $9 billion. The same sources also disclosed that there have been bids for the sale of the business.
Unfortunately, it is unknown from whose businesses or people those proposals originated or how closely they came to McMahon’s goal price. During an appearance on CNBC earlier this month, WWE CEO Nick Khan stated that the company anticipates the selling process to move very quickly, possibly within three months.
The CNBC host David Faber mentioned in the same interview that he’d heard Comcast was no longer in the running, but Khan quickly shot that claim down. The following months will likely shed some light on whether the company will continue to push for a sale or focus on renegotiating its media rights agreements, which are set to expire at the end of next year.
It is reported that a number of proposals are already on the table. According to the reports, leading candidates for acquisition include Endeavor, the company that owns the UFC and several other professional sports organisations, as well as “investors from the Middle East.” But if McMahon is serious about the $9 billion price tag, Endeavor would need some help.
Company’s total value is roughly $10.4 billion
WWE won’t be able to afford it until they attract some wealthy outside investors because the company’s total value is roughly $10.4 billion. Would McMahon be able to find anyone prepared to fork out that much cash in light of the impending recession and the fact that many media organisations are already tightening their belts?
On January 26, another shareholder asserted a claim against Vince McMahon as the litigation against him goes on. Dennis Palkin, an investor, wants to know more about the “horrifying charges” that have been made against McMahon and wants to have him removed from the WWE Board of Directors.
According to reports, the investigation into claims that McMahon “raped and sexually assaulted contractors and staff over the course of decades” has asked WWE for documents related to the lawsuit. The investigation estimates that nearly $15 million was spent on hush payments to hide his activities.