Does Stephanie McMahon's resignation hint at a potential WWE sale?
On Tuesday evening, Stephanie McMahon resigned as Co-CEO and Chairwoman of WWE. She held the post for nearly seven months after Vince McMahon retired from the company last year.
Stephanie previously shared her CEO duties with Nick Khan, who is now the 'sole' CEO. Her husband, Paul Levesque (AKA Triple H), is still responsible for creative direction as WWE's Chief Content Officer.
Before Vince McMahon's exit last year, Stephanie McMahon took a break from WWE in May to focus on family duties. She only returned to steer the company's reputation to safety after allegations of Vince's misconduct put the wrestling entertainment giant in a negative light.
However, her father returned to the Board of Directors a week ago, and now she is out of the building. In December, reports by The Wall Street Journal signaled a WWE sale under Vince's guidance, which now seems a likelier outcome.
In a statement, the recently elected Executive Chairman disclosed his intentions to maximize shareholders' profits by capitalizing on the upcoming media rights sales. The plans for a WWE sale could take effect in three to six months before the broadcast deals.
It makes sense to sell the company instead of renewing the media deals and being stuck for five more years. Vince allegedly hired investment banking company JP Morgan to advise on a potential WWE sale.
Stephanie McMahon's resignation is a big indicator of WWE being put on sale soon. She served the promotion for over a decade - be it as an on-screen personality or an authority figure.
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WWE on sale: Could Saudi Arabia grab center stage after Stephanie McMahon's resignation?
There have been reports of Saudi Arabia's Private Investment Fund capitalizing on WWE's sale in a secret deal. However, the public company is still listed on the stock market.
Its share price increased by $2 today as news of Stephanie McMahon's resignation almost confirmed WWE's sale.
Amid speculation of the alleged news, Sean Ross Sapp of Fightful noted he has “no actual information to indicate this is actually happening." He did hear rumors of the Stamford-based promotion going private, though.
This doesn't mean Saudi Arabia is not interested in buying WWE. It has recently been a hotbed for wrestling fans by hosting various Premium Live Events as part of a 10-year agreement. Known for its love of sports, Saudi is a major contender in a potential bidding battle for the world's largest wrestling promotion.