WWE is hiring outside consultants just days after being linked with a sale to Saudi Arabia’s PIF
World Wrestling Entertainment has hired outside consultants as rumors of a potential sale following Vince McMahon’s return to the company continue to circulate.
The sports entertainment company announced Thursday that it will retain The Rainee Group LLC as financial advisor, Kirkland & Ellis LLP as legal advisor and August LLC as strategic communications advisor.
It comes just days after Saudi Arabia’s PIF emerged as a possible bidder and Stephanie McMahon’s resignation.
WWE announced Thursday night that it has brought in outside consultants ahead of a potential sale
“WWE’s upcoming media rights cycle will take place amidst a rapidly evolving media and entertainment landscape, and we believe exploring our strategic alternatives at this critical time will allow WWE to fully realize the significant value of our intellectual property,” said Vince McMahon into a statement.
“I am very confident that our distinguished directors, external advisors and leadership team will provide valuable expertise and advice to guide the company through this important process, while our management team and employees continue to deliver results and content that our fans.” love.”
McMahon recently returned to the company, which came as a shock to many. His comeback was reportedly a factor in Stephanie’s resignation from her post as co-CEO.
Vince McMahon returned to WWE last week after retiring from his position as CEO on July 22
Axios quoted a source Thursday as saying that both Ms McMahon and her husband Paul “Triple H” Levesque – WWE’s chief content officer – “were opposed to a sale.”
Stephanie resigned just days after her father returned, meaning Nick Khan served as the company’s sole CEO. She took over the role after Vince’s resignation last summer during an investigation into alleged misconduct.
“Words cannot express how proud I am to have helped lead what I consider to be the largest company in the world, and I am confident that WWE is in the perfect position to continue to provide unparalleled creative content and the maximum To increase value for shareholders,” Stephanie said in a WWE statement.
Stephanie McMahon served as co-CEO of WWE for six months before stepping down earlier this week
A personal message followed later Tuesday, thanking her for her six months as co-CEO.
“Dear WWE Universe, About 8 months ago I took a vacation and within a matter of weeks I unexpectedly had the opportunity of a lifetime.
“I have had the privilege of returning as Co-CEO and Chairman of the Board of WWE. Words cannot express how proud I am to have led what I believe to be the largest company in the world, with a remarkable leadership team and one of the strongest leaders I know in my Co-CEO, Nick Khan.
“Our founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And 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 deliver unparalleled creative content and drive maximum value for shareholders.
“WWE is in such a strong position that I have decided to return to my vacation and take it a step further with my official retirement.
“I look forward to cheering on WWE from the other side of the business, where I started as a young kid, as a pure fan. I will always be loyal to WWE. I really love our company, our employees, our superstars and our fans. And I thank all our partners.
‘Thank you for everything. Then. Now. Forever. Together. -Steph.’
Mr. McMahon issued a statement following his election as Executive Chairman of the Board and prior to the posting of Stephanie on social media.
“First of all, I would like to express my full support for Stephanie’s personal decision. I will forever be grateful that she offered to fill in during my absence and I am truly proud of the work she has done as co-leader of WWE.
“Stephanie has always been the ultimate ambassador for our company, and her contributions over the decades have left an immeasurable impact on our brand.
“I am proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped our company achieve record revenues and profitability.
‘Together we look forward to working with the Board at this critical moment to review our strategic alternatives and maximize value for all WWE shareholders.’
Saudi Arabia has previously hosted several WWE promotions – including “Crown Jewel”.
Following Stephanie’s resignation, reports surfaced Tuesday night that the kingdom’s PIF had agreed to a deal in principle Cassidy Haynes from Bodyslam.net and DAZN’s Steven Muehlhausen.
According to reports, the parties have to complete some formalities before the pact becomes concrete.
Other reports Wednesday morning claimed no sale deal had been finalized, revealed by TMZ Sports. Dailymail.com has reached out to WWE for comment.
https://www.dailymail.co.uk/sport/wwe/article-11630523/WWE-hires-outside-advisors-just-days-linked-sale-Saudi-Arabias-PIF.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 WWE is hiring outside consultants just days after being linked with a sale to Saudi Arabia’s PIF