Vince McMahon plots WWE to return to sell the company – Report
Last year, Vince McMahon resigns from his executive and creative responsibilities at World Wrestling Entertainment amid an ongoing investigation into sexual misconduct. Since then, his daughter Stephanie McMahon has become the company’s co-CEO alongside Nick Khan, while his son-in-law Paul “Triple H” Levesque has taken creative control of the product. of the company. However, that may be changing as McMahon is said to be plotting a return.
According to a new report from The Wall Street Journal, McMahon is looking to return to the company’s board and bring allies to the board in the form of former WWE co-chairs and directors Michelle Wilson and George Barrios. According to the WSJ, the move is to seek to sell the company. Currently, McMahon has a majority voting in the company due to the stock he owns.
As the WSJ explains, McMahon has let the board know that he intends to use his voting rights to elect himself, Wilson, and Barrios to the board. Previously, the board had rejected McMahon’s attempt to return. It’s worth noting that the three returnees mean that the three current directors will have to leave their roles, though there’s no word on who that will be.
As for why this is happening now, WWE’s television rights deals with both NBC Universal and Fox are set to expire soon, meaning the company will be looking to make big deals for the show. their Raw, Smackdown, and NXT programs. In a letter to the board, according to the WSJ, McMahon said his intention is to return to the strategy review process to assess whether WWE is a good target for sale. He further noted that “unless he had direct involvement as executive chairman at the outset in the strategy review, he would not support or approve any deal or buy or sell media rights.”
News of the investigation into McMahon’s conduct was first revealed by the Wall Street Journal last year. It is reported that McMahon paid a gag to an employee with whom he had an affair. It was later reported in July that he was indeed paid 12 million dollars in settlements for women since 2006.
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