Reports have come in that Saudi Arabia’s Public Investment Fund has acquired WWE, the world’s largest professional wrestling company.
This comes days after reports that his PIF in Saudi Arabia could bid his $6.5 billion for the company.
WWE has signed a long-term agreement with Saudi Arabia to host two premium live events in the country each year. His 10-year contract starts in 2018. The deal reportedly goes for $1 billion and $50 million per event.
This is Saudi Arabia’s take on global sports and entertainment following blockbuster signings with Cristiano Ronaldo and Al Nasr FC and a push into F1, where the Jeddah circuit has been added to the annual calendar from 2021. It’s the latest major step. Winning the English Premier League with Newcastle United has been very positive for the club.
The road to WWE’s sale to Saudi Arabia
The news comes just days after it was announced that public company majority shareholder Vince McMahon would be returning to the company, with him assuming the role of executive chairman and his daughter Stephanie McMahon leaving the company. was announced overnight. Leave it to CEO Nick Kern, who was previously co-CEO.
Vince McMahon himself said in a statement that he would be back to expedite the sale.McMahon resigned from the company in mid-2022 after numerous scandals were reported in the Wall Street Journal. . He also reportedly led to a federal investigation into the handling of funds related to these scandals.
“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” said McMahon.
“The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives.
“My return will allow WWE and all of our trading partners to participate in these processes with the knowledge that they will have the support of their controlling shareholders.”
What this means for WWE’s further development, and whether Paul Levesque will retain his role as Chief Content Officer and Creative Officer following the retirement of his wife, Stephanie McMahon, remains to be seen.
Prices have risen since McMahon announced his return in what is speculated to be a reaction to a potential sale.