Reports have come in that Saudi Arabia’s Public Investment Fund has purchased WWE, the world’s largest pro-wrestling company.
This comes days after reports that Saudi Arabia’s PIF could bid $6.5 billion for the company.
WWE has a long-term deal with Saudi Arabia to bring two premium live events to the country each year, with its 10 year contract starting back in 2018. The deal is reportedly for $1 billion and $50 million per event.
“Sources: #WWE has been sold to Saudi Arabia’s Public Investment Fund. The company will go back to being private. Unknown if Vince McMahon will return to head of creative but it is expected by some people,” wrote journalist Steven Muehlhausen on Twitter.
The news comes days after it was announced that Vince McMahon, the public company’s lead shareholder, would be returning to the company, with it being announced overnight that he would be assuming the role of Executive Chairman, with his daughter Stephanie McMahon stepping down from the role of CEO, ceding it to Nick Khan, who was previously co-CEO.
Vince McMahon himself, in a statement, said he was coming back to facilitate a sale. McMahon stepped down from the company in mid-2022 after numerous scandals in the Wall Street Journal were reported, which reportedly also led to federal investigations into the way funds were being handled in relation to those 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 capitalise 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, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
What this means for WWE moving forward, and whether Paul Levesque will maintain his role as Chief Content Officer and head of creative after his wife Stephanie McMahon resigned, remains to be seen.
Prices have been up since McMahon announced its return, which has been speculated to be a reaction to the potential sale.
