World Wrestling Entertainment sold to Saudi Arabia, reports

• Public Investment Fund of Saudi Arabia would purchase WWE.
• Vince McMahon took over as Chairman of the Board.
• The McMahon family once owned the company.

According to reports, the Public Investment Fund of Saudi Arabia would purchase World Wrestling Entertainment.

The announcement follows the shocking revelation that Stephanie McMahon had left the organisation after her father Vince McMahon took over as Chairman of the Board. According to DAZN pro wrestling writer Steven Muehlhausen, McMahon, who holds the majority of the company’s shares, sold it to Saudi Arabia in a deal that will return it to being a private company and remove it from the stock market.

On August 3, 1999, the premier professional wrestling organisation, WWE, which has programming agreements with USA Network, Peacock, and Fox, became public. The McMahon family once owned the company.

“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 last week.

WWE has reportedly “agreed in principle” to a deal to sell the company to the Saudia Arabian Public Investment Fund. WWE must provide notice to their shareholders and other parties before the deal is finalised, but the deal has been agreed.

Advertisement

Read more down below.👇 pic.twitter.com/fJ9H77IfD3

— Cultaholic Wrestling (@Cultaholic) January 11, 2023

“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, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

McMahon faced criticism last year after it was revealed that the former chairman allegedly paid as much as $12 million in hush money to a number of women to cover up allegations of sexual misbehaviour and infidelity.

According to a first-hand account, McMahon allegedly sent $3 million in hush money to a lady with whom he was supposedly having an affair. In response to that news, McMahon resigned from his position as WWE’s CEO while the board’s inquiry was ongoing.

Also Read

Mohammad Hussain Inoki, Japan’s famous wrestler dies at 79

Inoki rose to prominence on Japan's pro-wrestling circuit in the 1960s. In...