WWE sold to Saudi Arabia, say reports

It has been rumoured that WWE, the wrestling entertainment behemoth, has been sold to Saudi Arabia.

The company has of late been going through tumultous times, with the resignation of it Chairman-Co-CEO Stephanie McMahon on January 10. This was following her father Vince McMahon was reinstated to the Board of Directors. Nick Khan will now serve as the lone WWE CEO.

Rumours had it that Vince McMahon was reinstated to set the ground for the WWE to be sold. Multiple reports say that the sale has already been finalised. An imminent deal, say reports, with Saudi Arabia’s Public Investment Fund (PIF) could be confirmed. The PIF is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion (£514 billion).

Vince McMahon said in a statement: “First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand. I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”

Stephanie McMahon said:“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”

Media
@adgully

News in the domain of Advertising, Marketing, Media and Business of Entertainment

More in Media