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World Wrestling Entertainment has hired outside advisers as rumors of a possible sale continue to circulate following Vince McMahon’s return to the company.
The sports-entertainment company announced Thursday that it would hire The Rainee Group LLC as financial advisor, Kirkland & Ellis LLP as legal counsel and August LLC as strategic communications advisor.
It comes just days after Saudi Arabia’s PIF came up as a potential bidder and Stephanie McMahon resigned.
WWE announced Thursday night that it had retained outside advisers ahead of a possible sale.
“WWE’s next media rights cycle will take place amid a rapidly evolving media and entertainment landscape, and we believe that exploring our strategic alternatives at this critical time will allow WWE to fully capitalize on the significant value of our intellectual property.” “Vince McMahon said in a statement. declaration.
“I am very confident that our outstanding directors, outside advisors and executive team will provide valuable experience and advice to help guide the company through this important process, while our management team and employee base continue to deliver results and content our fans love.”
McMahon recently returned to the company in what came as a shock to many. His return was reportedly a factor in Stephanie’s resignation from her position as co-CEO.
Vince McMahon returned to WWE last week after stepping down from his CEO role on July 22.
Axios quoted a source on Thursday as saying that both Ms. McMahon and her husband, Paul ‘Triple H’ Levesque, WWE’s chief content officer, “opposed a sale.”
Stephanie stepped down just days after her father’s return, meaning Nick Khan was left as sole CEO of the company. She took over after Vince’s retirement last summer during an investigation into alleged misconduct.
“Words cannot express how proud I am to have helped lead what I consider to be the best company in the world and I am confident that WWE is in the perfect position to continue to deliver unparalleled creative content and generate maximum shareholder value. “. Stephanie said in a WWE statement.
Stephanie McMahon co-CEO of WWE for six months before resigning earlier this week
She followed up with a personal message later Tuesday, expressing her gratitude for her six months as co-CEO.
‘Dear WWE Universe, Approximately 8 months ago, I took a leave of absence and within a few short weeks, I was unexpectedly given the opportunity of a lifetime.
“I had the privilege of returning as Co-CEO and Chairman of the Board of WWE. Words cannot express how proud I am to have led what I consider to be the best company in the world, working alongside a remarkable leadership team and one of the strongest executives I have ever met in my Co-CEO, Nick Khan.
‘Our founder, Vince McMahon, has returned as CEO and is leading an exciting process regarding strategic alternatives. And with the leadership of Nick and Paul “Triple H” Levesque as Chief Content Officer, I am confident that WWE is in the perfect place to continue to deliver unprecedented creative content and drive maximum shareholder value.
WWE is in such a strong position that I have decided to go back on my license and go one step further with my official resignation.
“I look forward to rooting for WWE from the other side of the business, where I started as a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our employees, our superstars, and our fans. And I am grateful to all our partners.
‘Thanks for everything. After. Now. Forever. Together. -Steph.
Mr. McMahon made a statement after his election as Executive Chairman of the Board and prior to Stephanie’s statement on social media.
‘First, I would like to express my full support for Stephanie’s personal decision. I will always be grateful that she offered to step in during my absence and I am truly proud of the job that she did as co-leader of WWE.
‘Stephanie has always been our company’s ultimate ambassador, and her decades of contributions have left an immeasurable impact on our brand.
“I am proud to announce that Nick Khan will serve as CEO of WWE. 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 time to review our strategic alternatives and maximize value for all WWE shareholders.”
Saudi Arabia has hosted multiple WWE promotions including ‘Crown Jewel’
Following Stephanie’s resignation, reports emerged Tuesday night that the kingdom’s PIF has agreed to a deal in principle, according to Cassidy Haynes from Bodyslam.net and DAZN Steven Muehlhausen.
The reports state that the parties must go through some formalities before the pact is concrete.
Other reports on Wednesday morning claimed that there is no sale agreement, as revealed by sports. Dailymail.com has reached out to WWE for comment.