WWE, world’s largest pro-wrestling company, SOLD to Saudi Arabia’s Public Investment Fund
WWE, the world’s largest pro-wrestling company, has reportedly been bought by Saudi Arabia’s Public Investment Fund. As per DAZN’s Steven Muehlhausen of DAZN, WWE “will go back to being private” for the first time since October 1999. This development comes hours after Stephanie McMahon stepped down as Chairwoman & Co-Ceo, less than a week after her father, Vince McMahon, came out of retirement and took over as the chairman of the board.
Ever since McMahon returned from his retirement, talks were on of a potential WWE sale. Soon after he took over, McMahon made his intentions known when he announced that the company was gearing up to undertake “strategic alternatives” with an aim “to maximize value for all WWE shareholders.” His statement made heads turn and many felt WWE’s sale was around the corner.
It is to be noted that an official announcement has not been made. WWE is yet to confirm or deny DAZN’s report of its sale to Saudi Arabia’s Public Investment Fund.
“With Nick’s leadership and Paul ‘Triple H’ Levesque as a chief content officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders,” McMahon wrote in a statement released on Twitter. The statement added, “WWE is in such a strong position that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan.”
