WWE's Vince McMahon is back after misconduct investigation
Vince McMahon of WWE has returned following a misbehaviour inquiry;
A few months after leaving the sports entertainment firm for an inquiry into allegations of wrongdoing, Vince McMahon is returning to the WWE board of directors.
The majority shareholder and company founder McMahon will resume his role as executive chairman, WWE announced on Friday. It also disclosed a board reorganisation.
Shares increased by over 22%.
In July, McMahon stepped down as CEO and Chairman of WWE. A month previously, he had temporarily resigned from his positions. Over the summer, The Wall Street Journal revealed that McMahon had consented to pay more than $12 million over the previous 16 years to quash claims of misbehaviour and infidelity.
In order to maximise shareholder value, the Stamford, Connecticut-based corporation said Friday that it will be looking at "all strategic alternatives."
A different entertainment company may be interested in purchasing WWE, according to rumours.
In a letter to the board that was written on December 20 but released on Friday, McMahon seemed to address that possibility.
"I think WWE has a unique chance to maximise value for its stockholders and all other stakeholders during this important juncture," McMahon wrote. I firmly believe that the best course of action for all of WWE's shareholders and other stakeholders is to conduct a thorough review, especially given the rapidly changing media landscape in which more and more businesses are attempting to own the intellectual property offered on their streaming platforms.
Early in November, the corporation announced that the special committee established to investigate into the allegations of misconduct had finished its inquiry and been disbanded.
The Associated Press on Friday sent inquiries to the firm requesting more information about the committee's findings, but the company did not respond right away. It did state at the time that the business was putting some of the committee's recommendations into practise.
The broadcast of some of WWE's biggest premium live events of the year takes place at the same time as McMahon's homecoming. Texas hosts the Royal Rumble this month, while Wrestlemania, a two-day spectacle, starts in April.
In a prepared statement, McMahon stated that he has no intention of changing the responsibilities or roles of WWE's current management team as a result of his return. Along with Nick Khan, his daughter Stephanie McMahon holds the position of co-CEO. Paul Levesque, formerly known as Triple H in professional wrestling, is McMahon's son-in-law and the company's chief content officer.
Even after his retirement, McMahon maintained control over the majority of the company's shares, allowing him the authority to arrange a board shakeup upon his return. JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler were removed off the board in order to create way for McMahon and George Barrios and Michelle Wilson.
For many years, Vince McMahon has been one of the most recognisable faces in the WWE.
In 1982, when he bought the World Wrestling Federation from his father, matches were held in modest facilities and shown on regional cable networks.
WWE contests are now conducted in stadiums for professional sports, and the organisation has a sizable fan base abroad.
WrestleMania, a high-end live production that attracts millions of ardent spectators, is one of the events that helped the organisation under McMahon undergo a seismic transition.
The business had its first year of revenue above $1 billion in 2021, and it has television relationships with Fox and NBCUniversal. In May 2022, it disclosed plans to extend its original programming partnership with A&E over a number of years.
WWE superstars like Hulk Hogan, Dwayne "The Rock" Johnson, "Stone Cold" Steve Austin, and John Cena have achieved crossover success.
