Vince McMahon reportedly wants at least $9 billion for potential sale of WWE
Ex-WWE CEO Vince McMahon reportedly wants at least $9 billion for the company, according to Bloomberg.
McMahon returned to WWE's board in January after stepping away last year amid sexual misconduct allegations.
He has been considering a sale since his return, and several bids reportedly have been submitted.
Former CEO Vince McMahon reportedly wants at least $9 billion in a potential sale of World Wrestling Entertainment, Bloomberg reported Friday.
McMahon, who spent decades growing WWE into an entertainment giant, stepped away from the company last year amid investigations into allegations of sexual misconduct and millions of dollars attached to nondisclosure agreements.
While McMahon was still the controlling shareholder upon his retirement, his daughter Stephanie and Nick Khan were set to serve as co-CEOs after he stepped down. But in January, McMahon returned to serve on WWE's board weeks after the Wall Street Journal reported that he felt confident the allegations against him had "blown over" and he could return to the company.
The WWE board's internal investigation of McMahon ended in November, but the results were not made public.
At the time of his return, WWE said it would "undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders," which many took to mean the company was considering a sale.
Days after McMahon's return, WWE also announced that Stephanie McMahon was resigning as co-CEO, and Khan would serve as the lone CEO going forward.
Bloomberg and Front Office Sports have reported that some bids were submitted to purchase WWE. Businesses like Netflix, Comcast, Disney, Endeavor Group, which already owns a controlling stake in the UFC, or international groups like the Saudi Arabia's Public Investment Fund have been linked to WWE as possible bidders.
Saudi Arabia's fund already has made several investments in sports and entertainment, with the most public being the controversial LIV Golf, an alternative league to the PGA Tour. LIV Golf and other sporting events like the 2022 World Cup in Qatar sparked accusations that Middle Eastern countries were using money and sports to "sportswash" themselves and distract from issues like their civil rights records.
Last month, Khan said reports that a sale to the Saudi Arabian fund was complete in principle "totally false."
McMahon's desired $9 billion is a high ask considering the company reported $1.29 billion in sales last year, and the $9 billion price tag is about 23 times the company's operating income, according to Bloomberg.
A WWE spokesperson did not immediately respond to a request for comment sent Saturday afternoon.
Read the original article on Business Insider
