Last December, Vince McMahon informed the WWE board that he wanted to return to the company to negotiate a media rights deal and kick off the company sale process. However, at the time board of directors informed McMahon that his return will harm the company’s reputation.
However, in early January Vince McMahon returned to the board along with George Barrios, and Michelle Wilson. He was then elected as Executive Chairman of WWE.
Bloomberg has reported that Vince McMahon is looking to sell World Wrestling Entertainment for $9 Billion. They also noted that “the asking price was 37% greater than the company’s $6.5 billion market value.” Endeavor Group Holdings Inc (UFC parent company) and investors from the Middle East could be potential buyers.
Bloomberg further noted that McMahon is unable to find many buyers due to the global economy and rising interest rates.
“A valuation of $9 billion amounts to about seven times the company’s $1.29 billion in sales last year, and 23 times its adjusted operating income before depreciation and amortization, both at the high end for the entertainment industry.”
We will update you when we receive more details. Stay tuned with The Spotlight.
