Vince McMahon, majority owner and former CEO of World Wrestling Entertainment, intends to return to the company in order to sell it, according to the Wall Street Journal. McMahon left in July 2022 after reports surfaced he paid women $12 million to hide sexual misconduct allegations.
McMahon is the majority stock owner of the the company. He elected himself to rejoin the board along with two other former executives, which would require three current board members to step down, he said Jan. 5, according to the Journal.
WWE’s media rights with NBCUniversal and Fox, which broadcast its shows, expire in 2024 and the company will be negotiating new rights deals this year. McMahon is looking to sell WWE as part of the future media rights deal. The company earns most of its revenue, which hit $1.28 billion in the 12 months ending Sept. 30, from its content rights. WWE shares rose 11 percent overnight.
WWE did not return the Observer’s request for comment.