Vince McMahon is back at WWE, shareholders hope to benefit
Wrestling giant's stock is up big on Friday after the company announced founder’s return
Wall Street's inflation fight more important than Capitol Hill chaos: Larry Glazer
Kingsview Asset Management CIO Scott Martin and Mayflower Advisors managing partner Larry Glazer join 'Cavuto: Coast to Coast' to discuss how markets are responding to Kevin McCarthy's speakership vote.
World Wrestling Entertainment (WWE) founder and controlling shareholder Vince McMahon is returning to the company's board where he expects to assume the role of executive chair. His daughter Stephanie McMahon is currently chair and co-CEO.
The media and entertainment company released a statement Thursday saying McMahon’s new role would enable unified decision-making through upcoming media rights negotiations and a parallel full review of the company’s strategic alternatives.
"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand," McMahon said in the release.
"The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives," he continued. "My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."
WWE’S BOARD FINDS VINCE MCMAHON PAID $5 MILLION TO DONALD TRUMP’S CHARITY
Returning WWE Chairman and CEO Vince McMahon believes the company requires his direct participation, leadership, and support as controlling shareholder. (John W. Ferguson/WireImage / Getty Images)
The move hopes to maximize long-term value to shareholders amid the current dynamics of the media and entertainment industry.
In December, McMahon sent two separate letters to the board expressing an urgency for his return and a desire to work collaboratively with the board and management team.
McMahon holds the majority of voting power in the company and ran WWE for four decades.
VINCE MCMAHON STEPS BACK FROM WWE ROLE AS BOARD INVESTIGATES ALLEGED MISCONDUCT
WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. (Ethan Miller/Getty Images / Getty Images)
McMahon retired in July last year as the company's CEO and chair, following an investigation into his alleged misconduct. Later, WWE said that it found some unrecorded expenses tied to McMahon.
The WWE Network features premium live events, including WrestleMania, scheduled programming and a video-on-demand library, all currently available in more than 180 countries.
At the opening bell, shares of WWE were up roughly 14%.
Reuters contributed to this report.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
World Wrestling Entertainment
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WWE | NO DATA AVAILABLE | - | - | - |