World Wrestling Entertainment (NYSE:WWE) has started 2023 up nearly 30%.
It’s one of the few that finished 2022 in the green. The company was also in the news for the wrong reasons last year.
Here’s why…
- WWE founder and ex-CEO Vince McMahon was accused of sexual misconduct.
- He left the company over the investigation, and McMahon’s daughter Stephanie McMahon stepped in as co-CEO.
- Earlier this month, Vince returned to the company’s board, and Stephanie McMahon resigned as CEO a few days later.
Vince said he was reviewing strategic alternatives, including putting the company up for sale. And a deal could happen within the next 3-6 months.
Will WWE sell? Everybody’s got a price.
🎵 Money, money, money, money, moneyyyyyy 🎵
Per MKM Partners’ Managing Director Eric Handler — WWE would attract many buyers (BBG). WWE’s intellectual property is highly valuable, and brands are increasingly considering owning that IP.
Potential buyers include:
- Comcast (NASDAQ:CMCSA) — whose Peacock streaming service has an existing deal with WWE.
- Other media giants like Disney (NYSE:DIS), Netflix (NASDAQ:NFLX) and Warner Bros. Discovery (NASDAQ:WBD).
- Endeavor Group Holdings (NYSE:EDR) — the owner of UFC.
There were reports that Saudi Arabia’s Public Investment Fund was also looking at the deal.
Get Joe’d up: The story behind WWE.