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Vince McMahon Stages WWE Comeback

Vince McMahon attends a press conference to announce that WWE WrestleMania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium in East Rutherford, New Jersey on February 16, 2012.

Michael N. Todaro | Getty Images

Vince McMahon plans a comeback world wrestling entertainmentmonths after leaving the company over a sexual misconduct scandal.

The company’s stock price jumped 10% after McMahon’s Thursday Announcement.

McMahon, the company’s controlling shareholder, said he had been elected executive chairman of the company, inviting two former WWE co-presidents and board members, Michelle Wilson and George Barrios.

The board, along with Wilson and Barrios, initially rejected McMahon’s attempts to reinstate, according to The, resulting in the removal of three current board members from their positions. wall street journal.

McMahon said his return is necessary as the company prepares to negotiate media rights and strategic alternatives. is referred to as

“The only way WWE can take full advantage of this opportunity is for me to return as Executive Chairman and support management in negotiating media rights, combined with considering strategic alternatives. “My return will allow WWE and counterparties to participate in these processes knowing that they will have the support of their controlling shareholders.”

A WWE spokesperson did not immediately comment to CNBC on the matter.

McMahon resigned last year amid an investigation into payments the former CEO made in connection with the alleged case. sexual misconductSpecial Committee investigation found McMahon paid four women about $15 million over 16 years to silence sexual misconduct allegations.

Still, McMahon retained a lot of power as he was the company’s largest shareholder. His daughter Stephanie McMahon and former president Nick Kern became co-CEOs after he retired. Vince McMahon also turned over creative control to his son-in-law, Paul Levesque, a former wrestler known as Triple H.

“Mr. McMahon will effectively manage our operations,” the company said in a November regulatory filing.

– CNBC’s Lillian Lizzo contributed to this report.

https://www.cnbc.com/2023/01/05/vince-mcmahon-stages-wwe-comeback.html Vince McMahon Stages WWE Comeback

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