WWE confirms return of Vince McMahon; Ex-CEO kicks three off, two others resign

WWE today confirmed Vince McMahon’s return to the board, saying three directors have been removed to make room for the former CEO and two of his allies.

“Today we are announcing that WWE founder Vince McMahon is returning to the board,” said WWE Chairman and Co-CEO Stephanie McMahon, Co-CEO Nick Khan and Chief Content Officer Paul Levesque. “We also welcome Michelle Wilson and George Barrios back to our board. Together, we look forward to exploring all strategic alternatives to maximize shareholder value.”

McMahon announced his return yesterday but said he had no plans to influence it [current management’s] Roles, duties or responsibilities.”

“In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority owner, the Company intends to evaluate its strategic alternatives with the aim of maximizing value for all WWE shareholders. There is no guarantee that this process will result in a deal,” WWE said in a so-called “update regarding board composition and review of strategic alternatives” in this strange unfolding saga.

It said McMahon, in his capacity as controlling shareholder, “removed JoEllen Lyons Dillon, Jeffrey R. Speed​ and Alan M. Wexler from the board” to add McMahon, Barrios and Wilson. Two other board members, Ignace Lahoud and Man Jit Singh, resigned effective today.

McMahon resigned as CEO and chairman of the board last July amid a sexual misconduct scandal and a board investigation into payments to women. He felt it was a mistake and the product of bad advice, the WSJ said. McMahon said yesterday that he was taking steps to return as executive chairman and that his new role “allows for unified decision-making throughout the company’s upcoming media rights negotiations and a concurrent full assessment of the company’s strategic alternatives, which Mr. McMahon believe may be relevant.” this is the case. action and in the best interest of WWE and WWE shareholders amid the current dynamics in the media and entertainment industry.”

Weekly shows Monday Night Raw and NXTaired on NBCUniversals USA Network and Friday night smackdown on Fox, have five-year contracts ending in 2024. Peacock, which snapped up WWE’s former standalone streaming network in 2021, will retain the streaming rights to the wrestling circuit through 2026. The strategic consideration in any major M&A deal is that instead of spending $600 million to $700 million dollars on WWE rights, an affiliate might be more interested in buying the company.

WWE stock made the reports yesterday and was up more than 20% in the afternoon.