Vince McMahon Reportedly Looking To Sell WWE For $9 Billion
Vince McMahon reportedly has a number in mind for what he wants to glean from a sale of World Wrestling Entertainment (NYSE: WWE). The report follows the return of the wrestling promoter to the helm of the company after stepping down last year amid a hush money scandal.
READ: WWE Is Back! Vince McMahon Returns to Board Following Hush Money Scandal
While it had been initially rumoured that his return was a result of a potential sale of the company, no concrete details were reported. Initial reports suggested that the company had been sold to the Saudi Arabian Public Investment Fund, although nothing ever materialized from that rumour.
Now however it is being reported that McMahon is looking to glean $9.0 billion from the sale of company, as per Bloomberg, which represents a roughly 37% premium to the current $6.5 billion that the firm is worth on public markets.
Offers for the sale of the company – which follows the news of the firm searching for “strategic alternatives” amid media rights renewal discussions – have reportedly been fielded. Potential buyers include the owner of Ultimate Fighting Championship, Endeavor Group Holdings, as well as middle eastern investors.
Bloomberg also noted that strategic buyers such as Netflix or Disney may be uninterested as a result of McMahon’s checkered past.
World Wrestling Entertainment last traded at $88.64 on the NYSE, up 1.69% of the price tag rumours.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
