An unconfirmed report published by a professional wrestling news website claimed Stamford-headquartered WWE (NYSE:WWE) has been purchased by Saudi Arabia”™s Public Investment Fund (PIF).
Cassidy Haynes, owner and editor of BodySlam.net, filed a news story last night that used unnamed sources to insist WWE was sold to PIF and would become a private company. Haynes followed up earlier this morning by reporting that the “deal isn”™t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I”™m told a deal has been agreed to in principle.”
A second journalist focused on professional wrestling, Steven Muehlhausen of DAZN.com, also tweeted out news of the WWE sale to PIF, but later deleted the tweet without explanation.
As of this writing, there have been no further independent confirmations of Haynes”™ reporting. Neither WWE nor PIF have acknowledged Haynes”™ coverage of their companies. Another wrestling-focused journalist, Ariel Helwani, tweeted there was no deal in place between PIF and WWE, adding the latter was still “exploring all options.” Haynes’ coverage was also disputed by TMZ Sports, which cited “sources familiar with the situation” in reporting that no sale has been agreed upon.
The past week has seen a dramatic upheaval at WWE, with former Chairman and CEO Vince McMahon muscling his way back into the leadership role by using his majority ownership of Class-B stock to elect himself executive chairman ”“ McMahon abruptly retired last July following media reports that he paid more than $14 million in hush money to former female employees of WWE to silence their accusations that he sexually harassed them. Yesterday, McMahon”™s daughter Stephanie McMahon resigned as co-CEO and chairwoman ”“ whether her sudden departure was enacted so Saudi owners would not have to deal directly with a female executive is unclear.
Photo: WWE’s Vince McMahon and Paul “Triple H” Levesque flank Turki al-Sheikh, head of Saudi Arabia’s General Sports Authority, in a 2018 WWE publicity photograph.
