Vince McMahon again at WWE forward of media rights negotiations

Former WWE CEO Vince McMahon, who stays the controlling shareholder of the wrestling group, plans to return to the corporate to “fully capitalize” on the upcoming media rights negotiations, he introduced Thursday.

McMahon, 77, retired over the summer time following allegations of sexual misconduct that included non-disclosure settlement funds. Although McMahon used private funds for the NDA funds, he did not report these bills, which totaled $19.6 million.

After McMahon stepped away, his daughter, Stephanie McMahon, and Nick Khan, a longtime agent at CAA, assumed the roles of co-CEO. In his announcement, Vince McMahon mentioned he’s asking to be reinstated as govt chairman of the board of the publicly traded firm, together with chair seats for former WWE co-presidents Michelle Wilson and George Barrios.

The strikes would require three current members to vacate their board seats. The board beforehand rebuffed an try from McMahon to return to the corporate, however he retains nearly all of the voting energy.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” McMahon mentioned.

He added: “My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

WWE’s rights offers with Fox and USA expire subsequent yr; negotiations are anticipated to start later in 2023. WWE posted its first billion-dollar income yr in 2022. McMahon purchased the corporate from his father in 1982 and constructed the then-WWF into the preeminent wrestling firm on this planet.

When McMahon stepped down, his son-in-law, WWE Corridor of Famer Paul “Triple H” Levesque, changed him because the individual in command of the artistic route of the corporate’s TV storylines.

“WWE has an exceptional management team in place,” McMahon mentioned, “and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”

Earlier than McMahon delivered written consent of his plans to the board, he despatched two letters in late December through which he expressed the urgency of his return, in response to the press launch.