Former World Wrestling Entertainment Inc. Chief Executive Vince McMahon, who retired last year following a sexual-harassment scandal that ended his decades-long grip on the industry, is getting off the mat and plans to return and sell the company, according to a Wall Street Journal report Thursday.
McMahon, who is majority owner of the sports-entertainment empire valued at $5.2 billion, plans to elect himself and two former WWE WWE executives, Michelle Wilson and George Barrios, to the board, the Journal reported, citing people familiar with the matter. The return of McMahon, 77, and the others would require three current directors to vacate their positions, the Journal reported. The prospect of McMahon’s return and sale of WWE sent the company shares hurtling 11% higher in extended trading late Thursday to nearly a 52-week high.
“[Vince] certainly has the voting power,” Brandon Thurston, a reporter at Wrestlenomics, told MarketWatch. “I imagine his adversaries may throw obstacles in his way. The big questions are whether federal government can impede him or the company due to the unrecorded expenses or other misgivings, and whether NBCU, Fox or other potential media partners want to work with a company led by someone with seven known sexual misconduct allegations against him.
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