World Wrestling Entertainment Inc (WWE) shares have jumped more than 18% after the company’s founder and former CEO Vince McMahon announced he will be returning as its executive chairman.
McMahon, who retired from the company amid sexual misconduct allegations in 2022 but remained its majority shareholder, intends to pursue the sale of the company.
In a statement, McMahon said he had submitted written consent to the WWE board to elect himself and former WWE co-presidents Michelle Wilson and George Barrios to the board, requiring three board members to leave.
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"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 said.
"The only way for WWE to fully capitalize on this opportunity is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives.”
McMahon continued: “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 shares were up 18.2% at mid-morning on Friday, trading at US$85.18.
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