World Wrestling Entertainment, Inc WWE has reportedly been sold to Saudi Arabia Public Investment Fund.
What Happened: The purchase means that the WWE will no longer be a publicly traded company, reported Fox News.
The development takes hours after the company said that Stephanie McMahon had resigned and its board of directors had unanimously elected Vince McMahon as Executive Chairman.
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DAZN Wrestling’s head of social media Steven Muehlhausen was cited by Fox News. Muehlhausen said on Twitter that WEE “will go back to being private. Unknown if Vince McMahon will return to head of creative but it is expected by some people.”
WWE did not immediately respond to Benzinga’s request for comment on the development.
Why It Matters: McMahon is the controlling shareholder of WWE. He said Tuesday, “we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”
McMahon’s comments on Tuesday were construed as an intent to sell WWE, reported Wrestling Inc.
Price Action: On Tuesday, WWE shares closed 2.7% higher at $90.23 and were largely unchanged in the after-hours session, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.