World Wrestling Entertainment Inc. (WWE) has been sold to the Saudi Arabia Public Investment Fund, according to a tweet by DAZN journalist Steve Muehlhausen. Muehlhausen tweeted late last night that the WWE had been sold and would return to being a private company.
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This news comes on the back of yesterday’s unanimous election of Vince McMahon as Executive Chairman. His daughter, Stephanie McMahon, also stepped down from her Chairwoman and co-CEO positions.
Last Friday, when Vince McMahon reinstated himself to the WWE Board of Directors, his comments were largely understood to imply that the board would try to sell the company. Moreover, it was reported that the company had hired J.P. Morgan (JPM) as advisors on the sale.
How is WWE’s Stock Doing?
WWE’s stock price has risen more than 7% in pre-market trading. Year-to-date, it has already climbed by 31.6%. The rumored sale could send the stock skyrocketing.
