The news comes just hours after the bombshell that Stephanie McMahon had resigned from the company after her father Vince McMahon had returned as Chairman of the Board. McMahon, who owns controlling shares of the company, is said to have sold the company to Saudi Arabia in a move that will take the company off the public stock market and back to being a private business per DAZN pro wrestling reporter Steven Muehlhausen.Saudi Arabia’s Public Investment Fund.
News of a sale isn’t completely shocking as McMahon made it clear that he intended to return in order to sell the company. “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,” said McMahon last week.
Last year, McMahon came under fire over various reports alleging the former chairman of having paid upwards of $12 million in hush money to various women to cover up claims of sexual misconduct and infidelity. An
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