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According to recent reports, the largest wrestling company in the world, World Wrestling Entertainment has been sold to Saudi Arabia’s Public Investment Fund. The news comes after Stephanie McMahon, Co-CEO of the company, resigned from her position, just hours after her father, Vince McMahon returned as the Chairman of the Board. Vince McMahon, who owns the majority shares of the company, is said to have agreed to sell the company to Saudi Arabia in a move that would take it off the public stock market and return it to being a private business, as reported by DAZN pro wrestling reporter Steven Muehlhausen.
https://twitter.com/SMuehlhausenJr/status/1613014122517655552
It is worth noting that this acquisition would bring a significant shift in the culture and direction of the business. The WWE has previously had broadcasting deals with USA Network, Peacock, and Fox, and was made public on August 3, 1999. Previously, the business was solely owned by the McMahon family.
The move is not entirely surprising, as Vince McMahon had previously stated his intentions of returning to the company to facilitate a sale. He said, “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. 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.”
It’s worth noting that Vince McMahon last year 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. And as a result of that report, McMahon stepped back from his role as chief executive officer of WWE while the board continued its investigation.
Fans and industry analysts are eagerly waiting to see how this acquisition will shape the future of the wrestling giant, and the implications it may have on the company’s content and direction.
The Saudi Arabia Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia, established in 1971 to manage and invest the country’s financial assets. The PIF has been actively increasing its ownership stakes in various companies and sectors in recent years, with a focus on diversifying the Saudi economy and supporting the country’s Vision 2030 development plan.
One of the most notable investments made by the PIF is in the technology sector. In 2016, the fund invested $3.5 billion in Uber, becoming one of the company’s largest shareholders. The PIF also invested $45 billion in SoftBank’s Vision Fund, which has stakes in companies such as WeWork, Slack, and DoorDash. In addition, the PIF invested $1 billion in electric car maker Lucid Motors in 2018. These investments reflect the PIF’s desire to be at the forefront of new and emerging technologies.
The PIF has also invested heavily in the entertainment industry, with a reported $3 billion investment in Endeavor, the parent company of the Hollywood talent agency William Morris Endeavor. The PIF also invested $400 million in Live Nation, the world’s largest live entertainment company, and $500 million in the production company behind the hit HBO series “Game of Thrones.”
More recently, the PIF has also been reported to be in talks to acquire a significant stake in World Wrestling Entertainment (WWE). The proposed acquisition would take the company off the public stock market and return it to being a private business.
The PIF’s investments are not limited to just these sectors; it also has significant stakes in other industries such as construction, energy, and infrastructure. The fund’s portfolio includes stakes in companies such as the oil giant Saudi Aramco, the construction giant Saudi Binladin Group, and the multinational engineering and construction firm SNC-Lavalin.
The PIF’s investment strategy is designed to support the Vision 2030 development plan, which aims to reduce Saudi Arabia’s dependence on oil and create new revenue streams for the country. The fund’s diverse portfolio and focus on new and emerging technologies position it well to support the country’s economic growth and development in the coming years.
