{"id":1085643,"date":"2023-01-06T08:12:07","date_gmt":"2023-01-06T13:12:07","guid":{"rendered":"https:\/\/bugaluu.com\/news\/wwe-shares-skyrocket-as-ex-ceo-vince-mcmahon-returns-to-board-seeks-possible-sale\/1085643\/"},"modified":"2023-01-06T08:12:07","modified_gmt":"2023-01-06T13:12:07","slug":"wwe-shares-skyrocket-as-ex-ceo-vince-mcmahon-returns-to-board-seeks-possible-sale","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wwe-shares-skyrocket-as-ex-ceo-vince-mcmahon-returns-to-board-seeks-possible-sale\/1085643\/","title":{"rendered":"WWE Shares Skyrocket As Ex-CEO Vince McMahon Returns To Board, Seeks Possible Sale"},"content":{"rendered":"
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WWE Shares Skyrocket As Ex-CEO Vince McMahon Returns To Board, Seeks Possible Sale<\/span><\/p>\n

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World Wrestling Entertainment (WWE) shares jumped more than 18% — one of the largest intraday surges since June 2021 — as the company announced founder Vince McMahon, who retired last year amid allegations of sexual misconduct, will return to the board as the company explores a possible sale.<\/p>\n

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“Today, we announce that the founder of WWE, Vince McMahon, will be returning to the board.<\/em><\/p>\n

“We also welcome back Michelle Wilson and George Barrios to our Board of Directors. Together, we look forward to exploring all strategic alternatives to maximize shareholder value,” Chairwoman & Co-CEO Stephanie McMahon, Co-CEO Nick Khan and Chief Content Officer Paul Levesque, wrote in a\u00a0<\/em>statement<\/em><\/a>.\u00a0<\/em><\/p>\n<\/blockquote>\n

Shares of Stamford, Connecticut-based WWE skyrocketed to as high as $85.89 per share — nearing an all-time high.\u00a0<\/p>\n<\/p>\n

Nearly 20% of WWE’s float is short.\u00a0<\/p>\n

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Maybe a good ole’ squeeze.\u00a0<\/p>\n

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McMahon stated that he wouldn’t have an active role in day-to-day operations:<\/p>\n

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“WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”<\/em><\/p>\n<\/blockquote>\n

WWE added more color about maximizing shareholder wealth in a possible sale:<\/p>\n

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In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction<\/em>.<\/p>\n<\/blockquote>\n

Here’s what Wall Street analysts are saying about WWE (courtesy of Bloomberg):\u00a0<\/p>\n<\/p>\n

MKM Partners analyst Eric Handler (buy, PT $90)<\/strong><\/p>\n