WWE shares jump as Vince McMahon stages comeback

WWE shares jump as Vince McMahon stages comeback


Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro | Getty Images

Vince McMahon is staging a comeback at World Wrestling Entertainment, months after he retired from the company over a sexual misconduct scandal.

Shares of the company jumped more than 10% after hours following McMahon’s Thursday announcement.

McMahon, the company’s controlling shareholder, said he had elected himself executive chairman of the company, and he brought on two former WWE co-presidents and board members, Michelle Wilson and George Barrios.

McMahon said that his return is necessary as the company gears up for negotiations over media rights and strategic alternatives. WWE, which styles itself as a media company, has been mentioned as a potential acquisition target.

“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,” McMahon said in his announcement. “My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

A WWE spokesman didn’t immediately comment on the matter to CNBC.

McMahon retired last year amid an investigation into payments the former CEO made regarding alleged instances of sexual misconduct. Yet, because McMahon is the company’s largest shareholder, he maintained a lot of power. His daughter, Stephanie McMahon, became co-CEO after he retired.

“Mr. McMahon can effectively exercise control over our affairs,” the company said in a November regulatory filing.

CNBC’s Lillian Rizzo contributed to this report.

This story is developing. Check back here for more updates.



Source

Restaurants are adding dozens of new spicy menu items in a bid for younger diners
Business

Restaurants are adding dozens of new spicy menu items in a bid for younger diners

Chipotle Mexican Grill’s new Adobo Ranch dip Source: Chipotle Mexican Grill Restaurant brands are hoping hot new menu items will drive visits among younger costumers. Hot, in this case, is literal. Spicy items like chicken sandwiches, seasoned sides and sauces are cropping up more often on menus at major fast-casual and quick-service chains. The idea […]

Read More
Why Black entrepreneurs flock to Martha’s Vineyard every August
Business

Why Black entrepreneurs flock to Martha’s Vineyard every August

Sign at Martha’s Vineyard Airport, Massachusetts Cindygoff | Istock | Getty Images Martha’s Vineyard has long been a summer vacation destination for Black families, but August in the Massachusetts beach community is becoming an important hub for Black entrepreneurs, investors and financial firms, too. “I would say the magic of it is really about introducing […]

Read More
Startup Trunk Tools is using AI to reduce construction errors and waste
Business

Startup Trunk Tools is using AI to reduce construction errors and waste

A worker inside a residential building under construction in the Las Palmas neighborhood of Medellin, Colombia, on Wednesday, July 16, 2025. Esteban Vanegas | Bloomberg | Getty Images A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate […]

Read More