CNBC is reporting JPMorgan Chase has been hired by WWE to help advise the professional wrestling company on a potential sale.
The report notes that people familiar with the matter said “WWE has hired JPMorgan to help the company advise on a potential sale. JPMorgan declined to comment. A WWE spokesman couldn’t immediately be reached for comment.”
CNBC also notes that if a deal occurs, it would likely happen over the next three to six months, per people who asked not to be named because discussions are private. It was further said that WWE plans to talk to potential buyers before it makes a decision on TV rights renewal agreements.
According to Front Office Sports on Friday, the Saudi Arabia’s Public Investment Fund “is emerging as a possible bidder for WWE if the promotion puts itself up for sale.” A talent agency – CAA was also named as a potential buyer as well. CNBC, in their report names Amazon, Comcast/NBCUniversal, Netflix, Warner Bros Discovery, Disney, FOX, UFC owner Endeavor Group Holding, Formula 1 owner Liberty Media as all potential buyers.
Vince McMahon, the former Chairman and CEO of WWE, officially made his return to the company’s Board of Directors on Friday. A SEC filing that was made early Friday morning confirmed the news. Three existing shareholders were also removed from WWE’s Board of Directors, and two have resigned.
This news follows the bombshell report by the Wall Street Journal on Thursday that stated McMahon was plotting a return to the company he founded. McMahon stated return is to pursue a sale of the company and be involved in the upcoming media rights deals.