Vince McMahon is the sole person running WWE according to Nick Khan, the current CEO of the company. This news comes after several recent allegations against McMahon, including allegations of sexual misconduct and hush money payments. McMahon retired in July 2022, but returned as the Executive Chairman of the Board on January 10 amid these allegations.
McMahon’s Return to Power
Following his return, Stephanie McMahon resigned from her position as co-CEO, making Nick Khan the sole CEO of WWE. Khan revealed that McMahon is the controlling shareholder of WWE, and management fully supported his decision to return. Khan joined WWE in 2020 as the president of the company, representing WWE and their media rights. One of Khan and McMahon’s goals was to ensure that shareholders knew that “good people” were running the company during chaotic times.
WWE ratings went up and its relevancy increased after the chaos surrounding McMahon’s retirement subsided, allowing everyone to focus on the core business. However, this was short-lived as soon after this success came sexual allegations against McMahon.
Allegations Against Vince McMahon
Several women accused McMahon of abuse and he allegedly paid them millions of dollars for silence between 2006 and 2022. In light of these allegations, Vince McMahon publicly announced his intention to sell WWE worth $9 billion dollars.
Sale of WWE
According to recent news, The Saudi Arabia-backed Public Investment Fund is rumored to be interested in buying WWE for 7.47 billion pounds. Other major companies interested in buying WWE include Comcast, Fox, Disney, Warner Bros., Discovery, Netflix, Amazon, UFC owner Endeavor Group Holdings, and Formula 1 owner Liberty Media. There will likely be a bidding war among these companies given their financial resources.
Vince McMahon will oversee the sale of the company despite its controversy surrounding him.
Nick Khan’s thoughts on the sports media landscape
Nick Khan also shared his thoughts on the sports media landscape in a recent interview. He predicts that there will be further consolidation in the streaming services and major media conglomerates in a few years. He mentions Warner Bros. Discovery and Comcast as potential companies to watch for further consolidation.
When talking about the upcoming media rights deals, Khan believes Pac-12 is in a tough spot and got caught off-guard, but praises the Big 12 for doing the best they could with the hand they were dealt. He suggests Pac-12 considers short-term deals that keep attention on schools and avoid taking the biggest money without considering relevancy.
Khan thinks ESPN wants All-Star Weekend in NBA media rights’ negotiations for hospitality reasons. He agrees with Marchand’s idea that ESPN, Turner, and NBC are likely major players in NBA media rights negotiations. Khan mentions hospitality as a driving force in media rights deals and points to WWE’s upcoming WrestleMania event in Los Angeles as an example. Also said that WWE is open to conversations about a media rights deal similar to ESPN’s UFC deal.
In conclusion, Vince McMahon’s control over WWE has been made clear by Nick Khan following recent allegations against him. McMahon’s intention to sell WWE coincides with his return to CEO position which may create some skepticism and question marks surrounding the sale of this billion-dollar industry. Meanwhile, Nick Khan predicts further consolidation in both sports media landscape and streaming services that could reshape these industries in a few years to come.
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