World Wrestling Entertainment is performing at an exceptional level on Wall Street. As reported by CNBC, WWE stock reached a “52-week high” on Monday, continuing its strong 2022 performance. WWE stock is up “more than 50%” compared to where it was in 2021. The report also adds that the company’s stock is “trading at levels it hasn’t seen since Summer 2019.” As of this writing, WWE stock shares current sit at $75.42.
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These appealing stock numbers will only increase speculation about a potential sale of the company. WWE has been rumored to be up for sale for a number of years now, and that chatter increased exponentially following multiple days of mass releases within the company. Many believed the reason for the bulk of these cuts was to increase profit margins, which would make the company more appealing to potential buyers.
CNBC reports that a potential sale of WWE could come “before the company’s next U.S. TV rights renewal” which is expected to be announced in the middle of 2023. WWE currently broadcast Monday Night Raw and NXT on NBCUniversal’s USA Network, air WWE SmackDown on FOX, and stream its premium content on Peacock. While WWE is with Peacock until 2026, its television deals with NBCUniversal and FOX are both set to expire in 2024.
“That speculation has been going on for a long time,” analyst John Healy told CNBC. “And I think will always be around this company given the unique asset that it is and the ownership structure.”
Healy also pointed out that “two-thirds of [WWE] revenue is coming from locked-in relationships” with media companies, meaning that a bulk of the company’s revenue is guaranteed. To potential buyers, that amount of revenue security is especially appealing.
This all comes in the aftermath of Vince McMahon’s retirement. Vince served as WWE Chairman and CEO for decades, but passed those positions to former Chief Brand Officer Stephanie McMahon and former WWE President Nick Khan following a sexual misconduct scandal, which revealed that Vince paid upwards of $15 million in hush money to women that he had affairs with.
Khan spoke on a potential WWE sale this past summer, noting that while WWE is “not trying to sell,” they will still answer the phone.
“When I say, ‘We’re open for business,’ if somebody credible calls asking, ‘Hey, are you guys for sale?’ Well, what’s your offer? What are you thinking? We’re not trying to sell it, that’s not our intent,” Khan said. “There are no internal meetings about selling this company. The internal meetings are about growing it and the ability – that we think – we collectively have to tremendously grow what the value of the company is now.”
