World Wrestling Entertainment (WWE), the world’s largest professional wrestling organization, was purchased by the Public Investment Fund of Saudi Arabia.
Hours after Stephanie McMahon announced her resignation as chairperson and co-CEO, Vince McMahon came out of retirement and assumed the board’s chairman position.
It has been discussed that WWE might be sold since McMahon came out of retirement. After taking the helm, McMahon clarified his intentions by declaring the company would pursue “strategic alternatives” to maximize value for all WWE stockholders.
Saudi Arabia’s PIF was rumored to be considering an offer for the company of $6.5 billion days earlier.
Apparently, WWE has signed a $1 billion contract with Saudi Arabia to host two high-end live events there each year. The 10-year arrangement began in 2018 and will expire in 2028.
Following the sensational acquisition of Cristiano Ronaldo to Al Nassr FC, this is Saudi Arabia’s most recent major step in sports and entertainment.
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