McMahon seeking up to $9B for World Wrestling Entertainment

World Wrestling Entertainment has already fielded offers for a sale - and Executive Chairman Vince McMahon is reportedly pushing to get up to $9B for it.

That would mark up to a 37% premium to current market value of $6.5B - and a high multiple for an entertainment name.

The list of potential buyers includes Endeavor Group Holdings (EDR), already the owner of Ultimate Fighting Championship, Bloomberg reported, though Endeavor (valued at $10.4B) would need help from a third party.

WWE stock (WWE) jumped 2.5% following the report.

The shortlist also includes investors from the Middle East, though after that region has increased its investments in sports including golf and soccer. Saudi Arabia in particular has funded the LIV Golf circuit and has expressed interest in buying Formula One (FWONA).

Bigger strategic buyers, like Netflix (NFLX) or Walt Disney (DIS), might be uneasy taking on McMahon as a partner in a business that is sometimes messy and personal, Bloomberg noted.

source: seeking alpha

MLW's Antitrust Lawsuit Against WWE Dismissed By Judge For Now

Major League Wrestling suffered a major setback in its antitrust lawsuit against WWE on Tuesday, albeit with a small amount of room left for some hope. That's because United States District Court Judge Edward J. Davila dismissed the suit while also giving MLW 21 days to submit an amended complaint in the process. (News of the dismissal was first reported by Brandon Thurston of Wrestlenomics.) It is in that amended complaint that MLW can attempt to address the deficiencies that WWE cited.

The heart of the suit was the claim that WWE interfered in MLW's dealings with both VICE TV (which is partially owned by A&E) and Tubi (owned by Fox), costing MLW vital rights fees and television exposure. WWE argued that MLW's claims of antitrust violations were not sufficient violations of the Sherman Act, the relevant piece of federal law, asserting that MLW did not plausibly claim "(1) a relevant market; (2) monopoly power; or (3) antitrust injury." Citing a ruling in the ongoing UFC fighter antitrust lawsuit, Judge Davila noted that MLW had not provided an adequate explanation of the specifics of the market for pro wrestling and other sports entertainment content. This is the kind of thing that could be remedied in an amended complaint, though, which is why MLW has three weeks to put one together. Because of the dismissal, Davila denied WWE's two pending motions regarding the discovery (deposition, document production, etc.) process, which pertained to setting a discovery schedule and barring discovery until the motion to dismiss was decided.

MLW debuted on REELZ last week. Its premiere episode averaged 79,000 viewers overall in the Nielsen ratings, with a 0.03 rating in the key demographic for adults aged 18 to 49. Among cable originals, it placed 132nd for the day in the key demo.

WWE Board Members George Barrios And Michelle Wilson Announce New Venture

Following their departure from WWE in 2020, wrestling fans probably thought they had heard the last of George Barrios and Michelle Wilson. Now it seems they can't stop hearing about them. Barrios and Wilson made their sudden return to WWE's Board of Directors in January, following VInce McMahon's re-ascension to Chairman, and now they're making more moves, this time with NBA great Carmelo Anthony. In a press release on Friday, Barrios, Wilson, and Anthony launched Isos7 Sports Investment, a new venture looking to "provide growth capital, targeting $50 million to $100 million per investment, to a diversified portfolio of sports leagues, teams, emerging properties, and ancillary businesses in North America, Europe, and pan-Asia." It was also noted that the venture is looking to have access to over $750 million in capital.

"We believe sports assets will continue to benefit from global macro tailwinds and secular industry trends driving significant, predictable, and stable growth," Barrios and Wilson explained. "We are thrilled to partner with Carmelo, a trailblazer for athletes in investing, business development, and philanthropy. We have a shared vision for how a new wave of diverse investors will identify global growth opportunities and impact the marketplace."

In addition to Barrios, Wilson, and Anthony, the venture will also see Brian Flinn serve as a partner for Isos7, with Flinn overseeing investment and operation teams. Flinn is connected to both Anthony and Barrios/Wilson; he previously worked with Anthony's former team, the New York Knicks, served as the former SVP & Global Head of Marketing for the NBA, and was also Chief Marketing Officer at WWE. As of this writing, it's unclear what effect, if any, this new venture will have on Barrios or Wilson's duties as part of WWE's Board.

Booker T's Wrestling Promotion Announces WWE NXT Partnership

WWE Hall of Famer Booker T's wrestling promotion, Reality of Wrestling (ROW) announced on Saturday evening that it's going to be working with "WWE NXT." Their working relationship will start next Saturday, February 11 in Texas City, Texas with WWE "NXT" star and Diamond Mine member Ivy Nile set to be in action.

The "NXT" color commentator started his training school/promotion in 2005. He commented about Saturday's news on social media, noting how excited he was to merge his "NXT" favorites with the roster of his students. 

"Excited to merge my @WWENXT favorites with the roster of my students at @TheOfficialROW! Don't miss a HUGE show next Saturday! Can't wait to see @ivynile_wwe in the World Gym Arena," tweeted Booker T. 

Nile also reacted to her upcoming match, tweeting, "Let's goooooo. See you guys next Saturday!!"

One of ROW's most notable members is current "NXT" Women's Champion Roxanne Perez. Perez was just a teenager when she joined the promotion and during her time there, she held the ROW Diamonds Division Championship. After ROW and before WWE, she went to Ring of Honor and became the inaugural ROH Women's World Champion.

Batista Believes Triple H Being In Charge Is The Best Thing For WWE

Batista recently spoke with Comicbook.com about the new direction of WWE under Triple H. The former WWE Champion believes Triple H is the best man for the job.

On Triple H leading the company:

"I think this is the best thing for the company. It really is. It’s a personal thing with me because I know Triple H. I know how well he knows this business. I know how much he loves this business. As far as this business goes, he’s the smartest guy I’ve ever met in my life."

On how Triple H helped him:

"He made me who I was. He was responsible for my career. I’ve never been ashamed to say that. I think that he is so dedicated to this product and just wants the best for it. I think he’s absolutely the right person. I’ve never met anyone else who thinks the way he does, as far as wrestling goes."

WWE To Celebrate 20th Anniversary of Evolution This Week

WWE issued the following:

Twenty years ago this month, one of the most dominant factions in WWE history stormed onto the scene with the emergence of Evolution.

Led by Triple H, Evolution represented the best of the past, present and future of sports-entertainment in 2003, combining The Game and 16-time World Champion Ric Flair with two potent newcomers who’d go on to become legends in their own right, Batista and Randy Orton.

The group steamrolled competition on Raw during The Ruthless Aggression Era — at one point, all four members held championship gold simultaneously — all while flaunting their enviable lifestyle, whether it was designer clothing, luxury cars or a custom entrance song performed by Motörhead. After disbanding in 2005, Evolution reunited a handful of times throughout the years, most recently at SmackDown 1000 in 2018.

In celebration of the 20-year anniversary of Evolution’s formation, WWE social channels will be paying tribute to the groundbreaking faction all week long. Be on the lookout for classic full-length matches, a special Evolution-themed episode of WWE Playlist, rare photos and be sure to join the festivities by sharing your favorite memories of the group using hashtag #EvolutionWeek.

WWE's Royal Rumble smashes its records for gate, viewing

WWE today announced that the 2023 Royal Rumble, which emanated from the Alamodome in San Antonio, Texas, became WWE’s highest-grossing and most-viewed Royal Rumble in company history.

The event set a new all-time gate record at more than $7.7 million, far surpassing the previous Royal Rumble high in 2017 by more than 50 percent. Viewership of the event saw a 52 percent increase versus the previous record set in 2022.

In addition, the 2023 Royal Rumble broke all-time venue merchandise and sponsorship records. Merchandise sales were up 135 percent versus the record set in 2022. Royal Rumble sponsorship revenue was up nearly 200 percent versus 2022 and featured the first-ever sponsored match (MTN DEW PITCH BLACK) and sponsored countdown clock (Applebee’s).

On social, the Roman Reigns-Sami Zayn videos generated 20 million-plus views across all WWE platforms and became the most-viewed WWE clip of 2023. Additional highlights include Logan Paul and Ricochet’s high-flying collision which amassed 26.5 million views across WWE and Paul’s platforms, and the launch of Reigns’ TikTok account which netted 100K followers in the first 24 hours.

Paul ‘Triple H’ Levesque Has Big Plans in Store for the WWE. What Happens Now That Vince McMahon Is Back?

Raw XXX delivers highest domestic gate in history of Monday Night Raw

Raw XXX was a defining night for the red brand and delivered the highest domestic gate in the history of Monday Night Raw.

A sell-out crowd at the Wells Fargo Center in Philadelphia witnessed Sami Zayn's Tribal Court, an iconic moment shared between Bray Wyatt and The Undertaker, a joining of DX and Kurt Angle, the return of The Beast Brock Lesnar and much more.

Vince McMahon No Longer Needs WWE Stockholder Approval For His Actions

A new SEC filing has revealed that Vince McMahon no longer needs stockholder approval for any actions related to WWE.

WWE published a new SEC filing summary that showed Vince McMahon, the majority shareholder of WWE, successfully petitioned to no longer need approval from stockholders for his actions related to the company.

On January 5, 2023, Vincent K. McMahon, the controlling stockholder of World Wrestling Entertainment, Inc. (the “Company”), executed and delivered a written consent (the “January 5th Consent”) taking certain actions by consent without a meeting in accordance with Section 228 of the General Corporation Law of the State of Delaware (the “DGCL”) resulting in, among other things, the election of Mr. McMahon to the Board of Directors of the Company (the “Board”) and certain amendments to the Company’s bylaws (the “January 5th Amendments”) that Mr. McMahon indicated were intended to ensure that the Company’s corporate governance continued to properly enable and support stockholder rights. On January 6, 2023, the Company issued a press release providing an update regarding the composition of its Board, including Mr. McMahon’s return to the Board, and the Company’s intention to explore strategic alternatives with the goal to maximize value for all stockholders of the Company. On January 9, 2023, the Board elected Mr. McMahon as Executive Chairman of the Board.

Subsequently, Mr. McMahon informed the Company of his view that there is substantial alignment among the Board and management concerning the decision to conduct a review of strategic alternatives amid the Company’s upcoming media rights cycle and that the Company’s corporate governance will properly enable and support stockholder rights. In light of the foregoing, on January 16, 2023, Mr. McMahon, in his capacity as controlling stockholder of the Company, executed and delivered a written consent (the “January 16th Consent”) taking certain actions by consent without a meeting in accordance with Section 228 of the DGCL to substantially repeal the January 5th Amendments, as further described below in Item 5.03.

No further approval of the stockholders of the Company is required to approve any of the actions taken by Mr. McMahon pursuant to the January 16th Consent. Pursuant to rules adopted by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company expects to file with the SEC, and thereafter mail to its stockholders, an information statement as required by Schedule 14C promulgated under the Exchange Act to provide stockholders with information concerning the January 5th Consent and January 16th Consent. The Schedule 14C will also constitute notice to stockholders in accordance with Section 228 of the DGCL of the actions taken by the January 5th Consent and the January 16th Consent.

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.

Effective January 16, 2023, pursuant to the January 16th Consent, Mr. McMahon repealed all of the January 5th Amendments (which were incorporated into the amended and restated bylaws of the Company filed with the SEC on January 11, 2023 as Exhibit 3.1 to the Company’s Current Report on Form 8-K) other than Article XI (Exclusive Forum), which designates (i) the Court of Chancery of the State of Delaware, to the fullest extent permitted by law, as the sole and exclusive forum for the resolution of, among other claims, any derivative action or proceeding brought on behalf of the Company, and (ii) the federal courts of the United States of America, to the fullest extent permitted by law, as the sole and exclusive forum for any cause of action arising under the Securities Act of 1933, as amended (the Company’s bylaws, as amended and restated as a result of the January 16th Consent, are referred to as the “Amended and Restated By-Laws”).”

McMahon returned to WWE this month and stated his primary goal was to oversee the next WWE media rights negotiations and a potential sale of the company. Since then, Stephanie McMahon resigned from the company and Vince McMahon was unanimously elected as WWE Executive Chairman of the Board on January 10. It’s since been reported that McMahon has resumed working at WWE offices and recently made some creative suggestions for WWE television, but other WWE officials including Triple H and Kevin Dunn maintain that McMahon does not have final approval.

What Triple H Told WWE Talent Before Tonight's SmackDown

There has been a lot of uncertainty since Vince McMahon returned to WWE. McMahon revealed his intention to return last month in letters exchanged with WWE's Board of Directors. While the board was initially unanimously against McMahon's return, he found his way back as the company's Executive Chairman.

Many have wondered what that would mean for WWE's creative direction. Paul "Triple H" Levesque took on the role of Chief Content Officer after McMahon left the company back in July. While McMahon has insisted that his reason for returning is to help secure a new media rights deal, and to help facilitate a possible sale, some have theorized that his ultimate goal is to once again run the creative team.

Fightful is reporting that Levesque held a talent meeting hours before the January 13 episode of "SmackDown," which emanates from the Resch Center in Green Bay, Wisconsin. The report notes that Levesque told talent that McMahon is back to "lead the charge" and figure out who to sell the company to if a deal were to take place. It was also said that Levesque tried to pour cold water on reports that a sale was already a done deal.

The report mentioned that Levesque assured talent that nothing that is going on with McMahon will impact the creative direction of the main roster shows. "Triple H" admitted that anything can change, but for now, he's still in charge of the company's creative direction. Levesque reportedly thanked the talent and said he understood why there would be concern backstage.

Rumor Mill - Stephanie McMahon and Triple H had opposed a sale of WWE

Axios.com featured a piece on all the rapidly developing twists and turns within WWE corporate over the last week that originated with Vince McMahon forcing himself back into a major role in the company to potentially faciliate a sale.

Interesting to note that in their coverage, it is noted, "Sources told Axios that Stephanie McMahon and her husband Paul "Triple H" Levesque, the company's chief content officer and a retired professional wrestler, had opposed a sale."

Should that be accurate, it certainly adds a new dimension to Stephanie McMahon's decision to resign from the company earlier this week.