Nick Khan Provides Update On When WWE Could Be Sold
Nick Khan, WWE’s CEO, has provided a timeline update on when the company may be sold while hinting at multiple potential buyers.
Vince McMahon was named the Executive Chairman in January 2023 while announcing that he was looking for the best potential deal to try to sell WWE ahead of the company’s media rights expiring in October 2024. That led to Stephanie McMahon stepping down as the WWE Chairwoman and Co-CEO, which was a job title she shared with Nick Khan since the summer of 2022. Nick Khan is currently the WWE Chief Executive Officer (CEO).
On Thursday, WWE announced a record 2022 in terms of revenue, income and many other factors. Khan appeared on CNBC on Friday morning to talk about WWE’s success as well as the potential sale, which has been rumored for the last month.
While Khan couldn’t give specifics about who is interested in buying WWE, he did say that the company got a ‘warm reception’ from potential buyers when it comes to a future sale.
“There’s only so much I can say about it at this moment, but we’ve certainly got a warm reception in the marketplace from people who seem interested.”
There was a point in the show where CNBC co-host David Faber said he heard “probably not at this point” with regard to Comcast/NBCU potentially buying WWE although Nick Khan seemed to dismiss that notion.
In addition to Comcast, other companies that have been mentioned as potential buyers include Disney, Amazon, Netflix, Endeavor and the Saudi Arabia Public Investment Fund. There could be other options as well.
As for when WWE might be sold, Khan believed it could happen within the next three months.
“Quick, and I’m not trying to be obtuse in saying that. But I think it’s going to be a pretty fast process, maybe three months.”
During WWE’s 2022 fourth-quarter earnings call, Khan claimed that Vince McMahon would depart WWE if his presence impeded or hindered a potential sale in any way.
“Yes. Without question. He’s declared it to the board. He’s declared it to us in management. It’s all about shareholder value. Obviously, he is a shareholder. So it’s not about what role he’ll have. It’s about maximizing that value opportunity.”
.@WWE CEO Nick Khan says strategic sale will be quick: "Maybe three months"$WWE@CNBC@DavidFaber@CarlQuintanilla@MorganLBrennanpic.twitter.com/vRKyDjjNWn
— Squawk on the Street (@SquawkStreet) February 3, 2023