McMahon, who retired last year amid allegations of sexual misconduct, won’t be involved in day-to-day operations, according to a statement Friday. The former CEO said Thursday that the business should review its strategy, including considering a possible sale.
On Friday, WWE’s Chairwoman Stephanie McMahon said the company will begin “exploring all strategic alternatives to maximize shareholder value.”
Shares of Stamford, Connecticut-based WWE jumped as much as 24% to $89.43. It was their biggest increase since July 2015 and the company is now valued at about $6.5 billion.
In a statement, WWE said McMahon is returning to the board along with former WWE executives Michelle Wilson and George Barrios. McMahon, who is WWE’s controlling shareholder, also removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the board. Two other board members “- Ignace Lahoud and Man Jit Singh – have resigned, the statement said.
McMahon, who ran the wrestling giant for decades, said earlier that with its TV rights coming up for renewal, it’s a good time to review the company’s options. He cited the growing demand for live events that attract viewers and how media companies want to own the content on their platforms. Comcast Corp.’s NBCUniversal broadcasts WWE matches on its Peacock streaming service and USA cable network while Fox Corp. airs WWE’s Friday Night SmackDown.
“The only way for WWE to fully capitalize on…
