WWE sent out the following press release…
STAMFORD, Conn., January 12, 2023 – WWE (NYSE: WWE) today announced that it has retained The Raine Group, LLC as financial advisor, Kirkland & Ellis LLP as legal advisor, and August LLC as strategic communications advisor to support WWE’s management team and its Board of Directors in connection with a review of strategic alternatives to maximize value for all WWE stockholders and other stakeholders.
Vince McMahon, WWE’s Founder and Executive Chairman said, “WWE’s upcoming media rights cycle will take place amid a rapidly evolving media and entertainment landscape, and we believe exploring our strategic alternatives at this critical juncture will enable WWE to fully capitalize on the significant value of our intellectual property. I am highly confident that our outstanding Directors, outside advisors and executive team will provide valuable expertise and counsel to help guide the Company through this important process while our management team and employee base continue to deliver results and content our fans love.”
There can be no assurances given regarding the outcome or timing of the strategic alternatives review process. WWE does not intend to comment further until the process has concluded or the Company has otherwise determined that further disclosure is appropriate or required.
Alex Sherman of CNBC tweeted about what the press release means for JPMorgan…
“WWE hires Raine Group to lead sale. Ì reported earlier this week JPM has been hired. That’s true too, but Raine is lead.”
WWE hires Raine Group to lead sale. Ì reported earlier this week JPM has been hired. That’s true too, but Raine is lead. https://t.co/MQUCZg9nGh
— Alex Sherman (@sherman4949) January 12, 2023
Matthew Belloni tweeted the following…
“As predicted, WWE engages Raine as its bank to pursue a sale. Lots of media experience (and connections to potential buyer Endeavor) there.”
As predicted, WWE engages Raine as its bank to pursue a sale. Lots of media experience (and connections to potential buyer Endeavor) there. https://t.co/G3yYSmcnnB
— Matthew Belloni (@MattBelloni) January 12, 2023
In other news regarding the potential sale, Axios.com reported the following…
“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 [of WWE].”