For the past century, the entertainment industry in our world has been thriving and changing rapidly. A change we all saw in the early 80s was the boom of the professional wrestling industry. Vincent Kennedy McMahon purchased World Wrestling Entertainment, WWE, from his father and had the promise to change the world. So, in less than a decade, WWE became a global phenomenon. Thus, if you are in touch with the news, you will be aware of drastic changes in the WWE, such as the news circulating like WWE Sold, WWE going private, etc.
WWE Sold – The Backstory
For nearly four decades, WWE and Vince McMahon have been synonyms for each other. We can’t mention a word without remembering the other one. Vince McMahon introduced the idea of superheroes to a global TV audience by introducing pro-wrestling, which involves Entertainment and Wrestling. Also, in this era, Vince McMahon was the sole reason behind the most significant TV moments in the wrestling industry. From childhood heroes like The Undertaker and Stone Cold to modern greats like AJ Styles, this is possible due to Mr. McMahon.
In the last 90s, WWE went into a real-life battle with Ted Turner’s WCW. Both companies had prime-time weekly wrestling shows, Monday Night Raw and WCW Nitro. For over fifty weeks, WCW kept knocking WWE out of the rating war. After Mankind won the World Championship on an edition of Monday Night Raw, WCW’s Nitro never returned in the rating war and eventually went out of business. This move allowed Mr. McMahon to expand his business and the WWE regime to achieve more success in the market. In the year 1999, WWE went public and joined Wall street. The shareholders started investing in the company, and WWE Sold venues, stadiums, and arenas worldwide.
WWE Sold – The Hush Money Scandal
All great things must come to an end is a quote we all witness daily. The same goes for the Might of Vince McMahon. Every WWE fan was sure they won’t see Vince leave WWE until his last breath. However, mother nature had other plans. A year ago, many former WWE women wrestlers came forward directly or indirectly and accused Mr. McMahon of non-marital relationships. On top of those accusations, many females had an allegation of receiving money from Vince McMahon to keep quiet about relationships.
As the WWE is a public company, the shareholders were worrying about their stock, revenues, and investors. Thus, they began an independent investigation against Vince McMahon. After months of digging, investigators found Mr. McMahon guilty of using WWE money for personal entertainment. This scandal resulted in the early retirement of Mr. McMahon and a regime change in the WWE.
The Final Move By Mr. McMahon
During the early days of January, Mr. McMahon used his insane power and voting rights to keep the company hostage, threatening not to accept any sale or TV rights deals agreements. This situation resulted in the board of directors bringing Vince McMahon back to the board as the stockholder. Many WWE insiders reported that WWE might be up for sale as soon as Vince got his powers back. As of this writing, Insiders like XERO NEWS are reporting that WWE is bought by the Saudi group Public Investment Fund headed by the crown Prince MBS. Also, reports state that Public Investment Fund will be changing WWE again to a Private company, resulting in many changes for both the TV audience and the WWE superstars.
Last Moment Updates
We are receiving updates about the situation every passing hour and things are changing rapidly. In an update on the matter, many Wrestling reporters have mentioned a sudden change in the events. A group of WWE shareholders has filed a class action lawsuit against Vince McMahon for his moves regarding his return to the WWE board of directors. Scott A, along with his fellow shareholders is accusing Mr.McMahon on abuse of power during the voting for the Chairman of the board. The class action lawsuit results in putting the sales procedure on pause for the moment. Lawsuit was filed at night on 10th January 2023. More info on this matter will follow soon.
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