Professional wrestling businessman Vince McMahon is looking to sell his company for a huge amount of money.
He is considering a possible sale of World Wrestling Entertainment (WWE) for as much as $9 billion, according to a report.
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McMahon, controlling shareholder in WWE, returned to the company in January as executive chairman and is getting started on negotiations for a new television deal.
It currently is doing business with Fox (FOX) and Comcast (CMCSA), on which the latter is wildly popular with its Peacock streaming service.
Potential buyers include Endeavor Group Holdings (EDR) and others in the Middle East, according to Bloomberg.
At 77 years old, McMahon is overseeing a strategic review of the company, having originally left WWE in 2022 after revelations he had settled sexual misconduct claims for millions of dollars.
"Shares of WWE rose as much as 4.9% to $91.48 Friday in New York," the Bloomberg report said. "As of the close Thursday, the asking price was 37% greater than the company’s $6.5 billion market value. The stock has risen 30% this year, in part due to takeover speculation."
The story cited sources saying WWE is actively engaged in talks.
"The company has already received offers, said the people, who requested that they not be identified because the discussions are private. WWE declined to comment," Bloomberg reported.
The story also expanded a bit on speculation about possible buyers in the Middle East.
"Saudi Arabia is starting to make major investments in media and entertainment, and has already expressed interest in buying Liberty Media Corp.’s (BATR.B) Formula One," according to Bloomberg. "WWE Chief Executive Officer Nick Khan dismissed a report last month that the Saudis already had a deal to buy the company as 'totally false.'"
