WWE shares jump as Vince McMahon stages comeback

Vince McMahon is staging a comeback astatine World Wrestling Entertainment, months aft helium retired from the institution implicit a intersexual misconduct scandal.

Shares of the institution jumped much than 10% aft hours pursuing McMahon's Thursday announcement.

McMahon, the company's controlling shareholder, said helium had elected himself enforcement president of the company, and helium brought connected 2 erstwhile WWE co-presidents and committee members, Michelle Wilson and George Barrios.

McMahon said that his instrumentality is indispensable arsenic the institution gears up for negotiations implicit media rights and strategical alternatives. WWE, which styles itself arsenic a media company, has been mentioned arsenic a imaginable acquisition target.

"The lone mode for WWE to afloat capitalize connected this accidental is for maine to instrumentality arsenic Executive Chairman and enactment the absorption squad successful the negotiations for our media rights and to harvester that with a reappraisal of strategical alternatives," McMahon said successful his announcement. "My instrumentality volition let WWE, arsenic good arsenic immoderate transaction counterparties, to prosecute successful these processes knowing they volition person the enactment of the controlling shareholder."

A WWE spokesperson didn't instantly remark connected the substance to CNBC.

McMahon retired past twelvemonth amid an probe into payments the erstwhile CEO made regarding alleged instances of sexual misconduct. Yet, due to the fact that McMahon is the company's largest shareholder, helium maintained a batch of power. His daughter, Stephanie McMahon, became co-CEO aft helium retired.

"Mr. McMahon tin efficaciously workout power implicit our affairs," the institution said successful a November regulatory filing.

CNBC's Lillian Rizzo contributed to this report.

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