One day after reporting record 2022 earnings, WWE CEO Nick Khan appeared on CNBC’s Squawk in the Street.
Vince McMahon has stated he returned to WWE as the Executive Chairman of the Board to facilitate a sale of the company and help with the TV rights negotiations.
As previously reported, Khan stated during Thursday’s WWE earnings call that McMahon is willing to step down WWE if a buyer isn’t interested in having him stick around.
Khan was asked why they want to sell the company before the next TV deals are complete.
“I think it makes the most sense because if we were to do new deals for Raw and SmackDown, our weekly programs with, let’s say, NBCU and FOX, it would take a number of buyers off the table. The digital companies, why would they want content that would live elsewhere for another five years or whatever it might be. Now is the right time to do it. Let’s see what the results are on the strategic alternatives, and then we will deal with the media rights,” Khan stated.
David Faber said that he has heard it’s probably not happening that Comcast will buy WWE. However, he’s heard of Endeavor, the parent company of the UFC, as a possible buyer.
“Look, I think they’re all possible. We’re still bullish on Comcast being possible. There’s only so much I can say about it at this moment, but we certainly got a warm reception in the marketplace from people who seem interested,” Khan stated.
Regarding the timing for a sale, Khan said, “Quick. Sorry, I’m not trying to be obtuse in saying that. I think it’s going to be a pretty fast process.” He thinks a sale could happen within three months.
Khan was asked twice whether McMahon would step away from WWE for good if the company was bought.
“By the way, you’re right. It is very tough to take away control from him. He’s built an empire that has certainly been good by me and for me, but no, Vince has declared to the board, to me, to other upper management he’s 100% open to a translation where he’s included in the company moving forward. I really believe he’s looking for the best value for the shareholders, keep in mind he’s a large shareholder,” Khan stated.
Khan noted that they feel WWE is its own sports league.
“We feel the marketplace is robust for our product,” Khan said. “It’s in essence its own sports league. Someone can buy it and put it on their platform.”
Nick Khan believes a WWE sale can happen in “maybe three months” pic.twitter.com/PtmpXKoHsp
— Wrestling News (@WrestlingNewsCo) February 3, 2023
Nick Khan again says Vince McMahon has no issue stepping aside if its the right deal. pic.twitter.com/w9UpRacu1b
— Wrestling News (@WrestlingNewsCo) February 3, 2023
