Things may get interesting.
WWE has Vince McMahon back on the Board of Directors as of today. Vince McMahon and WWE have then been in talks of a possible sale, though WWE has said a sale is possible but not imminent. Now, Front Office Sports has reported that Saudi Arabia’s Public Investment Fund is emerging as a possible bidder for WWE if the promotion puts itself up for sale. The Public Investment Fund owns about $620 Billion in assets and are looking to boost its global sports expansion. Could WWE be next?
In the same way they did LIV, there’s an unlimited faucet of dollars there, the Saudis are already a decent part of the profitability of the company just on those two [Saudi-based WWE] events alone. They’re trying to be relevant in the entertainment world.
– LightShed Partners analyst Brandon Ross via Front Office Sports
Obviously, WWE and Saudi have a history together as WWE runs
multiple PLE’s over in Saudi Arabia including WWE Crown Jewel. Last year, PIF spent at least $2 billion to bankroll LIV Golf’s global challenge to the PGA Tour. Now, WWE being an option is heavily on the table.
Sources pegged other potential suitors for WWE as:
- Amazon entered the U.S. sports business in a big way with a $1 billion-a-year deal to exclusively stream the NFL’s “Thursday Night Football” through 2033.
- Comcast’s NBCUniversal Media and Fox Corp., which already boasts media rights deals for “Monday Night Raw” and “Friday Night Smackdown” respectively
- Endeavor purchased a controlling stake in the UFC for $4 billion in 2016.
- Liberty Media acquired Formula One for $4.4 billion in 2016.
- Global talent agency CAA.
WWE and Saudi have a large history together both positive and negative. Including Saudi having restrictions on who can and cannot compete on their shows and their history of human rights abuses and treatment of women.
The Saudis may face other hurdles if they want WWE. Given LIV’s inability to score a U.S. media rights deal, there’s a question of whether U.S. media companies would want to be partners with PIF. But, with WWE president Nick Khan leading media rights negotiations, that could be a different story. The former CAA super-agent has deep relationships throughout sports media. He’s expected to drive a hard bargain for the next cycle of rights as the WWE repositions itself as a media giant with valuable IP assets.
WWE referred deal questions to McMahon’s earlier statement. The PIF could not be reached for comment.
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