Vince McMahon levels WWE comeback

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Vince McMahon attends a press convention to announce that WWE Wrestlemania 29 will probably be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro | Getty Pictures

Vince McMahon is staging a comeback at Global Wrestling Leisure, months after he retired from the corporate over a sexual misconduct scandal.

Stocks of the corporate jumped greater than 10% after hours following McMahon’s Thursday announcement.

McMahon, the corporate’s controlling shareholder, mentioned he had elected himself govt chairman of the corporate, and he introduced on two former WWE co-presidents and board participants, Michelle Wilson and George Barrios.

McMahon mentioned that his go back is vital as the corporate gears up for negotiations over media rights and strategic choices. WWE, which kinds itself as a media corporate, has been discussed as a possible acquisition goal.

“The one approach for WWE to totally capitalize in this alternative is for me to go back as Government Chairman and give a boost to the control workforce within the negotiations for our media rights and to mix that with a overview of strategic choices,” McMahon mentioned in his announcement. “My go back will permit WWE, in addition to any transaction counterparties, to interact in those processes figuring out they’ll have the give a boost to of the controlling shareholder.”

A WWE spokesman did not straight away remark at the subject to CNBC.

McMahon retired remaining 12 months amid an investigation into bills the previous CEO made referring to alleged circumstances of sexual misconduct. But, as a result of McMahon is the corporate’s biggest shareholder, he maintained numerous energy. His daughter, Stephanie McMahon, turned into co-CEO after he retired.

“Mr. McMahon can successfully workout regulate over our affairs,” the corporate mentioned in a November regulatory submitting.

CNBC’s Lillian Rizzo contributed to this record.

This tale is creating. Test again right here for extra updates.



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