WWE CEO Nick Khan says he expects a sale of the company to happen quick.
It was previously reported that WWE officials wanted to sell the company by mid-summer. Khan appeared on CNBC’s Squawk on The Street this morning and was asked by Carl Quintanilla about a the potential sale.
“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 said.
Khan was then asked about his expectations on a timeframe for the sale. He responded, “Quick, and I’m not trying to be obtuse in saying that, but I think it’s going to be a pretty fast process. Maybe three months.”
Quintanilla then stated that there’s no governing WWE Chairman Vince McMahon, and to do a deal with WWE means you have to deal with Vince, which could be a potential issue for buyers that are looking to take control of WWE, when really there’s no taking control from Vince. Khan reiterated comments he made in Thursday’s Q4 & Full Year 2022 investors call, about how Vince has reassured everyone that his only focus is value for shareholders.
“You’re right, it’s very tough to take control from him, and he’s built an empire which has certainly been good by me and for me,” Khan responded. “But no, Vince has declared to the Board, to me, to other upper management, he is 100% open to a transaction where he’s not included in the company moving forward. I really believe he’s looking for the best value for the shareholders. Keep in mind, he’s also a large shareholder, he’s 77 years old, and I think he’s ready to take a look at the landscape.”
Quintanilla continued and asked Khan about push-back on the idea of Vince never stepping aside, and if Khan is really of the belief that if the right deal is found, acknowledging this is a big “if,” that Vince would be willing to step aside.
“100% without question,” Khan responded. “With Vince, 100% if it’s the right deal and I think we’re all going to take a look at all of the factors that make it the right deal. If it doesn’t involve him, it’s no issue.”
We noted before how WWE Legend Dwayne “The Rock” Johnson said the right buyer for the company will have to have passion and the love for the unique world of WWE. Khan, a lifelong pro wrestling fan, agreed with Rock’s comments.
You can see clips from Khan’s appearance below:
.@WWE CEO Nick Khan says strategic sale will be quick: "Maybe three months"$WWE @CNBC @DavidFaber @CarlQuintanilla @MorganLBrennan pic.twitter.com/vRKyDjjNWn
— Squawk on the Street (@SquawkStreet) February 3, 2023
$WWE talks potential sale. CEO Nick Khan says the company is considering a “broad range of options” and Vince McMahon is open to a deal where he would no longer be involved in the company.@CNBC @WWE @DavidFaber @CarlQuintanilla @MorganLBrennan pic.twitter.com/Yl9dk8tXVR
— Squawk on the Street (@SquawkStreet) February 3, 2023
Dwayne @TheRock Johnson told us that if the @WWE were to sell they’d have to find the “right buyer” with passion and love for the brand.
CEO Nick Khan agrees: If it's the right deal, it's no issue.$WWE @CNBC @DavidFaber @CarlQuintanilla @MorganLBrennan pic.twitter.com/E5ZxYlvBV0
— Squawk on the Street (@SquawkStreet) February 3, 2023
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