WWE jumps 12% as Vince McMahon takes action to pursue a sale
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WWE (NYSE:WWE) shares jumped more than 12% in extended-hours trading on Thursday after majority shareholder and former CEO Vince McMahon issued a statement that he is working on a strategic review of the company. 
In the statement, McMahon, who stepped down from CEO in the summer of 2022, said he told the board of directors that intends to work on the renegotiation of the company's media rights and "capitalize on a unique opportunity to maximize long-term value for all WWE shareholders." In doing so, McMahon wants to return to the company's board of directors and expects to become its Executive Chairman. 
The 77-year-old McMahon also said that he will bring former co-presidents and directors Michelle Wilson and George Barrios back to the board. 
Barrios was previously WWE's (WWE) Chief Strategy and Chief Financial Officer and Wilson was the company's Chief Revenue & Marketing Officer.
"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," said Mr. McMahon in the statement. 
"The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives," he continued. "My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."
After Vince's departure this past summer, his daughter Stephanie became Chairman of the company and co-CEO along with former president Nick Khan.
McMahon added in the statement that he sent two letters to WWE's (WWE) board late last month to disclose his wish to return and help initiate a strategic review process. 
Currently, the company's Raw program airs on NBCUniversal's (CMCSA) USA Network and Smackdown airs on Fox (FOXA).
In December, it was reported that McMahon was facing new allegations from two women who accused the wrestling industry mogul of sexual assault.