WWE controlling shareholder Vince McMahon takes strategic actions

WWE founder and controlling shareholder Vince McMahon has taken actions aiming to position the company to capitalize on an opportunity to maximize long-term value for all WWE shareholders. The actions include the election to the Board of McMahon, as well as Michelle Wilson and George Barrios – former WWE Co-Presidents and Board members, and currently the Co-Founders and Co-CEOs of Isos Capital Management – and the requisite removal from the Board of three directors. McMahon expects to assume the role of Executive Chairman of the Board. McMahon’s new role aims to enable unified decision making through the company’s upcoming media rights negotiations and a parallel full review of the company’s strategic alternatives. McMahon believes that the strategic alternatives review must occur in tandem with the media rights negotiations. In conjunction with the changes to WWE’s Board, McMahon’s written consent also includes certain amendments to the company’s bylaws. These changes will be detailed in a Schedule 13D amendment to be filed by McMahon and a Form 8-K to be filed by the company in the coming days. Wilson is Co-Founder and Co-CEO of Isos Capital Management. Prior to founding Isos with Barrios, most recently served as Co-President and Board Member of WWE until January 2020. Previously, Michelle served as the Chief Marketing Officer of the United States Tennis Association, oversaw all marketing efforts for the launch of the XFL, a partnership between WWE and NBC, and held consumer products and brand management positions at the NBA and Nabisco, respectively.