Shares of sports entertainment provider World Wrestling Entertainment (NYSE:WWE) are soaring in the pre-market session today after its founder and controlling stakeholder Vince McMahon took steps towards maximizing shareholder value.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Vince McMahon has provided consent to the company’s Board to elect Michelle Wilson, George Barrios, and himself to the Board. Wilson and Barrios are also the co-founders and Co CEOs of Isos Capital Management. McMahon now expects to become the Executive Chairman of WWE’s board.
The move will help in a unified decision-making process for WWE’s media rights negotiations and a review of its strategic alternatives. Mr.McMahon had earlier indicated a desire to return as the company’s Executive Chairman to its Board.
Shares of the company have already gained 5.1% over the past five sessions and are up a further 9.6% in the pre-market session today.
At present, the consensus rating on the Street remains a Hold for WWE alongside an average price target of $83. This indicates a 15.21% potential upside in the stock.
Read full Disclosure