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.
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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.
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