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World Wrestling Entertainment Inc.
WWE,
on Thursday said it had retained advisers to handle legal, financial and communications matters to help the company weigh “strategic alternatives” amid a “rapidly evolving” media landscape. The professional-wrestling group said it had tapped The Raine Group as a financial advisor, Kirkland & Ellis LLP as legal advisor and August LLC as a strategic communications advisor. “WWE’s upcoming media rights cycle will take place amid a rapidly evolving media and entertainment landscape, and we believe exploring our strategic alternatives at this critical juncture will enable WWE to fully capitalize on the significant value of our intellectual property,” Executive Chairman Vince McMahon said in a statement. The announcement came after McMahon was elected executive chairman of WWE’s board this week, and his daughter, co-CEO Stephanie McMahon, said she would resign from the company. Earlier this month, the Wall Street Journal reported that McMahon, who retired last year amid sexual-misconduct allegations, had returned to the company and would explore a sale of WWE. Separately, CNBC reported late Thursday that All Elite Wrestling, a smaller rival owned by the Khan family, was intersted in merging with WWE. WWE shares rose 1.6% after hours on Thursday.
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