Gunjan Nath on October 17, 2022
WWE saw its stock price take off after news of Vince McMahon’s retirement from the company. McMahon has been embroiled in a hush money scandal where he paid employees to keep quiet about sexual relationship. Now that Triple H took the reigns, WWE stock is up more than 50% in 2022.
Despite the aftermath from Vince McMahon’s departure and the current trend of the stock market, CNBC carried a piece today on the WWE stock reaching a 52-week-high. PW Insider noticed the same thing last week, something that the company was obviously looking for.
According to the story, some people think WWE could be a target for acquisition before its next TV contracts with FOX and Comcast expire. The report notes WWE’s recent stock and states that the “company’s stock is up more than 50% in 2022.”
The company’s stock is up more than 50% in 2022, hitting a 52-week high Monday, and trading at levels it hasn’t seen since summer 2019. The S&P 500, by comparison, is down more than 20% this year.
The stock’s strong performance this year occurred WWE’s live wrestling-events business came roaring back after months of Covid restrictions and the company increasingly became the subject of sale talks. The stock continued to do well after the company’s longtime leader and biggest shareholder, Vince McMahon, retired from the company over the summer in a cloud of scandal.
Shares of the company were effectively flat Monday after hitting $76.90. WWE’s market capitalization is over $5.6 billion.
The stock’s excellent gain this year was due to the return of WWE’s live wrestling events business following months of COVID limitations, as well as the company’s increasing involvement in acquisition discussions.
After Vince McMahon, the company’s longstanding CEO and largest shareholder, left from the business during the summer under a cloud of scandal, the stock price continued to rise. Stay tuned to Ringside News for the latest stories and updates.
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October 17, 2022 1:22 pm
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