Vince McMahon Retires
July 22 2022 - 4:05PM
Business Wire
Vince McMahon today released the following statement:
“As I approach 77 years old, I feel it’s time for me to retire
as Chairman and CEO of WWE. Throughout the years, it’s been a
privilege to help WWE bring you joy, inspire you, thrill you,
surprise you, and always entertain you. I would like to thank my
family for mightily contributing to our success, and I would also
like to thank all of our past and present Superstars and employees
for their dedication and passion for our brand. Most importantly, I
would like to thank our fans for allowing us into your homes every
week and being your choice of entertainment. I hold the deepest
appreciation and admiration for our generations of fans all over
the world who have liked, currently like, and sometimes even love
our form of Sports Entertainment.
“Our global audience can take comfort in knowing WWE will
continue to entertain you with the same fervor, dedication, and
passion as always. I am extremely confident in the continued
success of WWE, and I leave our company in the capable hands of an
extraordinary group of Superstars, employees, and executives – in
particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO
Nick Khan. As the majority shareholder, I will continue to support
WWE in any way I can. My personal thanks to our community and
business partners, shareholders, and Board of Directors for their
guidance and support through the years. Then. Now. Forever.
Together.”
About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated
media organization and recognized leader in global entertainment.
The Company consists of a portfolio of businesses that create and
deliver original content 52 weeks a year to a global audience. WWE
is committed to family-friendly entertainment on its television
programming, premium live events, digital media, and publishing
platforms. WWE’s TV-PG programming can be seen in more than 1
billion homes worldwide in 30 languages through world-class
distribution partners including NBCUniversal, FOX Sports, BT Sport,
Sony India, and Rogers. The award-winning WWE Network includes all
premium live events, scheduled programming and a massive
video-on-demand library and is currently available in more than 180
countries. In the United States, NBCUniversal’s streaming service,
Peacock, is the exclusive home to WWE Network.
Additional information on WWE can be found at wwe.com and
corporate.wwe.com.
Trademarks: All WWE programming,
talent names, images, likenesses, slogans, wrestling moves,
trademarks, logos, and copyrights are the exclusive property of WWE
and its subsidiaries. All other trademarks, logos and copyrights
are the property of their respective owners.
Forward-Looking Statements: This
press release contains forward-looking statements pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of
1995, which are subject to various risks and uncertainties. These
risks and uncertainties include, without limitation, risks relating
to: the COVID-19 outbreak, which may continue to affect negatively
world economies as well as our industry, business and results of
operations; entering, maintaining and renewing major distribution
and licensing agreements; a rapidly evolving and highly competitive
media landscape; WWE Network; computer systems, content delivery
and online operations of our Company and our business partners;
privacy norms and regulations; our need to continue to develop
creative and entertaining programs and events; our need to retain
and continue to recruit key performers; the possibility of a
decline in the popularity of our brand of sports entertainment; the
possible unexpected loss of the services of Vincent K. McMahon;
possible adverse changes in the regulatory atmosphere and related
private sector initiatives; the highly competitive, rapidly
changing and increasingly fragmented nature of the markets in which
we operate and/or our inability to compete effectively, especially
against competitors with greater financial resources or marketplace
presence; uncertainties associated with international markets
including possible disruptions and reputational risks; our
difficulty or inability to promote and conduct our live events
and/or other businesses if we do not comply with applicable
regulations; our dependence on our intellectual property rights,
our need to protect those rights, and the risks of our infringement
of others’ intellectual property rights; the complexity of our
rights agreements across distribution mechanisms and geographical
areas; potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events; large
public events as well as travel to and from such events; our
expansion into new or complementary businesses, strategic
investments and/or acquisitions; our accounts receivable; the
construction and move to our new leased corporate and media
production headquarters; litigation; a change in the tax laws of
key jurisdictions; our feature film business; a possible decline in
general economic conditions and disruption in financial markets
including any resulting from COVID-19; our indebtedness including
our convertible notes; our potential failure to meet market
expectations for our financial performance; Vincent K. McMahon
exercises control over our affairs, and his interests may conflict
with the holders of our Class A common stock; our share repurchase
program; a substantial number of shares are eligible for sale by
the McMahons and the sale, or the perception of possible sales, of
those shares could lower our stock price; and the volatility of our
Class A common stock. In addition, our dividend is dependent on a
number of factors, including, among other things, our liquidity and
historical and projected cash flow, strategic plan (including
alternative uses of capital), our financial results and condition,
contractual and legal restrictions on the payment of dividends
(including under our revolving credit facility), general economic
and competitive conditions and such other factors as our Board of
Directors may consider relevant. Forward-looking statements made by
the Company speak only as of the date made and are subject to
change without any obligation on the part of the Company to update
or revise them. Undue reliance should not be placed on these
statements. For more information about risks and uncertainties
associated with the Company’s business, please refer to the
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Risk Factors” sections of the Company’s
SEC filings, including, but not limited to, our annual report on
Form 10-K and quarterly reports on Form 10-Q.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220722005469/en/
Media Contact: Chris Legentil
203-352-8793 Chris.Legentil@wwecorp.com Investor Contact: Seth Zaslow 203-352-1026
Seth.Zaslow@wwecorp.com
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