HomeFinancial MarketsWWE Shares Soar in Light of Vince McMahon Exit

WWE Shares Soar in Light of Vince McMahon Exit

Vince McMahon has been the face of World Wrestling Entertainment Inc. for as long as most people can remember. But as of a mere week ago, he was no longer a part of the organization.

Due to allegations of misconduct that were directed at him, McMahon was forced to step down as Chief Executive Officer of the WWE, ending an era.

If people were wondering what this would mean for the WWE’s future, the recently released financial results may give them some hope in the matter.

According to the reports, the WWE expects revenue in quarter two to be roughly $328 million, which is way above the market estimate of $311.9 million. Meanwhile, the company’s shares rose by a whopping 6.5%.

People can only speculate, but many are assuming that this rise has a lot to do with the departure of McMahon. After the unfortunate allegations, a change was needed—and it seems like this was the necessary change.

Northcoast Research analyst John Healy added this statement regarding McMahon’s effect on leaving the company:

“People are trying to ask if Vince letting go of operational and management responsibilities serves as a canary in the coal mine to a potential suitor coming in here to take over the business,” said John Healy, analyst at Northcoast Research.

Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board

Improved results in the Q4 earnings report have allowed Salesforce to keep activist investor Elliott Management from pursuing changes on the company’s Board of...

First Citizens Bancshares Makes a Deal to Acquire Collapsed Silicon Valley Bank

The Federal Deposit Insurance Corporation (FDIC) has found a taker for the collapsed Silicon Valley Bank (SVB). On Monday, FDIC confirmed that North Carolina-based...

Banking Sector Stress Could Lead To Tighter Lending; ECB, Fed Officials Claim

Uncertainty across the banking sector is being closely monitored due to the potential for a credit crunch, a Federal Reserve official divulged on Monday....