When it was first revealed that WWE was exploring “strategic alternatives” that included a sale, the thought was that there would be a number of interested bidders. Mature entertainment businesses with global followings and proven track records of delivering live audiences and TV viewers aren’t easy to find, so a number of media companies and even tech giants like Amazon were logical candidates to inquire about an acquisition.
Yet that field might have been winnowed down quite a bit since the beginning of 2023. The reported asking price of $9 billion — a higher multiple of both its annual sales and adjusted operating income before depreciation and amortization than most entertainment companies — could be a potential sticking point, with Fortune, among others, suggesting it would scare off some potential buyers.
Endeavor, the talent and media agency conglomerate that owns UFC, sounds like that number is too rich for its blood. Media companies, which need the sale to make sense for bottom line reasons, may balk as well.
Who does that leave as potential buyers? According to Dave Meltzer of Wrestling Observer Radio (h/t WrestleTalk), maybe just two entities: the Saudi Arabian Public Investment Fund, which has long been thought to be interested, and a group led by AEW owners Tony and Shahid Khan.
(Tony Khan) has expressed interest, but for him to get it, he’d have to take in a lot of partners to get it. Which is not out of the realms of possibility — they could put together a giant deal.
But aside from that — the Saudis and the Khan family — nobody else has publicly expressed interest in buying it, and the price is … in theory the price is very high, they threw that $9 billion figure out.
Unless the Saudis have pretty much agreed to go with 9 billion, which is a very highly inflated figure that I don’t think anybody else would meet, then that’s probably where it’s gonna go.
From a fan’s perspective, both sets of hypothetical new owners come with downsides. The Khans buying WWE would undoubtedly make the internet melt down and cause an initial wave of excitement in some corners, but having the two biggest U.S. promotions under the same umbrella would be a net loss for talent in terms of their professional alternatives.
A sale to the Saudis would almost certainly mean Vince McMahon would stay heavily involved in the day-to-day operation of WWE, maybe even returning to calling the shots creatively. Add in the Saudis’ track record on human rights and it’s a marriage many would find distasteful.
Until a deal is announced, a WWE sale ranks as one of those things that isn’t worth worrying about until it happens. But it is interesting to ponder how a once seemingly wide open field of potential bidders may now be down to just a couple of realistic options.