WWE BOARD OF DIRECTORS UNANIMOUSLY ELECTS VINCE MCMAHON EXECUTIVE CHAIRMAN OF THE BOARD – World Wrestling Entertainment Inc.

STAMFORD, Connecticut, January 10, 2023– WWE (NYSE: WWE) today announced that its Board of Directors has unanimously elected Vince McMahon as Executive Chairman of the Board.

Stephanie McMahon has stepped down as chair and co-CEO.

Nick Khan will serve as CEO of WWE.

Vince McMahon:
“First of all, I would like to express my full support for Stephanie’s personal decision. I will always be grateful that she offered to step in while I was away and I am truly proud of the job she has done co-directing WWE Stephanie has always been our company’s ultimate ambassador, and her decades of contributions have left an immeasurable impact on our brand.

“I am proud to announce that Nick Khan will serve as CEO of WWE. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together , we look forward to working with the Board of Directors at this critical time to review our strategic alternatives and maximize value for all WWE shareholders.

Stephanie McMahon:
“I can’t say enough how proud I am to have helped lead what I consider to be the greatest company in the world and I’m confident that WWE is in the perfect position to continue to deliver unparalleled creative content and generate maximum shareholder value.”

Nick Khan:
“Stephanie McMahon is a great executive and an even better person. It was an honor to serve as co-CEO with her. She will only continue to succeed.

“I am grateful to Vince McMahon and our Board of Directors for their continued support. I look forward to continuing to work closely with them and my colleagues at WWE to ensure our company can thrive as a premier powerhouse in sports entertainment for years to come.

About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and a recognized leader in global entertainment. The company consists of a portfolio of companies that create and deliver original content 52 weeks a year to global audiences. WWE is committed to providing family entertainment on its television programming, premium live events, digital media and publishing platforms. WWE TVPG programming can be seen in over 1 billion homes worldwide in 30 languages ​​through world-class distribution partners including NBCUniversal, FOX, BT Sport, Sony India and Rogers. The award-winning WWE Network includes all premium live events, scheduled programming and a huge library of on-demand videos and is currently available in over 180 countries. In the United States, NBCUniversal’s streaming service Peacock is the exclusive home of WWE Network.

Additional WWE information is available at wwe.com and corporate.wwe.com.

contacts:

Media:
Chris Legentil
203-352-8793
Chris.Legentil@wwecorp.com

Investors:
Seth Zaslow
203-352-1026
Seth.Zaslow@wwecorp.com

Brands: All WWE schedules, talent names, images, likenesses, slogans, wrestling moves, trademarks, logos and copyrights are the exclusive property of WWE and its affiliates. All other trademarks, logos and copyrights are the property of their respective owners.

Forward-looking statements: This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our outlook for the future the results, the impact of recent management changes, the scope, duration and conclusions of the investigation conducted by the special committee of independent members of our board of directors; our plans to address material weaknesses identified in our disclosure control and procedures and internal control over financial reporting, and regulatory, investigative or enforcement inquiries, subpoenas or requests arising out of, relating to or in connection with these matters. In addition, the words “may”, “will”, “could”, “anticipate”, “plan”, “continue”, “project”, “intend”, “estimate”, “believe”, ” expect”, “outlook”, “target”, “goal”, “direction” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These statements relate to possible future events, as well as our plans, objectives, expectations and intentions and are not historical facts and therefore involve known and unknown risks and uncertainties and other factors that may cause actual results to differ. or performance by us may differ materially from any future results or performance expressed or implied by such forward-looking statements. These forward-looking statements are subject to uncertainties regarding, but not limited to, the results of these actions, as well as the possible future actions indicated below, of Vince McMahon; the appointment of Stephanie McMahon and Nick Khan as joint managing directors; regulatory, investigative or enforcement inquiries, subpoenas or requests arising out of, relating to or in connection with such matters; our ability to remedy material weaknesses in our disclosure controls and procedures and our internal control over financial reporting; and reputational damage to the Company’s relationships with its shareholders, customers, talent and partners, which could have adverse financial and operational impacts, among other factors. The following additional factors, among others, could cause actual results to differ materially from those contained in the forward-looking statements: the outbreak of COVID-19, which could continue to adversely affect global economies as well as our industry, business and our results of operations; enter into, maintain and renew major distribution and licensing agreements; a rapidly changing and highly competitive media landscape; WWE Network; the computer systems, content delivery and online operations of our Company and our business partners; privacy standards and regulations; our need to continue to develop creative and entertaining programs and events; our need to retain and continue to recruit key artists; the possibility of a decline in the popularity of our sports entertainment brand; possible adverse changes in the regulatory environment 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, particularly with competitors with greater financial resources or market 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 activities if we fail to comply with applicable regulations; our reliance on our intellectual property rights, our need to protect those rights, and the risks of our infringement of the intellectual property rights of others; the complexity of our rights agreements across distribution mechanisms and geographies; potential substantial liability for accidents or injuries occurring at our physically demanding events; major 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; construction and relocation of our new leased corporate and media production headquarters; litigation and other actions, investigations or proceedings; a change in the tax laws of key jurisdictions; our feature film business; possible deterioration in general economic conditions and disruption of financial markets, including those resulting from COVID-19; our debt, including our convertible notes; our potential inability to meet market expectations regarding our financial performance; through his beneficial ownership of a substantial majority of our Class B common stock, our majority shareholder, Vincent K. McMahon, could exercise ultimate control over our affairs, and his interests could conflict with the holders of our common stock class A; our share buyback program; a substantial number of shares are eligible for sale by the McMahons and the sale, or the perception of possible sales, of such shares could cause our share price to decline; and the volatility of our Class A common stock. In addition, our dividend and stock repurchases depend on a number of factors, including, among other things, our historical and projected liquidity and cash flows, our plan strategy (including other uses of capital), our financial results and condition, our contracts and our legal condition. restrictions on the payment of dividends (including under our revolving credit facility), general economic and competitive conditions and any other factors our Board of Directors may deem relevant. Forward-looking statements made by the Company speak only as of the date they are 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 on the 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 filings. by the Company with the SEC, including, but not limited to, our annual reports on Form 10-K and 10-K/A and quarterly reports on Form 10-Q/A and Form 10-Q.

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