WWE’s Co-CEO Stephanie McMahon revealed major plans concerned with the overall growth of their business. Today, WWE is the largest wrestling promotion in the world. In business, it is not uncommon for large-scale companies to acquire small-scale companies. It is one of the most effective ways to wipe out the competition.
Earlier this year, Tony Khan merged AEW with Ring of Honor and now has been running the promotions synchronously. In the late 1980s, former chairman Vince McMahon acquired several wrestling territories and brought Vince McMahon acquired several wrestling territories and brought in top stars from each promotion. McMahon’s mastermind was the result of what WWE is today.
Stephanie McMahon hints at a business venture in the Boxing industry
During an appearance at Wells Fargo 2022 TMT Summit, Stephanie McMahon expressed her desire to acquire smaller companies beyond the ambit of wrestling. The Billion Dollar Princess also pointed out that any potential acquisition has to “align with our capabilities”.
Besides the idea of acquiring wrestling promotions, Stephanie McMahon seems to be keener on acquiring the boxing industry. While WWE’s previous attempts to branch out with Bodybuilding and XFL turned out to be a fiasco, boxing is a sport that’s similar to wrestling and is well covered under the umbrella of sports entertainment.
The boxing industry is currently vague with multiple promotions and World Championships. WWE’s goal of conquering the world of boxing could give the sport a better direction.
Plus, WWE is a well-trodden path for many renowned boxers such as Butterbean, Mike Tyson, Evander Holifield, Logan Paul, and Jake Paul. Both Paul brothers are already working with the company.
Stephanie McMahon and CEO Nick Khan are hoping to pull off what Vince McMahon did in the late 1980s when he fused multiple wrestling championships. According to Stephanie, the numerous championships in boxing “could be rolled up into one”.
Vince McMahon’s hush money scandal affected WWE’s ability to sell sponsorship
Further during the interview, Stephanie McMahon along with Co-CEO Nick Khan revealed that WWE is now successfully able to sell sponsorship after a brief pause.
Earlier this year in June, a report from Wall Street stated that Vince McMahon paid over $12M to multiple women in hush money to cover up his sexual affairs.
This forced Vince into retirement and he stepped down from his role as the CEO of the company. According to Stephanie, the company is gaining momentum with the sponsors again. She also admitted that there was a brief pause hinting at Vince’s controversy.
“We’re seeing positive momentum [with sponsors], and again, like I said on the calls, we did have a pause,” said Stephanie. “In addition to the macro headwinds, ya know, of course, there was some change and things that happened in our company this year. And we’re definitely seeing, for next year, what we wanted to see.”
The sexual allegations against Vince McMahon did some significant damage to the company, one of which led to its inability to sell sponsorship. However, WWE eventually weathered the storm under new management with Triple H in charge of the Creative control.
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