WWE Thread (Spoilers)

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Bandit
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Another rumor SA asked for Stephanie to leave because they don't do business with women in their culture.

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Dynamite is just going to open with Tony Khan laughing.

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Re: WWE Thread (Spoilers)

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Bandit wrote: Wed Jan 11, 2023 8:25 pm Dynamite is just going to open with Tony Khan laughing.
Image

Followed by a 20 minute Max Castor rap.

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Holy shit....does this mean in a way, AEW won?

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Ocelot wrote: Thu Jan 12, 2023 3:21 am Holy shit....does this mean in a way, AEW won?
Not yet.

The flipside is If the Saudi deal ends up happening WWE could have unlimited money. Saudi paid Phil Mickelson $200 million to play golf for them. What if WWE tells people they'll give them $30 million? That would be nothing to the Saudis but AEW could never match it. Then it would come down to if your morals would let you accept money from bad people and want to put up with senile Vince.

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AEWWE

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In AEWWE Cody does jobs for Brandon Cutler.

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Shad and Tony buying WWE would keep it in safer hands sinceTony is such a big fan but he'd need to keep them totally separate from AEW, until like a Super show each year. But really PIf have the most money and whilst there will be backlash they have the financial resources to pay $8.5Bn or more.

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If the Saudis want it, and they have talked to Vince, they'll outbid everyone no matter the price.

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I'd like Tony to get WCW and some of the other old footage but I don't think it would be great if they owned the whole thing. Comcast, Endeavor or Disney would probably be the best to get it. The Saudis getting it would be the most interesting.

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I'm wondering whether Disney get it they move back to a PPV model through ESPN+ . NBCU have the network licence through Peacock so would that have to change hands or until their current deal expires. Tony I imagine would go throughly into the tape library as a lot of the JCP/Georgia Championship Wrestling/even WCW tapes were unlabelled. Plus he's paid for music licences so a lot of the original themes could be back on the events/shows. So for a historical type perspective Tony and Shad would be the best custodians so to speak. Endeavour and Disney would do focus more on exploring maximising the IPs with little interest in the history aspect in term of footage etc. Saudi PIF would probably be business as usual with Vince back in charge running the show. There could be a potential boycott from a lot of fans but PIF have their business interests in multiple areas now to try and rebrand so to speak so them own WWE wouldn't be that much of an outcry. They will likely go private so Vince an others misdemeanours go under the radar.

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Vince McMahon repeals January WWE bylaw amendments, new lawsuit filed
A company sale or media rights deal no longer has to be approved by shareholders.
JOSH NASON2 HOURS AGO
vince-mcmahon-on-205-live-big-cass.jpg
WWE

In a new SEC filing Tuesday, WWE Executive Chairman Vince McMahon repealed some of the bylaw amendments he made upon his return earlier this month including a notable one regarding shareholder voting rights.

While that development may negate a class action lawsuit filed early last week, a new potential class action lawsuit filed last week by the Detroit Police and Fire Retirement System is targeting McMahon as well.

**********

On Thursday, January 5th and using his power as controlling stockholder, McMahon both executed and delivered a written consent that included his election and that of George Barrios and Michelle Wilson back to the board.

That also included amendments to the company bylaws "that Mr. McMahon indicated were intended to ensure that the Company’s corporate governance continued to properly enable and support stockholder rights."

McMahon then returned officially to the board on Friday, January 6th and was elected back to his chair position on Monday, January 9th.

Then, according to the Tuesday filing, because there is "substantial alignment...concerning the decision to conduct a review of strategic alternatives amid the Company’s upcoming media rights cycle and that the Company’s corporate governance will properly enable and support stockholder rights," he executed and delivered another written consent on Monday to "substantially repeal" the amendments made on the 5th.

Wrestlenomics' Brandon Thurston noted that one of the initial amendments McMahon made required shareholders to approve any company transaction or media rights deal. Since he is the controlling shareholder, he would have to approve any such deal.

With the Tuesday change, that is no longer the case. As he is now Executive Chairman, he now has the decision power he gave back to himself with the bylaw change before being elected back to the position.

From the filing:

"No further approval of the stockholders of the Company is required to approve any of the actions taken by Mr. McMahon pursuant to the January 16th Consent."

**********

It was reported Tuesday by Sportico that last Thursday, the Detroit Police and Fire Retirement System petitioned the Delaware Court of Chancery to have their own similar class action lawsuit against McMahon recognized.

The suit is claiming he acted wrongfully in trying to "impose his personal will on WWE and its (Board) by purporting to adopt a package of invalid and inequitable bylaw amendments that would hamstring the Board from making critical business decisions."

The retirement system also claims McMahon enjoys too much voting power due to his Class B shares (10 votes per share) vs. Class A shares (one vote per share). Despite him owning 39% of the company's equity, he controls 81% of the voting power.

They claim McMahon violates Section 141 of the Delaware General Corporation Law and the company charter.

From Sportico:

"Altering the company’s governance structure in the absence of bargained for exchange between WWE and McMahon, the system asserts, “usurps the power of the Board over critical corporate management functions and vests it solely in McMahon in his capacity as a stockholder.” Neither Delaware law nor WWE’s charter permits the kind of transfer of power the system says occurred, and the system wants a declaration the consent is void. "

Last week, a stockholder filed a class action lawsuit against McMahon for the changes that he made to the bylaws. It's unknown if the repeal of those changes will make both of the above moot.

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