Prior to reaching a deal with Ari Emanuel’s Endeavour Group, WWE was in talks with over 60 “potential counterparties” in regard to the sale of the company.
In a new SEC filing on Friday, it was noted that there were numerous parties who were in communication with WWE regarding the potential of a sale.
In the filing, which you can see below, it was stated that some of the parties included “strategic companies, financial sponsors, family offices and sovereign wealth funds.”
The sale of WWE to Endeavor was announced on April 3rd, which was the day after WrestleMania 39.
You can check out the SEC filing below:
“Beginning on January 17, 2023 and continuing until April 2, 2023, when WWE executed the transaction agreement, WWE’s financial advisors, acting on its behalf, contacted and were contacted by over 60 potential counterparties, including strategic companies, financial sponsors, family offices and sovereign wealth funds. Between February 6 and March 21, 2023, WWE entered into confidentiality agreements with 20 potential counterparties. All but one of the confidentiality agreements entered into by WWE in connection with this process included a standstill provision for the benefit of WWE with a customary exclusion permitting parties to make proposals to WWE privately and confidentially, and each of the standstill provisions had a duration of at least 12 months. All confidentiality agreements entered into with standstill provisions included the customary exclusion for private proposals and a “fallaway” provision that would allow the counterparty to make a proposal to acquire WWE in the event WWE entered into a definitive sale agreement. Each potential counterparty that had indicated interest in exploring a strategic transaction with WWE was provided an opportunity to enter into a confidentiality agreement with WWE.”
