WWE’s McMahon back after misconduct probe

Vince McMahon is rejoining the board of World Wrestling Entertainment, Inc. several months after he retired from the sports entertainment company during an investigation into alleged misconduct.

WWE said Friday that McMahon, the founder and majority shareholder of WWE, would return as executive chairman. It also announced a board shake-up. Shares surged more than 22%. McMahon retired as WWE’s chairman and CEO in July. He had stepped down temporarily from the posts a month earlier. The Wall Street Journal reported over the summer that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.

The Stamford company said

Friday it would be looking at “all strategic alternatives to maximize shareholder value.”

There have been rumors that WWE may be interested in selling the organization to another entertainment company. McMahon appeared to address that possibility in a letter to the board, dated Dec. 20, but published Friday.

“I believe WWE has a unique opportunity during this critical juncture to maximize value for its shareholders and all other stakeholders,” McMahon wrote. “Specifically, given the rapidly evolving media landscape in which more and more companies are seeking to own the intellectual property offered on their streaming platforms — I firmly believe that the best thing to do for all of WWE’s shareholders and other stakeholders is to undertake a comprehensive review of strategic alternatives.”

The company said in early November that an investigation of a special committee formed to look into the misconduct allegations was completed and that the committee was disbanded.

The company on Friday did not immediately return requests from the Associated Press seeking details about the findings of that committee. It did say at the time the company was implementing some of the suggestions of the committee.