Who Owns WWE? The Corporate Ownership Of Wrestling's Largest Empire, Explained (2024)

WWE fans are some of the most passionate and devoted on the planet, rivaling even massive fandoms such as Star Warsand Marvel Entertainment. However, a majority of those fans would be hard-pressed if asked to explain who exactly owns the company. While it is accurate that Vince McMahon was historically the most powerful person in the company, WWE's corporate structure is much more complicated thanks to the company going public in 1999. Many internal changes have happened over the years that can be confusing to the average person, but we hope to explain them a little bit here.

WWE Remains A Wrestling Giant That Likely Will Never Be Dethroned

WWE Continues To Stand Head And Shoulders Above Other Wrestling Promotions

• Despite what the Internet Wrestling Community has had to say at different points in time, WWE is and has been thriving as a business.
• WWE is, to much of the world, synonymous with pro wrestling.
• WWE has been publicly traded since 1999.

WWE is a global empire and while every month or so, the Internet Wrestling Community ponders upon the impending death of the company, the truth is, WWE is worth several billion dollars and remains the most existentially safe wrestling promotion of all time.

Whatever fans may think of Raw, SmackDown, NXT or other WWE offerings from their on-screen television portfolio, there is no disputing the claim that WWE is the first name in pro wrestling; much like the UFC is to the sport of MMA. WWE has been around for a long time and will continue to exist for the foreseeable future. The foundation of the publicly traded company is rock-solid and every few years or so, the company breaks new ground in terms of revenue and profit.

To start from the basics, WWE is a publicly traded company and transitioned from the private sector in October 1999, with the price of one share estimated at $22 when it was first listed on the New York Stock Exchange. This landmark move was unprecedented for a major wrestling promotion and not only bolstered WWE's public credibility and opened financial opportunities as not only their fans, but the larger business community literally got invested. As of May 17, 2004, under TKO, one share was valued at $104.72.

Prior To The Sale, The McMahon Family Had A Majority Of WWE's Voting Power

Vince McMahon's Ownership Stake Was Key To Him Returning To Executive Power In 2023

• Prior to the Endeavor deal, Class B stock granted to McMahon family members had far greater value than Class A stock.
• Shane McMahon purportedly sold off a high volume of shares in 2014.
• Despite his executive role, Triple H's ownership stake was minimal relative to his wife and in-laws.

Prior to WWE's sale to Endeavor, Vince McMahon held about 37.6% of the total shares, but his voting power was far higher, with his Class B shares granting him an estimated 83% of the voting power within the company. Moreover, Class B shares could only be held by descendants of Vince McMahon and Linda McMahon; more specifically, their children Stephanie and Shane. The former held about 1.9 million shares in the company, which translates to about 2% of the total shares.

According to Wrestlenomics, Shane held a large portion of Class B shares in the past, but it is believed that he sold his shares in 2014. Linda McMahon held 1% of the WWE shares, all of which were Class B. Lastly, Paul Levesque, more popularly known as Triple H, held 67,571 shares, a mere fraction of what his wife, Stephanie holds. Moreover, all of Triple H’s shares in the company are Class A, despite being married into the McMahon family. Safe to say, Triple H didn't hold much voting power even after rising to significant control when it came to the creative direction of the company. If or when he did input in the bigger picture of the company, it was, at least officially, quite minuscule in comparison to his in-laws.

Lindsell Train Limited is the biggest institutional owner of WWE shares, owning an estimated 14% of all shares and 3% percent of the voting power, which is a tad higher than that of Stephanie McMahon. This UK-based investment firm holds stocks in other entities as well, such as Manchester United, PayPal, and Disney. The Vanguard Group and Blackrock, Inc. are two other investment firms holding shares in the company. Both companies hold 5.5% of the shares and the same voting power, at one percent.

The Endeavor Deal Marked A Number Of Changes, Including The Dissolution Of The Terms Surrounding Class B Stock

• Class B stock previously allowed the holder a 10x multiplier of voting power.
• The termination of Class B stock shares protected Endeavor's controlling interest over WWE moving forward.
• The McMahon family has not had the final say on WWE business since the sale went through.

In the wake of the sale to Endeavor, the concept of Class-B stock shares is a thing of the past. As reported by Brandon Thurston of Wrestlenomics, an SEC (Securities & Exchanges Commission) filing shows that while Linda, Stephanie, and Vince McMahon retained all of their shares, they would no longer hold the 10x multiplier of voting power as they did in the past. This would logically be so that Endeavor's 51% controlling interest in the company remained firm and the McMahon family no longer had final say over the business operations of WWE.

Endeavor Bought WWE In 2023

The Sale Of WWE Was A Landmark Business Deal

• 2022 onward has been a remarkably tumultuous period for WWE behind the scenes.
• In 2022, Vince McMahon announced his retirement from his executive role, though he returned in 2023.
• Vince McMahon oversaw the sale of WWE to Endeavor.

To say that 2022, 2023, and 2024 have been crazy years behind the scenes for WWE is an understatement. In July 2022, Vince McMahon announced his retirement due to his involvement in sexual misconduct allegations. Triple H was named head of Creative, while Nick Khan and Stephanie McMahon became co-CEOs. However, in January, Vince McMahon forced his way back onto the WWE board to help sell the company. A week later, Stephanie resigned as CEO, leaving Khan as the sole CEO.

Soon came rumors of an imminent WWE sale. Disney, ESPN, and Netflix were all thought to be major contenders. At one point, there was a rumor that the Saudis had bought WWE, causing chaos on social media. Finally, on WrestleMania 39 weekend, the news broke. A name few had mentioned, Endeavor, the owners of UFC since 2016, would be buying WWE.

On April 3, 2023, Vince McMahon appeared with Endeavor CEO Ari Emanuel on CNBC to announce the deal. It was revealed that WWE is valued at $9.3 billion, which was $300 million more than McMahon was asking for. When the TKO group launched, existing Endeavor shareholders held a 51% share of the company, with WWE shareholders making up the other 49%.

Emmanuel personally asked that McMahon stay on with WWE as its Executive Chairman, a decision that was criticized by many. It was said that Triple H would still be in charge of Creative. McMahon said at the time to CNBC of his own creative involvement:

With there being reports as soon as Raw that night that McMahon was back in charge of Creative, it seemed WWE was in creative flux. Even before McMahon faced a new wave of troubling allegations in early 2024, though, the public understanding was that Triple H had more formally retaken the reins of creative, and continues to since McMahon left the company.

The Future Of WWE Leadership

The Picture Of WWE's Future Ownership And Leadership Has Never Been Less Clear

• Vince McMahon bought WWE from his father and presided over the company for roughly four decades.
• Fans always assumed Vince McMahon would be succeeded by one of his children or his son-in-law.
• The Endeavor deal, combined with scandal around Vince McMahon, have made it unclear if his family will have much to do with company.

For decades, the prevailing understanding of how ownership and leadership of WWE would proceed seemed just as predetermined as pro wrestling itself. While some twists and turns were only natural, one of Vince McMahon's children would be anointed his successor. Moreover, the more fans learned about the children of Stephanie McMahon and Triple H, as well as the children of Shane McMahon and Marissa Mazola-McMahon, it seemed clear their own offspring may well carry forward yet another generation of this family running the largest pro wrestling enterprise in the world.

The Endeavor deal changed that narrative. While Triple H has remained a fixture at the creative helm of the company, the corporate structure means that it's far from a foregone conclusion that someone from the McMahon family tree will remain in charge in the long term. That point only became clearer when the early 2024 round of scandal around Vince arose, including allegations of sexual assault and sex trafficking. Endeavor severed ties with him, and without a majority ownership stake, it seems unlikely he'll ever return to power unless he can fully clear his name.

From there, while the McMahon family name once looked like a golden ticket to ensure a prominent place in the wrestling world, it increasingly feels as though it may be an albatross instead for future generations to overcome. Meanwhile, with Endeavor in charge, it also seems less likely current wrestlers and wrestling personalities will assume top leadership spots, let alone ownership roles, but rather that the company will live on as a truly corporate entity employing more traditional executives while wrestling people fill in roles that require more specific expertise down the chain of command.

Vince McMahon Sold Off A Great Deal Of His Stock In Spring 2024

• In early April 2024, it was announced TKO and Endeavor bought nearly $300 million worth of stock previously owned by Vince McMahon.
• While Vince McMahon remains in touch with some major stars, he isn't a part of the WWE power structure anymore.
• Vince McMahon now has no official ties with WWE.

Coming out of WrestleMania 40 weekend, one of the bigger business stories surrounding WWE was that TKO and Endeavor had bought nearly $300 million worth of stock from Vince McMahon. This came after McMahon had sold off a high volume of shares in preceding months. This report seems to affirm the desire of WWE's parent organization to distance itself from the former Chairman, including further reducing his ownership stake and any implication that he still has meaningful connections to the company he was once so synonymous with. It also makes sense McMahon would want some more cash on hand in anticipation of significant legal fees related to the allegations surrounding his behavior.

To be fair, reports also came out in April that McMahon still has contact with some iconic figures from WWE, but all indications are that he truly does not have his hands in WWE business dealings or content anymore at this point. At the end of April, Vince McMahon put his final shares up for sale, ending his 50 years with WWE.

Who Are The Power Players Left Atop The Wrestling Business?

No One Compares To Vince McMahon's Notoriety As A Wrestling Owner

• WWE's new leadership isn't as well known to the general public outside of Triple H and Shawn Michaels heading up creative.
• Tony Khan has become one of wrestling's most famous wrestling executives.
• Besides Billy Corgan with the NWA, most other figures in ownership and management with major promotions have taken on a lower profile role.

As recently as spring 2022, Vince McMahon was unequivocally the most powerful man in wrestling. Indeed, for nearly four decades, even the most casual, lapsed fans, were aware of his presence at the top of WWE, even if they didn't have any insider knowledge surrounding other major players in ownership, management, or creative, like Bruce Prichard, Pat Patterson, John Laurinaitis, Vince Russo, or Brian Gewirtz.

The modern landscape has shifted, though. Today's fans are well aware of Triple H and Shawn Michaels steering the ship for the WWE main roster and NXT respectively, as well as The Rock's position on the TKO board, but may be less conscious of figures like Ari Emanuel and Nick Khan, who haven't demonstrated any clear interest in becoming on-screen characters with the largest wrestling promotion in the world.

In the meantime, Tony Khan has, for better or for worse, grown largely synonymous with the AEW brand, while leaders like The Young Bucks and Kenny Omega don't shy away from making their real life executive roles a part of storylines for the company. Billy Corgan may still be better known as the Smashing Pumpkins frontman than the head of the NWA, but that's nonetheless a big part of his public persona now as well.

Interestingly, most of the other significant promotions have followed WWE's lead with their leadership figures taking less prominent roles on screen in favor of taking care of business behind the scenes. Even TNA, where Jeff Jarrett, Dixie Carter, and Hulk Hogan had so openly played with the line between real-life influence and on-screen personas, has taken on a quieter leadership setup, especially since Scott D'Amore's unexpected departure from the company.

The picture of WWE ownership and leadership has changed dramatically in the last two years and there's every possibility more changes lie ahead. TKO executives will wield the power for the foreseeable future, and it will be fascinating to watch how wrestling changes as a result.