Skip to main content
  1. AXS Entertainment
  2. Sports
  3. Fight Sports

False WWE buy out rumors cause stock to spike 7 percent

See also

A British financial website released a false WWE rumor about a television network looking into buying the company on March 13. According to Rajah.com, those false rumors caused the WWE stock to actually spike seven percent.

Once the rumor was killed, the stock settled back down to its normal average.

The site was called Betaville and they reported that the television network AMC was considering purchasing controlling stock in the WWE. The site also claimed that the buyout would run the television network around $2.6 and $2.8 billion. The idea was ludicrous and was dismissed by both with any knowledge of the WWE business, but there were still people who purchased stock when the news hit, hoping it could be true.

The McMahon family put the WWE up on the NYSE years ago, but Vince McMahon still owns over 50 percent of the stock in his company, meaning no matter how much was sold, he would remain the controlling stock holder. The only way that AMC could buyout the WWE would be to purchase the shares from McMahon, whose family has owned the company for three generations and running.

The rumor was likely a huge misinterpretation for the financial blog. AMC is one of the networks who are in talks to license the rights to show both “WWE Monday Night Raw” and “WWE Smackdown” on its network, two shows that the blog writer called “ridiculous wrestling programmes [SIC].”

Advertisement