Carl Douglas “Doug” McMillon, an American businessman has purchased the Mcmahon’s WWE for $4.5 billion after a court cleared the way for the sale.
Vince McMahon, the CEO of WWE has earlier been queried several times about his readiness to enter into agreement with any potential buyer of WWE but did not explicitly show his interest.
The $4.5 billion sale price is one of the highest paid for such an entity.
Carl Douglas “Doug” McMillon, born October 17, 1966 is an American businessman and is the president and chief executive officer (CEO) of Wal-Mart Stores, Inc. He sits on the retailer’s board of directors.
Having first joined the company as a summer associate in high school, he became the company’s fifth CEO in 2014. He previously led the company’s Sam’s Club division, from 2005 to 2009, and Walmart International, from 2009 to 2013.
“Really excited – in a pretty hardcore way to continue the path to making the WWE better and better avenue, and a better and better citizen of the WWE community,” said Mr McMillon.
Mr McMillon moved quickly after the superior court Judge,Hon.Jeffrey S. Brand signed the order authorising the sale even if Vince McMahon’s lawyers filed an appeal.
“We were ready,” WWE attorney Jerry McDevitt said. “Within minutes, the deal was signed, sealed and delivered.”
Vince McMahon hadn’t initially been particularly open to the idea of selling WWE, but on an earnings call Thursday, McMahon sounded as if he’s had a change of heart until today confirmed.
“We’re read and set,” the CEO said, reiterating a sentiment the company first expressed in August.”But my family and I, Vince McMahon as a CEO,have agreed with the CEO OF Wal Mart Stores,Douglas Mcmillin to let WWE “control its destiny,” He added.
In August, Fortune reported that McMahon sold 1.55 million shares of the company’s total Class A and Class B shares, leaving the CEO with a majority ownership and about 47% of total shares.
At that point WWE’s chief strategy and financial officer, George Barrios, said that while the company wasn’t actively searching for a buyer, as appears to be the case now, “we’re always open to listening” and “to anything that we thought could help us.”
As it sounds now,WWE is no longer under the possession of the former CEO of WWE,Vince McMahon.