After retiring from World Wrestling Entertainment, Vince McMahon is back at the company.
After hours, the company's shares jumped 10%.
McMahon, the company's controlling shareholder, said he had elected himself executive chairman of the company, and he brought on two former World Wrestling Entertainment co-presidents.
The board pushed back on McMahon's return, along with Wilson and Barrios, which would force three current board directors out of their positions.
As the company prepares for negotiations over media rights and strategic alternatives, McMahon's return is necessary. The company that styles itself as a media company is being mentioned as a possible acquisition target.
McMahon said that the only way for the company to fully exploit the opportunity is for him to return as Executive Chairman and support the management team in the negotiations for our media rights. My return will allow World Wrestling Entertainment, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.
A spokesman for the company didn't say anything to CNBC.
McMahon retired last year after an investigation into payments made to the former CEO. Over the course of 16 years, McMahon paid more than 15 million dollars to four women in order to keep quiet about sexual harassment allegations.
McMahon is the company's largest shareholder. After his retirement, his daughter and former company president became co- CEOs. Vince McMahon gave creative control to his son-in-law, Triple H, a former wrestler.
The company said in a regulatory filing that Mr. McMahon could effectively exercise control.
The report was contributed to by CNBC's L.R.
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