Vince McMahon, the controlling shareholder of the wrestling organization, plans to return to the company to take advantage of the upcoming media rights negotiations.
McMahon retired over the summer after a sexual harassment scandal. McMahon used personal funds for the payments, but didn't record the expenses that totaled $18.6 million.
McMahon's daughter and an agent took over the roles of co-CEO after he left. Vince McMahon said in his announcement that he wants to be restored as executive chairman of the board of the publicly traded company, along with chair seats for former World Wrestling Entertainment co-presidents.
Three board seats would need to be filled by new members. McMahon retains the majority of the voting power despite the company's board rejecting his return.
McMahon said that the upcoming media rights negotiations coincide with increased industry-wide demand for quality content and live events as more companies seek to own the intellectual property on their platforms.
He said that his return would 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.
Next year, the rights deals with Fox and USA are set to end. The first billion-dollar revenue year for the company was in 1992. McMahon took over the company from his father in 1982 and built it into the world's leading wrestling company.
McMahon's son-in-law, Triple H, replaced him as the person in charge of the creative direction of the company's TV storylines.
McMahon said that he did not intend for his return to have any impact on their roles or responsibilities.
In late December, McMahon sent two letters to the board in which he expressed his desire to come back.
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