WWE confirms Vince McMahon is rejoining the board, stock spikes

World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.

Vince McMahon will be rejoining the World Wrestling Entertainment board.

The news of McMahon's comeback boosted the company's stock price.

The founder of the company, Vince McMahon, will be returning to the board.

McMahon announced on Thursday that he intended to sell the company and that the Board had confirmed that. He said he would bring back the two co-presidents.

Three board members were removed from their posts. Ignace Lahoud and Man Jit Singh stepped down from the board.

McMahon stepped down as CEO after it was found that he had paid millions of dollars to women to keep quiet about sexual harassment.

McMahon remained in control of the company even after he left. According to a regulatory filing, Mr. McMahon can effectively exercise control over our affairs.

According to The Wall Street Journal, McMahon wanted to return to his board position as the company faced negotiations over media rights and strategic initiatives. Recently, a target for acquisition has been the World Wrestling Entertainment.

An immediate exploration of a sale for the company makes a lot of sense, according to analysts at MKM Partners.

There is no assurance that this process will result in a transaction, despite the fact that it is being reviewed.

The company's shares have increased in value in the last year. The stock is worth more than $6 billion.