WWE, Saudi Arabia's Problematic Yet Profitable Past: Sale Rumors Swirl As Co-CEO Resigns

World Wrestling Entertainment (NYSE: WWE) is still for sale Wednesday.

The wrestling promotion was the subject of widespread rumors this week concerning a deal with Saudi Arabia's Public Investment Fund, but multiple media sources are confirming that the company has not been sold.

The reports come as Stephanie McMahon, the daughter of longtime promoter and former WWE CEO Vince McMahon, has resigned as co-CEO.

See Also: Vince McMahon Returns To WWE Board Despite Sexual Abuse Allegations - Here's Why

As of Wednesday morning, #WWESold and #SaudiOwnsWWE were trending on Twitter.

The rumors likely stem from WWE's cozy relationship with Saudi Arabia. Over the years, the company nurtured a partnership dating back to 2014 agreeing to hold at least two massive events in the country each year.

These events generate at least $50 million per show and have been held at venues in either the Saudi capital, Riyadh, or Jeddah. WWE is believed to have raked in at least $400 million through the partnership between 2018 to 2022.

Problematic Promotion

WWE has been scrutinized for doing business with Saudi Arabia in the past due to the country's poor human rights record — namely its oppression of women, journalists and the LGBT community.

Some wrestlers, including superstar John Cena, have refused to perform at live events taking place in the country reportedly out of protest over the death of the Saudi journalist Jamal Khashoggi at the Saudi Arabian consulate in Turkey.

McMahon, who resigned last year after multiple women came forward and accused him of sexual assault and abuse, recently returned to the organization's board of directors.

WWE Price Action: Shares of WWE were down 2.26% late Wednesday morning at $88.22, according to data from Benzinga Pro.

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