WWE
World Wrestling Entertainment (WWE) is an American professional wrestling promotion. It is owned and operated by TKO Group Holdings, a majority-owned subsidiary of Endeavor Group Holdings.[9] A global integrated media and entertainment company, WWE has also branched out into fields outside of wrestling, including film, football, and various other business ventures. The company is additionally involved in licensing its intellectual property to companies to produce video games and action figures.
WWE
Titan Sports, Inc. (1980–1999)
World Wrestling Federation Entertainment, Inc. (1999–2002)
World Wrestling Entertainment, Inc. (2002–2023)
- January 1953
(as Capitol Wrestling Corporation Ltd.) - April 1963
(rebranding as the World Wide Wrestling Federation) - February 1980
(founding of Titan Sports, Inc.) - June 1982
(purchase of Capitol Wrestling Corporation Ltd. by Titan Sports)
Jess McMahon or Vincent J. McMahon[a]
(as Capitol Wrestling Corporation Ltd.)
Vince McMahon and Linda McMahon
(as Titan Sports, Inc.)
Stamford, Connecticut
Worldwide
Licensing
US$141 million (2023)[2]
US$195.6 million (2022)[3]
US$1.35 billion (2022)[3]
US$517.2 million (2022)[3]
~800[4] (2023)
The promotion was founded in 1953 as the Capitol Wrestling Corporation (CWC), a Northeastern territory of the National Wrestling Alliance (NWA). Following a dispute, CWC left the NWA and became the World Wide Wrestling Federation (WWWF) in April 1963. After rejoining the NWA in 1971, the WWWF was renamed the World Wrestling Federation (WWF) in 1979 before the promotion left the NWA for good in 1983. In 2002, following a legal dispute with the World Wildlife Fund, the WWF was renamed World Wrestling Entertainment (WWE). In 2011, the promotion ceased branding itself as World Wrestling Entertainment and began solely branding itself with the initials WWE.[10]
Prior to September 2023, the company's majority owner was its executive chairman, third-generation wrestling promoter Vince McMahon, who retained a 38.6% ownership of the company's outstanding stock and 81.1% of the voting power. The current entity, which was originally named Titan Sports, Inc., was incorporated on February 21, 1980, in South Yarmouth, Massachusetts, but reincorporated under Delaware General Corporation Law in 1987. It acquired Capitol Wrestling Corporation Ltd., the holding company for the WWF, in 1982. Titan was renamed World Wrestling Federation Entertainment, Inc. in 1999, and then World Wrestling Entertainment, Inc. in 2002. In 2023, its legal name was changed to World Wrestling Entertainment, LLC.[11]
WWE is the largest wrestling promotion in the world. Its main roster is divided into two touring brands, Raw and SmackDown. Its developmental brand, NXT, is based at the WWE Performance Center in Orlando, Florida. Overall, WWE programming is available in more than one billion homes worldwide in 30 languages. The company's global headquarters is located in Stamford, Connecticut,[12] with offices in New York, Los Angeles, Mexico City, Mumbai, Shanghai, Singapore, Dubai, and Munich.[13]
As in other professional wrestling promotions, WWE shows are not true contests but entertainment-based performance theater, featuring storyline-driven, scripted, and partially choreographed matches; however, matches often include moves that can put performers at risk of injury, even death, if not performed correctly. The pre-determined aspect of professional wrestling was publicly acknowledged by WWE's then-owner Vince McMahon in 1989 in order to avoid taxes from athletic commissions. WWE markets its product as sports entertainment, acknowledging professional wrestling's roots in competitive sport and dramatic theater.
In 2023, WWE began to explore a potential sale of the company, amidst an employee misconduct scandal involving McMahon that had prompted him to step down as chairman and CEO, although he returned as executive chairman.[14] In April 2023, WWE made a deal with Endeavor Group Holdings, under which it would merge with Zuffa, the parent company of mixed martial arts promotion Ultimate Fighting Championship (UFC) to form TKO Group Holdings, a new public company majority-owned by Endeavor, with McMahon serving as executive chairman of the new entity, and Nick Khan becoming president. The merger was completed on September 12, 2023.[15] In 2024, McMahon, who was by now no longer the majority WWE stockholder, ended his ties with the company amid a sex trafficking scandal.[16]
Stock and corporate governance
On October 19, 1999, WWF, which had been owned previously by parent company Titan Sports, launched an initial public offering as a publicly traded company, trading on the New York Stock Exchange (NYSE) with the issuance of stock then valued at $172.5 million.[44] The company has traded on the NYSE since its launch under ticker symbol WWE.[45]
The company has actively marketed itself as a publicly traded company through presentations at investor conferences and other investor relations initiatives.[174] In June 2003, the company began paying a dividend on its shares of $0.04 per share.[175] In June 2011, the company cut its dividend from $0.36 to $0.12.[176] In 2014, concerns about the company's viability caused wide fluctuations in its share price.[177]
Terminology
WWE uses a variety of special terms in promoting their product, such as describing the wrestling industry as sports entertainment. The fan base is referred to as the "WWE Universe" for the main roster shows, while for NXT shows, they are also referred to as the "NXT Universe". Main roster wrestlers are designated "WWE Superstars", while those in NXT are also referred to as "NXT Superstars". Retired wrestlers are described as "WWE Legends", while those who have been inducted into the WWE Hall of Fame are called "Hall of Famers".[274]
Partnerships
Though an infrequent occurrence, during its history WWE has worked with other wrestling promotions in collaborative efforts.
During the 1970s, 1980s, and early 1990s, WWE had working relationships with the Japanese New Japan Pro-Wrestling (NJPW), Universal Wrestling Federation (UWF), Universal Lucha Libre (FULL), and the Mexican Universal Wrestling Association (UWA). These working relationships led to the creations of the WWF World Martial Arts, Light Heavyweight and Intercontinental Tag Team championships.[331][332][333][334]
During the period of 1992–1996, WWE had talent exchange agreements with the United States and Japanese independent companies Smokey Mountain Wrestling (SMW),[335][336] Super World of Sports (SWS),[337] WAR,[338] and the United States Wrestling Association (USWA).[339]
In 1997, the company did business with Mexico's AAA promotion, bringing in a number of AAA wrestlers for the Royal Rumble event and namesake match.[340][341]
In 1997, WWE would also do business with Japan's Michinoku Pro Wrestling (MPW), bringing in MPW talent to compete in the company's light heavyweight division and in their 1997 Light Heavyweight Championship tournament.[342]
In 2015, WWE entered a partnership with Evolve – a U.S. independent promotion that WWE used as a scouting group for potential signees for the NXT brand.[343] In 2020, WWE would purchase Evolve for an undisclosed amount.[344]
In 2016, WWE partnered with England's Progress Wrestling with Progress hosting qualifying matches for WWE's Cruiserweight Classic.[345] In 2017, Progress talent would participate in the WWE United Kingdom Championship Tournament[346] and at WWE's WrestleMania Axxess events.[347] Three years later in 2020, Progress programming began airing on the WWE Network.
In 2017, WWE partnered with Scotland's Insane Championship Wrestling (ICW) with some ICW talent appearing in the WWE United Kingdom Championship Tournament and at WWE's WrestleMania Axxess events.[347] In 2017, WWE explored a deal to bring ICW programming onto the WWE Network[348] – ICW programming began airing on the WWE Network in 2020.
In 2018, WWE partnered with Germany's Westside Xtreme Wrestling (wXw).[349] In October 2018, WWE hosted German tryouts at the wXw Wrestling Academy.[350] In 2020, wXw programming began airing on the WWE Network.
In February 2023, WWE (specifically their NXT brand) launched a partnership with the Texas-based independent promotion Reality of Wrestling (ROW), which is owned by WWE Hall of Famer and NXT commentator Booker T.[351]
In December 2023, WWE launched a partnership with All Japan Pro Wrestling (AJPW).[352][353] In early 2024, WWE expanded their partnership with AJPW, with NXT wrestler Charlie Dempsey going to Japan to challenge for AJPW's Triple Crown Heavyweight Championship which marked the first match under the new collaboration.[354]
Throughout the company's history, WWE has had past arrangements with independent companies from the contiguous United States (such as Ohio Valley Wrestling) and Puerto Rico (such as the International Wrestling Association) with the companies serving as developmental territories.[355]
Drug testing and wellness program
The World Wrestling Federation had a drug-testing policy in place as early as 1987, initially run by an in-house administrator. In 1991, wrestlers were subjected to independent testing for anabolic steroids for the first time.[356] The independent testing was ceased in 1996, being deemed too expensive as the company was going through financial duress at the time as a result of their competitors, World Championship Wrestling, being so overwhelmingly more popular and hurting the federation's business.[357]
The Talent Wellness Program is a comprehensive drug, alcohol, and cardiac screening program initiated in February 2006, three months after the sudden death of one of their highest-profile and most popular talents, Eddie Guerrero, who died at 38-years-old.[358] The policy tests for recreational drug use and abuse of prescription medication, including anabolic steroids.[358] Under the guidelines of the policy, talent is also tested annually for pre-existing or developing cardiac issues. The drug testing is handled by Aegis Sciences Corporation; the cardiac evaluations are handled by New York Cardiology Associates P.C.[358] The Wellness Policy requires that all talent "under contract to WWE who regularly perform in-ring services as a professional sports entertainer" undergo testing; however, part-time competitors are exempt from testing.[359]
After the double-murder and suicide committed by one of its performers, Chris Benoit, with a possible link to steroid abuse encouraged by WWE, the United States House Committee on Oversight and Government Reform requested that WWE turn over any material regarding its talent wellness policy.[360]
In August 2007, WWE and its contracted performers defended the program in the wake of several busts of illegal pharmacy that linked WWE performers to steroid purchases even after the policy was put into place. Ten professional wrestlers were suspended for violating the Wellness Policy after reports emerged they were all customers of Signature Pharmacy in Orlando, Florida. According to a statement attributed to WWE attorney Jerry McDevitt, an eleventh wrestler was later added to the suspension list.[361][362][363]
On September 13, 2010, WWE updated their list of banned substances to include muscle relaxers.[364]
