Vince McMahon has returned to the World Wrestling Entertainment board of directors to facilitate potential sale talks ahead of the company’s media rights renewal.

The notion of WWE selling isn’t new. CNBC reported it looked like a sale target in April and that it appeared only more attractive in July after a sexual misconduct scandal. The rationale is fairly straightforward: WWE is valuable intellectual property.

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Owning IP allows streaming services to exclusively offer content without the annoyance of winning licensing rights in an auction every few years. WWE also has value to offer in merchandising and theme park businesses.

WWE has hired JPMorgan to help the company advise on a potential sale, according to people familiar with the matter. JPMorgan declined to comment. A WWE spokesman couldn’t immediately be reached for comment.

If a deal occurs, it would likely occur in the next three to six months, said the people, who asked not to be named because the discussions are private. WWE plans to talk to potential buyers before it makes a decision on TV rights renewal agreements.

McMahon’s return should help a sale process go smoothly, though there could still be hiccups.

The former CEO and chair is 77 years old and the controlling shareholder of WWE. He stepped down after an investigation found that he had paid nearly $15 million to four women over 16 years to quell claims of alleged sexual misconduct and infidelity. Returning to the board will give potential buyers confidence he’s supportive of the details of any transaction.

Comcast, which owns NBCUniversal, is a potential fit as a buyer for WWE. McMahon’s company already has an exclusive streaming deal with Comcast’s streaming service, Peacock, and a cable TV deal with NBCUniversal’s USA Network. Comcast has a market capitalization of more than $160 billion and can easily afford the company — especially with a $9 billion (or more) check coming as soon as January 2024 from Disney for a 33% stake in Hulu.

Still, Comcast CEO Brian Roberts said in October “the bar is the highest it’s been in terms of M&A” and has repeatedly said the company isn’t in a rush to pursue an acquisition.

Returning CEO Bob Iger may want to make a splashy acquisition as he retakes the throne at Disney. WWE fits Disney in the same ways that it fits Comcast. It would bolster Disney’s streaming ambitions (perhaps ESPN+), it would support the linear network business, and it would add some heft to merchandizing and theme park businesses.

Netflix has long shied away from sports and other live events, but it’s recently become open to the idea of owning a league outright or taking an ownership stake. Owning a sports league would give Netflix the ability to create video games and spinoff series without friction. Netflix found success in its Formula 1 “Drive to Survive” documentary series, giving co-CEO Reed Hastings faith that certain sports properties will resonate with Netflix’s huge global audience. But Netflix doesn’t own Formula 1, limiting its future options.

Acquiring WWE or another sports league would be a path toward offering live entertainment without renting content — similar to Zaslav’s thinking.

“We’ve not seen a profit path to renting big sports,” said co-CEO Ted Sarandos last month at the UBS Global TMT Conference. “We’re not anti-sports; we’re just pro-profit.”

Endeavor, run by superagent Ari Emanuel, could add WWE to its stable of assets after agreeing to buy 100% of UFC in 2021.

Emanuel bought UFC to increase the scope of the talent agency’s business to live events. WME-IMG, now just a part of Endeavor, represents many UFC athletes — as well as WWE superstars. The UFC deal has been a success for Endeavor, which paid about seven times 2016’s $600 million revenue in 2016. UFC generated more than $1 billion in revenue in 2022.

Endeavor’s enterprise value of just about $11 billion makes WWE a huge swing for the company. The company’s relatively small balance sheet would likely prevent Endeavor from winning a bidding war against media giants. But McMahon’s outsized personality may fit with the brash Emanuel and UFC President Dana White.

Selling to a third party would also allow WWE to increase rights renewals every few years. That may or may not be a positive for the long-term future of the company as the media distribution ecosystem changes.

While Endeavor owns UFC, Liberty’s Formula One Group owns Formula 1. John Malone, Liberty’s controlling shareholder, and CEO Greg Maffei, along with Formula 1 CEO Stefano Domenicali, have figured out how to globally market the car racing league, including cracking American culture after decades of obscurity.