Backstage Rumor on Why WWE Issued Press Release on Expansion With Saudi GEA Partnership
As previously reported, WWE this week issued a press release on the company expanding its partnership with the Saudi General Entertainment Authority of Saudi Arabia. The announcement comes after there were recently rumors of a dispute between WWE Chairman Vince McMahon and the Saudi GEA after last week’s Crown Jewel event. Dave Meltzer addressed WWE making the announcement in light of recent events on today’s edition of the Wrestling Observer Radio.
According to Meltzer, WWE did not make this announcement reaffirming the company’s partnership with Saudi Arabia because of the rumors stemming from the aftermath of Crown Jewel. His claim that was that WWE issued this press release because of the recent falling stock prices. As noted, WWE’s stock dropped another five percent yesterday. It was the company’s lowest closing price since May 18, 2018.
The press release noting an expansion with the Saudi Arabia relationship that was issued said the deal would run through 2027. That was the same time frame the deal was supposed to run when it was originally announced. Also, the press release says the partnership would “include a second annual large-scale event.” Since the original deal was announced, WWE held two large-scale events in the region in 2018 and 2019. So, the press release noting that a second annual event was added was rather odd.
Additionally, the press release stated that WWE was working with the Saudi GEA to complete a media agreement in the MENA region.