I don’t buy the idea that anyone other than Comcast (CMCSA) will acquire WWE (WWE).

• As I previously wrote, Comcast partners with WWE, knows the brand, features WWE content on its Peacock streaming service, did months of heavy lifting to port WWE Network content to it’s Peacock platform and has built relationships with WWE executives. Could Disney (DIS), Amazon (AMZN), Endeavor (with the help of Silver Lake), YouTube (GOOGL), Apple (AAPL) or some private equity group acquire WWE? Sure. However, it is not likely in my view.

• Rumored prospective acquirers of WWE is likely a function of WWE’s advisors leaking names of companies that have shown even modest interest in acquiring WWE in an effort to drive WWE’s valuation higher. Recall WWE shares peaked at approximately $97 in April 2019 and sit at approximately $90 today.

• If I were to rate the other prospective acquirers I would slot Endeavor (EDR) in the number two position behind Comcast.

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