World Wrestling Entertainment (WWE) Stock Climbs The Ropes To 52-Week Highs: What's Going On?

World Wrestling Entertainment Inc WWE shares are moving higher Wednesday after the company was reportedly sold to Saudi Arabia's Public Investment Fund.

What Happened: Late Tuesday, WWE announced management changes. The WWE board unanimously elected former CEO Vince McMahon as executive chairman. Stephanie McMahon resigned from her roles as chairwoman and co-CEO and Nick Khan was named CEO.

According to a Fox News report, Saudi Arabia's Public Investment Fund plans to take the company private and give control to McMahon. The reports came in just hours after the management shakeup.

Related Link: WWE Reportedly Sold To Saudi Arabia's Private Investment Fund Hours After Vince McMahon Takes Helm

WWE Price Action: WWE is making new 52-week highs on Wednesday.

The stock was up 2.76% at $92.75 at time of publication, according to Benzinga Pro.

Photo: slgckgc from Flickr.