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WWE shares slip as Hulk Hogan tapped to host Saudi event

Hulk Hogan is returning to WWE — but the wrestling outfit’s shares are still on the ropes.

They fell 1 percent Thursday and were off a similar amount early Friday after WWE confirmed that Hogan, for an undisclosed sum, would host Friday night’s “Crown Jewel” pay-per-view from Saudi Arabia.

That was after plunging 6 percent in the week since WWE confirmed it was staging the event despite the murder of Washington Post journalist Jamal Khashoggi by Saudi agents.

WWE superstars John Cena and Daniel Bryan backed out of “Crown Jewel” in protest, paving the way for Hogan’s return to WWE for the first time since 2015.

The market’s reaction to Hogan’s return suggested not everyone considers the wrestler rehabilitated after being caught on tape using the N-word three years ago.

WWE immediately suspended the Hall of Famer, only to re-instate him this past July.

Eric Sherman, Impact Wrestling’s former chief strategy officer, nonetheless applauded WWE’s retaining 65-year-old Hogan as a replacement for Cena and Bryan.

“WWE has such a valuable relationship with Saudi Arabia it needs to bring big guns to the event,” Sherman told The Post. “And in wrestling no one’s bigger than Hulk Hogan — even to this day.”

An analyst who follows WWE said Hogan’s return may have hurt the shares “simply by reminding investors the Saudi Arabia event is being held at all.”

ViaNyPost

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