 AEW fighters on a backstage monitor during a match last month in Lexington, Kentucky. Photographer: Photograph by Jake Holler for Bloomberg Businessweek "A wrestling match is akin to an operatic dance," writes reporter Kim Bhasin in his latest Bloomberg Businessweek feature, "combining choreography with improvisation." The opera extends to the executive suite, where divas dominate boardrooms with as much bombast as they do in the ring itself. At least, this is true of stalwart WWE, which has been involved in a succession (and "Succession"-like) fight over the past few years, with founder Vince McMahon exiting the company this summer under a cloud of sexual harassment allegations, and then, in December, re-emerging to take a seat on the board. His daughter Stephanie, who had been working as CEO, promptly exited the company upon his return, although her husband, Paul "Triple H" Levesque remains as WWE's chief content officer. It's all a lot. But Bhasin's story focuses on another figure with an influential father. Tony Khan was another nepo baby, working in his billionaire dad's sports team, the Jacksonville Jaguars, when he had the notion of starting a WWE challenger. His father was, understandably skeptical. But against the odds, and with a substantial investment, Khan has been making inroads against the giant. Last year, his company, All Elite Wrestling or AEW, passed the $100 million mark in revenue. Bhasin writes: Wrestling stars have been pinging between the upstart and the incumbent, chasing dollars, autonomy and validation. Khan has also been sourcing talent from the indie circuit, where thousands of wrestlers perform for tiny paychecks and a few dozen people in venues such as nightclubs and bingo halls. In March, Khan acquired the small but respected pro wrestling company Ring of Honor from Sinclair Broadcast Group Inc. for an undisclosed sum, adding a new crop of wrestlers, some intellectual property and an extensive video library. AEW is also considering starting a streaming service, likely through a deal with its broadcast partner, Warner Bros. Discovery Inc., according to a person familiar with management's thinking, who asked not to be named.
 Jade Carghill; Excalibur; Ricky Starks Photographer: Jacob Holler for Bloomberg Businessweek What led Khan to try to take on the McMahons? It started with a party in Beverly Hills, where Khan first learned what WWE TV rights earned them (more than $200 million a year for just one deal). But you'll have to read the full story to learn about how Khan courted these performer-athletes, and created bidding wars for talent in what had been a monopoly. Come for the executive smackdown, stay for the enviable labor conditions that Khan set for his people, allowing one wrestler to fulfill her dream: wrestling by night, licensed dentistry by day. Read the whole thing here. —Reyhan Harmanci, Bloomberg Businessweek BONUS: If you want to listen to the story, go here. | 
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