McMahon initially stepped down as CEO after an investigation found that he had paid nearly $15 million to four women over 16 years to quiet claims of sexual misconduct.

World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon will be reinstated to the company’s board.

The company’s stock spiked 20% on the news of McMahon’s comeback.

“Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” WWE executives said in a Friday press release.

The Board’s confirmation follows McMahon’s own announcement on Thursday that he intended to reinstate himself as executive chairman and launch an effort to sell the company. He also said he would bring back former co-presidents Michelle Wilson and George Barrios as board directors.

Three current board members, JoEllen Lyons Dillon, Jeffrey Speed and Alan M. Wexler, were removed from their positions. Two additional directors, Ignace Lahoud and Man Jit Singh, resigned from the board, effective Friday.

McMahon initially stepped down as CEO after an investigation found that he had paid nearly $15 million to four women over 16 years to quiet claims of sexual misconduct.

Even during his leave, McMahon maintained control over the company as a majority shareholder. In a November regulatory filing, WWE said, “Mr. McMahon can effectively exercise control over our affairs.”

McMahon saw a need to return to his board position as the company faces negotiations over media rights and strategic initiatives moving forward, according to The Wall Street Journal. WWE has been spotted as a target for acquisition recently.

Analysts at MKM Partners, which has a buy rating on the stock, said in a note Friday that “an immediate exploration of a sale for WWE makes a lot of sense.”

WWE confirmed Friday it would review “strategic alternatives,” but said, “There is no assurance that this process will result in a transaction.”

Shares of the company are up 75% in the last 12 months. The stock trades with a market capitalization of more than $6 billion.

Source: NBC News

Vince McMahon wants to come back to the WWE, but it doesn’t seem like that feeling is mutual.

Today’s article from the Wall Street Journal has been covered on this site elsewhere, but to recap: Vince McMahon has told those close to him that he’s considered making a WWE comeback, and got poor advice to retire. There is also the revelation of two more lawsuits regarding sexual misconduct and assault – one new, and one from Rita Chatterton, a former WWE referee.

A new report details the internal reaction at WWE to the ongoing legal issues surrounding Vince.

Fightful immediately heard from numerous staff and talent within WWE. One WWE talent called the news “exhausting,” and was hopeful that Vince McMahon’s WWE tenure was in the rear view, despite them having a positive relationship prior to McMahon leaving. Another said that they were concerned for the talent that got re-hired in the event that Vince McMahon were to return.

A higher-up in WWE wasn’t nearly as concerned. They mentioned that the stock price increased, viewership was boosted, and general morale recovered after Vince McMahon left. Said the source: “It would be a really selfish move for Vince to come back under any circumstances. The reason he left, how business has done since then — it’d be really selfish. But selfish activities are what led to him leaving in the first place.” That source said that they did not believe that Vince would return, despite having voting power within the company.

One longtime staffer said that morale has increased tenfold since McMahon left, and they don’t believe he’ll be back, whether he wants to be or not. An employee of over a decade says they also believe that McMahon’s family will actively encourage him to remain retired. That same source says they think that McMahon returning would do irreparable damage to the WWE brand, and said that the few doubters that thought WWE would collapse internally have been proven wrong, with one notable name even admitting as much.

The timing of the article’s release was interesting to one official that came to power in recent years. With McMahon speaking to those close to him about a potential return, that source did not believe the timing of the information of additional legal issues being released was an accident, and also coincides with the release of a Vince McMahon VICE TV documentary.

Source: EWrestlingNews

The story around Vince McMahon’s hush money scandal continues to get stranger. Allegations that McMahon had made such payments began when the Wall Street Journal posted their exposee on July 8th.

The allegations and consequent investigation by the SEC and federal prosecutors effectively forced Vince McMahon to retire from his role as WWE’s CEO. Now McMahon is back in the news as more hush money payments are coming to light.

Brandon Thurston of Wrestlenomics posted a shocking update to his Twitter page yesterday.

New filing from WWE saying they’ve found 2 additional payments together worth $5 million Vince McMahon made that should have been recorded as company expenses, bringing the total unrecorded expenses to $19.6 million.

– Brandon Thurston via Twitter

The story was later corroberated by Dave Meltzer of the Wrestling Observer Network. Meltzer also added that the $5 million came in two payments to two different people made in 2007 and 2009. In another tweet, Thurston revealed that WWE’s discovery delayed the posting of their quarterly earnings.

WWE expects to be able to report Q2 earnings “within the five day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934”. WWE wrote in a previous filing that they were targeting today for an earnings release.

-Brandon Thurston via Twitter

This ongoing scandal has all but tanked Vince McMahon’s reputation. Professional wrestling already wasn’t the most respected form of entertainment, and McMahon’s hush money payments and allegations of sexual misconduct making their way into mainstream news outlets assuredly made the public opinion of the sport even less favorable.

Source: TheSportster

In the aftermath of two explosive stories from the Wall Street Journal, other mainstream outlets have reportedly begun fishing into Vince McMahon’s past transgressions. In the coming week, HBO Real Sports is set to drop a story on McMahon that is said to contain “damning” details.

On Monday’s Wrestling Observer Live, Bryan Alvarez noted that McMahon’s retirement was likely a preemptive move as WWE was aware of the details in the upcoming stories.

“I will say that there are rumors that the HBO Real Sports story on Vince is – one person used the term ‘damning’ and that there might be another Wall Street Journal article coming out this week,” Alvarez said [H/T WrestlingNews]. “They may have gotten ahead of things with this resignation on Friday.”

McMahon is currently under investigation by not just WWE’s Board of Directors, but also federal prosecutors and the Securities & Exchange Commission (SEC) for a series of payments he made between 2006 to 2022.

In their 8-K filing with the SEC, WWE stated that they had received “regulatory, investigative and enforcement inquiries, subpoenas or demands” in connection with “Unrecorded Expenses” made by McMahon between 2006 and 2022. WWE announced they are currently revising previous financial statements to record these expenses for the end of 2019, 2020, 2021 and Q1 of 2022, with the goal of issuing new statements by August 9. The “Unrecorded Expenses” were disclosed to be a sum of $14.6 million, which WWE mentioned have either been paid or will be paid personally by McMahon.

According to a WSJ report published Monday, the ongoing federal investigation essentially hastened McMahon’s decision to retire from all duties, corporate and creative. McMahon initially stepped down as CEO & Chairman last month but continued to overlook the creative end of WWE. All that changed last Friday when McMahon announced his retirement from the company.

Source: Wrestling Inc.

Vince McMahon’s troubles continue. He’s currently under investigation for hush-money payments.

The world of professional wrestling has been sunk into chaos due to sexual misconduct hush-money allegations against former WWE CEO, Vince McMahon. These allegations have caused Vince McMahon to resign from his position as CEO and step back from the company, though he remains its majority shareholder.

In his place, Stephanie McMahon and Nick Khan have been named co-CEOs. Stephanie McMahon’s husband Paul Levesque (better known as pro wrestler Triple H) has been named the new head of WWE’s creative team.

In an article published yesterday by Wall Street Journal, it was revealed that McMahon is now being investigated by the SEC and federal prosecutors.

New federal investigations into the deepening hush-money scandal enveloping World Wrestling Entertainment Inc. hastened the retirement of its chief executive, Vince McMahon, according to people familiar with the matter.

The Securities and Exchange Commission and federal prosecutors have launched inquiries into payments made by Mr. McMahon to settle allegations of sexual misconduct, the people said. The media company said Monday that it has received “regulatory, investigative and enforcement inquiries, subpoenas or demands” in connection with millions of dollars in hush-money pacts.

-Wall Street Journal

Additionally, Bryan Alvarez of the Wrestling Observer Network alluded to even darker clouds on the horizon for McMahon. The following transcription has been provided by Paul Davis of Wrestling News:

I will say that there are rumors that the HBO Real Sports story on Vince is – one person used the term ‘damning’ and that there might be another Wall Street Journal article coming out this week. They may have gotten ahead of things with this resignation on Friday.

-Bryan Alvarez, Wrestling Observer Network

Nothing else is currently known about the alleged upcoming WSJ and HBO Sports stories. However, wrestling fans can expect the business to be even further upended once they are published.

Source: TheSportster

It may be a new day for the WWE, with Vince McMahon now retired in the wake of numerous scandals and Triple H now assuming the dual role of EVP of Talent Relations and head of WWE creative. But don’t think the dust is anywhere near settled, as new information suggests not only more potential payouts from McMahon regarding other allegations, but perhaps legal ramifications for him and WWE.

On Monday morning, WWE released their latest SEC filing, which revealed that the company had made “a preliminary determination” that payments McMahon made from 2006 to 2022 were not recorded as expenses in the quarters they occurred in, thus making them “Unrecorded Expenses.” As such, WWE announced they are revising previous financial statements to record these “Expenses” for the end of 2019, 2020, 2021 and Q1 of 2022, with the goal of issuing new statements by August 9.

WWE also revealed that the total of “Unrecorded Expenses” was around $14.6 million, and that McMahon had paid or would pay the amount personally. The $14.6 million, which WWE claims “was not material to any individual time period in which the Unrecorded Expenses arose,” has been determined to be an aggregate amount, and WWE is continuing to evaluate “the impact on previously reported on previously reported financial statements.”

It had been previously reported that McMahon had paid $12.5 million to keep quiet numerous potential scandals, with the individual payouts ranging from $7.5 million to $3 million to two $1 million payouts. If those payments are part of the $14.6 million, that would leave approximately $2.1 million unaccounted for. It’s unknown if this will lead to more payouts related to McMahon being revealed going forward.

The WWE closed out this section of their filing with a brief statement that suggested that the actions of McMahon may lead to more controversy for the promotion in the days to come:

“The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”

Source: Wrestling Inc.

WWE founder Vince McMahon has announced his retirement.

Vince McMahon has officially announced his retirement at the age of 77. The founder of WWE took to social media on Friday, July 22 to break the news and thank the WWE Universe.

“At 77, time for me to retire. Thank you, WWE Universe,” McMahon tweeted. “Then. Now. Forever. Together.”

https://twitter.com/VinceMcMahon/status/1550572700959121408

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon later elaborated in a statement released by WWE. “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.“

WWE also confirmed that Stephanie McMahon and Nick Khan would be assuming the roles of co-CEOs of WWE, effective immediately.

According to journalist Brandon Thurston, Vince will be retiring from all of his WWE duties, including the creative ones.

https://twitter.com/BrandonThurston/status/1550582194657165313

On Friday, July 8 The Wall Street Journal published a report which claimed McMahon paid off as many as four women going back 16 years. Those payments apparently total $12 million, with one of the four unnamed women included in the report being paid $7.5 million by McMahon. Last month, reports surfaced that McMahon paid a former WWE paralegal $3 million in hush money after the two had an affair.

Source: TheSportster

New Co-CEO of WWE, Stephanie McMahon opened up Friday night’s “Smackdown”, live from TD Garden in Boston, MA. She opened the show just hours after her father, Vince McMahon announced he is retiring. WWE broke the news of Stephanie opening up “Smackdown” just shy of an hour before the blue brand went live on FOX.

https://twitter.com/WWEonFOX/status/1550633156625289219

After the Wall Street Journal reported that Vince McMahon has paid over $12 million in ‘hush money,’ there have been mixed reactions backstage from the talent, according to Dave Meltzer on the latest “Wrestling Observer Radio.”

The allegation claimed that McMahon had paid off three other women whom he had supposedly been sexually involved with, one of which was a former wrestler that claimed to have been coerced into having oral sex, while another was sent unsolicited nudes from him.

Meltzer heard from several different wrestlers who were at “WWE SmackDown” and they provided a varying degrees of thoughts when it comes to the latest allegations surrounding McMahon. One believed that people know what they are getting themselves into when they enter the wrestling business.

Another talent revealed that McMahon is not selling anything right now, and nobody backstage is talking about the situation as they believe that if you are heard doing that there is a chance of getting in trouble, which nobody needs right now. Then a third person gave a very different take, as they were said to be very concerned about the situation.

They believe that it is one thing for him to pay money in order to cover up an affair, which was the first allegation that was made against him, but it is something else when it becomes coercion, as they are viewing that as a concerning situation.

McMahon was backstage at “WWE SmackDown” this week, although unlike when the first allegation was made against him, he did not appear on television this time. Despite that, it was being viewed as ‘business as usual behind the scenes when it came to running the show and what was happening.

The original report against McMahon took place on June 12, which claimed he had paid off a former paralegal regarding an affair that they had. Since that point, WWE’s board of directors have been investigating him, while he also stepped down as the WWE CEO, with Stephanie McMahon taking over on an interim basis.

Source: Wrestling Inc.

A new report has revealed Vince McMahon may have paid off multiple former employees to stay quiet.

Last month, allegations that Vince McMahon paid a former WWE paralegal $3 million in hush money after the two had an affair surfaced via the Wall Street Journal. That report led to McMahon stepping down as WWE’s CEO pending the result of an investigation by the company’s board. Today, those allegations have become far more serious as new reports that McMahon has paid off multiple women have emerged.

The report once again comes from the Wall Street Journal which has now revealed McMahon allegedly paid off as many as four women going back 16 years. Those payments apparently total $12 million, with one of the four unnamed women included in the report being paid $7.5 million by McMahon. The report claims that amount was paid to a former wrestler who McMahon allegedly coerced into oral sex before demoting her and then eventually neglecting to renew her contract in 2005.

The wrestler wasn’t paid off at the time, but reportedly met with McMahon and negotiated a deal for her silence along with her attorney. The second of the two women mentioned in the report apparently approached the company with unsolicited nude photos of their boss, presumably threatening to leak them should she not get paid. WSJ reports the former WWE contractor was paid $1 million in return for not sharing the photos online.

The third person mentioned in the new report doesn’t include as many details as the previous two. Just that a former manager with the company was paid $1 million in 2006 in return for their silence regarding an alleged sexual relationship between her and McMahon. The three new instances combined with the previous reports of a $3 million payment mean McMahon is now being accused of paying more than $12 million across almost two decades in return for the silence of former employees with who he has allegedly had sexual encounters.

WWE’s next move in all this remains unclear. The first report resulted in McMahon stepping back as CEO, but then appearing on SmackDown that week seemingly just to prove that he could. The new report also includes a $1.5 million payout to someone for allegations made against John Laurinaitis. The head of talent relations has been absent since the first report, replaced by Bruce Prichard pending the results of the investigation.

Source: TheSportster