In the wake of the horrifying allegations made against him by Janel Grant, Vince McMahon is gone from WWE.
WWE president Nick Khan sent an email to staff on Friday night informing them that McMahon has resigned from his position as TKO Group Holdings executive chairman. Khan stated that McMahon will no longer have a role with either TKO or WWE.
Khan’s email can be read below:
I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE.
McMahon’s resignation comes one day after Grant filed a lawsuit accusing him of physical and emotional abuse, sexual assault, and sex trafficking. TKO called the allegations “horrific” and said they would be addressing the matter internally.
Following his resignation, McMahon issued a statement maintaining that he will vigorously defend himself against what he calls “baseless” allegations:
I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.
However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effectively immediately.
Slim Jim announced on Friday that it was pausing its sponsorships with WWE due to the allegations against McMahon.
Grant is a former WWE employee. Her lawsuit names McMahon, WWE, and John Laurinaitis as defendants.
McMahon previously retired from WWE in July 2022 amid a hush-money scandal that began when the WWE board of directors learned of his settlement with Grant. But McMahon remained WWE’s majority shareholder at the time and forced himself back into power in January 2023. That won’t be an option this time after WWE was acquired by Endeavor last September.
A statement released Thursday night from a Vince McMahon spokesperson indicates the TKO executive chairman is going to fight the troubling allegations that were released earlier in the day via a new lawsuit.
McMahon, WWE, and former executive John Laurinaitis are being sued by former WWE employee Janel Grant who is alleging that she was the victim of “physical and emotional abuse, sexual assault and trafficking” while at the company.
The following was released to several media outlets by McMahon’s team:
“This lawsuit is replete with lies, obscene made-up instances that never occurred, and a vindictive distortion of the truth. He will vigorously defend himself.”
Grant was the recipient of what was supposed to be a $3 million hush money settlement with McMahon that led to him being investigated by the WWE Board of Directors in 2022. However, she said she was only paid $1 million, and is looking to both void the agreement and seek unspecified financial damages, also claiming the Board never contacted her during their investigation even though she offered to speak to them.
Earlier Thursday, TKO released a statement saying they take the “horrific allegations” seriously and are addressing the matter internally even though they allegedly occurred before the UFC/WWE merger that created TKO.
Among the many explicit details revealed in the lawsuit, Grant alleges that McMahon promised “personalized sexual content” to a former UFC heavyweight champion and WWE talent they were trying to re-sign in 2021. The Wall Street Journal reported that was Brock Lesnar.
From the Wall Street Journal report:
“The suit said McMahon shared the explicit photos with the star and informed Grant that “he likes what he sees.” After the star agreed to a new WWE contract, McMahon texted Grant in August 2021 to say “that part of the deal was f—ing U.”
That December, McMahon gave Grant’s personal cellphone number to the WWE star, the lawsuit said. The wrestler asked her to send a video of herself urinating, the suit said, and after she did, he called her a “b—.” That same month, the suit said, the star expressed a desire to “set a play date,” but a snowstorm disrupted his travel plans.”
The suit stated that Grant was introduced to McMahon while they were living in the same apartment building. Even before he eventually got her a job with WWE, the suit claims McMahon acted inappropriately to Grant which only got worse after she was brought in.
Additional alleged incidents included Grant sustaining injuries from McMahon being physically aggressive during sex, using sex toys on her in a forceful way, naming some of the toys after male WWE wrestlers, sending her to a “celebrity doctor” for appointments she never had to pay for, defecating on Grant during a sexual encounter where McMahon’s physical therapist was also involved, and instructing her to have sex with Laurinaitis.
TKO Group Holdings, the parent company of WWE, issued a statement on Thursday after a lawsuit with horrifying allegations was filed against Vince McMahon.
Former WWE employee Janel Grant filed the lawsuit alleging that she was the victim of physical and emotional abuse, sexual assault and trafficking at WWE. The suit names McMahon, WWE, and John Laurinaitis as defendants.
Grant is the former WWE employee whose 2022 settlement with McMahon led to him being investigated by the WWE board of directors. McMahon retired from WWE amid that hush-money scandal in July 2022 before later forcing himself back into power. Grant alleges that the investigation was a sham, stating that she was never contacted by the company about it despite being willing to participate.
Grant’s settlement with McMahon was supposed to be for $3 million, but her lawsuit claims that he stopped making payments after an initial $1 million installment. Grant is looking to void the agreement and is seeking unspecified financial damages.
Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE. While this matter predates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally.
McMahon’s job title is executive chairman of TKO Group Holdings. The company was officially formed last September when Endeavor’s acquisition of WWE was finalized.
Ari Emanuel is the CEO of TKO Group Holdings, while Mark Shapiro is the company’s president and COO. Nick Khan is the president of WWE. Paul “Triple H” Levesque is WWE’s chief content officer.
A new lawsuit has been filed accusing Vince McMahon of abusing and sexually exploiting a former WWE employee, alleging years of alleged sexual misconduct that included the involvement of John Laurinaitis and Brock Lesnar.
The suit was filed against WWE, McMahon, and Laurinaitis in the District of Connecticut on Thursday. The plaintiff — former WWE employee Janel Grant — alleges she “was the victim of physical and emotional abuse, sexual assault and trafficking at WWE.”
Grant is the former WWE employee whose “secret” $3 million settlement with McMahon led to him being investigated by the WWE board of directors in 2022. However, she claimed she was only paid $1 million and is seeking to both void the agreement and get unspecified financial damages.
The Wall Street Journal reported on Grant’s lawsuit on Thursday.
The lawsuit alleges Grant felt pressured into a sexual relationship with McMahon due to threats he would use his legal resources against her if she did not. McMahon’s demands grew increasingly depraved through her employment with the company from 2019 to 2021.
She was also expected to engage in sexual encounters with Laurinaitis during her employment, according to the lawsuit.
It is also alleged that McMahon promised a sexual encounter with Grant to a WWE wrestler, reported by the WSJ to be Lesnar, during contract negotiations in the summer of 2021.
From the report:
In July 2021, the suit said, McMahon instructed Grant to create personalized sexual content for a WWE superstar that he was trying to re-sign. The suit didn’t name the professional wrestler, but described him as both a UFC fighter and WWE talent. People familiar with the matter identified the wrestler as Brock Lesnar, one of WWE’s biggest names.
Lesnar didn’t immediately respond Thursday to requests for comment. The suit said McMahon shared the explicit photos with the star and informed Grant that “he likes what he sees.” After the star agreed to a new WWE contract, McMahon texted Grant in August 2021 to say “that part of the deal was f—ing U.”
That December, McMahon gave Grant’s personal cellphone number to the WWE star, the lawsuit said. The wrestler asked her to send a video of herself urinating, the suit said, and after she did, he called her a “b—.” That same month, the suit said, the star expressed a desire to “set a play date,” but a snowstorm disrupted his travel plans.
The 67-page filing includes several graphic accusations and descriptions.
Through all this trauma, Ms. Grant has endured profound suffering in silence, feeling of exploitation, loss of security, and the fear of facing the wrath of WWE and McMahon’s army of attorneys if she were to come forward and bring to light the egregious acts detailed herein. That time has passed, and Ms. Grant seeks to hold Defendants accountable for their reprehensible and unlawful acts, for her own sake and for others.
The lawsuit states Grant and McMahon met in 2019 while McMahon was living in a penthouse in Grant’s apartment building. At the time, Grant says she was struggling financially due to years of caregiving for her elderly parents.
“McMahon befriended Ms. Grant, giving her hopes of a new life with promises of a yet-to-be-determined role at WWE,” the lawsuit reads.
In the spring of 2019, McMahon allegedly began “demonstrating an increasing lack of boundaries” toward Grant as he continued to promise her employment at WWE.
McMahon would schedule meetings with Grant to speak about possible job opportunities and at one meeting, he greeted her in only his underwear. McMahon allegedly laughed when Grant turned away from him. He then requested she help him put on a shirt. At another meeting, he began massaging her lower back, while continuing to make promises about future employment.
McMahon is alleged to have warned Grant to keep their “closeness” a secret, stating he had “world-class legal resources on speed dial to deal with people who became a problem.”
Grant says she felt trapped between being ruined by McMahon’s legal resources or succumbing to the pressure of a physical relationship.
Grant was given the role of “administrator-coordinator” on June 17, 2019. She was later transferred to Talent Relations on March 9, 2021.
The lawsuit states that beginning in March 2020, McMahon began sharing sexually explicit pictures and videos of Grant with people inside and outside the company. It was also mentioned that one of the people these were shared with was “a former UFC heavyweight champion” (Lesnar) while another was a WWE referee.
The lawsuit stated that McMahon’s sexual demands became increasingly depraved. Grant tried to stop their physical encounters but McMahon refused.
Additionally, this Complaint details encounters during which McMahon caused Ms. Grant to sustain physical injuries, including bleeding and pain, from forceful use of sex toys. Despite Ms. Grant’s plea to cease any further sexual activity, the number of sexual encounters increased, as did McMahon’s physical aggression during them.
Notably, McMahon was most aggressive when using the certain sex toys named after male WWE wrestlers and performers. McMahon named the sex toys so that the color of the toy matched the race of the wrestler.
The lawsuit continues that McMahon sent Grant to a “celebrity doctor” for hour-long appointments that included “deep dives into her personal and work life.”
Her mental and physical health deteriorated so badly that McMahon sent her in November to a celebrity doctor for sessions at an alternative clinic where she never received any receipts or bills. McMahon also paid $20,000 to a surgeon on her behalf, the suit said.
Grant was briefly sent to work at the XFL in March 2020 and applied to work with the organization full-time. However, her request was denied.
In May 2020, McMahon is alleged to have defecated on Grant during a sexual encounter that also included McMahon’s physical therapist. Shortly after, McMahon began telling Grant he loved her.
In November 2020, McMahon is alleged to have given Grant an ultimatum to either have a sexual encounter in his office or inside the parked car.
Soon after, McMahon began directing Grant to have sexual encounters with Laurinaitis before the start of workdays. She was also expected to engage in sexual activity at WWE headquarters during work hours. She was officially reassigned to work under Laurinaitis beginning in January 2021.
McMahon also instructed Grant to “obey” Laurinatis if he requested bringing in more men for their encounters.
During an encounter in June 2021, McMahon allegedly locked Grant inside his private locker at the WWE Offices and “forced himself on her over a massage table.”
In the June 2021 encounter inside the WWE office, the suit said McMahon and Laurinaitis forced themselves on her and took turns restraining her for the other, while saying “No means yes” and “Take it, b—.”
In January 2022, McMahon informed her that his wife, Linda, had discovered their relationship and Grant would need to leave the company as a result. However, he first wanted her to sign an NDA. Grant signed the NDA in exchange for payments which McMahon later stopped making according to the lawsuit.
In March 2022, although Grant had left the company at the time, McMahon attempted to traffic her to a WWE star who would be in New York for a live event.
Wrestling Observer Radio with Bryan Alvarez and Dave Meltzer is back with a breaking news audio talking WWE Raw moving to Netflix in 2025, Okada and WWE, and The Rock being named to the TKO Board of Directors.
On a huge day for the company, representatives from WWE were in New York City on Tuesday to ring the opening bell of the New York Stock Exchange.
It was announced on Tuesday morning that Dwayne “The Rock” Johnson has been appointed to the board of directors for TKO Group Holdings (WWE’s parent company). Soon after, WWE made the announcement that it has agreed to a 10-year deal to bring Raw to Netflix starting in January 2025.
TKO Group celebrated the news with Johnson ringing the opening bell of the New York Stock Exchange. He was joined by Vince McMahon, Paul “Triple H” Levesque, Nick Khan, Endeavor/TKO CEO Ari Emanuel, and more.
After ringing the bell, Johnson and Emanuel were interviewed on CNBC together. Here are notes from their appearance.
Ari Emanuel:
When asked about the increase for Raw’s rights, Emanuel said the financial terms of the Netflix deal are “in line” with the stock market’s expectations. Emanuel thinks Netflix is a global leader and the best company for sports entertainment, which they’ve proven with Formula 1 and the Tour de France.
Emanuel thinks this is an important step for Netflix. Live programming is important for Netflix.
TKO stock is currently up nearly 20 percent after today’s news. Emanuel stressed that the word “Netflix” is a big part in that. The relationship with Netflix strengthens WWE’s brand on a global basis.
Emanuel doesn’t think linear TV or cable is going away, but there is a push to streaming. WWE has a linear play with SmackDown and NXT, and Raw is their streaming play. Emanuel thinks it’s a great deal for Netflix.
Dwayne “The Rock” Johnson:
Joining the TKO board of directors is an “unprecedented” move. His grandfather Peter Maivia and father Rocky Johnson would have never thought that something like this would happen.
There’s no CEO in the world like Ari Emanuel. Game-changing deals are a testament to who Emanuel is. Johnson is excited for the WWE-Netflix deal.
Johnson has secured full ownership of his “The Rock” name in addition to joining the TKO board of directors. Johnson said there’s a business and economic side of getting the name, but it goes much deeper than that for him. Johnson owes The Rock name everything. There would be no wrestling or Hollywood career without it. The name is a derivative of his father. Emanuel had a million reasons to say no, but he found the reason to say yes. The name is something that Johnson has earned and Emanuel thinks belongs to Johnson.
This is Johnson’s first time on the board of directors for a public company. He’s been asked to join other boards in the past, but the family connection makes this important. Johnson is excited about it and always looking to grow. Johnson is a builder of things and enjoys building. He loves and admires Emanuel and loves building with him.
Dwayne “The Rock” Johnson is taking on a new role within WWE.
It was announced on Tuesday morning that Johnson has been appointed to the board of directors for TKO Group Holdings, the parent company of WWE. TKO was formed last September when Endeavor’s acquisition of WWE was made official. It’s a merged company consisting of both WWE and the UFC, though the two promotions operate independently from each other.
A press release stated that Johnson “has significant experience identifying and cultivating revenue generating media rights, live events, sponsorship, licensing, and social media opportunities,” and his appointment to the board of directors “reflects TKO’s commitment to delivering long-term value and strong performance for shareholders through strategic growth initiatives across both UFC and WWE.”
In addition to his appointment to the board, WWE and Johnson have entered into an agreement that gives Johnson full ownership of “The Rock” name.
WWE has also entered into a services and merchandising agreement with Johnson that provides for his promotional, licensing, and other services, and an intellectual property assignment agreement pursuant to which Johnson has secured ownership of the trademarked name, ‘The Rock.’ The name is derived from his father, WWE Hall of Famer Rocky Johnson, who was the first Black champion in WWE history (alongside partner Tony Atlas). Johnson’s grandfather, Peter Maivia, a Samoan-American professional wrestler, was posthumously inducted into the WWE Hall of Fame in 2008.
Johnson returned to WWE programming with a surprise appearance on the Day 1 edition of Raw earlier this month. During the appearance, he teased a future match against Undisputed WWE Universal Champion Roman Reigns. WWE hasn’t confirmed when or if that match will be taking place.
Johnson made a social media post after that appearance stating that he was going to make history, raise the bar, and do things that have never been done before in WWE.
Tuesday morning’s press release included quotes from Johnson, Vince McMahon, and Endeavor/TKO CEO Ari Emanuel.
Johnson said:
My grandfather, High Chief Peter Maivia, and my dad, Rocky ‘Soulman’ Johnson, would’ve never thought this day would come. Which is why I’m very humbled to have a seat at the table that has decades of history and family legacy for me. A table that my family helped to build. Being on the TKO Board of Directors, and taking full ownership of my name, ‘The Rock,’ is not only unprecedented, but incredibly inspiring as my crazy life is coming full circle. At my core, I’m a builder who builds for and serves the people, and Ari is building something truly game changing. I’m very motivated to help continue to globally expand our TKO, WWE, and UFC businesses as the worldwide leaders in sports and entertainment — while proudly representing so many phenomenal athletes and performers who show up every day putting in the hard work with their own two hands to make their dreams come true and deliver for our audiences. I’ve been there, I’m still there and this is for them.
McMahon said:
Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock. We are proud to have him join the TKO board to help take our company to new heights.
Emanuel said:
I am thrilled to partner with Dwayne and welcome his immense talent to TKO’s Board. Dwayne brings an incredible track record of creating content and building globally recognized consumer brands, and he will play a key role in realizing our ambitions for TKO.
It was also announced that Brad Keywell, the founder of Uptake Technologies, has joined TKO’s board of directors. The board now consists of 13 members: McMahon, Emanuel, Mark Shapiro, Nick Khan, Peter Bynoe, Egon Durban, Steven Koonin, Jonathan Kraft, Sonya Medina, Nancy Tellem, Carrie Wheeler, Johnson, and Keywell.
The further unification of the business practices of WWE and UFC under the TKO banner has continued with Thursday’s announcement they are putting both sponsorship teams under one unit.
As part of the news, Grant Norris-Jones was promoted to the role of executive VP & head of global properties for TKO while Lou Koskovolis becomes TKO executive VP of global partnerships. Norris-Jones has been part of UFC’s team for six years.
From the release: “Together, they will focus on delivering unique, authentic integrations for TKO’s corporate partners.”
The company boasts “partnership sales, activations, and operations teams in New York, Las Vegas, Stamford, Conn., London, Sao Paulo, Sydney, Shanghai, and Toronto, the newly combined unit will focus on creating new revenue opportunities and brand integrations across UFC’s and WWE’s must-watch live and original content.”
TKO leadership, namely Ari Emanuel and Mark Shapiro, have previously mentioned running the “UFC playbook” when it comes to WWE business practices like sponsorship. Both have also said the days when Vince McMahon didn’t want to sell in-arena advertising on things like the ring mat, etc. are over.
UFC generated $12.2 million in sponsorship revenue in the third quarter of 2023 and inked their largest deal ever — a six-year, $100+ million deal with Bud Light — in October.
Kevin Dunn — one of the most familiar names in WWE front office history — reportedly gave his notice over the past week.
The news was first reported by PWInsider.
As the report goes, the company’s executive producer and chief of global TV distribution informed WWE he was leaving during Christmas week. They did not indicate what his final day would be.
Dunn has been with WWE for more than 30 years after being hired by Vince McMahon in 1984. He was promoted to executive producer of all WWE programming in 1993 when Raw first launched.
According to the report, the impetus for Dunn’s exit were changes made by TKO leadership post-merger. Since he has run production for so long, his preference was to not do things that were dictated to him.
“We are told this was not an issue of creative but two differing versions of how things should be run from a TV production perspective as WWE’s new owner seeks to cut costs,” the report stated.
TKO president Mark Shapiro recently talked about seeing an opportunity to make more cuts on the production end of things, making the following quip:
“I have been through all the song and dance with every producer who treats every tape machine and camera like it’s a baby and doesn’t want to give it up. We’re here to improve our margins. We’re going to scrutinize every dollar on production for every single event, every single one of these telecasts, and improve our savings,”
No immediate successor has been tabbed as the report states it is likely several people will share the various roles Dunn currently fills.
“Of late, we are told that Dunn has stepped back a bit and was allowing others to spread their wings and handle more responsibilities in the Endeavor era, so that may have been in advance of Dunn knowing he was planning to exit,” the report stated.
While we cover nearly everything during the month, the gateway to fall was dominated by a few stories in particular including CM Punk being fired by AEW following a skirmish with Jack Perry and a near-physical altercation with Tony Khan minutes before August’s All In.
We talk about how the news was relayed to fans and some of the immediate fallout which included the All Out PPV in Chicago a week after All In — a show that was regarded as one of the best the company did during the year.
Jade Cargill also switched employers as she signed a multi-year deal with WWE after several years in AEW and saying there was no other place she’d rather be. We discuss.
WWE’s merger with UFC to form the new publicly-traded TKO was complete and with it brought the beginning of a new era which included some ideas for the future, layoffs, and a new TV home for WWE SmackDown in 2024.
Davie and I also talk the month in NXT, Japan, Impact Wrestling, and everything in between.
I promise this is unlike any other year-end series you’ll hear or read, so catch up on the rest of the series in the archive and my MMA year in review series as well.
TKO chief operating officer Mark Shapiro said they are looking to cut back on WWE house shows in the future as part of a cost-cutting initiative with both WWE and UFC.
Speaking at Monday’s UBS media conference, Shapiro said while house shows (what he called “cards” and/or “superstar events”) are good for the brand, building an audience and bringing the brand to “C and D counties,” “from a margin perspective, they’re dilutive.”
“There’s probably an opportunity, as we go through our synergies and efficiency opportunities, to cut back on some of those non-televised events which, of course, will push our margin up,” he said, adding they are going through that exercise now.
He did not define what “C and D counties” meant, but it’s assumed to be events in smaller cities and towns. He said WWE runs 300 events a year with 170 of those being televised.
Conversely, TKO and ESPN would like to see more UFC Fight Night events and are exploring that. He pointed to their six sellouts and impressive gates last quarter including their latest big financial success at Madison Square Garden. He did not indicate how many they are looking to add.
More cuts
After the company gave guidance that TKO could save up to $100 million in efficiencies post-merger, Shapiro said they will be at 75% of that by the end of 2024.
He specifically called out production as an area in which more cost savings can be found, specifically pointing to travel crews and production for televised events for both UFC and WWE.
“There are a lot of production efficiencies. Even if our production chiefs want to tell me there’s not, frankly, I worked at ESPN for 12 years, I oversaw all production, I have been through all the song and dance with every producer who treats every tape machine and camera like it’s a baby and doesn’t want to give it up. And we’re here to improve our margins.
“We’re going to scrutinize every dollar on production for every single event, every single one of these telecasts, and improve our savings,” he said.
Raw TV rights
Asked about any update on the domestic TV rights for WWE Raw, Shapiro didn’t sound like they are in a rush, saying they could either wait until the NBA TV rights are completed or even wait until the night before their current deal with NBCUniversal is up in the fall of 2024.
Site fees
Shapiro re-iterated TKO will continue to look for site fees for both WWE and UFC events, saying their deal for a combination of events in Australia generated $16 million in addition to talking about the Saudi Arabia deal for both companies. He also said there is a long line of countries who want to bring their events to their country.
Sponsorship
Shapiro said he won’t be happy until they hit $1 billion in sponsorship revenue for the UFC as they want to be where the NBA and others are.
With WWE, he said the “manifesto” by Vince McMahon for no sponsorship on the ring mat or other places has been thrown out and they are going to follow the same plan as they did with UFC for in-venue deals. With the WWE audience, he said they are “very diverse, 40% female and heavy family.”
WWE and NXT on-air personality McKenzie Mitchell has been released as the company continues to shed employees following their September merger with UFC to form the new TKO.
Mitchell took to X Friday to both announce the news and to reflect on her time in the company:
Today I was released by WWE. I met my husband, moved cross country from CT to FL for @wwenxt (a place I’ve always considered home), and met friends that became like family. I’ve always said and firmly believe in “when door closes, another opens.”https://t.co/scUFllumrYpic.twitter.com/s1YCmmTz4Z
The news comes on the heels of a report from Wrestlenomics’ Brandon Thurston that WWE (part of TKO along with UFC) has laid off more corporate employees Friday. The number of employees laid off, nor whether Mitchell’s layoff was tied to those cuts, is unknown at this time.
Following the September merger, WWE laid off more than 100 employees in a variety of departments as TKO followed through with their promises of finding what they called efficiencies with both WWE and UFC.
Not everyone was happy when it was announced earlier this year that WWE would merge with UFC to create the new TKO.
A recent lawsuit by an Ohio pension fund that became unsealed last week claims that then-WWE Executive Chairman Vince McMahon and other Board members moved for a “quick sale” and a favorable one to Endeavor, founded by McMahon’s friend and former agent Ari Emanuel.
The Hollywood Reporter was the first to report the news Monday. TKO has yet to respond publicly to the suit.
The reason for the suit is the investors feel the deal was done to allow McMahon to stay on as TKO Executive Chairman and avoid further complications and a possible ouster due to sexual misconduct allegations that arose in the summer of 2022. In doing so, the suit claims, WWE turned away from two all-cash offers that they perceived as having better terms.
The other potential bidders weren’t identified, but were referred to as “major institutions with significant access to capital” that had “compelling reasons to close an acquisition of WWE.”
From the report:
“According to the complaint, this included undisclosed companies submitting cash offers at $95-$100 and $90-$97.50 per share. But because they contemplated cashing out WWE stockholders and barred McMahon from rolling over his shares, which would’ve signaled his “complete ouster” from the wrestling world, the board “never bothered to make” counterproposals, the suit states.”
The $95.66 per share price that the WWE/Endeavor merger closed at was less than the other offers, the suit claimed.
They claim McMahon and other Board members “conjured up a sham sales process” to put Endeavor in the driver’s seat and “exclude other bidders seeking to axe” McMahon. He, Nick Khan, Paul Levesque, George Barrios and Michelle Wilson were also named in the suit which seeks to represent all stockholders who cashed out shares in the merger.
Khan, Levesque and Frank Riddick were also called out for getting a combined $25 million in cash bonuses thanks to the deal.
Paul “Triple H” Levesque is excited about WWE’s future under the Endeavor umbrella.
The WWE-Endeavor deal was officially completed this September. With the deal being finalized, WWE and the UFC have been merged into one publicly traded company named TKO Group Holdings.
Levesque, Dana White, and Nick Khan sat together ringside as they attended the Callum Walsh vs. Ismael Villarreal boxing match in New York City on Thursday night. While there, Levesque spoke to Sports Illustrated about WWE now being part of Endeavor.
“I can’t tell you how excited I am,” Levesque said. “Working with Endeavor, it’s next level. The flywheel for all the things they touch–if you were trying to build that on your own, it’s taking you a decade. For us, now, it fast tracks everything we’re doing.
“Endeavor, UFC, they’re the best in the business at what they do. They put things on a different level of professionalism, and we fit right into that. The future is so bright because of the opportunities Endeavor is going to provide for us and the synergies that are there. We’re going to take this to a whole new level.”
Levesque has the job title of Chief Content Officer in WWE. Following the merger, Levesque is the person making all of the key decisions in WWE creative. Endeavor/TKO CEO Ari Emanuel is the person responsible for Levesque’s increase in power.
Vince McMahon intends to sell 8.4 million shares of TKO Group Holdings stock, roughly 30 percent of his stake in the company.
According to a press release and documents that TKO filed with the SEC, McMahon intends to sell 8.4 million shares of the company’s Class A common stock, which as of close of the stock market on Thursday was worth just over $713 million.
In after-hours trading on Thursday, the TKO stock price was down roughly 5.3 percent with the news of McMahon’s sale.
The SEC filing notes that TKO CEO Ari Emanuel and TKO COO Mark Shapiro intend to buy $1 million of the stock McMahon is putting up for sale, with other company directors set to purchase $850,000 worth of the stock.
TKO Group Holdings will repurchase approximately $100 million worth of the stock.
McMahon remains the executive chairman of TKO Group Holdings. The company was created by a merger between WWE & UFC that was finalized in September.
The stock sale comes after a mixed bag of results from Q3 of 2023 for TKO and an SEC filing from the company stating that McMahon’s “membership on our Board could have adverse financial and operational impacts on our business.”
