WWE Closes Book On Vince McMahon Investigation; Says Probe Complete, Special Committee Disbanded
World Wrestling Entertainment co-CEO Nick Khan said a special committee of independent directors looking into alleged misconduct by its former chief Vince McMahon has completed its mission and been disbanded.
Management is working with the board to implement the committee’s recommendations, Khan told Wall Streeters on a call following third-quarter earnings. He didn’t elaborate. WWE shares popped nearly 3% in late trading.
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The September third quarter included a circa $18 million hit for costs related to the investigation. Khan said WWE has spent $19.4 million on the probe so far this year. He expects further write-downs. The former CAA head of television who joined WWE as president and chief revenue officer in 2020 and now runs the company with Stephanie McMahon — said Vince McMahon “has agreed to pay the reasonable costs of the investigation not covered by insurance.”
WWE had been investigating allegations that McMahon paid millions of dollars to various women as hush money in exchange for silence over relationships and misconduct. McMahon retired last July amidst the scandal and as WWE confirmed nearly $20 million in previously unrecorded expenses. McMahon remains WWE’s controlling shareholder. Stephanie McMahon is his daughter.
In August, WWE said it was restating some previous financial reports to reflect “unrecorded expenses” for periods in 2019, 2020 and 2021, as well as for the 2022 quarter that ended in June. All payments underlying the unrecorded expenses “were or will be paid by Vince McMahon personally,” the company said then.
The board had also been looking into misconduct by WWE’s former head of talent relations, John Laurinaitis.
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