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Thursday, February 22, 2024

WWE’s McMahon declares his retirement after a misconduct probe

McMahon, the CEO of WWE, has announced his retirement amid a misconduct investigation

Key Takeaways:

  • McMahon made his resignation as CEO and chairman of the WWE public. He claimed to still be the biggest stakeholder in the business.
  • The company’s sales in 2017 surpassed $1 billion USD for the first time, and it has television deals with both Fox and NBCUniversal.

Amidst an investigation into alleged wrongdoing by the flamboyant showman who turned a modest wrestling organization into a global entertainment enterprise, World Wrestling Entertainment mogul Vince McMahon announced his retirement on Friday.

In a brief statement, McMahon announced his resignation as WWE’s chairman and CEO. He stated that he is still the company’s largest shareholder.

Midway through June, while an investigation into allegations of misbehavior was ongoing, McMahon temporarily resigned as WWE’s CEO and chairman. The Wall Street Journal revealed earlier this month that McMahon had consented to spend more than $12 million over the previous 16 yrs to bury sexual misbehavior and infidelity charges.

“I should retire now that I’m 77. You’re welcome, WWE Universe. Then and now, Forever. Together, WWE is grateful. “He tweeted something.

Also read: Amber Heard will appeal a US$10 million defamation verdict against Johnny Depp

The Stamford, Connecticut-based company’s statement made no mention of the probe. Nick Khan, who entered the company in 2020, will split CEO duties with McMahon’s daughter Stephanie, who was designated interim CEO and chairperson last month.

He thanked WWE’s generations of fans worldwide in the statement, saying, “Our worldwide audience can take heart in knowing WWE will continue to thrill you with the same fervor, dedication, and passion as always.”

After the Journal reported that McMahon had agreed to pay US$3 million to a former paralegal who claimed he had harassed her sexually on the job, McMahon initially resigned from the top positions last month. 

During the company’s investigation, he was meant to keep managing WWE’s creative material. The newspaper subsequently revealed that McMahon had consented to pay the larger amount of US$12 million.

McMahon, the CEO of WWE, has announced his retirement amid a misconduct investigation
McMahon, the CEO of WWE, has announced his retirement amid a misconduct investigation. Image from News Express US

According to the Journal, which cited sources familiar with the transactions and documents it examined, four women, all of whom were once associated with WWE, signed agreements with McMahon prohibiting them from revealing their connections with him. According to McMahon, he is helping the business with its inquiry.

McMahon has served as WWE’s president and most famous face for many years. In 1982, when he bought the World Wrestling Federation from his father, matches were held in modest facilities and shown on regional cable networks.

WrestleMania, a high-end live production that attracts millions of ardent spectators, is one of the events that helped the organization under McMahon undergo a seismic transition.

For the first time, the company’s revenue in 2017 exceeded $1 billion USD, and it has tv deals with Fox as well as NBCUniversal. A multi-year extension of its original programming deal with A&E was announced last month.

WWE superstars like Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin, and John Cena have achieved crossover success.

Source: CTV News

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