WWE Vince McMahon

Sports entertainment giant WWE reported the costs of an investigation into former CEO Vince McMahon, including $1.7 million in the second quarter, ...

He still has his eyes on maximizing the business in terms of what is best for shareholders,” Stephanie said, when asked a question hinting at interest in a potential sale of the company. The company reported strong Q2 results on Tuesday, with total revenue of $328.2 million, up from $265.6 million a year earlier. In a recent regulatory filing, WWE said it “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.” “Vince McMahon is still very much the controlling shareholder. Stephanie McMahon’s husband Paul Levesque, the retired wrestler known as HHH, is now in charge of WWE’s creative. A month earlier, The Wall Street Journal had [reported](https://www.wsj.com/articles/wwe-board-probes-secret-3-million-hush-pact-by-ceo-vince-mcmahon-sources-say-11655322722) multimillion-dollar settlements paid to women who had affairs with McMahon, who retains a controlling stake in WWE. That demand will only increase with Netflix’s ad tier. WWE also emphasized at the time that all of the underlying unrecorded expenses “were or will be paid by Mr. McMahon personally.” [McMahon retired from the company](https://www.hollywoodreporter.com/tv/tv-news/wwe-ceo-vince-mcmahon-retires-1235184960/) in July amid these discoveries after initially stepping aside from his duties due to an “investigation into alleged misconduct” by him and John Laurinaitis, WWE’s former head of talent relations. [WWE](https://www.hollywoodreporter.com/t/wwe/) reported its second-quarter [earnings](https://www.hollywoodreporter.com/t/earnings/) on Tuesday following several delays due to the discovery of what it had recently said were $19.6 million in previously unrecorded expenses paid by former chairman and CEO [Vince McMahon](https://www.hollywoodreporter.com/t/vince-mcmahon/) between 2006 and 2022. [in a recent regulatory filing](https://www.hollywoodreporter.com/business/business-news/wwe-discloses-additional-5m-in-payments-related-to-vince-mcmahon-misconduct-1235196010/) saying that it had “determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable.” It said at the time that the amount in unrecorded expenses was not material in any individual period in which they arose, but that the aggregate amount would be if recorded entirely in the second quarter of 2022. The company said on its earnings conference call that the $1.7 million was paid by McMahon, adding that he had also agreed to pay “additional reasonable expenses of the investigation not covered by insurance.”

STAMFORD — WWE announced Tuesday rising revenues and profits and said that its investigation of alleged misconduct by former chief executive officer and ...

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WWE has warned Vince McMahon's resignation could have a negative impact on the company's "characters and creative storylines".

in Lake Country](http://www.liveinlakecountry.ca/) [GALLERY [+]](javascript:;) [FILM / RADIO [+]](javascript:;) [TICKETS [+]](javascript:;) [LOTTO [+]](javascript:;) [GENERAL [+]](javascript:;) The company said: "The resignation of Vincent K. Levesque has extensive practical experience with many of our revenue streams and, with Ms. McMahon, has been critically involved in our business transformation over the past several years as well as our continuing brand development, these collective changes at the top of our organization are extensive and recent, and it is therefore possible that the loss of services of Mr. McMahon could have a material adverse effect on our ability to create popular characters and creative storylines or could otherwise adversely affect our operations and/or financial performance." The company continued: "Although Mr. WWE has warned Vince McMahon's resignation could have a negative impact on the company's "characters and creative storylines". They added: "Although we believe that no significant business has been lost to date, it is possible that a change in the perceptions of our business partners could occur as a result of the investigation." WWE warns Vince McMahon resignation could impact 'creative' quality McMahon could adversely affect our ability to create popular characters and creative storylines or could otherwise adversely affect our operating results." As noted by WWE, McMahon - who "resigned from all positions" on July 22 - served as chairman and CEO, as well as leading the creative team in charge of developing "the storylines and the characters for our programming". The wrestling giant is due to hold its second quarter 2022 financial call on Tuesday (16.08.22) - the first since McMahon's retirement amid an investigation into allegations of misconduct - and a statement before the call has discussed the potential impact of the change in leadership.

WWE stated that the loss of Vince McMahon could have a "material adverse effect on our ability to create popular characters and creative storylines."

"On July 25, 2022, based on the findings of the Special Committee investigation, the Company announced that it had determined that certain payments that Mr. WWE did that in its [second-quarter report on Tuesday](https://otp.tools.investis.com/clients/us/wwe/SEC/sec-show.aspx?FilingId=16020387&Cik=0001091907&Type=PDF&hasPdf=1). McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest," the report stated.

An SEC filing issued ahead of the Q2 2022 earnings report estimates the investigation will cost the company $10 million.

On July 22, 2022, the Board appointed Stephanie McMahon, at that time Chief Brand Officer, interim Chief Executive Officer, interim Chairwoman and a director of the Company, and Nick Khan, at that time President, Chief Revenue Officer and a director of the Company, to serve as the Company’s co-Chief Executive Officers. As previously announced, a Special Committee of independent members of the Company’s Board of Directors was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. WWE’s spent $1.7 million on the investigation to date, and expects to upwards of five times that amount before the end of the year: McMahon led the creative team that develops the storylines and the characters for our programming (including our television, WWE Network and other programming) and live events. That included a big increase in merchandise sales fueled by WrestleMania, and $5.6 million in licensing revenue from the release of WWE 2K22. 15) WWE released its [10-Q filing](https://otp.tools.investis.com/clients/us/wwe/SEC/sec-show.aspx?FilingId=16020387&Cik=0001091907&Type=PDF&hasPdf=1) to the Securities & Exchange Commission related to those numbers.