WWE’s investigation into Vince McMahon is officially completed.
The Wall Street Journal reported earlier this year on June 15, 2022 that the board of World Wrestling Entertainment launched an investigation into Vince McMahon due to claims of hush money and sexual misconduct against the former CEO.
WWE’s Investigation Into Vince McMahon Was A Pretty Penny
In the third quarter earnings report of 2022, World Wrestling Entertainment made the announcement that the investigation into their former chairman was done, and that the Special Committee has been scrapped. Altogether, the investigation would cost the company a tally of $19.4 million.
WWE stated:
Special Committee Investigation
As previously announced, a Special Committee of independent members of the Board of Directors was formed to investigate alleged misconduct by Vincent K. McMahon, the Company’s former Chairman and Chief Executive Officer, who resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest, and another executive, who is also no longer with the Company.
The Special Committee investigation is now complete and the Special Committee has been disbanded. Management is working with the Board to implement the recommendations of the Special Committee related to the investigation. For the three and nine-month periods ended September 30, 2022, the Company’s consolidated pre-tax results include the impact of $17.7 million and $19.4 million, respectively, associated with certain costs related to the investigation.
Please see the Company’s SEC filings, including, but not limited to, its annual report on Form 10-K/A and quarterly reports on Form 10-Q/A and Form 10-Q for further details and ongoing risks regarding this matter.
On July 22, 2022, Vince McMahon officially announced his retirement as CEO and Chairman of World Wrestling Entertainment (WWE) with the investigation being launched. Named co-CEOs were Stephanie McMahon and Nick Khan after McMahon’s exit, with Paul “Triple H” Levesque taking over as WWE’s Head of Creative.