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Tag: Vince McMahon
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Vince McMahon resigns from WWE after allegations of sexual assault
Vince McMahon resigns from WWE after allegations of sexual assault – CBS News
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Vince McMahon resigns from TKO Board after allegations of sexual misconduct: ESPN
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Vince McMahon, who co-founded the modern WWE in 1982, has resigned from his roles as TKO Executive Chairman and from his position on the TKO Board of Directors, he said in a statement provided to ESPN on Friday night.
McMahon, 78, leaves the publicly traded company — which is also the parent group of the UFC — following a lawsuit filed Thursday that accuses him of sexual misconduct.
In the lawsuit, Janel Grant, who worked in WWE’s legal and talent departments, alleged that McMahon forced her into a sexual relationship in order for her to obtain and keep her job and passed around pornographic pictures and videos of her to other men, including other employees. The lawsuit, which was filed in U.S. District Court in Connecticut, where WWE is headquartered, also names WWE and John Laurinaitis, the company’s former head of talent relations and general manager, as defendants.
“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,” McMahon said in the statement. “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, effective immediately.”
McMahon stepped down as WWE’s CEO in 2022 amid an investigation into allegations that match those in the lawsuit.
“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,” WWE president Nick Khan told all staff in a memo obtained by ESPN on Friday night. “He will no longer have a role with TKO Group holdings or WWE.”
Copyright © 2024 ESPN Internet Ventures. All rights reserved.
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ESPN
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WWE founder Vince McMahon resigns from TKO Group after being accused of sexual assault and trafficking in new lawsuit
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Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Images
Vince McMahon, executive chairman of the board of TKO Group Holdings and founder of wrestling giant WWE, has resigned his positions at both companies, according to a WWE memo obtained by CNBC and confirmed by the company.
“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,” said Nick Khan, president of the WWE.
The announcement came in the wake of allegations made public Thursday, of sexual assault and sex trafficking, against McMahon.
McMahon has denied the allegations. But he said in a statement late Friday that, “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, effective immediately.”
The latest allegations against McMahon were in a lawsuit filed by Janel Grant — who alleges McMahon directed her to have sex with a WWE “superstar” and other men. Grant’s suit seeks to void a nondisclosure agreement Grant said she reached with McMahon in early 2022.
Grant’s suit in U.S. District Court in Connecticut says the billionaire McMahon agreed to pay her $3 million as part of that deal, but ended up only paying her $1 million in exchange for her silence about his conduct.
In addition to McMahon, 78, the complaint names as defendants WWE and John Laurinaitis, the company’s former head of talent relations and general manager.
The complaint comes six months after federal law enforcement agents executed a search warrant on McMahon and served him with a grand jury subpoena as part of an investigation into McMahon’s payment of millions of dollars to multiple women, among them Grant, after allegations of sexual misconduct.
McMahon, who resigned from WWE leadership posts in mid-2022 amid an internal company investigation, only to return as its leader in early 2023, last March paid WWE $17.4 million to cover costs of a probe of those payouts by a law firm retained by the company.
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Vince McMahon Resigns From TKO Group Board of Directors Following Sex Abuse, Trafficking Lawsuit
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Vince McMahon has resigned from his position as the executive chairman of the board of TKO Group Holdings, Inc., the company formed by Endeavor that merged WWE and the UFC.
“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,” WWE president and TKO board member Nick Khan said in an email to staff seen by Variety. “He will no longer have a role with TKO Group Holdings or WWE.”
McMahon’s exit comes after former WWE employee Janel Grant filed a lawsuit against him, the company, and former WWE executive John Laurinaitis. The lawsuit alleges that McMahon abused and sexually exploited her and also trafficked her to other men, including Laurinaitis, who was formerly WWE’s head of talent relations.
According to Grant’s lawsuit, McMahon and Laurinaitis — on WWE property and using WWE funding — both engaged in sexual assault and trafficking of Grant “both for their own pleasure and as a pawn to secure talent deals with prospective wrestlers they were recruiting.” McMahon “repeatedly used sex toys named after other WWE employees, wrestlers and performers to sexually groom Ms. Grant for trafficking to those same people,” per the suit. A copy of the lawsuit is available at this link.
“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,” McMahon said in a statement. “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, effective immediately.”
The lawsuit was filed days after it was announced that WWE had secured a deal with Netflix to begin airing “Monday Night Raw” beginning in 2025. The deal is valued at $5 billion.
McMahon previously stepped down as WWE’s CEO in June 2022 amid an investigation by the company’s board into alleged hush-money payments to women who accused him of sexual misconduct over a period of nearly two decades. McMahon used his position as WWE’s largest shareholder to return to the company in January 2023 as executive chairman to lead efforts to sell WWE, which was then merged with UFC to form TKO Group Holdings.
McMahon’s daughter, Stephanie McMahon, served as co-CEO and chairwoman of the board of directors following her father’s exit. She resigned from the company less than a week after his return after having been with WWE in various capacities for most of her life.
As WWE’s chief executive, McMahon made payments totaling $19.6 million dating back to 2007 related to alleged misconduct, the company disclosed. In March 2023, McMahon paid WWE $17.4 million for costs the company incurred in investigating misconduct allegations against him.
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Joseph Otterson
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WWE’s Vince McMahon accused of sexual assault and trafficking in lawsuit – National | Globalnews.ca
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NOTE: The following article contains explicit content. Please read at your own discretion.
A former WWE staff member has filed a harrowing new lawsuit accusing World Wrestling Entertainment (WWE) founder Vince McMahon of graphic abuse, sexual assault and trafficking.
In the lawsuit filed Thursday in Connecticut, ex-WWE employee Janel Grant, who worked at the company’s headquarters, said McMahon emotionally and physically abused her, defecated onto her body during a threesome and insisted she have sex with him and other men, among myriad other mistreatments.
Grant said she feared losing her employment with WWE if she did not comply with McMahon’s abuses.
“Ms. Grant is filing this lawsuit not just to address her own suffering, but also to act for those who are afraid to speak out,” the lawsuit opens, referencing a potential history of misconduct within McMahon’s WWE operations.
The lawsuit additionally names WWE executive John Laurinaitis as a defendant, who Grant alleged was complicit and participatory in McMahon’s abuses. She is also suing WWE itself for alleged negligence.
Grant is seeking a jury trial and an unspecified amount in damages. The lawsuit is attempting to make void a non-disclosure agreement (NDA) that Grant said she was pressured to sign in 2022.
McMahon, 78, has denied all allegations against him. In a statement to Deadline, a spokesperson for McMahon said Grant’s lawsuit is “replete with lies, obscene made-up instances that never occurred, and a vindictive distortion of the truth.”
“He will vigourously defend himself,” the spokesperson said.
The allegations against Vince McMahon
Grant said she met McMahon in March 2019 when she was unemployed and “struggling financially” after the death of her parents. McMahon, who apparently lived in a penthouse duplex in Grant’s apartment building, heard of her struggles and offered to find her a job at WWE.
“What seemed like a dream in the Spring of 2019 quickly became a nightmare,” Grant’s lawyers wrote in the lawsuit.
Grant alleged her relationship with McMahon turned inappropriate when the WWE founder, during meetings about her potential job, greeted her in his underwear, touched her and shared intimate details about his personal life at great length.
Grant said McMahon pressured her into a sexual relationship in exchange for her employment at WWE. She complied and was eventually hired as an administrator-coordinator.
She was ordered to keep their sexual relationship a secret.
A year after first meeting McMahon, she alleged he began sharing sexually explicit photographs and videos of her with men affiliated and unaffiliated with WWE.
She claimed McMahon was sexually aggressive with her and would on occasion cause pain or bleeding from the forceful use of sex toys. Some of the sex toys, Grant alleged, were named by McMahon after male WWE wrestlers and performers. The sex toys, according to the lawsuit, made racial references to WWE wrestlers; for example, a “black ‘dildo’ would be named after an African American wrestler and a white ‘dildo’ would be named after a Caucasian wrestler.”
Grant said McMahon also began recruiting other men to have sex with her, or with him and Grant together, including Laurinaitis. Grant said she was “expected and directed” to have sex with McMahon, Laurinaitis and others at or outside of the WWE headquarters, during and after work hours.
She said in the legal filing that McMahon’s insistence she have sex with other men affiliated with him made her feel as though she was “being pimped out as an object for sexual gratification for her new boss.”
Grant alleged on one occasion she was used by McMahon as a “sexual pawn” to persuade a WWE wrestler, identified only as WWE Superstar in the lawsuit, to sign a new contract. McMahon allegedly gave the wrestler Grant’s phone number with the understanding that “‘she’ll do anything’ requested of her.”
Her lawsuit cites a specific instance of rape in the WWE offices, where — behind the locked door of Laurinaitis’ office — McMahon and Laurinaitis “forcibly touched her” while she “begged them to stop.”
On a separate occasion, Grant alleged McMahon defecated onto her body during a threesome, then insisted she continue to perform sexual acts for at least an hour and a half longer.
In the lawsuit, Grant said McMahon’s “extreme cruelty and degradation” caused her to “disassociate and/or become numb to reality in order to survive the horrific encounters.”
After her employment ended at WWE, Grant said McMahon’s abuses left her with “debilitating symptoms of post-traumatic stress disorder and suicidal ideation.”
Grant claims others at WWE knew of the abuses against her, and “actively sought to conceal the wrongdoing.”
The non-disclosure agreement
In her lawsuit, Grant said McMahon told her that her “time at WWE was at an end” after his wife found out about his relationship with her. He allegedly asked Grant to sign an NDA.
After “immense pressure” from McMahon, Grant said she signed the agreement in exchange for payments, which she claimed McMahon later stopped making.
She has asked the court to invalidate her NDA under federal law, including the Trafficking Victims Protection Act.
McMahon’s misconduct probe
In 2022, McMahon stepped down as CEO and chairman of WWE during an investigation into alleged misconduct. The investigation centred around reports McMahon paid more than US$12 million in hush money to four separate women in the past 16 years.
Grant’s lawsuit branded the WWE internal investigation “a sham.” She said she was never interviewed by investigators, despite her insistence that she would co-operate.
After the investigation concluded, WWE said McMahon would reimburse the company US$17.4 million.
McMahon is no longer WWE’s chairman and CEO, though he remains as executive chairman. WWE is now part of TKO Group Holdings.
A spokesperson for the group told Deadline that McMahon “does not control TKO nor does he oversee the day-to-day operations of WWE.”
“While this matter pre-dates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally,” the statement concluded.
This week, Netflix struck a US$5-billion rights deal with WWE that would make it the exclusive home of Raw starting January 2025. The 10-year partnership will have Raw stream on Netflix in Canada, the U.S., the U.K. and several Latin American countries, among other territories.
Netflix has not commented publicly on the lawsuit against McMahon.
![Click to play video: '‘Wheel of Fortune’ solve attempt has WWE stars Xavier Woods, Drew McIntyre fighting back chuckles']()
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If you or someone you know is experiencing abuse or is involved in an abusive situation, please visit the Canadian Resource Centre for Victims of Crime for help. They are also reachable toll-free at 1-877-232-2610.
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Sarah Do Couto
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Feds Executed Search Warrant On WWE Boss Vince McMahon
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Vince McMahon, the boss of World Wrestling Entertainment who recently re-joined the company’s board following sexual misconduct allegations, had his home searched by federal authorities.
McMahon was also served with a federal grand jury subpoena last month, the WWE disclosed Wednesday. The company noted that no charges have been filed yet.
One of those allegations came from a former paralegal who said McMahon sexually harassed her, then paid her $3 million to stay quiet.
Along with Wednesday’s new revelations, the WWE also disclosed that McMahon underwent spinal surgery last month, and “will remain on medical leave until further notice.”
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A tag team for the ages: WWE and UFC set to combine forces – National | Globalnews.ca
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World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) will team up to form a new company in a blockbuster deal announced Monday.
Endeavor Group Holdings Inc., which already runs mixed-martial arts promoter UFC, will take a 51 per cent stake in WWE, while existing shareholders of the publicly traded company will retain 49 per cent control.
WWE’s executive chairman Vince McMahon, who made a return to the company in January to lead talks for a sale after stepping down amid sexual misconduct allegations last year, will remain chair of the board at the newly merged company. UFC president Dana White will retain his role, Nick Khan will transition from CEO to president of WWE, and Endeavor CEO Ariel Emanuel will hold the same role in the newly merged company.
The deal values UFC at US$21.3 billion and WWE at US$9.3 billion. Last year, WWE booked revenue of US$1.3 billion.
Rumours swirled about who would possibly be interested in buying WWE, with chatter focusing on companies such as Endeavor, Disney, Fox, Comcast, Amazon and Saudi Arabia’s Public Investment Fund.
Media industry analysts viewed WWE as an attractive acquisition target given its global reach and loyal fanbase, which includes everyone from minors to seniors and a wide range of incomes.
The deal with UFC comes a day after WWE’s marquee event, WrestleMania, ran over two nights at SoFi Stadium in Los Angeles.
The weekend’s matches included performances from not only WWE mainstays such as Roman Reigns, Rey Mysterio, John Cena and Cody Rhodes, but also mainstream stars including social media influencers Logan Paul and KSI, pop superstars Snoop Dogg and Bad Bunny and San Francisco 49ers tight end George Kittle.
Canadian wrestlers Edge, Trish Stratus, Sami Zayn and Kevin Owens were also among the top-billed combatants at WrestleMania 39.
A synergy already exists talent wise between WWE and UFC, with stars such as Brock Lesnar and Ronda Rousey crossing over between the two businesses.
The newly created company would seek to capitalize on consumers’ desire to participate in live experiences — a trend that has resumed since the height of the pandemic — and on their appetite to bet on sports, said Endeavor President Mark Shapiro, who will serve in the same capacity in the new company.
![Click to play video: 'WWE supertsar Edge makes his return to Toronto']()
The new company, which does not yet have a name, plans to trade on the New York Stock Exchange under the “TKO” ticker symbol. Its board will have 11 members, with six being appointed by Endeavor and five being appointed by WWE.
The transaction, which was approved by the boards of Endeavor and WWE, is targeted to close in the second half of the year.
Under the deal that a source said was internally referred to as Project Stunner, UFC and WWE will also contribute cash to the new company so it holds nearly $150 million.
The agreement values each share of WWE at $106, representing a premium of 16 per cent to the company’s Friday closing.
Shares of WWE recovered somewhat in trading Monday on the New York Stock Exchange but still ended the day down roughly two per cent, while Endeavor was down nearly six per cent. One analyst said WWE investors may have been disappointed that this was not a cash transaction.
“Maybe the ultimate structure of this was not with it not aligned with their short term thinking of how it might work,” said John Healy, analyst at Northcoast Research.
— with files from Associated Press, Reuters
© 2023 Global News, a division of Corus Entertainment Inc.
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Craig Lord
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Vince McMahon is back at WWE to ensure a smooth sale process. Here’s who might want to buy it
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World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Vince McMahon has returned to the World Wrestling Entertainment board of directors to facilitate potential sale talks ahead of the company’s media rights renewal.
The notion of WWE selling isn’t new. CNBC reported it looked like a sale target in April and that it appeared only more attractive in July after a sexual misconduct scandal. The rationale is fairly straightforward: WWE is valuable intellectual property.
Owning IP allows streaming services to exclusively offer content without the annoyance of winning licensing rights in an auction every few years. WWE also has value to offer in merchandising and theme park businesses.
WWE has hired JPMorgan to help the company advise on a potential sale, according to people familiar with the matter. JPMorgan declined to comment. A WWE spokesman couldn’t immediately be reached for comment.
If a deal occurs, it would likely occur in the next three to six months, said the people, who asked not to be named because the discussions are private. WWE plans to talk to potential buyers before it makes a decision on TV rights renewal agreements.
Facilitating a sale
McMahon’s return should help a sale process go smoothly, though there could still be hiccups.
The former CEO and chair is 77 years old and the controlling shareholder of WWE. He stepped down after an investigation found that he had paid nearly $15 million to four women over 16 years to quell claims of alleged sexual misconduct and infidelity. Returning to the board will give potential buyers confidence he’s supportive of the details of any transaction.
“My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder,” McMahon said in a statement Thursday.
McMahon’s return doesn’t affect current leadership. McMahon’s daughter, Stephanie, and former CAA agent Nick Khan are co-CEOs. But it remains unclear what type of role, if any, McMahon would want at WWE if he sold the company. WWE has told investors that McMahon’s role at the company is essential in “our ability to create popular characters and creative storylines.” Currently, McMahon doesn’t have a formal say in the company’s creative direction.
Mansoor (bottom) competes with Mustafa Ali during the World Wrestling Entertainment (WWE) Crown Jewel pay-per-view in the Saudi capital Riyadh on October 21, 2021.
Fayez Nureldine | AFP | Getty Images
Whether a buyer would be comfortable with McMahon taking a more hands-on role at the company is unknown. But WWE is McMahon’s life work. It’s possible a sale may only happen with at least some strings attached.
WWE has a market capitalization of more than $6 billion after rising nearly 17% percent on Friday, buoyed by heightened sale speculation.
There are three categories of likely buyers for WWE — the legacy media companies, the streamers and the entertainment holding companies. Here’s who might be interested.
Comcast
Comcast, which owns NBCUniversal, is a potential fit as a buyer for WWE. McMahon’s company already has an exclusive streaming deal with Comcast’s streaming service, Peacock, and a cable TV deal with NBCUniversal’s USA Network. Comcast has a market capitalization of more than $160 billion and can easily afford the company — especially with a $9 billion (or more) check coming as soon as January 2024 from Disney for a 33% stake in Hulu.
Comcast can lock up WWE in perpetuity without having to pay upcoming rights renewal increases and can use the company’s IP for theme parks, movies and other spinoff series.
Still, Comcast CEO Brian Roberts said in October “the bar is the highest it’s been in terms of M&A” and has repeatedly said the company isn’t in a rush to pursue an acquisition.
Fox
Disney
Returning CEO Bob Iger may want to make a splashy acquisition as he retakes the throne at Disney. WWE fits Disney in the same ways that it fits Comcast. It would bolster Disney’s streaming ambitions (perhaps ESPN+), it would support the linear network business, and it would add some heft to merchandizing and theme park businesses.
Comcast didn’t want Disney walking away with Fox in 2019 and drove up the price by tens of billions by topping Iger’s initial bid. Could Iger see WWE as the next IP battle between Disney and his rival Comcast?
Disney CEO, Bob Iger attends the European film premiere of ‘Star Wars: The Rise of Skywalker’ at Cineworld Leicester Square on 18 December, 2019 in London, England.
Wiktor Szymanowicz | Future Publishing | Getty Images
Warner Bros. Discovery
Netflix
Netflix has long shied away from sports and other live events, but it’s recently become open to the idea of owning a league outright or taking an ownership stake. Owning a sports league would give Netflix the ability to create video games and spinoff series without friction. Netflix found success in its Formula 1 “Drive to Survive” documentary series, giving co-CEO Reed Hastings faith that certain sports properties will resonate with Netflix’s huge global audience. But Netflix doesn’t own Formula 1, limiting its future options.
Acquiring WWE or another sports league would be a path toward offering live entertainment without renting content — similar to Zaslav’s thinking.
“We’ve not seen a profit path to renting big sports,” said co-CEO Ted Sarandos last month at the UBS Global TMT Conference. “We’re not anti-sports; we’re just pro-profit.”
Amazon
Endeavor Group Holdings
Endeavor, run by superagent Ari Emanuel, could add WWE to its stable of assets after agreeing to buy 100% of UFC in 2021.
Emanuel bought UFC to increase the scope of the talent agency’s business to live events. WME-IMG, now just a part of Endeavor, represents many UFC athletes — as well as WWE superstars. The UFC deal has been a success for Endeavor, which paid about seven times 2016’s $600 million revenue in 2016. UFC generated more than $1 billion in revenue in 2022.
Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
Stefanie Keenan | Getty Images Entertainment | Getty Images
Endeavor’s enterprise value of just about $11 billion makes WWE a huge swing for the company. The company’s relatively small balance sheet would likely prevent Endeavor from winning a bidding war against media giants. But McMahon’s outsized personality may fit with the brash Emanuel and UFC President Dana White.
Selling to a third party would also allow WWE to increase rights renewals every few years. That may or may not be a positive for the long-term future of the company as the media distribution ecosystem changes.
Liberty Media
While Endeavor owns UFC, Liberty’s Formula One Group owns Formula 1. John Malone, Liberty’s controlling shareholder, and CEO Greg Maffei, along with Formula 1 CEO Stefano Domenicali, have figured out how to globally market the car racing league, including cracking American culture after decades of obscurity.
Malone and Maffei have extensive track records at maximizing media valuations and acquiring media assets for less than $10 billion, including Formula 1, Sirius XM and Pandora. The global success of Formula 1 could provide a roadmap for a future WWE strategy.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
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