WWE discloses $5 million in McMahon payments, delays earnings report
World Wrestling Entertainment Inc. Chairman Vince McMahon (L) and wrestler Triple H appear in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009
Ethan Miller | Getty Images Entertainment | Getty Images
World Wrestling Entertainment disclosed another $5 million in payments made by former CEO Vince McMahon and delayed its earnings report, according to an SEC filing.
The update comes after a disclosure of $14.6 million in previously unrecorded expenses paid out by McMahon, and his retirement from the company. The Wall Street Journal had reported that the hush payments were under investigation by federal prosecutors and the Securities and Exchange Commission.
McMahon, who retired as CEO and chairman of the company last month, is the largest shareholder of the company with a 32% stake. He bought the company from his father about 40 years ago and oversaw its growth into a global sports entertainment brand.
McMahon’s daughter, Stephanie McMahon, took over as co-CEO and chairwoman, while her husband Paul “Triple H” Levesque, is now in charge of WWE’s creative content.
In its filing Tuesday evening, WWE stated that the two newly disclosed payments, made by McMahon in 2007 and 2009, are unrelated to allegations of misconduct against McMahon. The board is currently overseeing an independent investigation of the previous payments and allegations.
News of the previous payments heightened speculation of a WWE sale. On Wednesday, WWE shares rose more than 1%, hitting a 52-week high, before closing roughly flat.
WWE also said it will be unable to file its quarterly report as scheduled this week due to the circumstances of the unrecorded expenses.
The company released preliminary results for the quarter on July 25 alongside the $14.6 million disclosure.
World Wrestling Entertainment Inc. Chairman Vince McMahon (L) and wrestler Triple H appear in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009
Ethan Miller | Getty Images Entertainment | Getty Images
World Wrestling Entertainment disclosed another $5 million in payments made by former CEO Vince McMahon and delayed its earnings report, according to an SEC filing.
The update comes after a disclosure of $14.6 million in previously unrecorded expenses paid out by McMahon, and his retirement from the company. The Wall Street Journal had reported that the hush payments were under investigation by federal prosecutors and the Securities and Exchange Commission.
McMahon, who retired as CEO and chairman of the company last month, is the largest shareholder of the company with a 32% stake. He bought the company from his father about 40 years ago and oversaw its growth into a global sports entertainment brand.
McMahon’s daughter, Stephanie McMahon, took over as co-CEO and chairwoman, while her husband Paul “Triple H” Levesque, is now in charge of WWE’s creative content.
In its filing Tuesday evening, WWE stated that the two newly disclosed payments, made by McMahon in 2007 and 2009, are unrelated to allegations of misconduct against McMahon. The board is currently overseeing an independent investigation of the previous payments and allegations.
News of the previous payments heightened speculation of a WWE sale. On Wednesday, WWE shares rose more than 1%, hitting a 52-week high, before closing roughly flat.
WWE also said it will be unable to file its quarterly report as scheduled this week due to the circumstances of the unrecorded expenses.
The company released preliminary results for the quarter on July 25 alongside the $14.6 million disclosure.
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