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April 16, 2023
Nick Khan Comments On Vince McMahon’s Current Creative Role In WWE
April 3, 2023
Triple H and Nick Khan To Receive Huge Bonus Following WWE Sale
WWE's Nick Khan and Triple H will receive a huge bonus following the news that WWE has been sold to Endeavour.
On Monday, WWE announced a transaction agreement with Endeavor that would see WWE sell to Endeavor and merge with UFC to form a new publicly traded company worth $21.5 billion. Khan will be President of WWE when the two promotions merge, while Triple H is expected to remain Chief Content Executive of WWE.
Triple H and Nick Khan will both receive large bonuses with Triple H taking in $5 million and Khan receiving $15 million.
From the SEC filing:
"In light of their significant contributions to the Company prior to and in connection with the Transactions and to promote retention, the Company, following the approval of the WWE Compensation Committee, entered into bonus letter agreements (each a “Bonus Agreement”), dated as of April 1, 2023 and effective as of April 2, 2023, with certain executive officers including Nick Khan, the Company’s Chief Executive Officer, Frank A. Riddick III, the Company’s President & Chief Financial Officer, and Paul Levesque, the Company’s Chief Content Officer. The Bonus Agreements each provide for a cash payment (the “Bonus”) in the event a Sale Transaction (as defined in the Bonus Agreements) is consummated on or before February 28, 2024 (unless such date is extended by the Company’s Board of Directors, in its discretion) (a “Qualifying Sale Transaction”).
For Messrs. Khan and Levesque, the amount of their Bonuses is equal to $15,000,000 and $5,000,000, respectively, with 100% of such amount payable as soon as practicable following the closing date of a Qualifying Sale Transaction, subject to their continuous employment through the closing date (except as otherwise noted below). For Mr. Riddick, the amount of his Bonus is equal to $5,000,000, with 60% of such amount payable as soon as practicable following the closing date of a Qualifying Sale Transaction and 40% of such amount payable as soon as practicable following the six-month anniversary of the closing date of a Qualifying Sale Transaction, subject to his continuous employment through each such date (except as otherwise noted below). In the event any of Messrs. Khan, Riddick and Levesque is terminated by the Company without Cause or resigns for Good Reason (each as defined in the applicable Bonus Agreement) prior to the payment date(s) described above, the unpaid portion of his respective Bonus shall vest and become payable as of the date of termination.
The foregoing description of the Bonus Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Bonus Agreements for Messrs. Khan, Riddick and Levesque, copies of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and which will be incorporated by reference herein."
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12:56 PM
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ENDEAVOR ANNOUNCES UFC® AND WWE® TO FORM A $21+ BILLION GLOBAL LIVE SPORTS AND ENTERTAINMENT COMPANY
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Kaliqo~
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8:21 AM
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Labels: Endeavor, Nick Khan, UFC, Vince McMahon, Wrestling History, Wrestling News, WWE
March 28, 2023
WWE CEO Nick Khan Comments On WWE Media Rights Negotiations
As rumors and reports continue to surface regarding WWE‘s media rights negotiation and a potential sale, WWE CEO Nick Khan spoke to Sports Business Journal about the company’s position heading into negotiations.
On the topic of the company and its position as it heads into a new round of media rights negotiations, Khan said that he thinks the company is “in a good position” thanks to its ratings and its relevance, Khan also noted that he thinks they could come to a decision toward the middle of the year.
“If you look at the ratings and relevancy of our product, we like to think we’re in a good position,” said Khan. “We look to get into the heat of the conversation first with our incumbents by the middle of the year or so. Depending on the timing and how strategic alternatives shake out, it will be either be middle of the year getting hot and heavy, or some time shortly thereafter.”
When it comes to competing against the likes of NASCAR and the NBA — which will also see its own media rights come up alongside WWE — Khan said that he thinks “there’s plenty of money out there for us.” He also touched on the potential sale of WWE, noting that it might be tricky navigating both a sale of the company as well as new media rights negotiations.
“That’s probably the trickiest of all the parts, but one thing that all potential buyers know is that the rights that Fox and NBCU negotiated for separately will obviously have to be adhered to and respected with all sorts of good faith attached to that,” Khan said.
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Kaliqo~
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7:24 AM
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January 10, 2023
WWE Board of Directors unanimously elected Vince McMahon Executive Chairman of the Board; Stephanie McMahon Resigns
WWE today announced that its Board of Directors unanimously elected Vince McMahon Executive Chairman of the Board.
Stephanie McMahon has resigned from her roles as Chairwoman and Co-CEO.
Nick Khan will serve as WWE CEO.
Vince McMahon:
“First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.
“I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”
Stephanie McMahon:
“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”
Nick Khan:
“Stephanie McMahon is a terrific executive and an even better person. It has been an honor to serve as Co-CEO with her. She will only continue to succeed.
“I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.”
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Kaliqo~
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7:25 PM
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Labels: Levesque Family News, Nick Khan, Stephanie McMahon, Vince McMahon, Wrestling History, Wrestling News, WWE
January 6, 2023
WWE is providing the following update regarding the composition of its Board of Directors and the exploration of strategic alternatives
Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” said Chairwoman & Co-CEO Stephanie McMahon, Co-CEO Nick Khan and Chief Content Officer Paul Levesque. “We also welcome back Michelle Wilson and George Barrios to our Board of Directors. Together, we look forward to exploring all strategic alternatives to maximize shareholder value.”
As Vince McMahon stated yesterday, “WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities."
In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction.
Vince McMahon, in his capacity as controlling shareholder of the Company, has removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board. Vince McMahon, George Barrios and Michelle Wilson have been added to the Board to fill the resulting vacancies.
The Board currently consists of:
Vince McMahon
Stephanie McMahon
Nick Khan
Paul Levesque
Steve Koonin
Michelle McKenna
Steve Pamon
George Barrios
Michelle Wilson
Ignace Lahoud and Man Jit Singh have resigned from the Board, effective today.
~ Kayfabe by
Kaliqo~
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1:45 PM
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Labels: George Barrios, Michelle Wilson, Nick Khan, Stephanie McMahon, Triple H, Vince McMahon, Wrestling History, Wrestling News, WWE
January 5, 2023
Vince McMahon Trying To Get Back Into WWE For Media RIghts Negotiations
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Kaliqo~
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5:28 PM
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Labels: George Barrios, Michelle Wilson, Nick Khan, Stephanie McMahon, Triple H, Vince McMahon, Wrestling News, WWE
December 20, 2022
Vince McMahon’s Planned WWE Comeback Is Predictable But Not Feasible
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7:21 PM
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Labels: Nick Khan, Stephanie McMahon, Triple H, Vince McMahon, Wrestling News, WWE
December 6, 2022
Axios Highlights WWE Business Success Following Vince McMahon's Exit
For most companies, the departure of a CEO would usually result in a wave of uncertainty from investors, and can often even result in the stock price tanking. However, that simply hasn't been the case for WWE in 2022. The company has performed exceedingly well in the aftermath of longtime CEO Vince McMahon's departure over the summer, and news website Axios has now declared WWE "2022's media winner."
Nearly every major publicly traded entertainment company has seen its stock plummet this year, except World Wrestling Entertainment.
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Kaliqo~
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10:10 PM
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Labels: Nick Khan, Stephanie McMahon, Triple H, Vince McMahon, Wrestling News, WWE
November 2, 2022
WWE’s Vince McMahon Investigation Ended Up Costing $19.4M In Expenses
The WWE, led by co-CEOs Stephanie McMahon and Nick Khan, handily beat Wall Street expectations on revenue in its third quarter, delivering net revenue of $304.6 million, and operating income of $58.9 million.
The bump in revenue was “primarily due an increase in both domestic and international media rights fees related to the Company’s flagship programs, Raw and SmackDown,” the company said.
Indeed, the majority of the revenue, some $233 million, came from media rights, with live events accounting for $35.2 million, and consumer products $36.4 million.
But while many entertainment companies are beginning to lower expectations for the rest of the year amid an uncertain economic environment, the WWE appears bullish on its prospects, telling investors that it now expects full year 2022 Adjusted OIBDA to be at the “upper end” of its $370 million – $385 million range from just a few months ago, including fourth quarter 2022 Adjusted OIBDA of $83 million – $90 million.
In its earnings report, the WWE also provided an update into the board investigation into former CEO Vince McMahon. McMahon retired amid the probe back in July, but he remains the company’s controlling shareholder.
“The Special Committee investigation is now complete and the Special Committee has been disbanded,” the company said in the earnings report. “Management is working with the Board to implement the recommendations of the Special Committee related to the investigation.”
The company says it spent $17.7 million on costs associated with the investigation in Q3, and $19.4M so far this year.
September 2, 2022
WWE promotes Levesque and Riddick, boosts pay for post-Vince McMahon leaders
July 29, 2022
Insight Into The Dynamic Of Stephanie McMahon And Nick Khan As WWE Co-CEOs
Triple H Comments On Leading WWE Creative
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Kaliqo~
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3:52 PM
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Labels: Kevin Dunn, Nick Khan, Paul Heyman, Stephanie McMahon, Triple H, WWE
July 25, 2022
WWE and Board of Directors Announce New Co-CEOs Stephanie McMahon and Nick Khan; Paul Levesque to Assume Control of Creative
WWE and its Board of Directors today announced the appointment of Stephanie McMahon and Nick Khan as co-Chief Executive Officers. Ms. McMahon has also been appointed Chairwoman of the Board, and Mr. Khan will continue to serve as a member of the Board. These appointments follow Vince McMahon’s retirement announcement on Friday, July 22.
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Kaliqo~
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9:04 AM
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Labels: Levesque Family News, Nick Khan, Stephanie McMahon, Triple H, Wrestling News, WWE
July 22, 2022
Vince McMahon Retires
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5:04 PM
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Labels: Nick Khan, Stephanie McMahon, Vince McMahon, Wrestling History, Wrestling News, WWE
January 25, 2022
Nick Khan Confirms WWE Has Taken Calls About A Potential Sale, Reason For Internal Changes
Nick Khan, Stephanie McMahon, Eli Manning and Vince McMahon at March of Dimes event.
WWE has taken calls from other companies looking to purchase the sports entertainment heavyweight, but they are not looking to sell.
WWE President & Chief Revenue Officer Nick Khan, pictured above with WWE Chief Brand Officer Stephanie McMahon, WWE Chairman & CEO Vince McMahon, and NFL star Eli Manning at a March of Dimes Sports Luncheon back in November, recently spoke with Sports Business Journal’s John Ourand and revealed the interest from other companies.
Khan confirmed that WWE has taken some inbound calls from other companies looking to buy, but he stressed that WWE is not in active talks trying to sell the company, and they are not actively looking to sell.
Khan also commented on how Vince sees the company, and WWE bringing him on a year and a half ago.
“If it once was a mom-and-pop shop, Vince certainly didn’t believe it was anymore,” Khan said. “Part of what I believe he was looking for in bringing in someone from the outside was to make sure the community at large didn’t treat it that way. We believe we’re a global content company.”
It was noted how Khan didn’t just target the broader sports and entertainment community with this push as he felt that he needed to change internal attitudes as well. While working for CAA Sports agency, Khan is the one who represented WWE when they sold their media rights to FOX and NBCUniversal. The FOX deal is worth $1 billion over 5 years, while the NBC deal is worth around $1.3 billion over 5 years.
Khan noted that during those 2018 negotiations, he was struck by the attitude of some WWE staffers, most of whom were not steeped in the intricacies of media. He said some of them acted as though they were fortunate just to have a seat at the table, and were content to negotiate with executives far down the chain of command.
Khan said he felt like that business attitude, as well as an overall knowledge of the media marketplace, needed to change in WWE.
“Vince believed that WWE was at a place where it had earned a seat at the adult table, but others in the company didn’t see it that way,” Khan said.
It’s no secret that WWE has undergone many internal changes since hiring Khan in August 2020. He and Vince have overseen an almost complete turnover of WWE’s media division, and the types of media deals WWE cuts have changed, as have the executives who negotiate those deals.
Khan went on a hiring spree soon after joining WWE as his goal was to bring in executives who shared Vince’s vision about the size and influence of WWE.
“For the company to be treated the way that Vince, Stephanie, [WWE executive] Kevin Dunn and myself and others believed it should be treated in the community, you needed executives who reflected that, who had range, who could get people on the phone and who could be taken seriously by their peers,” Khan said.
The corporate changes led to a series of moves that show a changing media strategy in WWE, which includes the new streaming strategy that saw the company license the WWE Network to Peacock as part of a 5 year, $1 billion deal. WWE executives see the Peacock deal as a template for similar international streaming deals.
WWE also decided to partner with outside production houses on programming featuring some of its biggest Superstars. Khan said WWE wants to be in business with everyone who is a real player.
“We want to be in business with everybody who is a real player in this business,” Khan said. “Understanding the business — where it’s at and where it’s heading — is a key part to all of this.”
Regarding Saturday’s WWE Royal Rumble event from The Dome at America’s Center in St. Louis, Khan noted that ticket sales are tracking at an all-time high for The Rumble. One of WWE’s newer strategies is to stage events on different nights of the week, which is why SummerSlam and The Rumble were moved to Saturdays, among others. WWE credited the SummerSlam night change with helping the event post the largest gate in its history.
~ Kayfabe by
Kaliqo~
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6:41 PM
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Labels: Kevin Dunn, Nick Khan, Stephanie McMahon, Vince McMahon, WWE
Nick Khan: WWE Wants To Work With ‘Real’ Players In The Media Industry
WWE President and Chief Revenue Officer Nick Khan wants to do what’s best for business.
In an interview with John Ourand of SBJ, Khan shared the company’s mindset regarding its business deals by noting that WWE wants to work with those who can be considered a “real player” in media.
“In what is now a cluttered OTT subscriber marketplace, it only made sense to partner with somebody,” said Khan. “We want to be in business with everybody who is a real player in this business. Understanding the business — where it’s at and where it’s heading — is a key part to all of this.”
The WWE President also looked back on his move to the company in 2020. Khan has been criticized for being an outsider, in terms of his connection to the wrestling industry, but he noted that Vince McMahon and other executives wanted to bring someone who would be “taken seriously” in the media marketplace.
“Part of what I believe he was looking for in bringing in someone from the outside was to make sure the community at large didn’t treat it that way,” said Khan. “We believe we’re a global content company. Vince believed that WWE was at a place where it had earned a seat at the adult table, but others in the company didn’t see it that way. For the company to be treated the way that Vince, Stephanie (McMahon), [WWE executive] Kevin Dunn and myself and others believed it should be treated in the community, you needed executives who reflected that, who had range, who could get people on the phone and who could be taken seriously by their peers.”
Throughout Khan’s time with the company, WWE has continued to bring in record profits and reach new heights with its Peacock deal, among other moves, though the company has also come under fire for its cost-cutting maneuvers. Most notably, the promotion has cut numerous superstars and employees, even after the height of the initial COVID-19 surge had passed.
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Kaliqo~
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6:28 PM
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December 13, 2021
Top WWE Executives Make “Most Influential People In Sports Business” List
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Kaliqo~
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5:29 PM
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Labels: Nick Khan, Stephanie McMahon, Vince McMahon, Wrestling News, WWE
August 22, 2021
Nick Khan Comments On Recent Releases
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11:40 PM
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Labels: Nick Khan, Stephanie McMahon, Triple H, Vince McMahon, WWE
WWE'S Nick Khan Promises Imminent NXT Revamp
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11:28 PM
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