Vince McMahon’s Unusual New WWE Contract Gives Him the Right to Adapt His Own Story For Film

WWE executive chairman Vince McMahon is in line for a multimillion dollar payout on top of his $2.6 billion stake — and the rights to his life story — in the event that his company gets sold.

McMahon signed a new employment agreement with the company this week, retroactive to when he returned earlier this year, and the WWE filed it with the Securities and Exchange Commission on March 30. While it’s mostly a pretty standard deal, the clause about McMahon’s potential payout in the event of a sale is notable, given that his return was precipitated in part on putting the company on the market. And a clause about McMahon’s “Life Story,” are unlike just about anything you would see at another company.

When a public company gets sold, and a senior executive gets shown the door after the sale, it’s common for them to receive a generous severance package (they are sometimes called “golden parachutes”).

Most of the time, however, those agreements don’t include the rights to make a miniseries about your life.

McMahon’s new contract runs for two years (the annual compensation package is valued at $7.6 million), with the right to be extended in one year increments after that. However, the company is on the market, and may get sold this year. WWE CEO Nick Khan told CNBC last month that McMahon is “100 percent open” to selling to a company that decides it doesn’t want to keep him around.

According to the employment agreement, McMahon would receive a $6.8 million lump cash payment in the event of a sale, plus a pro-rata payout of his incentive bonus for the year (potentially another $2.1 million). He will also see all unvested shares vest, likely delivering a $4.3 million payout if a deal closed this year.

In other words, McMahon would receive at least $11 million in the event of a sale, with additional compensation likely depending on timing and share price.

Of course, Vince McMahon is also the majority shareholder of the company, so his severance package is pocket change compared to what his equity would be worth in a sale. According to the WWE’s latest proxy filing, McMahon would receive a payout in the ballpark of $2.6 billion if the WWE sold at its current $90.60 share price (as of writing).

Earlier this month McMahon actually paid the company $17.4 million for costs it incurred related to its misconduct investigation of him, so most likely his severance payment wouldn’t even cover those costs.

But it is the section about the “McMahon Intellectual Property and Life Story” that is unusual for an employment agreement like this one. McMahon has run the WWE for decades, and has long appeared in the ring as a performer (his stage name is “Mr. McMahon”), and the agreement guarantees him (and his successors) the right to his own IP, while he gives the company the right to use his IP on a non-exclusive basis. His previous employment agreement granted the company rights to commercial works based on his life.

“The Company further acknowledges and agrees that McMahon will have the exclusive right to communicate, convey, commercialize, license, or otherwise exploit his life story … including without limitation any books (memoir, biography, autobiography, etc.), articles or essays, audio recordings, audiovisual works (documentary, biopic, scripted program, dramatization, fictionalization, etc.) (the ‘Life Story Rights’),” per the contract.

In addition, the company waives any claims “relating to confidentiality, non-disparagement, non-competition, or other restrictive covenant or affirmative undertaking binding on McMahon that results from any content, communication, or action in connection with any exercise of the Life Story Rights and any embodiments thereof.”

In other words, McMahon would have wide leeway to tell his story without fear of a lawsuit from the WWE.

While McMahon has not appeared on any WWE programming since returning in January, and while his son-in-law Paul Levesque (stage name: “Triple H”) is currently running WWE creative, McMahon’s contract leaves open the possibility that he could perform on-camera or work on the creative side of the business again, and gives the company full right to those works.

The contract gives the company the rights in perpetuity to “McMahon’s writing, appearances, performances, and creative director work product, the Events, and the Footage… (including without limitation all storylines, incidents, dialogue, characters, actions, routines, ideas, gags, costumes or parts of costumes, accessories, crowns, Inventions (as defined below), championship, title or other belts (if applicable), and any other tangible or intangible materials written, composed, submitted, added, improvised, or created by or for McMahon in connection with his appearance at the Events and/or in the Footage),” during his tenure as executive chairman.

WWE receives $17.4M from McMahon for investigation costs

Executive Chairman Vince McMahon has paid World Wrestling Entertainment (NYSE:WWE) $17.4M to reimburse the company for costs it incurred in a special committee investigation, and related matters including revising financial statements.

In an SEC filing, WWE noted it's received the $17.4M payment in accordance with a March 20 agreement, and that McMahon will review in good faith and reimburse the company for additional connected costs beyond Jan. 31, 2023.

WWE last year launched a board investigation into a secret $3M settlement between McMahon and a departing employee with whom he had allegedly had an affair - and the probe expanded in scope as more allegations were reported.

McMahon stepped down from the CEO and chairman roles at the company, planned to retire, and later returned to reclaim the role of chairman.

WWE in talks with state gambling regulators to legalize betting on scripted match results

WWE is in talks with state gambling regulators in Colorado and Michigan to legalize betting on high-profile matches, according to people familiar with the matter.

WWE is working with the accounting firm EY to secure scripted match results in hopes it will convince regulators there’s no chance of results leaking to the public, said the people, who asked not to be named because the discussions are private. Accounting firms PwC and EY, also known as Ernst & Young, have historically worked with award shows, including the Academy Awards and the Emmys, to keep results a secret.

Betting on the Academy Awards is already legal and available through some sports betting applications, including market leaders FanDuel and DraftKings, although most states don’t allow it. WWE executives have cited Oscars betting as a template to convince regulators gambling on scripted matches is safe, the people said.

Still, while Academy Awards voting results are known by a select few before they’re announced publicly, they aren’t scripted by writers. Even if regulators allow gambling, betting companies would have to decide if they’re willing to place odds on WWE matches even if it’s legalized. Those discussions have yet to occur at betting firms, according to people familiar with the matter.

A WWE spokesperson declined to comment. A spokesperson for EY couldn’t immediately be reached for comment.

source:  cnbc.com

McMahon seeking up to $9B for World Wrestling Entertainment

World Wrestling Entertainment has already fielded offers for a sale - and Executive Chairman Vince McMahon is reportedly pushing to get up to $9B for it.

That would mark up to a 37% premium to current market value of $6.5B - and a high multiple for an entertainment name.

The list of potential buyers includes Endeavor Group Holdings (EDR), already the owner of Ultimate Fighting Championship, Bloomberg reported, though Endeavor (valued at $10.4B) would need help from a third party.

WWE stock (WWE) jumped 2.5% following the report.

The shortlist also includes investors from the Middle East, though after that region has increased its investments in sports including golf and soccer. Saudi Arabia in particular has funded the LIV Golf circuit and has expressed interest in buying Formula One (FWONA).

Bigger strategic buyers, like Netflix (NFLX) or Walt Disney (DIS), might be uneasy taking on McMahon as a partner in a business that is sometimes messy and personal, Bloomberg noted.

source: seeking alpha

WWE To Celebrate 20th Anniversary of Evolution This Week

WWE issued the following:

Twenty years ago this month, one of the most dominant factions in WWE history stormed onto the scene with the emergence of Evolution.

Led by Triple H, Evolution represented the best of the past, present and future of sports-entertainment in 2003, combining The Game and 16-time World Champion Ric Flair with two potent newcomers who’d go on to become legends in their own right, Batista and Randy Orton.

The group steamrolled competition on Raw during The Ruthless Aggression Era — at one point, all four members held championship gold simultaneously — all while flaunting their enviable lifestyle, whether it was designer clothing, luxury cars or a custom entrance song performed by Motörhead. After disbanding in 2005, Evolution reunited a handful of times throughout the years, most recently at SmackDown 1000 in 2018.

In celebration of the 20-year anniversary of Evolution’s formation, WWE social channels will be paying tribute to the groundbreaking faction all week long. Be on the lookout for classic full-length matches, a special Evolution-themed episode of WWE Playlist, rare photos and be sure to join the festivities by sharing your favorite memories of the group using hashtag #EvolutionWeek.

WWE's Royal Rumble smashes its records for gate, viewing

WWE today announced that the 2023 Royal Rumble, which emanated from the Alamodome in San Antonio, Texas, became WWE’s highest-grossing and most-viewed Royal Rumble in company history.

The event set a new all-time gate record at more than $7.7 million, far surpassing the previous Royal Rumble high in 2017 by more than 50 percent. Viewership of the event saw a 52 percent increase versus the previous record set in 2022.

In addition, the 2023 Royal Rumble broke all-time venue merchandise and sponsorship records. Merchandise sales were up 135 percent versus the record set in 2022. Royal Rumble sponsorship revenue was up nearly 200 percent versus 2022 and featured the first-ever sponsored match (MTN DEW PITCH BLACK) and sponsored countdown clock (Applebee’s).

On social, the Roman Reigns-Sami Zayn videos generated 20 million-plus views across all WWE platforms and became the most-viewed WWE clip of 2023. Additional highlights include Logan Paul and Ricochet’s high-flying collision which amassed 26.5 million views across WWE and Paul’s platforms, and the launch of Reigns’ TikTok account which netted 100K followers in the first 24 hours.

Raw XXX delivers highest domestic gate in history of Monday Night Raw

Raw XXX was a defining night for the red brand and delivered the highest domestic gate in the history of Monday Night Raw.

A sell-out crowd at the Wells Fargo Center in Philadelphia witnessed Sami Zayn's Tribal Court, an iconic moment shared between Bray Wyatt and The Undertaker, a joining of DX and Kurt Angle, the return of The Beast Brock Lesnar and much more.

Vince McMahon No Longer Needs WWE Stockholder Approval For His Actions

A new SEC filing has revealed that Vince McMahon no longer needs stockholder approval for any actions related to WWE.

WWE published a new SEC filing summary that showed Vince McMahon, the majority shareholder of WWE, successfully petitioned to no longer need approval from stockholders for his actions related to the company.

On January 5, 2023, Vincent K. McMahon, the controlling stockholder of World Wrestling Entertainment, Inc. (the “Company”), executed and delivered a written consent (the “January 5th Consent”) taking certain actions by consent without a meeting in accordance with Section 228 of the General Corporation Law of the State of Delaware (the “DGCL”) resulting in, among other things, the election of Mr. McMahon to the Board of Directors of the Company (the “Board”) and certain amendments to the Company’s bylaws (the “January 5th Amendments”) that Mr. McMahon indicated were intended to ensure that the Company’s corporate governance continued to properly enable and support stockholder rights. On January 6, 2023, the Company issued a press release providing an update regarding the composition of its Board, including Mr. McMahon’s return to the Board, and the Company’s intention to explore strategic alternatives with the goal to maximize value for all stockholders of the Company. On January 9, 2023, the Board elected Mr. McMahon as Executive Chairman of the Board.

Subsequently, Mr. McMahon informed the Company of his view that there is substantial alignment among the Board and management concerning the decision to conduct a review of strategic alternatives amid the Company’s upcoming media rights cycle and that the Company’s corporate governance will properly enable and support stockholder rights. In light of the foregoing, on January 16, 2023, Mr. McMahon, in his capacity as controlling stockholder of the Company, executed and delivered a written consent (the “January 16th Consent”) taking certain actions by consent without a meeting in accordance with Section 228 of the DGCL to substantially repeal the January 5th Amendments, as further described below in Item 5.03.

No further approval of the stockholders of the Company is required to approve any of the actions taken by Mr. McMahon pursuant to the January 16th Consent. Pursuant to rules adopted by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company expects to file with the SEC, and thereafter mail to its stockholders, an information statement as required by Schedule 14C promulgated under the Exchange Act to provide stockholders with information concerning the January 5th Consent and January 16th Consent. The Schedule 14C will also constitute notice to stockholders in accordance with Section 228 of the DGCL of the actions taken by the January 5th Consent and the January 16th Consent.

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.

Effective January 16, 2023, pursuant to the January 16th Consent, Mr. McMahon repealed all of the January 5th Amendments (which were incorporated into the amended and restated bylaws of the Company filed with the SEC on January 11, 2023 as Exhibit 3.1 to the Company’s Current Report on Form 8-K) other than Article XI (Exclusive Forum), which designates (i) the Court of Chancery of the State of Delaware, to the fullest extent permitted by law, as the sole and exclusive forum for the resolution of, among other claims, any derivative action or proceeding brought on behalf of the Company, and (ii) the federal courts of the United States of America, to the fullest extent permitted by law, as the sole and exclusive forum for any cause of action arising under the Securities Act of 1933, as amended (the Company’s bylaws, as amended and restated as a result of the January 16th Consent, are referred to as the “Amended and Restated By-Laws”).”

McMahon returned to WWE this month and stated his primary goal was to oversee the next WWE media rights negotiations and a potential sale of the company. Since then, Stephanie McMahon resigned from the company and Vince McMahon was unanimously elected as WWE Executive Chairman of the Board on January 10. It’s since been reported that McMahon has resumed working at WWE offices and recently made some creative suggestions for WWE television, but other WWE officials including Triple H and Kevin Dunn maintain that McMahon does not have final approval.

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.”

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.

Vince McMahon Trying To Get Back Into WWE For Media RIghts Negotiations

According to Lauren Thomas of the Wall Street Journal, Vince McMahon is planning to return to WWE in order to pursue a sale of the business. McMahon has reportedly told the company that he is electing himself and former co-presidents and directors, Michelle Wilson and George Barrios, to the board.

This move will require three current directors to vacate their positions.

Previous attempts for McMahon to be reinstated have been rebuffed by the board and he will need board approval if he assumes the role as executive chairman, which he reportedly expects to do.

McMahon still has majority voting power due to his ownership of WWE Class B stock.

The report goes on to state the board responded last month in a letter to Mr. McMahon that it was prepared to initiate a review process and would welcome working with him on it. It was reportedly unanimously agreed that Mr. McMahon’s return to the business wouldn’t be in shareholders’ best interest.

McMahon has reportedly communicated to the board that unless he has direct involvement as executive chairman from the outset of a strategic review, he won’t support or approve any media-rights deal or sale.

WWE media rights for WWE Raw and WWE SmackDown are reportedly set to be negotiated in the near future as the contracts for both shows end in 2024.

Vince McMahon sent out the following press release:

GREENWICH, Conn., Jan. 5, 2023 /PRNewswire/ -- Vince McMahon, the founder and controlling shareholder of World Wrestling Entertainment Inc. ("WWE" or the "Company") (NYSE: WWE), announced today that he has taken necessary actions to position the Company to capitalize on a unique opportunity to maximize long-term value for all WWE shareholders. The actions, communicated to WWE's Board of Directors today via written consent, include the election to the Board of Mr. McMahon, as well as Michelle Wilson and George Barrios – former WWE Co-Presidents and Board members, and currently the Co-Founders and Co-CEOs of Isos Capital Management – and the requisite removal from the Board of three directors. Mr. McMahon expects to assume the role of Executive Chairman of the Board.

Mr. McMahon's new role will enable unified decision making through the Company's upcoming media rights negotiations and a parallel full review of the Company's strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry. As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon's direct participation, leadership, and support as controlling shareholder.

"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," said Mr. McMahon. "The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. 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."

Prior to delivering written consent, Mr. McMahon sent two separate letters to the Board in late December in which he expressed the urgency of his return to the Company as Executive Chairman and his desire to work collaboratively with the Board and management team. Following conversations with representatives of the Company both before and after Mr. McMahon's most recent letter on December 31, Mr. McMahon determined, consistent with his rights as controlling shareholder, that the steps announced today are necessary to maximize value for all WWE shareholders.

In conjunction with the changes to WWE's Board, Mr. McMahon's written consent also includes certain amendments to the Company's bylaws to ensure that WWE's corporate governance continues to properly enable and support shareholder rights. These changes will be detailed in a Schedule 13D amendment to be filed by Mr. McMahon and a Form 8-K to be filed by the Company in the coming days.

bylaws to ensure that WWE's corporate governance continues to properly enable and support shareholder rights. These changes will be detailed in a Schedule 13D amendment to be filed by Mr. McMahon and a Form 8-K to be filed by the Company in the coming days.

No assurances can be given regarding the outcome or timing of the review process. Mr. McMahon does not intend to comment further until the process has concluded or Mr. McMahon has otherwise determined that further disclosure is appropriate or required.

McMahon has stated that he remains willing to continue working to complete any reimbursement for reasonable expenses related to the investigation, to the extent they aren’t covered by insurance.

McMahon reportedly also declined the offer to not return to the company.

Source: fightful.com

Vince McMahon’s Planned WWE Comeback Is Predictable But Not Feasible

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.

The company now has a market capitalization of nearly $6 billion, up from a little under $4 billion when it signed a landmark five-year streaming distribution deal with Peacock in 2021.

Why it matters: Investors are bullish on WWE as an acquisition target, especially in light of a hush money scandal that led to the retirement of the company's longtime leader and controlling shareholder Vince McMahon in July.

Details: WWE, along with other independent sports entertainment companies, could be hot targets for streaming companies looking to bolster subscriber numbers and global followings.

While WWE's exclusive U.S. streaming rights deal with Peacock doesn't expire until 2026, its two biggest live TV deals with Fox and Comcast are set to lapse in 2024.

Between the lines: Earlier this month, WWE ended its monthslong investigation into alleged misconduct by McMahon, concluding that he made nearly $20 million of previously undisclosed payments, most of which went toward settling sexual misconduct claims.

But the company has had a relatively smooth leadership transition in the wake of the scandal, keeping investors optimistic about its long-term growth strategy.

The return of live events following COVID-era lockdowns this year has been a boon for WWE.

The bottom line: Much of WWE's revenue is tied to long-term media contracts and big events, which has helped the company dodge much of the advertising-driven headwinds plaguing other media firms.

Anonio Inoki Passes Away, Age 79

Yahoo! Japan has broke the news that wrestling legend Antonio Inoki has passed away.

A translated version of the article can be read below.

Former professional wrestler Antonio Inoki (real name Kanji Inoki), who served two terms as a member of the House of Councilors, died at his home on the 1st. he was 79 years old. Born in Yokohama City. Born in 1943 (Showa 18). He lost his father at the age of five, and at the age of thirteen he and his family moved to Brazil to work on coffee farms. When he won the shot put at a local track and field competition, he was scouted by the late Rikidoyama, who was on an expedition to Brazil, and began professional wrestling. He entered Japan Pro Wrestling.

On September 30, 1960, he made his debut on the same day as the late Giant Baba, who turned from professional baseball to professional wrestling, and since 1962, he has used the ring name "Antonio Inoki". After training in the United States, leaving Japan, returning, and being expelled, he married actress Mitsuko Baisho in 1971 (later divorced).

In 1972, he launched New Japan Pro-Wrestling, and after that he built the heyday of professional wrestling. Boxing in June 1976, a "mixed martial arts match" with Muhammad Ali, the world heavyweight champion, attracted attention and was televised around the world.

As a politician, he launched the "Sports and Peace Party" in 1989, and ran for the 15th House of Councilors election in the same year as a proportional representation member with the catchphrases "Fix the swastika in the Diet" and "Slash the consumption tax" and was elected for the first time. He became the first wrestler-turned-member of parliament in history.

Chris Nowinski Blasts NFL's 'Tua Disaster' While Praising Pro Wrestling Promoters

Fans watching last night's NFL game between the Miami Dolphins and the Cincinnati Bengals witnessed a scary moment when Dolphins starting quarterback Tua Tagovailoa had to be carted off the field on a stretcher following a rough sack. Tagovailoa was taken to a local trauma facility, and while he was ultimately released and traveled back to Miami with the team, he clearly suffered a concussion during the play, just one week after likely receiving another head injury in a previous game.

Neuroscientist and former WWE star Chris Nowinski, a prominent advocate for concussion safety, took to Twitter to share his perspective on the matter.

"In light of the Tua disaster last night, I appreciate more than ever AEW's Tony Khan, WWE's Triple H, and NWA's Billy Corgan all inviting me to come teach their talent [about] concussions & the risks of getting in the ring before you've recovered," Nowinski tweeted. "Protecting athletes begins with educating them."

Nowinski had tweeted about the NFL's concussion protocol ahead of last night's game, saying that it was blatantly dangerous to allow Tagovailoa to take the field after allegedly suffering a concussion the previous week. "If Tua takes the field tonight, it's a massive step back for concussion care in the NFL," Nowinski stated. "If he has a 2nd concussion that destroys his season or career, everyone involved will be sued & should lose their jobs, coaches included. We all saw it, even they must know this isn't right."

After being forced to retire in 2003 due to his own concussion issues, Nowinski went on to earn a PhD in behavioral neuroscience and is the co-founder of the Concussion Legacy Foundation non-profit organization. Nowinski and his former partner, Dr. Bennet Omalu, were able to get a hold of Chris Benoit's brain post-mortem and diagnosed the notorious wrestler with CTE in 2007 — the first time a wrestler was publicly diagnosed with the dangerous illness.

Paul Levesque's Updated Corporate Bio

Paul “Triple H” Levesque is the Chief Content Officer of WWE, a publicly traded (NYSE: WWE) global media company. 

As Chief Content Officer, Levesque oversees the Company’s Creative Writing, Talent Relations, Live Events, Talent Development and Creative Services departments. 

Prior to his current role, Levesque was WWE’s Executive Vice President, Talent Relations where he was responsible for WWE’s Talent Relations and Talent Development departments and served as a senior advisor on talent strategy. Throughout his tenure, Levesque has revolutionized the business with his global recruiting strategy and developmental training processes. In order to create a platform for future success, he architected the company’s NIL recruitment program and established the Company’s state-of-the-art training facility, the WWE Performance Center in Orlando, Florida. In addition to strength, conditioning, in-ring training and character development, recruits participate in development programs focusing on life skills, continuing education, health and wellness and career planning. Building off this success, Levesque remains focused on the development and implementation of WWE’s Performance Center/Global Localization strategy. 

Levesque debuted as a WWE Superstar, “Triple H,” in 1995 and was inducted into the WWE Hall of Fame in 2019. He has held the WWE Heavyweight Championship title 14 times, captured every major championship, headlined thousands of WWE events and entertained millions around the world. Levesque is married to Stephanie McMahon and together in 2014 they established Connor’s Cure, a fund dedicated to furthering pediatric cancer research. He was inducted into the Boys & Girls Clubs of America Alumni Hall of Fame in 2017 and is a board member for the Concussion Legacy Foundation. He has served on both WWE’s Executive Committee and Board of Directors since 2015. 

He is a father of three daughters ages 16, 14 and 12.

Triple H Shares The Advice Vince McMahon Gave Him For Running WWE Upon His Retirement

Triple H gets to pick the flavor of ice cream now.

Ariel Helwani sat down with Triple H for BT Sport ahead of WWE Clash At The Castle and the pair discussed Vince McMahon’s retirement signaling a changing of the guard. Helwani asked if Vince wrote a note like an outgoing President would, or if he did anything else to pass the baton, and Triple H shared some of the advice Vince gave him upon his departure.

“He did. Look, I think in some manner for both of us, it’s a tough situation for him. In some manner — it’s even hard for me to picture now that he’s not in the equation. And he’s not, in any way, shape or form, but it’s hard to think about that he’s not there. And I think in that moment, hard for him to think about somebody coming in and doing what he’s done for 50 years or whatever, successfully, better than anybody in the world. So yeah, there was definitely that moment of giving me advice, but I think also in some manner,” he explained, “most of that advice was centered around ‘this is what you’ve been sitting next to me learning how to do for 25 years’ or whatever that [time] is… ‘You got this.’ [He said] just be confident in your decision-making, listen to people, be open to ideas and collaborate with other people, things like that that were just wonderful advice.

“And the truth is he’s my father-in-law. He’s not involved in the day-to-day business, but if I had to say to him, ‘Man, I find this difficult to deal with,’ he would give me some overall advice of just ‘listen to people, work with the team, do these things.’ He’s just a wealth of knowledge and the thing is in our positions now — myself, Stephanie, Nick Khan, and there’s so many other people that are such an integral part of WWE — he built such an amazing team for all of us that you have such a support system around you,” Triple H noted, “I couldn’t imagine trying to do this if you were sort of by yourself having to do it. But having that support system, having that team around you, having it all be there, it’s such a wonderful team. It’s a lot of work, but it makes the work fun and easy.”

Helwani followed up by commenting on the speculation that Vince would still be involved in WWE business despite his retirement, and Triple H said that’s not the case. Triple H also said that in so many words, Vince told him to run things the way that he thought would be best for business.

“One of the things that he, I don’t want to say outright said, but he alluded to me, [Vince] said ‘You’re going to do things. You cannot think about how I would do things. You have to think about things you want to do and how you feel like it’s best for the product. I might not like it, but I understand why you’re going to do the things you’re going to do. You have to do what you feel is right.’ But it’s a tough thing to get to,” he explained. “No one works together for that period of time — everybody would go, ‘I would have done that slightly differently.’

“It doesn’t mean it’s right or wrong, we use the term in the business ‘chocolate and vanilla.’ I want chocolate, you want vanilla. One of us has to pick a flavor, he would always pick the flavor. Now it’s my turn to pick the flavor,” Triple H stated. “It’s all good, it’s all ice cream, but it’s my time to pick the flavor and I have to be confident in those decisions and I can’t look back and say, ‘well what would Vince want to have for a flavor?’ Because it just wouldn’t be authentic then.”

credit: WrestleZone

WWE discovered Vince McMahon paid $5 million to Donald Trump’s foundation

Former World Wrestling Entertainment boss Vince McMahon paid $5 million of around $20 million previously unrecorded expenses to Donald Trump's foundation in 2007 and 2009, according to a new report from The Wall Street Journal.

The report comes weeks after McMahon retired as CEO of the company amid investigations into hush payments he made related to alleged sexual misconduct. WWE has since said its board's independent probe into the matter is "substantially complete."

While the majority of the $20 million in payments went to women who accused McMahon and another WWE executive of sexual misconduct, another $5 million was used for unrelated purposes, according to a recent securities filing.

The $5 million represented charitable donations to the now-dissolved Donald J. Trump Foundation, the Journal reported, citing sources. The donations were given during two years that Trump made appearances on televised WWE events.

The WWE didn't immediately return a request for comment.

Trump dissolved this foundation as part of a settlement with the New York state attorney general's office in 2018, when a lawsuit alleged Trump had misused the charity's funds for his 2016 presidential campaign, to pay legal settlements and promote his business.

This news comes less than a month after the Securities and Exchange Commission and federal prosecutors launched probes into the $14.6 million in payments made by McMahon to settle allegations of sexual misconduct.

The $5 million in contribution payments should have been cataloged as business expenses, because McMahon was a principal shareholder and the payments benefited the company, an attorney for WWE told WSJ.

The first of the two appearances resulted in a $1 million fee for Trump and a personal contribution from the McMahons of $4 million to his foundation. For his second appearance, Trump was paid $100,000 and McMahon and his wife, Linda, donated $1 million to the foundation.

While the $5 million was listed on the foundation tax returns as coming directly from WWE, the company said in its security filings this month that the payments came directly from McMahon personally.

Vince McMahon is still the top shareholder in WWE despite having left the company. His daughter, Stephanie McMahon, is now working as co-CEO, along with executive Nick Khan.

Linda McMahon served as Small Business Administration chief in Trump's Cabinet. Trump, who hosted two Wrestlemania events in Atlantic City in the 1980s, is enshrined in the WWE's Hall of Fame.

source: cnbc.com

Vince McMahon Misconduct Investigation ‘Substantially Complete,’ WWE Says

WWE said its board’s investigation into alleged misconduct by ex-CEO and chairman Vince McMahon is “substantially complete.” The company restated earnings going back to 2019 to account for personal payments McMahon made during his tenure, including $14.6 million allegedly to women in return for their silence about affairs and other misconduct.

However, the McMahon investigation may continue to have a financial impact, WWE said in regulatory filings.

“While we currently anticipate spending approximately $10 million during the remainder of the year related to this investigation, the related costs could exceed this estimate,” the wrestling entertainment company said in its 10-Q filing for the second quarter of 2022. As previously disclosed, WWE also has “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,” the company said

In addition, WWE said, “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 also noted that until McMahon resigned from the company on July 22, he had led the creative team that develops the storylines and the characters for its programming. Taking over as co-CEOs were Stephanie McMahon, previously chief brand officer, and Nick Khan, previously president and chief revenue officer. WWE’s creative is now led by Paul “Triple H” Levesque, EVP of talent relations and creative and Ms. McMahon’s husband.

“Although Mr. 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,” WWE said in its amended 10-K filing for 2021.

The company on Tuesday announced Q2 earnings. Revenue for the period was $328.2 million, up 24%, and net income was $49.0 million, an increase of 68% year over year. Adjusted operating income before depreciation and amortization (OIBDA), which excludes stock-based compensation, increased 34% to $91.5 million.

Based on “outperformance” in the first half of 2022, as well as WWE’s current expectations for the second half of the year, the company raised its guidance for full-year 2022 adjusted OIBDA to $370 million-$385 million (up from $360 million-$375 million previously).

On the earnings call, Levesque said WWE set a record for first-day ticket sales for WrestleMania 39, to be held at L.A.’s SoFi Stadium in April 2023, with more than 90,000 tickets purchased in the first 24 hours after they went on sale Aug. 12 — more than any event in WWE history and a 42% increase over first-day sales for WrestleMania 38.

source: variety.com

Triple H is righting Vince McMahon's creative wrongs with WWE changes