Details Of Vince McMahon's Agreement To Pay Legal Fees For WWE Stockholder Lawsuit

For over a year now, former WWE owner Vince McMahon has been embroiled in a scandal revolving around hush money payments over alleged sexual misconduct. According to a recent SEC filing, McMahon agreed to pay $2 million to the plaintiffs in a stockholder lawsuit that originated back in January, meant to cover legal fees. That sum is in addition to the $17.4 million that McMahon was forced to pay back to the company to cover the cost of the investigation into his actions, which was one of the points of the lawsuit. The larger sum was ordered by the court back in March, while the $2 million amount was agreed to in May.

The suit, filed by WWE stockholders Carole Casale and Chrystal Lavalle in January, also sought to address McMahon's changing of the company's bylaws, allowing him to appoint himself back to the Board of Directors after stepping down in 2022. Once the nature of the lawsuit became clear, McMahon reverted the bylaws to the previous iteration, rendering that aspect of the lawsuit no longer relevant.

This isn't the end of the road for McMahon in terms of legal trouble. It was reported that McMahon had been served with a federal search warrant as well as a subpoena from a Grand Jury in July.

WWE’s ‘Smackdown’ to Move from Fox to USA Network in New Rights Deal

WWE’s “SmackDown” is officially set to return to USA Network in a new five-year rights deal.

The weekly show currently airs on Fox but will move to its new network home in October 2024 when the Fox deal expires. “Smackdown” originally began airing on Fox in 2019 as part of a five-year deal between the network and WWE. It had previously aired on USA Network from 2016-2019 and had a number of network homes before that, including Syfy, The CW, UPN, and MyNetworkTV.

Financial terms of the deal were not disclosed, but sources say the new deal is worth roughly $1.4 billion, up from the $1 billion Fox paid in 2019. As part of the new deal for “Smackdown,” WWE will produce four primetime specials per year for NBC, marking the first time that WWE will air in primetime on the network. It is unknown at this time exactly what form those primetime specials will take, i.e. if they will feature live wrestling or if they will be more documentary-focused like WWE’s programming on A&E. According to an individual with knowledge of the deal, the exact nature of the specials is still being determined.

“NBCUniversal has been a tremendous partner of WWE for decades,” said WWE president Nick Khan. “We are excited to extend this longstanding relationship by bringing ‘SmackDown’ to USA Network on Friday nights and look forward to debuting multiple WWE special events annually on NBC.”

The rights deals for both “Smackdown” and “Monday Night Raw” were due to expire in the next year. While “Smackdown’s” future has been determined, there is no word yet on where “Raw” will land. It currently also airs on USA Network, as does WWE’s NXT. Sources say that there has been serious interest from a number of top platforms but no deal has been made at the time of this publishing. Neither of the other two shows is expected to continue to on USA Network, according to sources.

“It’s a privilege and thrill to continue NBCU’s decades-long partnership with WWE which has helped cement USA Network’s consistent position as the top-rated cable entertainment network in live viewership” said Frances Berwick, chairman of NBCUniversal Entertainment. “With Friday nights on USA, primetime specials on NBC, and the WWE hub on Peacock, we’ll continue to use the power of our portfolio to superserve this passionate fanbase.”

Since 2021, NBCUniversal’s Peacock has been the exclusive streaming home of the WWE Network. That includes the company’s expansive library of wrestling shows as well as the home for annual events like WrestleMania, the Royal Rumble, Summer Slam, and more.

WWE was recently sold to Endeavor, which merged WWE with the UFC to form a new company dubbed TKO Group. Vince McMahon, former CEO of WWE, has assumed the role of executive chairman of TKO Group. Under the terms of the deal, McMahon — who was WWE’s controlling shareholder — will own 16.4% of the economic interests in TKO (and 16.4% of the voting power in the new entity). McMahon stepped down as WWE’s chief executive in 2022 amid an investigation by the company’s board into alleged hush-money payments to women who accused him of sexual misconduct. McMahon returned to the company in January 2023 as executive chairman to head up efforts to sell WWE.

source:  variety.com

Endeavor Announces Close of UFC® And WWE® Transaction To Create TKO Group Holdings, A Premium Sports And Entertainment Company

Endeavor Announces Close of UFC® and WWE® Transaction to Create TKO Group Holdings, a Premium Sports and Entertainment Company

New Company to Begin Trading Today, September 12, on the New York Stock Exchange Under “TKO” Ticker Symbol

BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)--Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (previously NYSE: WWE) (“WWE”) today announced the close of their previously announced agreement and the launch of TKO Group Holdings, Inc. (NYSE: TKO) (“TKO”).

TKO brings together UFC, the world’s premier mixed martial arts organization, and WWE, an integrated media organization and the recognized global leader in sports entertainment, to create a new premium sports and entertainment company serving more than one billion young and diverse fans1, reaching viewers in 180 countries, and producing more than 350 annual live events. Through this combination, TKO will leverage Endeavor’s expertise in areas including domestic and international media rights, ticket sales and yield optimization, event operations, global partnerships, licensing, and premium hospitality to drive revenue growth.

“The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment,” said Ariel Emanuel, CEO of Endeavor and TKO. “Given their continued connectivity to the Endeavor network, we are confident in our ability to accelerate their respective growth and unlock long-term sustainable value for shareholders. With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide.”

“This is the culmination of a decades-long partnership between Endeavor and WWE across strategic initiatives including talent representation and media rights. Given our collaborative, trusted relationship and Endeavor’s incredible track record of success growing UFC, we believe WWE is optimally positioned for future growth and success as part of TKO,” said Vince McMahon, Executive Chairman of TKO. “Our focus remains on delivering for our fans across the globe as we take the business to the next level alongside UFC and Endeavor.”

TKO will begin trading today on the New York Stock Exchange under the ticker symbol “TKO,” with Endeavor holding a 51% controlling interest in the new company and existing WWE shareholders holding a 49% interest in the new company, on a fully diluted basis.

As previously announced, TKO is led by:

Ariel Emanuel, Chief Executive Officer, who continues as Chief Executive Officer of Endeavor;

Mark Shapiro, President and Chief Operating Officer, who continues as President and Chief Operating Officer of Endeavor;

Andrew Schleimer, Chief Financial Officer; and

Seth Krauss, Chief Legal Officer, who continues as Chief Legal Officer of Endeavor.

Dana White is now Chief Executive Officer of UFC and Lawrence Epstein remains Senior Executive Vice President and Chief Operating Officer of UFC. Nick Khan continues at WWE in the role of President.

The Board of Directors of TKO is led by Vince McMahon as Executive Chairman of the Board and consists of 11 members, including Mr. Emanuel, Mr. Shapiro, and Mr. Khan, in addition to the following directors:

Peter C.B. Bynoe, Senior Advisor at DLA Piper LLP;

Egon P. Durban, Co-Chief Executive Officer of Silver Lake;

Steven R. Koonin, Chief Executive Officer of the Atlanta Hawks, LLC;

Jonathan A. Kraft, President of the Kraft Group LLC;

Sonya E. Medina, President and Chief Executive Officer of Reach Resilience;

Nancy R. Tellem, Executive Chairperson and Chief Media Officer of Eko; and

Carrie Wheeler, Chief Executive Officer and a board member of Opendoor Technologies Inc.

End Of An Era

Tonight's WWE Raw will be the last WWE show under the full majority control of Vince McMahon. End of an era.

UFC And WWE To Close Merger Next Week, Make NYSE Debut As TKO Group

UFC parent Endeavor Group and World Wrestling Entertainment said today they expect to close the planned merger of UFC and WWE on September 12. That’s on the earlier end of expectations as Endeavor said in August it expected the deal to close in mid-to-late September.

Endeavor and WWE announced a deal last spring for the Ari Emanuel-led company to take control of WWE and merge it into a new, stand-alone entity with UFC. The professional wrestling and mixed martial arts powerhouse will be called TKO Group Holdings and trade on the New York Stock Exchange. Valued at $21 billion, TKO will be a subsidiary of Endeavor, with 51% control. WWE (Raw, SmackDown) will control 49%.

Emanuel will be CEO. continue as president of UFCVince McMahon, WWE’s longtime leader, executive chairman and major shareholder, who orchestrated the deal with Endeavor, was set as executive chair of the new company’s board.

In early August, WWE announced federal law enforcement agents had executed a search warrant and served a federal grand jury subpoena on McMahon although no charges had been brought. WWE CEO Nick Khan also said then that McMahon was on a medical leave of absence until further notice following spinal surgery. launched an internal probe of McMahon in 2022 to investigate allegations of payments to women, which it found had totaled close to $20 million and that caused it to revise several quarterly financial statements. The probe wrapped up last November and McMahon paid the company $17.4 million for costs incurred.

source:  deadline.com

CM Punk fired from AEW after altercation with Jack Perry

AEW has released an announcement effective immediately about the termination of CM Punk from AEW. This comes following controversial situations involving Jack Perry, The Young Bucks, Kenny Omega, and others.

You can read the full announcement below.

STATEMENT FROM ALL ELITE WRESTLING AND TONY KHAN

All Elite Wrestling (AEW) has terminated the wrestler and employment agreements between Philip Brooks (CM Punk) and AEW with cause, effective immediately. The termination was confirmed today by Tony Khan, CEO, General Manager and Head of Creative of AEW.

The termination follows a weeklong internal investigation of an incident occurring backstage at AEW – All In London on Sunday, August 27. Following the investigation, the AEW Discipline Committee met and later convented with outside legal counsel before making a unanimous recommendation to Khan that CM Punk be terminated with cause.

Khan offered the following statement:

“Phil played an important role within AEW and I thank him for his contributions. The termination of his AEW contracts with cause is ultimately my decision, and mine alone. Of course, I wish I didn’t have to share this news, which may come as a disappointment to many of our fans. Nevertheless, I am making the decision in the best interests of the many amazing people who make AEW possible every week – our talent, staff, venue operators and many others whose efforts are unsung but essential to bringing our fans great shows on television and at arenas and stadiums throughout the world.”

Tensions erupted between CM Punk and Jack Perry backstage at All Elite Wrestling's All In London event on Sunday, August 27, just before Punk's scheduled bout with Samoa Joe. While conflicting stories exist about the specific details of the clash, it's confirmed that both wrestlers had been temporarily suspended as AEW looks into the incident which now seems to have concluded.

The dispute was fueled by Jack Perry's comment, "It's real glass, go cry me a river," which he made during his Zero Hour match against HOOK. Perry pointed to a limousine's windscreen that he would later be slammed through. This jab was directed at CM Punk and pertained to a previous argument the two had about glass during an AEW Collision taping earlier in the summer. Perry reportedly felt that insiders close to Punk, who leaked the argument, aimed to publicly humiliate him.

Souece: WrestlingNewsSource.Com

WWE Star Bray Wyatt Dead At 36

WWE superstar Bray Wyatt, whose real name is Windham Rotunda, has died, WWE Chief Content Officer Paul "Triple H" Levesque announced on social media Thursday. Wyatt was 36.

"Just received a call from WWE Hall of Famer Mike Rotunda who informed us of the tragic news that our WWE family member for life Windham Rotunda - also known as Bray Wyatt - unexpectedly passed earlier today," Levesque wrote on X, the company formerly known as Twitter. "Our thoughts are with his family and we ask that everyone respect their privacy at this time."

The news of Wyatt’s death was a shocking and devastating revelation as a report surfaced earlier this month that the former champion was nearing a return to the ring after battling a "life-threatening illness."

Earlier in the year, Wyatt got COVID that exacerbated a heart issue. He suffered a heart attack. Pro wrestlers and fans sent their condolences across social media.

Back in October, Wyatt had made a return to the WWE in one of the most mysterious build-ups the company had done in a while. A white rabbit, mystery QR codes and other messages appeared on WWE programming leading up to Wyatt’s eventual return at Extreme Rules. The hints pointed toward his return about 15 months since he was released in July 2021.

Wyatt’s "Fiend" character was among the favorite programs that WWE ran in recent years. WWE was able to make the character thrive through the height of the coronavirus pandemic, and he was put into epic feuds with John Cena and Randy Orton.

Wyatt’s cult leader character was also well-received when it began in 2013. However, Wyatt was released on July 31, 2021. His release marked the end of a 12-year run at WWE.

After his return on the premium live event, Wyatt cut a heartfelt promo thanking fans for welcoming him back and helping him through the tough times after his release.

"I am incredibly grateful. I’m really, really nervous to be here. I never thought this would happen," Wyatt said. "This right here, this is just me OK? This is a version of me I never got to introduce to you guys before. This is just me being me – genuine me – for the first time."

Wyatt explained at the time that over the last year, he lost a lot of friends and things in his life.

"I lost my career. I lost my self-confidence. I lost two people who were very, very close to me. I lost my way," he said. "And I got to a point where I thought that everything that I’ve ever done here or otherwise, it was all meaningless. Nothing I’ve ever did has ever mattered to anyone. And I was wrong.

"Once I was done feeling sorry for myself, I decided to go out in the world again and see … people everywhere that would say, ‘Thank you Bray, man. When you coming back home?’ And then every once in a while there would be someone I would meet that would be truly remarkable, and you know who you are. But these people they would come to me. They would come to me, and they would say, ‘Bray, I just wanted to thank you, man, because I was in a time of need, and I lost people that were close to me, and I lost my self-confidence, and I felt weak, and I felt vulnerable, and in this weakened state I found your words, Bray. I found your words, and I just wanted to thank you, man. You saved my life, Bray.’

"The truth is, I don’t think about stuff like that. And the thing about that is, is that I can sit here right now today, and I can look all of you in the eyes, and I can say you were there when I was weak, when I was vulnerable, when I was down, and I just wanted to say, ‘Thank you, you all saved my life.’"

Wyatt feuded with LA Knight, which culminated in a Pitch Black match at Royal Rumble. He was set to start a program with Bobby Lashley before he reportedly fell ill.

He was angled for a September return before his unexpected death, according to Fightful Select.

Wyatt had two daughters with his ex-wife and a son and daughter with former WWE announcer JoJo Offerman. His father, Mike Rotunda, was known in the WWE as Irwin R. Schyster (IRS).

WWE boss Vince McMahon hit with federal grand jury subpoena and search warrant

Federal law enforcement agents executed a search warrant on World Wrestling Entertainment

Vince McMahon last month and served him with a federal grand jury subpoena, the company disclosed Wednesday.

The actions represent an escalation of an ongoing investigation into allegations that McMahon paid millions of dollars over the years to women after being accused of sexual misconduct.

WWE also revealed Wednesday that McMahon “went on medical leave after undergoing major spinal surgery.”

McMahon’s leave began July 21, and he will “remain on medical leave until further notice but will remain Executive Chairman” of WWE, the company said in its quarterly report to the Securities and Exchange Commission...More?

source:  cnbc.com

WWE Executive Chairman Vince McMahon on Medical Leave “Until Further Notice” Following Surgery

The WWE said in a footnote to a SEC filing that federal agents executed a search warrant and served a federal grand jury subpoena on McMahon July 17...More?


source: hollywoodreporter.com

WrestleMania Generated $215 Million For the Los Angeles Region

WWE continues to tout the success of its second quarter earnings. On Wednesday, the company announced that WrestleMania 39 generated $215 million in economic impact for the Los Angeles region. WrestleMania events spanned several days in the "City of Angels" with "WWE SmackDown," the WWE Hall of Fame induction ceremony, NXT Stand and Deliver, the two-night WrestleMania event, and "WWE Raw" the following Monday, plus other local events.

Applied Analysis conducted the economic impact study. With that being said, WrestleMania 39 broke the record from the year prior when WrestleMania 38 brought $206.5 million in economic impact for the Dallas/Arlington region in Texas. It was also noted in WWE's press release that WrestleMania events have generated more than $1.2 billion in cumulative economic impact for host cities since 2016.

Other statistics from the study found that out-of-town visitors stayed for an average of four nights in Los Angeles. More than half of the attendees came from outside of southern California and 15% of fans traveled from international markets.

WWE previously announced that WrestleMania 39 brought in $21.6 million in ticket sales, which was a 27% increase from the previous record and made it the highest-grossing WWE event of all time. They also sold 20% more merchandise than the year before. Night One drew 80,497 attendees, while Night Two drew 81,395 for a combined attendance of 161,892.

Natalya Received Six Guinness World Record Certificates

Backstage at Saturday's WWE Money in the Bank premium live event, WWE "Raw" Superstar Natalya received a total of six Guinness World Record certificates. Of course, Nattie reacted to the news via Twitter, noting that "wrestling is a singles sport that you can't do on your own.

"These kinds of stats paint the picture that I want for my legacy, long after I'm done. Each one of these records was attained while trying my hardest to build a division, not a person. That's what my family has taught me. Wrestling is a singles sport you can't do on your own," she tweeted.

The records include — Most WWE matches (female) with 1,514 matches, Most WWE wins in a career (female) with 663 wins, Most WWE PLE appearances (female) with 75 appearances, Most WWE WrestleMania appearances (female) with 8, Most WWE "Raw" matches with 174 matches and Most WWE "SmackDown" matches with a total of 200.

Natalya's first WWE match, according to Cagematch.net, was a Dark match against Victoria on the November 27, 2007 episode of "SmackDown." Since then Natalya has been a fixture in the WWE Women's roster. She has held the WWE Divas Championship, the "SmackDown" Women's Championship, and her most recent title was in 2021 — the WWE Women's Tag Team Championship. Nattie's last televised "Raw" match was on the June 5 episode, where she lost to Zoey Starks in a Money In The Bank Qualifying match. On June 30, she faced Rhea Ripley for the WWE Women's Title at a non-televised event.

WWE Touts Nearly 90M U.S. Fans as CEO Says “It’s Time to Monetize” With New TV Deals

WWE Hall of Famer The Iron Sheik passes away

From WWE.com:

WWE is saddened to learn that Hossein Khosrow Ali Vaziri, known the world over as WWE Hall of Famer The Iron Sheik, passed away on Wednesday, June 7, at age 81. 

With his imposing physique, curled boots and dreaded Camel Cutch finishing hold, The Iron Sheik’s larger-than-life personality and natural gift for inciting crowds across the globe helped him become one of the greatest villains in sports-entertainment history. Yet, over time that awe-inspiring showmanship not only earned the respect of his peers, but the WWE Universe as a whole, making him a beloved figure.The Iron Sheik first excelled in the world of Greco-Roman Wrestling, competing in the Amateur Athletic Union and becoming a gold medalist at 180.5 pounds in 1971.

 The Iron Sheik became WWE Champion the day after Christmas in 1983 when he defeated Bob Backlund in Madison Square Garden. The victory was a controversial one, as Backlund's manager Arnold Skaaland threw in the towel when Backlund refused to submit to the Camel Clutch.

 After losing the WWE Championship to Hulk Hogan, The Iron Sheik engaged in a heated rivalry with Sgt. Slaughter culminating in their famous Boot Camp Match at Madison Square Garden. Soon after, The Iron Sheik teamed with Russian strongman Nikolai Volkoff. The anti-American pairing went on to win the WWE World Tag Team Championship in 1985 at the first WrestleMania.

The Iron Sheik left WWE in 1988 but reappeared in 1991 by the side of former enemy Sgt. Slaughter as Colonal Mustafa. His last in-ring appearance was at WrestleMania 17, as The Iron Sheik returned for one night only, winning a Gimmick Battle Royal and re-igniting his rivalry with Slaughter in the process.

The Iron Sheik remained a pop culture icon due to his bombastic online persona and appearances on “The Howard Stern Show,” “The Eric Andre Show,” and more.

WWE Announces Multi-Year Partnership With TWITCH

WWE today announced a multi-year partnership with Twitch that will see the return of the official WWE channel and popular WWE Superstar channels, featuring live and exclusive content.

In addition to the launch of the channel, WWE will debut today a companion sidecast to Monday Night RAW, bringing the WWE Universe behind the scenes and closer to the in-ring action. The weekly viewing experience will be led by a rotating cast of hosts and will regularly feature appearances by WWE Superstars, unique and exclusive content such as backstage interviews, and more. Viewers can stream the sidecast live every Monday beginning at 8 p.m. ET via https://www.twitch.tv/wwe or the Twitch App.

Additionally, the official WWE channel will be home to other live productions and will serve as an alternate live streaming feed for all of WWE’s premium live event press conferences.

WWE Legend Billy Graham Dead At 79

WWE Hall of Famer "Superstar" Billy Graham has died ... TMZ Sports has confirmed.

Billy's family tells us he died Wednesday after being taken off life support. We're told Billy's wife and daughter were by his side when he passed. As we reported, Billy's wife Valerie announced Monday he had been in the ICU for three weeks as a result of various health issues. She said doctors wanted to take Billy off life support Monday night, but she initially refused.

Known for his prowess as a wrestler and a bodybuilder, Billy rose to fame back in the day wrestling for the American Wrestling Association and later the World Wrestling Federation.

Billy mentored big-time wrestlers like Hulk Hogan, Scott Steiner, Ric Flair and Jesse Ventura ... and in 2004 the WWE inducted Billy into its Hall of Fame.

Billy's recent health issues took a toll on his body ... his family says he lost 45 pounds while suffering from congestive heart failure, diabetes, hearing loss, and a significant infection in his ears and skull. We're also told his kidneys were failing.

Tributes are now pouring in from across the wrestling world ... with Ric tweeting, "THANK YOU FOR ALL YOUR INFLUENCE On My Career!"

Billy was 79.

Merged UFC And WWE Will Reportedly Be Called TKO Group Holdings

The New Whale has been knocked out and a new, permanent name has been chosen for the soon-to-be-merged WWE and UFC hybrid company.

CNBC is reporting that what was temporarily known as New Whale Inc. will now be known going forward as TKO Group Holdings, with the TKO acronym meaning "technical knockout," paying homage to both UFC and WWE's shared combat sports lineages. While the two companies have an agreement to merge under this new name, WWE is still to be run by Vince McMahon out of its headquarters in Stamford, Connecticut, while UFC is still being run by Dana White out of its headquarters in Las Vegas, Nevada.

The new company will be listed on the New York Stock Exchange as TKO. The merger between the two companies will make TKO Group Holdings worth an estimated $20 billion.

Endeavor CEO Ari Emmanuel secured Chairman Vince McMahon to oversee WWE during negotiations with a new revision made to WWE's term sheet which says McMahon must remain in charge of the company until he either retires or is physically unable. McMahon was also granted five of the eleven seats on the WWE Board of Directors, as well as veto power. In exchange for the request to make McMahon executive chairman, WWE shareholders get a higher percentage of voting power under the new terms. Despite McMahon's newly cemented authority, Endeavor has been adamant that WWE Chief Content Officer Paul "Triple H" Levesque will continue to oversee the creative direction of the company.

Vince McMahon, WWE Sued by Ex-Writer Over ‘Racist’ Scene Scripts

World Wrestling Entertainment Inc., Vince McMahon, and other executives allegedly discriminated and retaliated against a Black female writer for objecting to “offensively racist and stereotypical jargon” used in the scripts of Black wrestlers including Bianca Belair and Apollo Crews, according to a new lawsuit.

Britney Abrahams’ multiple complaints were ignored, and she was pretextually terminated for taking home a WrestleMania-branded chair, according to the complaint filed in the US District Court for the Eastern District of New York on Monday.

The lawsuit includes Stephanie McMahon, Chris Lubrando (SVP, Creative Writing Operations at WWE), WWE creative team members Chris Dunn, Ryan Callahan, Jen Pepperman, and former team member Mike Heller.

Abrahams began writing for WWE SmackDown! and WWE Monday Night RAW in 2020, according to the complaint. She complained of racial and gender stereotypes in scripts, including ones instructing Belair to say “Uh-Uh! Don’t make me take off my earrings and beat your ass! " and Crews to speak with a “stereotypical and exaggerated Nigerian accent,” but was rebuffed, she said.

WWE didn’t immediately respond to Bloomberg Law’s request for comment.

‘Harmful Stereotypes’

She was allegedly subject to a number of racist pitches after complaining. On a Slack thread that McMahon and his daughter Stephanie McMahon were included on, other writers suggested a Black male wrestler should dress in drag. Only when a White writer noted that doing so could “perpetuate harmful stereotypes that would offend viewers” was the pitch scrapped, she said.

On another occasion, a writer allegedly proposed that a Muslim’s wrestler’s secret in a script be that he was “behind the 9/11 attacks.”

Abrahams and other writers complained about the comments, to which Vice President Christine Lubrano allegedly responded, “Wacky things are said in the writer’s room all the time!” and “I know but look at the waves we’re making in the company. 4 years ago, no woman worked on the writer’s team!”

Abrahams continued to opposed racist, sexist pitches, she said, and was fired in retaliation in April 2022. WWE fired her for taking with her a WrestleMania 38 branded chair, but the practice was allegedly a common practice that White male writers weren’t punished for.

She is seeking reinstatement, damages, declaratory judgment, and an injunction restraining defendants from engaging in such unlawful conduct.

Cochran Firm represents Abrahams.

The case is Abrahams v. World Wrestling Ent., Inc., E.D.N.Y., No. 23-cv-03109, complaint filed 4/24/23.

source: Bloomberg Law

Most Successful WrestleMania Of All Time

WWE today announced that WrestleMania 39 became the most-successful and highest-grossing event in company history. The two-night, sold-out event at SoFi Stadium in Los Angeles set new records for viewership, gate, sponsorship, merchandise and social media. WrestleMania 39 became the most social WrestleMania of all-time, with over 500 million views and 11 million hours of video consumed over the two days, a 42 percent increase over last year. Night 2 of WrestleMania 39 surpassed the existing global viewership record by 33 percent, just one day after Night 1 of WrestleMania 39 surpassed the existing global viewership record by 28 percent. WrestleMania 39 generated a gate of more than $21.6 million, breaking the previous record by 27 percent, with 161,892 in attendance at SoFi Stadium over the two nights. In addition, WrestleMania 39 broke all-time sponsorship and merchandise records. Sponsorship revenue eclipsed $20 million, more than doubling the previous record. Merchandise sales were up 20 percent versus the record set in 2022.

ENDEAVOR ANNOUNCES UFC® AND WWE® TO FORM A $21+ BILLION GLOBAL LIVE SPORTS AND ENTERTAINMENT COMPANY

BEVERLY HILLS, Calif. & STAMFORD, Conn.--(BUSINESS WIRE)-- Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.

Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4 billion and a 10% annual revenue growth rate since 2019.

“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”

“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” said Vincent K. McMahon, Executive Chairman of WWE.

McMahon continued, “Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”

The new company will be led by Emanuel (Chief Executive Officer), who will also continue in his role as Chief Executive Officer of Endeavor, McMahon (Executive Chairman of the Board) and Mark Shapiro, who will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. The Board of Directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.

WWE reportedly close to sale to Endeavor

World Wrestling Entertainment is reportedly closing in on a deal to be sold to talent-agency company Endeavor Group Holdings (NYSE:EDR), already the parent of mixed martial arts league Ultimate Fighting Championship.

The sale is in advanced talks, CNBC reported, and it could be announced as soon as Monday.

It would result in a new publicly traded company focused on combat sports and entertainment, according to the report, and Endeavor would own 51% while WWE holders would own 49%.

The proposed transaction would reportedly assign WWE an enterprise value of $9.3B. WWE has a market capitalization of about $6.8B.

It would also mean the end of Vince McMahon's control of WWE after several decades.

Recent weeks have brought increasing sale speculation and WWE CEO Nick Khan said last week the company had seen "robust" interest.

source: seeking alpha