Former World Wrestling Entertainment chief executive Vince McMahon is returning to the company as a board member, after a six-month hiatus following a hush money and sexual harassment scandal.
WWE on Friday confirmed McMahon’s return, also announcing in a press release that it “intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders,” suggesting that the company could be exploring a sale. Shares closed 17% higher after the announcement.
“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,” McMahon said in the release.
McMahon retired as CEO in July 2022, but remains the company’s majority shareholder. Following his departure, the WWE disclosed multiple expenses that McMahon hadn’t reported, totaling $19.6 million. That forced the company to revise its financial statements for 2019, 2020 and 2021.
Although many of the payments are related to the company’s investigation of his alleged sexual misconduct with former employees, McMahon reportedly made undisclosed payments to of $5 million to former President Donald Trump’s charity, the Donald J. Trump Foundation, in 2007 and 2009, according to the Wall Street Journal.
The Journal in July 2022 reported McMahon paid more than $12 million to four women, including the one from the prior report, to cover up “allegations of sexual misconduct and infidelity.”
In addition to his return, McMahon shook up the company board and replaced three people. However, his daughter Stephanie — who took over as co-CEO and board chair after McMahon’s retirement — will retain those same roles.
In 2021, WWE struck a deal with NBC’s Peacock to stream wrestling events on the platform for a deal “valued at more than $1 billion,” the Journal reported.
