{"id":47061,"date":"2022-08-16T13:49:51","date_gmt":"2022-08-16T13:49:51","guid":{"rendered":"https:\/\/harchi90.com\/wwes-investigation-into-vince-mcmahon-is-substantially-complete\/"},"modified":"2022-08-16T13:49:51","modified_gmt":"2022-08-16T13:49:51","slug":"wwes-investigation-into-vince-mcmahon-is-substantially-complete","status":"publish","type":"post","link":"https:\/\/harchi90.com\/wwes-investigation-into-vince-mcmahon-is-substantially-complete\/","title":{"rendered":"WWE&#8217;s investigation into Vince McMahon is &#8216;substantially complete&#8217;"},"content":{"rendered":"<div>\n<p id=\"flR2jL\">Ahead of their full second quarter 2022 earnings report, last night (Aug. 15) WWE released its 10-Q filing to the Securities &#038; Exchange Commission related to those numbers.<\/p>\n<p id=\"Vl9C6i\">The filing included its Q2 revenues: $328.1 million, which is an increase of more than $63 million from Q2 2021. The return to touring and a successful WrestleMania event without COVID-capacity limits were the big reasons for the jump.<\/p>\n<ul>\n<li id=\"fwr4MM\">Live events $41.0 million in revenue, up from $9.2 million in the same quarter last year.<\/li>\n<li id=\"CeCYZH\">Consumer products revenue doubled from Q2 last year, from $22 million to $44 million.  That included a big increase in merchandise sales fueled by WrestleMania, and $5.6 million in licensing revenue from the release of WWE 2K22.<\/li>\n<\/ul>\n<p id=\"F0HHJM\">The 10-Q also has new details about the investigation into unrecorded payments made by Vince McMahon in the past and his subsequent resignation.  WWE&#8217;s spent $1.7 million on the investigation to date, and expects to upwards of five times that amount before the end of the year:<\/p>\n<blockquote>\n<p id=\"RthYeY\">As previously announced, a Special Committee of independent members of the Company&#8217;s Board of Directors was formed to investigate alleged misconduct by the Company&#8217;s former Chairman and Chief Executive Officer, Vincent K. McMahon.  The Special Committee investigation is substantially complete.  Mr.  McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest.  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.<\/p>\n<\/blockquote>\n<p id=\"meW8CI\">There are also a number of statements regarding the impact of McMahon&#8217;s exit from his roles as Chairman, CEO &#038; head of creative.  Documenting risk factors is standard for investor communications (<a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/BrandonThurston\" target=\"_blank\">Brandon Thurston<\/a> of Wrestlenomics notes that even in more stable times, \u201cWWE&#8217;s filings have a tone that sounds this foreboding\u201d), but can sound alarming and\/or outlandish to wrestling fans:<\/p>\n<blockquote>\n<p id=\"DMLB73\"><strong>The resignation of Vincent K. McMahon could adversely affect our ability to create popular characters and creative storylines or could otherwise adversely affect our operating results.<\/strong><\/p>\n<p id=\"lSTgdt\">Until he resigned from all positions held with the Company on July 22, 2022, in addition to serving as Chairman of our Board of Directors and Chief Executive Officer, Mr.  McMahon led the creative team that develops the storylines and the characters for our programming (including our television, WWE Network and other programming) and live events.  On July 22, 2022, the Board appointed Stephanie McMahon, at that time Chief Brand Officer, interim Chief Executive Officer, interim Chairwoman and a director of the Company, and Nick Khan, at that time President, Chief Revenue Officer and a director of the Company, to serve as the Company&#8217;s co-Chief Executive Officers.  The Board has also appointed Stephanie McMahon to serve as the Company&#8217;s Chairwoman.  Furthermore, in the wake of Mr.  McMahon&#8217;s departure, our creative effort will be led by Paul Levesque, the Company&#8217;s Executive Vice President, Talent Relations and Creative and Ms.  McMahon&#8217;s husband, who has decades of experience in our Company and has been an important player in all aspects of our creative process, including television, talent and live events.  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.<\/p>\n<\/blockquote>\n<p id=\"ofMRT4\">More soon.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ahead of their full second quarter 2022 earnings report, last night (Aug. 15) WWE released its 10-Q filing to the Securities &#038; Exchange Commission related to those numbers. The filing included its Q2 revenues: $328.1 million, which is an increase of more than $63 million from Q2 2021. The return to touring and a successful &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/wwes-investigation-into-vince-mcmahon-is-substantially-complete\/\"> <span class=\"screen-reader-text\">WWE&#8217;s investigation into Vince McMahon is &#8216;substantially complete&#8217;<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[5],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":49259,"url":"https:\/\/harchi90.com\/investigation-into-vince-mcmahons-hush-money-payments-reportedly-turns-up-trump-charity-donations\/","url_meta":{"origin":47061,"position":0},"title":"Investigation into Vince McMahon&#8217;s hush money payments reportedly turns up Trump charity donations","date":"August 18, 2022","format":false,"excerpt":"The Wall Street Journal reported Wednesday that $5 million of McMahon's $19.6 million in unrecorded company expenses went to Trump's charity, the Donald J. Trump Foundation, in 2007 and 2009.The payments were made in years when Trump \u2014 who was a reality TV star on NBC's \"The Apprentice\" at the\u2026","rel":"","context":"In &quot;Entertainment&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10062,"url":"https:\/\/harchi90.com\/report-wwe-boss-mcmahons-hush-cash-bill-over-12-million\/","url_meta":{"origin":47061,"position":1},"title":"Report: WWE boss McMahon&#8217;s hush cash bill over $12 million","date":"July 10, 2022","format":false,"excerpt":"NEW YORK (AP) \u2014 The longtime World Wrestling Entertainment impresario Vince McMahon agreed to share more than $12 million over the past 16 years to suppress of sexual misconduct and infidelity, the Wall Street Journal reports.The amount is significantly larger than what was previously known.Four women \u2014 all formerly affiliated\u2026","rel":"","context":"In &quot;Entertainment&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":464,"url":"https:\/\/harchi90.com\/youtuber-logan-paul-signs-multi-year-wwe-contract\/","url_meta":{"origin":47061,"position":2},"title":"YouTuber Logan Paul Signs Multi-Year WWE Contract","date":"June 30, 2022","format":false,"excerpt":"Booyaka, Booyaka.photo: WWEYouTuber Logan Paul has officially signed a contract with World Wrestling Entertainment. according to BT Sport journalist Ariel HelwaniPaul reportedly signed a multi-year deal with the company yesterday for an undisclosed number of \u201cpremium live events\u201d across 2022 and 2023.Today, Paul visited WWE's headquarters to sign his contract\u2026","rel":"","context":"In &quot;Entertainment&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9744,"url":"https:\/\/harchi90.com\/report-wwe-boss-mcmahon-paid-over-12-million-in-hush-money\/","url_meta":{"origin":47061,"position":3},"title":"Report: WWE Boss McMahon Paid Over $12 Million In Hush Money","date":"July 10, 2022","format":false,"excerpt":"NEW YORK (AP) \u2014 The longtime World Wrestling Entertainment impresario Vince McMahon agreed to share more than $12 million over the past 16 years to suppress of sexual misconduct and infidelity, the Wall Street Journal reports.The amount is significantly larger than what was previously known.Four women \u2014 all formerly affiliated\u2026","rel":"","context":"In &quot;Entertainment&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26071,"url":"https:\/\/harchi90.com\/paul-triple-h-leveque-is-taking-over-wwe-creative-after-vince-mcmahons-departure\/","url_meta":{"origin":47061,"position":4},"title":"Paul &#8216;Triple H&#8217; Leveque Is Taking Over WWE Creative After Vince McMahon&#8217;s Departure","date":"July 26, 2022","format":false,"excerpt":"Paul Leveque aka Triple H has been named the new head of WWE creative.The move comes amid a management shake-up at WWE after former CEO Vince McMahon announced his retirement earlier this month.\u201cWWE executive Paul Levesque will assume all responsibilities related to WWE's creative, in addition to his regular duties,\u201d\u2026","rel":"","context":"In &quot;Entertainment&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"fifu_image_url":"https:\/\/cdn.vox-cdn.com\/thumbor\/psb7U3JfqQwGlRFO-NavnKdcLxs=\/0x24:1690x909\/fit-in\/1200x630\/cdn.vox-cdn.com\/uploads\/chorus_asset\/file\/23948292\/Screen_Shot_2022_08_16_at_8.03.51_AM.png","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/47061"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=47061"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/47061\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=47061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=47061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=47061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}