Ex-WWE chief McMahon pays back $17.4 million in investigation costs
Last updated on: 25 March,2023 08:44 am
McMahon retired as CEO and chairman of the company in July last year
New York (Reuters) - World Wrestling Entertainment Inc (WWE) (WWE.N) said on Friday Executive Chairman Vincent McMahon had paid $17.4 million to the company to cover costs related to an investigation into his alleged misconduct.
McMahon, credited with transforming WWE from a regional player to a global giant, retired as CEO and chairman of the company in July last year. He returned to the board in January, after the probe was wrapped up.
The Wall Street Journal had reported that he was being investigated by the board for agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
WWE said in January that it would explore strategic alternatives. McMahon said he would involve himself in the company's media rights acquisition process as it looks to capitalize on growing demand for content and live entertainment.