World Wrestling Leisure impresario Vince McMahon introduced Friday he’s retiring amid an investigation into alleged misconduct involving the flamboyant showman who turned a small wrestling firm right into a worldwide leisure enterprise.
In a quick assertion issued by WWE, McMahon mentioned he’s retiring as the corporate’s chairman and CEO. He famous that he stays its majority shareholder.
McMahon stepped down quickly as CEO and chairman of WWE in mid-June throughout an investigation into alleged misconduct. Earlier this month, the Wall Avenue Journal reported McMahon agreed to pay greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity.
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“At 77, time for me to retire. Thanks, WWE Universe. Then. Now. Perpetually. Collectively. #WWE #grateful,” he wrote on Twitter.
There was no point out of the investigation in assertion from the corporate primarily based in Stamford, Connecticut. McMahon mentioned his daughter, Stephanie, who was named interim CEO and chairperson final month, will function chairperson and share CEO duties with Nick Khan, who joined the corporate in 2020.
“Our international viewers can take consolation in understanding WWE will proceed to entertain you with the identical fervor, dedication, and keenness as at all times,” he wrote within the assertion, thanking WWE’s generations of followers everywhere in the world.
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McMahon first stepped except for the highest positions final month after the Journal reported on the time that he had agreed to pay $3 million to a former paralegal who mentioned he sexually harassed her on the job. He was speculated to proceed overseeing WWE’s inventive content material through the corporations investigation. However then the newspaper reported that McMahon had agreed to pay the considerably bigger sum of $12 million.
4 ladies — all previously affiliated with WWE — signed agreements with McMahon that bar them from discussing their relationships with him, the Journal reported, citing individuals acquainted with the offers and paperwork it reviewed. McMahon has mentioned he’s cooperating with the corporate’s investigation.
McMahon has been the chief and most recognizable face at WWE for many years. When he bought what was then the World Wrestling Federation from his father in 1982, wrestling matches occurred at small venues and appeared on native cable channels.
The group underwent a seismic transformation beneath McMahon with occasions like WrestleMania, a premium stay manufacturing that attracts tens of millions of fervent viewers.
Income final 12 months exceeded $1 billion for the primary time and the corporate has tv offers with Fox and NBCUniversal. Final month it introduced a multiyear growth of its unique programming partnership with A&E.
WWE stars have develop into crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Chilly” Steve Austin and John Cena.
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