Welcome To aBlackWeb

Register

Official Wrestling News Thread

WWE filed a lawsuit last week in Texas against the Attorney General of Texas, seeking to prevent what they claim is proprietary information regarding bidding that brought the 2023 Royal Rumble event to San Antonio's Alamodome.

Wrestlenomics.com has been seeking the documents, including material related to San Antonio's bids for the event via The Texas Information Act.

WWE is arguing the material is proprietary and would release information that could assist WWE's competitors.

A sworn declaration from WWE Senior Vice President of Communications Chris Legentil is provided as an exhibit to the new complaint filed by WWE. Legentil says the bidding contract shouldn’t be released to Wrestlenomics.

“If this information was made publicly available and Brandon Thurston was permitted to publicize our financial information and negotiated terms on Wrestlenomics,” Legentil’s declaration states, “WWE would lose our bargaining power in negotiating all of our live events and much of the value of a bidding process for venues.”
 
w
keemz said:
Click to expand...


If Nash/Hall didn’t jump to WCW they wouldn’t have been as made and WCW wouldn’t have survived as long as they did.

For the WWF, the attitude era would’ve still have happened. The seeds were already there. You could argue it may not have been as massive but it definitely would’ve happened.
 
In today's annual earnings filing for 2023, TKO noted the following regarding the lawsuit filed by Major League Wrestling against WWE prior to the TKO acquisition:

On January 11, 2022, a complaint was filed against WWE by MLW Media LLC (“MLW”), captioned MLW Media LLC vr. World Wrestling Entertainment, Inc., No. 5:22-cv-00179-EJD (N.D. Cal.), alleging that WWE interfered with MLW’s contractual relationship with certain media platforms and engaged in other anticompetitive and unfair business practices in violation of the Sherman Antitrust Act and California law. On December 22, 2023, the parties notified the court that they had entered into a settlement agreement in the amount of $20.0 million and stipulated that the case should be voluntarily dismissed with prejudice. In light of the settlement, the case was dismissed with prejudice on December 26, 2023.

So, MLW received a $20 million settlement.
 
TKO STATEMENT ON VINCE MCMAHON
by Mike Johnson @ 6:27 PM on 2/27/2024

In today's 2023 Earnings filings, TKO stated the following about Vince McMahon in the "Legal Proceedings" division of the filing:
"As announced in June 2022, a Special Committee of independent members of WWE’s board of directors (the “Special Committee”) was formed to investigate alleged misconduct by WWE’s then-Chief Executive Officer, Vincent K. McMahon (the “Special Committee Investigation”). Mr. McMahon initially resigned from all positions held with WWE on July 22, 2022 but remained a stockholder with a controlling interest and served as Executive Chairman of WWE’s board of directors from January 9, 2023 through September 12, 2023, at which time Mr. McMahon became Executive Chair of the Board of Directors of the Company.
Although the Special Committee investigation is complete and, in January 2024, Mr. McMahon resigned from his position as Executive Chair and member of TKO’s Company’s Board of Directors, as well as other positions, employment and otherwise, at TKO and its subsidiaries, WWE has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas, demands and/or other claims and complaints arising from, related to, or in connection with these matters.
On July 17, 2023, federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon. No charges have been brought in these investigations. WWE has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.
On January 25, 2024, a former WWE employee filed a lawsuit against WWE, Mr. McMahon and another former WWE executive in the United States District Court for the District of Connecticut alleging, among other things, that she was sexually assaulted by Mr. McMahon and asserting claims under the Trafficking Victims Protection Act."
***
A later section, specifically devoted to McMahon notes:
"Vincent K. McMahon, who served as Executive Chair of the Company’s Board of Directors until January 26, 2024, controls a significant portion of the voting power of the issued and outstanding shares of the Company’s common stock.
Mr. McMahon has agreed to make future payments to certain counterparties personally. In accordance with the SEC’s Staff Accounting Bulletin Topic 5T, Miscellaneous Accounting, Accounting for Expenses or Liabilities Paid by Principal Stockholders (“Topic 5T”), the Company concluded that these amounts should be recognized by the Company as expenses in the period in which they become probable and estimable.
In connection with the acquisition of WWE, the Company assumed $3.5 million of liabilities related to future payments owed by Mr. McMahon to certain counterparties, of which $2.0 million was paid directly by Mr. McMahon during the period of September 12, 2023 through December 31, 2023. During the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of expenses associated with payments made directly by Mr. McMahon to certain counterparties. These costs are included within selling, general and administrative expenses in our consolidated statements of operations. Additionally, during the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of costs associated with payments made directly by Mr. McMahon related to WWE’s global headquarters lease. These costs are included within finance lease right-of-use assets, net in our consolidated balance sheets. These payments are considered non-cash capital contributions and are included as a component of principal stockholder contributions in our consolidated statements of stockholders’/members’ equity. As of December 31, 2023, total liabilities of $1.5 million are included within accrued expenses in our consolidated balance sheets related to future payments owed by Mr. McMahon to certain counterparties.
In connection with and/or arising from the investigation conducted by a Special Committee of the former WWE board of directors, Mr. McMahon has agreed to reimburse the Company for additional costs incurred in connection with and/or arising from the same matters. During the year ended December 31, 2023, Mr. McMahon reimbursed the Company $5.8 million associated with these costs. This reimbursement is considered a capital contribution and is included as a component of principal stockholder contributions in our consolidated statements of stockholders’/members’ equity.
 
You must log in or register to reply here.
Back
Top