The WWE announced its investigation into former CEO Vince McMahon has concluded, costing the company $19.4 million. Despite that, the WWE also reported $304+ million net earnings in the third quarter, with major income stemming from an “increase in both domestic and international media rights fees” for their major television programs, Monday’s Raw and Friday’s Smackdown. Those rights accounted for over 75% of the revenue.
Vince McMahon had been investigated for sexual misconduct, in which he also apparently paid $12 million over the course of 16 years. This summer, Vince McMahon, who is now 77, retired as WWE chairman and CEO, allowing his daughter, Stephanie McMahon to take his place.
In a statement at the time, McMahon said, “As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”
The Vince McMahon scandal isn’t the only controversy currently surrounding the WWE. The wrestling giant’s Crown Jewel pay-per-view event, scheduled for November 5th, has come under scrutiny for not being canceled due to a potential attack from Iran in Saudi Arabia. Die-hard wrestling fans may have a bigger issue with the main event being Roman Reigns vs. Logan Paul…The WWE established a relationship with Saudi Arabia in 2014 which has faced various other criticisms, including Saudi Arabia’s women’s rights.
What do you think? Should the Crown Jewel event go on despite threats from Iran? Let us know if the show must go on or if the WWE should take extra precautions with their superstars.
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