The proposed shareholder settlement now totals $147.5 million
Summary
– Vince McMahon and his insurers will contribute $42.5 million to the proposed settlement
– WWE previously disclosed that it would contribute another $105 million
– The full $147.5 million settlement still requires court approval
Vince McMahon and his insurers have agreed to pay $42.5 million toward the proposed settlement of a shareholder lawsuit involving WWE’s merger with UFC.
The contribution is separate from the $105 million WWE previously disclosed it would pay. Together, the payments bring the proposed settlement to $147.5 million.
According to Bloomberg Law, the full amount was revealed in a court filing on Friday. The lead plaintiffs accused TKO Group Holdings of providing only part of the settlement information in an earlier securities filing, resulting in an incomplete public account of the agreement.
The lawsuit accused McMahon of manipulating WWE’s sale process to favor Endeavor, which later merged WWE and UFC under TKO Group Holdings.
Shareholders alleged that McMahon preferred a buyer that would allow him to remain involved with WWE following the scandal that previously forced him to step down as an executive. They argued that WWE could have received a better offer if McMahon’s future with the company had not influenced the process.
McMahon and other defendants were also sanctioned for missing communications related to the sale, including messages sent via Signal, an application that can automatically delete conversations.
Several parties reportedly showed interest in purchasing WWE, including AEW owner Tony Khan. Endeavor ultimately secured the deal and completed the merger with UFC.
McMahon and his insurers will now contribute $42.5 million, while WWE will pay $105 million. The proposed $147.5 million settlement still requires court approval.
