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Report: WWE boss McMahon’s hush cash bill over $12 million – Business News

The longtime World Wrestling Leisure impresario Vince McMahon agreed to pay greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Road Journal stories.

The quantity is considerably bigger than what was beforehand recognized.

4 girls — all previously affiliated with WWE — signed agreements with McMahon, 76, that bar them from discussing their relationships with him, the Journal reported on Friday, citing folks acquainted with the offers and paperwork it reviewed.

McMahon stepped down as CEO and chairman of WWE in mid-June throughout an investigation into the alleged misconduct and the Journal reported on the time that he had agreed to pay $3 million to a former paralegal who stated he sexually harassed her on the job.

McMahon will proceed to supervise WWE’s artistic content material throughout the investigation.

WWE named McMahon’s daughter, Stephanie, interim CEO and chairwoman throughout the investigation into his alleged misconduct, though he continued to supervise the corporate’s artistic facet.

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.

WWE matches are actually held in skilled sports activities stadiums and the group has a sizeable abroad following. It has a broadcast partnership with the Saudi media firm MBC Group.

The group underwent a seismic transformation beneath McMahon with occasions like WrestleMania, a premium reside manufacturing that attracts thousands and thousands of fervent viewers.

Income final yr exceeded $1 billion for the primary time and the corporate has tv offers with Fox and NBCUniversal. Final month it introduced a multiyear enlargement of its authentic programming partnership with A&E.

WWE stars have grow to be crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Chilly” Steve Austin and John Cena.

Shares of World Wrestling Leisure Inc., primarily based in Stamford, Connecticut, dropped 2% on Friday.

There was no rapid response to cellphone and electronic mail messages left with a WWE spokesperson in search of touch upon the report.

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