World Wrestling Entertainment co-CEO Nick Khan said a special committee of independent directors looking into alleged misconduct by its former chief Vince McMahon has completed its mission and been disbanded.
Management is working with the board to implement the committee’s recommendations, Khan told Wall Streeters on a call following third-quarter earnings.
He didn’t elaborate. WWE shares popped nearly 3% in late trading. The September third quarter included a circa $18 million hit for costs related to the investigation.
Khan said WWE has spent $19.4 million on the probe so far this year. He expects further write-downs. The former CAA head of television who joined WWE as president and chief revenue officer in 2020 and now runs the company with Stephanie McMahon — said Vince McMahon “has agreed to pay the reasonable costs of the investigation not covered by insurance.” WWE had been investigating allegations that McMahon paid millions of dollars to various women as hush money in exchange for silence over relationships and misconduct.
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