WWE divulges $5 million in McMahon payments, hold-ups revenues report

WWE discloses $5 million in McMahon payments, delays earnings report

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World Wrestling EntertainmentInc Chairman Vince McMahon (L) and wrestler Triple H appear in the ring throughout the WWE Monday Night Raw reveal at the Thomas & & Mack Center August 24, 2009

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World Wrestling Entertainment divulged another $5 million in payments made by previous CEO Vince McMahon and postponed its revenues report, according to an SEC filing.

The upgrade follows a disclosure of $146 million in formerly unrecorded expenditures paid by McMahon, and his retirement from the business. The Wall Street Journal had actually reported that the hush payments were under examination by federal district attorneys and the Securities and Exchange Commission.

McMahon, who retired as CEO and chairman of the business last month, is the biggest investor of the business with a 32% stake. He purchased the business from his dad about 40 years back and manage its development into an international sports home entertainment brand name.

McMahon’s child, Stephanie McMahon, took control of as co-CEO and chairwoman, while her partner Paul “Triple H” Levesque, is now in charge of WWE’s imaginative material.

In its filing Tuesday night, WWE specified that the 2 recently divulged payments, made by McMahon in 2007 and 2009, are unassociated to accusations of misbehavior versus McMahon. The board is presently managing an independent examination of the previous payments and accusations.

News of the previous payments increased speculation of a WWE sale. On Wednesday, following the current news, WWE shares increased more than 1%, striking a 52- week high.

WWE likewise stated it will be not able to submit its quarterly report as arranged today due to the scenarios of the unrecorded expenditures.

The business launched initial outcomes for the quarter on July 25 together with the $146 million disclosure.

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