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WWE Calls $14.6 Million In Hush Money Payments Accounting Errors
Entertainment company discovered another $5 million in unrecorded expenses unrelated to ex-CEO’s alleged misconduct.
August 15, 2022
Since we first broke this story, we've learned the additional $5 million was comprised of two undisclosed payments made to former President Donald Trump's foundation.
World Wrestling Entertainment (WWE) CEO now says the $14.6 million in alleged hush money settlements former Chairman and CEO Vince McMahon made to former female employees over the past 16-years were not properly recorded as expenses in the company’s financial statements. The company calls the payments “immaterial accounting errors” and revised its 2021 balance sheet to reflect some of the payments.
McMahon resigned in July 2022 amid a Board investigation that found additional payments that were also not recorded appropriately. WWE identified two other payments in 2007 and 2009 totaling $5 million unrelated to McMahon’s alleged misconduct that prompted the special investigations.
It brings the total of previously unrecorded expenses to $19.6 million.
WWE says McMahon will pay the $19.6 million personally. Though the company expects to spend another $10 million on the investigation, it says the special investigation is substantially complete.
Prior period financials (2019, 2020, 2021, 2022) have been revised, control deficiencies have been identified, and the company acknowledged receiving regulatory, investigative and enforcement inquiries, subpoenas or demands related to the McMahon investigation.
Related: CMCSA, DIS, PGRE, NFLX
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