Federal law enforcement agents executed a search warrant and served a federal grand jury subpoena last month to Vince McMahon, chairman of Stamford-headquartered WWE (NYSE:WWE).
According to an Associated Press report, the company acknowledged the ongoing investigation in a filing with the U.S. Securities and Exchange Commission but offered no details regarding the reason for the federal actions. McMahon is currently on medical leave following recent spinal surgery and no charges have been brought against him.
“WWE has cooperated throughout and fully understands and respects the government”™s need for a complete process,” the company said in a statement.
In April, WWE announced a merger with Endeavor Group Holdings (NYSE:EDR), the parent company of UFC, with the latter owning a 51% controlling interest in the combined company, which will be called TKO Group Holdings. The merger followed McMahon”™s aggressive return to the company in January after he abruptly retired in July 2022 following press reports that he made roughly $19.4 million in hush money payments to former WWE employees who accused him of sexual harassment. McMahon used his position as the company”™s controller shareholder to regain the leadership role.
Photo courtesy WWE
