WWE Starts Post-Vince McMahon Era With Strong Q2 Numbers; Co-CEO Stephanie McMahon Lauds Father As “True Founder And Entrepreneur”

Stephanie McMahon, daughter of the former WWE founded by Vince McMahon And now the company’s co-CEO began the company’s second-quarter earnings call with a tribute to his father as a “true founder and entrepreneur.”

Stephanie McMahon and Nick Khan were named co-CEOs of the company earlier this summer as a board-initiated investigation into Vince McMahon’s conduct began. McMahon resigned in July, after investigations corroborated several women’s claims of sexual assault, retaliation and payoff.

Stephanie McMahon said, McMahon and his wife, Linda, “put their heart and soul into building this business and taking WWE from a regional wrestling promotion to a global entertainment enterprise in the 1980s.” “He built the foundation on which we stand and prepared us for the future.”

Prior to the call, WWE had reported strong results for the quarter, which was bound to happen. by telling again Because of $14.6 million in “unrecorded payments” made by Vince McMahon to multiple women.

Net income rose to $49 million, or 58 cents per share, from $29.2 million, or 34 cents per share, in the year-ago quarter. Revenue increased to $328.2 million from $265.6 million in the year-ago period.

The company’s chief financial and administrative officer, Frank Riddick, said the investigation into the former CEO cost the quarter $1.7 million. Vince McMahon has indicated that he will pay those costs, Riddick said, adding that the company expects to see additional financial expenses related to the investigation.

Vince McMahon took over WWE from his father in the early 1980s and transformed it into a global media empire with lucrative partnerships with NBCUniversal and Fox in the US, and streaming and other media rights in 180 countries around the world. made deals. Last year, IT Billion dollar deal To incorporate your streaming network into the peacock of NBCU.