World Wrestling Entertainment Inc. (NYSE:WWE) CEO Vince McMahon agreed to pay more than $12 million to four women in an effort to keep allegations of sexual misconduct and infidelity a secret.
That's according to the Wall Street Journal (WSJ), citing unnamed sources and documents. The report is a follow-up to the WSJ's June 15 article in which it was revealed that WWE was conducting an internal corporate investigation regarding a $3-million payment to one former female employee with whom McMahon, 76, allegedly had an affair.
The payout agreements took place over the course of 16 years. The women are all formerly affiliated with WWE.
Here's a breakdown of the latest allegations as reported by the WSJ:
- McMahon allegedly demoted a former wrestler after she resisted sexual encounters, and declined to renew her contract in 2005. In 2018, the wrestler and her attorney negotiated a $7.5 million payment in return for her silence.
- McMahon sent unsolicited nude photos to a WWE contractor who also alleged that he had sexually harassed her in the workplace. McMahon allegedly paid her some $1 million in hush money.
- McMahon also paid $1 million to another former female employee with whom he had allegedly initiated a sexual relationship.
The new details follow a previous allegation made by a former employee who was hired as a paralegal in 2019. The unnamed paralegal signed a non-disclosure agreement last January that prevents her from discussing the nature of her relationship with McMahon.
The WWE board is currently working with a law firm to investigate McMahon as well as John Laurinaitis, the head of talent relations at the company, over non-disclosure agreements involving former employees at the sports entertainment promotion.
Last month, McMahon “stepped back" from his responsibilities as CEO and chairman once the June 15 WSJ report was published.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon said in a prepared statement last month. “I have also pledged to accept the findings and outcome of the investigation, whatever they are."
WWE is currently under the helm of interim CEO Stephanie McMahon, who is McMahon's daughter with wife Linda McMahon, a former administrator of the Small Business Administration under President Donald Trump.
WWE Price Action: WWE shares were trading down 0.26% at $64.90 at 11:20 a.m. on Friday, July 8, 2022.
Photo of Vince McMahon courtesy of the official Mr. McMahon Facebook page.
