WWE Will Restate Earnings To Account For Vince McMahon’s $14.6M “Unrecorded Payments”, Warns Investors Of Current & Future Probes

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Word Wrestling Entertainment said Monday that $14.6 million of  payments by former CEO Vince McMahon from 2006 to 2022 weren’t recorded in the company’s accounts but should have been, and as a result the company will revise some of its previously issued financial statements.McMahon resigned Friday as CEO and chairman of WWE in the midst of a scandal that has the board investigating him for payouts to women, including former employees, in exchange for silence over affairs and inappropriate conduct.

The company noted in an SEC filing that it “has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”WWE’s filing said it plans to “record the unrecorded expenses” for the applicable periods in 2019, 2020 and 2021, as well as for the quarter that ended in June of this year.“All payments underlying the Unrecorded Expenses were or will be paid by Vince McMahon personally,” the filing said.“As previously announced, a special committee of independent members of the Board is conducting an investigation into alleged misconduct by Vince McMahon, which investigation remains ongoing,” the filing said.The company it has also received, and may receive in the future, “regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”MOREBroadcast networks’ fall lineups and schedulesNew and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2021-22