Posts Tagged ‘TKO Group Holdings’

TKO Gives Statement on Vince McMahon, Says He Has “Significant Portion of the Voting Power”

TKO has given a clear statement regarding the departure of Vince McMahon who despite his exit, is said to have a significant amount of voting power. 

McMahon stepped down from WWE one month ago due to the shocking allegations made against him in Janel Grant’s lawsuit. McMahon has claimed that the litigation is rife with fabrications and has claimed he is completely innocent. Former WWE executive John Laurinaitis, who is named in the suit, has claimed he is a victim, not a predator, in this situation.

TKO Group Holdings Comments

In the 2023 Earnings filing, TKO Group Holdings had the following to say about McMahon in their “Legal Proceedings” division of the filing: 

“Vincent K. McMahon, who served as Executive Chair of the Company’s Board of Directors until January 26, 2024, controls a significant portion of the voting power of the issued and outstanding shares of the Company’s common stock. 

Mr. McMahon has agreed to make future payments to certain counterparties personally. In accordance with the SEC’s Staff Accounting Bulletin Topic 5T, Miscellaneous Accounting, Accounting for Expenses or Liabilities Paid by Principal Stockholders (“Topic 5T”), the Company concluded that these amounts should be recognized by the Company as expenses in the period in which they become probable and estimable.

In connection with the acquisition of WWE, the Company assumed $3.5 million of liabilities related to future payments owed by Mr. McMahon to certain counterparties, of which $2.0 million was paid directly by Mr. McMahon during the period of September 12, 2023 through December 31, 2023.

“During the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of expenses associated with payments made directly by Mr. McMahon to certain counterparties. These costs are included within selling, general and administrative expenses in our consolidated statements of operations.

Additionally, during the period of September 12, 2023 through December 31, 2023, the Company recorded $3.5 million of costs associated with payments made directly by Mr. McMahon related to WWE’s global headquarters lease. These costs are included within finance lease right-of-use assets, net in our consolidated balance sheets. These payments are considered non-cash capital contributions and are included as a component of principal stockholder contributions in our consolidated statements of stockholders’/members’ equity.

“As of December 31, 2023, total liabilities of $1.5 million are included within accrued expenses in our consolidated balance sheets related to future payments owed by Mr. McMahon to certain counterparties.

What’s Next for TKO? 

With McMahon gone, Ari Emanuel has replaced the 78-year-old as the Executive Chair of TKO. Emanuel already serves as the company’s CEO. Steven R. Koonin has been appointed the Lead Independent Director of the McMahon allegations and how it relates to TKO. Both appointments came into effect as of February 22. 

Editorial: Vince McMahon is going to jail, and the McMahon family is over

In 2006, Vince McMahon walked into the Tanzabar salon, located in a strip mall in Boca Raton, Fla. 

The 22-year-old woman who worked at the salon didn’t recognize McMahon when he asked her to take a photo of him with his phone. She certainly didn’t recognize him when he started showing him nude and semi-nude photos of himself. 

She asked him to stop, but he didn’t, according to a police report filed at the time of the incident. She asked him to stop trying to kiss her, she asked him to stop groping her chest and the rest of her body. She asked him to stop when she pushed him away from her.

While McMahon waited in a his black Hummer for 20 minutes, she ran from the salon to a Papa John’s Pizza located in the same mall. Crying, bawling, upset – she had just been sexually assaulted. 

A Papa John’s employee who had waited with the victim at the salon recognized McMahon in a lineup, as did another customer who was at the salon. The victim didn’t. The Boca Raton Police Department said there was enough evidence to charge McMahon with simple assault, but prosecutors decided there wasn’t enough evidence. 

In Florida at the time, there had to be photo evidence, another witness or law enforcement on hand to witness the simple assault – a case where to charge McMahon they needed evidence above a reasonable doubt, which is the usual standard for which someone is found guilty in a criminal court proceeding. Instead, McMahon was found “exceptionally cleared” and the case, filings made by prosecutors disappeared, and only a few articles of the incident remain online, most prominently one on the Daily Beast’s website from 2018, which remarked McMahon’s return of the XFL and how he was looking for “exceptional human beings” for his football league. 

McMahon is certainly an exceptional human being. The civil complaint, filed last week in federal district court in Connecticut by Janel Grant, alleges the exceptional lengths McMahon will go to groom, manipulate, humiliate, and assault a person. 

Rumors of McMahon’s bad behavior existed for years. As an investigative reporter, I’ve kept a spread sheet of McMahon’s sexual predatory behavior, potential victims, cases, settlements and other items detailing the alleged criminal activities of McMahon toward women. Even in the sordid details of the dozens of cases, nothing suggested the type of monstrous behavior – listed detail after nauseating detail – in the 67 pages of Grant’s civil complaint. 

As someone who has covered crime and courts in the past, it’s one of the most sickening documents I’ve ever read. 

The complaint itself is exceptional for more than just the demented behavior of McMahon. Even though it’s a civil complaint, almost all of the offenses it accuses McMahon are criminal. Rape, sex trafficking, assault – this complaint was laid out like a criminal court proceeding. 

The only non-criminal complaint in the civil filing is McMahon violating the terms of the non-disclosure agreement he sign with Grant while he was being investigated by WWE’s board in 2022. McMahon, for all his ego and his billions, made one $1 million payment to Grant for all that she suffered, and he refused to make the subsequent payments of the $3 million payment McMahon decided was a fair sum for her dignity, sexuality, humanity and mental well-being. 

The complaint is what a lawyer would describe as rock solid. Dates, times, places, text messages and possible video evidence – against McMahon, WWE and John Laurinaitis, the former head of WWE talent, whose alleged role in Grant’s torture is as sick as McMahon’s. Laureinaitis claims he was a victim of McMahon, not his former boss’ partner in crime.

William Tong is the attorney general for the State of Connecticut. Timothy Shaw is the chief of the Stamford Police Department. Colonel Daniel Loughman runs the Connecticut State Police. Everyday this case isn’t made a criminal investigation is a criminal case of apathy by the state of Connecticut, the federal government and any place Grant suffered abuse.

Where are the criminal charges against McMahon?

Six months ago, World Wrestling Entertainment announced during a quarterly report that McMahon was the subject of a federal grand jury inquiry. He was being investigated and warrants had been issued. 

What that inquiry is about is unknown, probably until the grand jury decides to indict McMahon or not. At the time, it was assumed by many following the fiscal end of the pro wrestling business that McMahon was under further investigation by the Securities Exchange Commission after he made payouts to other victims following his payout to Grant.

At some point, in the coming months, that grand jury is going to come down with an indictment. 

At some point, law enforcement will have to look at the case made by Grant and her attorney’s, the mountains of evidence they have against McMahon.

At some point, law enforcement, McMahon’s family, past victims, female wrestlers and employees, his friends and his loyal employees, will read this complaint and realize much of this they’ve read before.

Predators and rapists work in patterns. McMahon was accused by former WWE referee Rita Chatterton of trying to force her to have a certain sex act with him. If you read previous accusations against McMahon, or the Grant complaint, the same patterns are here. 

There’s no more excuses – McMahon is who is actions have said he has been for the last 40 years. It’s time for law enforcement – at the local, state and federal levels – the courts, prosecutors and the people in charge in Connecticut to protect their citizens, file a criminal case against McMahon and put him away. Women aren’t safe with McMahon free. He’s Harvey Weinstein with a wrestling company instead of a movie company. He may be more deranged. 

It’s all over

The civil suit states Stephanie McMahon, when she temporarily replaced her dad as head of WWE, never interviewed Grant when they investigated their relationship during McMahon’s initial removal from WWE’s board.

The company has said it had reached out to Grant, but didn’t get a response. That won’t save any member of the McMahon family with TKO’s board. It won’t save Paul Levesque, who was on the road and backstage with McMahon through his most sordid days. 

Levesque’s performance before an even milquetoast group of questioners at the Royal Rumble press conference shows how little he understands the reality of the situation he’s in. He’s done. Nick Khan is done. Bruce Pritchard is done. 

Mike Johnson of PWInsider reported most of those in the company with ties to McMahon expect to be gone – and soon. Top level employees like Jim Cornette and Eric Bischoff, were sickened by the details of the civil suit, believe this is the end. And they’re right. 

WWE’s employees have been quiet. Ronda Rousey spoke out, going to twitter and calling Bruce Pritchard an avatar for McMahon, saying if he’s there then McMahon is running WWE. That Rousey would take a stand isn’t surprising – she isn’t from the twisted world of pro wrestling that views McMahon as untouchable. She’s like Grant, where they come from reality, where even the guy who hands out checks has to follow the law. 

Nikki and Brie Garcia – the former Bella Twins – voiced support for the victim on their joint Twitter account. Garcia’s step-father is John Laurinaitis, the other party in the civil complaint. If the timetable in the suit is correct, Laurinaitis was having forced sexual favors with Grant while the Garcia’s mother was undergoing cancer treatment.

Linda McMahon will be filing for divorce at some point. Their marriage was a business arrangement for years, maybe decades. They make Bill and Hillary Clinton look like an old fashion romance. She won’t risk her financial well-being on waiting out her husband’s perversions. 

Levesque may believe he’s irrepla
ceable in WWE as its creative head, but he’s not. Nick Khan is not irreplaceable. What they are is open sores from an investigation that found McMahon should not return to WWE’s board, but voted for him to do so anyway. There’s the same people who wrote in an SEC filing – reported by CNN – that McMahon was a massive financial and litigation risk for WWE if he were to remain on its board. 

Yet there he was, until last week, as the Executive Chairman of TKO – both UFC and WWE – having just finished negotiating UFC TV rights with Saudi Arabia. 

McMahon’s next deal will be pleading guilty. Grant and her attorneys have expressed their goal with their suit is to shine a light on McMahon, WWE and other victims who are out there. They won’t be settling. And this won’t be passed on by law enforcement. 

Prosecutors will have to stand up this time. There won’t be shrugging at the goofy, ridiculous pro wrestling guy, an act McMahon has perfected since the 1980s to ward off journalists, until Bob Costas took him out. Weinstein fell, Bill Cosby fell, McMahon is falling and he’s going to jail, and it’s only a matter of time. 

Something this bad can’t be ignored. 

One lesson we all should have learned through recent years is to take bad actors at their word. When they say they will do bad things, or have, take them at their word. McMahon’s actions have spoken the same thing for decades, as far back as 1986 when Rita Chatterton had a life-breaking experience in a limo with McMahon. He told us who he was then, we just never listened.

For the victims, for the future women in pro wrestling, for those not yet walking or born, it’s time we take him at his word. 

First WWE-UFC Combo Tickets On Sale Since the Launch of TKO Group Holdings

Fans of both WWE and UFC will be able to secure their first combo ticket since the blockbuster launch of TKO Group Holdings 

With the merger of WWE & UFC, TKO Group Holdings was launched last September. This came months after it was first announced that Endeavor would be acquiring WWE for the sum of $9.3 billion. Endeavor’s influence has already been felt in WWE, with Ari Emanuel himself pulling Vince McMahon from creative, essentially ‘knighting’ Triple H as the unquestionable leading figure when it comes to storyline decisions. 

TKO’s Combo Ticket

On the website of the Honda Center, fans can purchase a combo ticket for the price of $285. This ticket guarantees a seat for UFC 298: Volkanovski v. Topuria, which will take place on February 17. After that show, fans will also be able WWE Monday Night RAW on February 19, which will be the go-home episode of Raw before the Elimination Chamber: Perth Premium Live Event in Australia. This marks the first UFC and WWE combo ticket since TKO Group Holdings was launched last year. 

Strong Ticket Sales

This episode of Raw will be the first televised WWE event inside Anaheim’s Honda Center since the September 16, 2022, edition of SmackDown. While that show had a NXT North American Title match and Logan Paul on the show, the upcoming episode of Raw has already sold more seats. 10,648 tickets have already been distributed for the February 19, Raw, with just 52 remaining, far more than the 8,437 who attended the September 2022 SmackDown. 

Dwayne Johnson: Owning ‘The Rock’ Name Means So Much More to Me Than Business

Dwayne Johnson’s excitement over having full ownership of the name ‘The Rock’ goes far deeper than the potential business prospects that this agreement provides. 

Johnson was announced as the newest member of the TKO board of directors today, as part of a landmark agreement between the two sides. Johnson will serve on the board that will oversee decisions for TKO which consists of both WWE and UFC. TKO Group Holdings is owned by Endeavor. 

Dwayne Johnson on Owning The Rock

As part of his deal with TKO, Johnson now has full ownership of the name ‘The Rock’ which until now had been owned by WWE. During an appearance on CNBC, Johnson spoke about the deeper meaning to owning the name. 

“There’s the business side of that, as we know. There’s the economics and the Math side of that. But also, it goes much deeper than that. And this idea, the name of The Rock, for me, I owe that name everything. Without that name, there would be no wrestling career.

“There would be no Hollywood career. But also that name was a derivative of my dad Rocky Johnson who was one of the first Black tag-team champions in WWE. A trailblazer paved the way, a man of color. For a kid like me to be embraced in a bigger way when I came along [he was inspirational.]”

Johnson made sure to credit Endeavor CEO Ari Emanuel, who was also on the show, for agreeing to give him the name and appointing him to the board. 

“I want to acknowledge Ari [Emanuel] and give him his flowers because at the end of the day, he had a million reasons to say no but he found the reason to say yes. And the reason why is because he understood, as he told me face to face ‘This is your name and it comes from your family and that’s important to me.’ So family is very important to us.

“The name ‘The Rock’, this is why it becomes invaluable. The street valuation of the name ‘The Rock’, it’s got some heft behind it. But more importantly than that, it’s something that I’ve earned, I built, and I owe so much to that wild lunatic called ‘The Rock’.

“And by the way, and I told him this last night. The greatest benefit of now completely owning the name ‘The Rock’ [with] no gimmicks, no BS, across the board, full ownership [is] the name ‘The Rock’ years ago, really allowed me to be me, and that’s very special. Thank you Ari.”

The Rock has his sights set on Roman Reigns, but the Head of the Table isn’t sweating his cousin… 

For the use of quotes, please give an H/T to SE Scoops. 

TKO Group Hires New Chief Legal and Administrative Officer

TKO Group Holdings has continued to make waves with the hiring of a new Chief Legal and Administrative Officer.

TKO Group Holdings was launched in September of 2023 and consists of WWE and UFC. In April 2023, it was announced that Endeavor was set to acquire WWE as part of a $9.3 billion deal. Shortly after TKO launched, over 100 employees would be let go from WWE as part of streamlining measures with UFC. It wasn’t long after that WWE released Superstars with Dolph Ziggler, Matt Riddle, and Mustafa Ali all being let go.

TKO Group Holding’s New Hiring

Seth Krauss has been brought on board as the new Chief Legal and Administrative Officer of TKO Group Holdings, the company revealed in a statement.  Krauss’ Term Employment Agreement is effective from January 1, 2024 and expires on December 31, 2027. The agreement states that Mr. Krauss may continue to provide services in his role and position at Endeavor Group Holdings, Inc., Endeavor Operating Company, LLC, and their respective subsidiaries. Krauss will report to TKO’s President or Chief Operating Officer Mark Shapiro.

Krauss will be paid an annual base salary of $2,000,000 for the term.
Krauss will also be eligible for a discretionary annual bonus in respect of fiscal year. This annual bonus will be based on the achievement of performance metrics based on TKO performance, as determined by the Governing Body in good faith.

Krauss will be hoping to have a better start in TKO than WWE’s replacement for Kevin Dunn…

TKO Group merges WWE and UFC’s Global Partnership Teams

TKO Group Holdings, the parent company of the UFC and WWE, has announced it is combining the global partnership teams of the two companies. 

The new team is led by TKO EVPs Grant Norris-Jones and Lou Koskovolis. Described as an ‘unprecedented integration’ that will leverage the strengths of the two, the new ‘sports marketing powerhouse’ will be better-positioned to serve WWE/UFC’s audience of one billion young and diverse fans across 170 countries.

Here is the official press release from TKO Group:

TKO Merges UFC® and WWE® Global Partnerships Teams to Create Sports Marketing Powerhouse

Combined Unit to Offer Blue-Chip Brands Unprecedented Integration within Two of the World’s Most Iconic Sports and Entertainment Properties

NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. (NYSE: TKO), a premium sports and entertainment company, today announced that it has combined the UFC and WWE global partnerships teams into one unit, providing brands with access to one of the most formidable sports marketing portfolios in the world.

UFC and WWE, which collectively serve more than one billion young and diverse fans in 170 countries, provide brand partners unparalleled scale and reach across multiple platforms, including premium live events, original content, and digital media. Further powered and enhanced by the Endeavor flywheel, the company’s global infrastructure that also includes IMG’s dynamic sales teams around the world, UFC and WWE together can offer marketers significantly expanded inventory, vastly increased brand visibility, extensive international reach, and unique integration opportunities across UFC and WWE premier content.

Grant Norris-Jones, who has played a key role in driving UFC’s global partnerships to six consecutive years of record revenue, has been elevated to lead the integrated unit as Executive Vice President and Head of Global Partnerships for TKO, which includes the entirety of UFC and WWE properties. Norris-Jones will work alongside Lou Koskovolis, who is also taking on an expanded role as TKO’s Executive Vice President of Global Partnerships. Together, they will focus on delivering unique, authentic integrations for TKO’s corporate partners. This new joint effort will further benefit from additional support and collaboration with the Endeavor Partnerships team to maximize value for brands across the entire Endeavor portfolio of assets.

With partnership sales, activations, and operations teams in New York, Las Vegas, Stamford, Conn., London, Sao Paulo, Sydney, Shanghai, and Toronto, the newly combined unit will focus on creating new revenue opportunities and brand integrations across UFC’s and WWE’s must-watch live and original content.

“Since Endeavor acquired UFC in 2016, UFC’s global partnerships business has become a significant growth area,” said Andrew Schleimer, Chief Financial Officer, TKO, “and we believe WWE’s partnerships business has similar potential. Together, UFC and WWE create a sports marketing powerhouse, with hundreds of live events per year and a reach that’s equal to, or better than, the world’s biggest sports properties. The newly integrated global partnerships team will offer premium brands the opportunity to integrate and activate within UFC’s and WWE’s extraordinarily popular content to engage their massive fan bases around the world.

”In recent years, UFC has partnered with brands that are consumer product and category leaders, including Anheuser-Busch, Crypto.com, DraftKings, Jose Cuervo, Monster Energy, PRIME Hydration, Timex, and VeChain.In addition, WWE has worked with dozens of blue-chip brands across its roster of promotional assets. Over the last year, WWE has activated with Applebee’s, General Mills, Mattel, Netflix, PepsiCo, Pizza Hut, Slim Jim, and Snickers.

About TKO

TKO Group Holdings, Inc. (NYSE: TKO) is a premium sports and entertainment company that comprises UFC, the world’s premier mixed martial arts organization, and WWE, an integrated media organization and the recognized global leader in sports entertainment. Together, our organizations reach more than 1 billion TV households in approximately 170 countries, and we organize more than 350 live events year-round, attracting over one million fans. TKO is majority owned by Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company.

About UFC

UFC® is the world’s premier mixed martial arts organization (MMA), with more than 700 million fans and 243 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world while broadcasting to over 900 million TV households across more than 170 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 80 countries. The organization’s digital offerings include UFC FIGHT PASS®, one of the world’s leading streaming services for combat sports. UFC is part of TKO Group Holdings (NYSE: TKO) and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC and @UFC on X, Snapchat, Instagram, and TikTok: @UFC.

About WWE

WWE, part of TKO Group Holdings (NYSE: TKO), is an integrated media organization and the recognized global leader in sports entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly entertainment on its television programming, premium live events, digital media, and publishing platforms. WWE’s TV-PG programming can be seen in more than 1 billion homes worldwide in 25 languages through world-class distribution partners including NBCUniversal, FOX Sports, TNT Sport, Sony India and Rogers. The award-winning WWE Network includes all premium live events, scheduled programming and a massive video-on-demand library and is currently available in more than 180 countries. In the United States, NBCUniversal’s streaming service, Peacock, is the exclusive home to WWE Network. Additional information on WWE can be found at wwe.com and corporate.wwe.com.