Update On WWE Shareholder Lawsuit Over Endeavor Merger That Spawned TKO
The shareholder lawsuit in Delaware Chancery Court targeting Vince McMahon and several WWE executives is expanding after reports in May that McMahon was resisting turning over discovery.
McMahon, along with WWE CEO Nick Khan, Chief Content Officer Paul Levesque, and former board members George Barrios and Michelle Wilson, is accused of steering the merger toward Endeavor from the outset.
Plaintiffs argue McMahon was motivated by his close relationship with Endeavor CEO Ari Emanuel, believing that only Endeavor would allow him to keep his role as Chairman of WWE in the aftermath of his 2022 misconduct scandal, which led to his initial resignation.
A recent round of discovery has pulled in several key figures, reported by Wrestlenomics. Former executive John Laurinaitis gave testimony September 26, while McMahon's longtime assistants, Paul and Michael "Mickey" Mangieri, have been ordered to produce records.
Major outside players are also on the docket. Liberty Media, the owner of Formula 1, will provide testimony September 30, and KKR partner Ted Oberwager is slated for questioning October 30. Both firms explored potential bids for WWE before the Endeavor deal was finalized.
Some current and former executives, including TKO Chief Financial Officer Andrew Schleimer and independent board members from the merger period, have already been deposed. Remaining depositions, including those of the named defendants, are expected by late November.
Attorneys for the shareholder class are working to build a record suggesting the merger was predetermined, while defense lawyers push back on claims of bad faith.
The Delaware case has largely flown under the radar, because of the Chancery Court's limited public access. However, it seems to be moving along much quicker than McMahon's other federal cases in Connecticut and Maryland.
McMahon is represented by Kirkland & Ellis, with other defendants backed by Latham & Watkins.
If you use any quotes from this article, please credit Wrestlenomics and provide a h/t to Wrestling Inc. for transcription.