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FEDERAL GRAND JURY SEARCH WARRANT & SUBPOENA SERVED TO VINCE MCMAHON LAST MONTH

WWE noted the following listed among their legal proceedings in today's quarterly earnings report:

As previously disclosed on June 17, 2022, a Special Committee of the Board of Directors was formed on June 15, 2022 to investigate allegations of misconduct by Vince McMahon. As previously disclosed, the Special Committee investigation was completed during the fourth quarter of 2022. However, related government investigations remain ongoing.

On July 17, 2023, federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon. No charges have been brought in these investigations.

The Company has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.

Fully consistent with prior expectations, the Company and Endeavor expect their transaction to be closed in the second half of 2023.

Additional information with respect to this item may be found in Note 18, Commitments and Contingencies, to the Consolidated Financial Statements.

When asked about this during today's media conference call, Nick Khan stated that WWE had no comment on the matter but would assist in any investigations.

McMahon was announced as being on a "medical leave of absence" following spinal surgery two weeks ago, which almost to the week matches up with the serving of the subpeona and search warrant.

WWE later issued the following:

“We believe this is a continuation of the investigation that commenced last summer. WWE has cooperated throughout and fully understands and respects the government’s need for a complete process.”

 

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