WWE Shareholders Seek $949 Million Over TKO Merger, Alleging 52.8% Equity Was Owed
Updated
Updated · POST Wrestling · Jun 5
WWE Shareholders Seek $949 Million Over TKO Merger, Alleging 52.8% Equity Was Owed
1 articles · Updated · POST Wrestling · Jun 5
Summary
$446 million to $949 million in damages is at stake after plaintiffs filed a 75-page pre-trial brief arguing WWE investors should have received 52.8% of TKO, not 49%, in the 2023 merger.
Vince McMahon is central to the claim: plaintiffs say WWE's board routinely followed his wishes, he forced his January 2023 return by threatening to block deals, and he pursued a sale that preserved his power.
The brief says Endeavor's Ari Emanuel had discussed a deal with McMahon from the day of his 2022 retirement, while Liberty Media later offered $95 to $100 a share in cash before WWE accepted Endeavor's 51-49 split.
Plaintiffs argue the merger was rushed before WWE's next media-rights negotiations could lift its valuation, while giving McMahon non-ratable benefits including a lifetime TKO role, quick monetization of $670 million in stock, and legal support.
Delaware's Court of Chancery begins a four-day trial Monday before Vice Chancellor J. Travis Laster, who will rule later on whether fiduciary duties were breached.