As previously reported, a group of shareholders has filed a lawsuit against former WWE Chairman Vince McMahon, WWE President Nick Khan, WWE Chief Content Officer Paul "Triple H" Levesque, and WWE executives George Barrios and Michelle Wilson. They allege that WWE’s investigation into McMahon regarding sexual misconduct allegations was a “sham” and claim that McMahon manipulated the sale process to Endeavor for his own benefit.
According to Brandon Thurston from POST Wrestling, the shareholders' attorneys referenced an expert report in their pursuit of monetary damages ranging from $466 million to $957 million, which is in addition to the interest accrued since the merger closed in 2023. The report states that the deal resulting in Endeavor's acquisition of WWE and the subsequent merger into TKO allowed Endeavor to own 51% of TKO, leaving WWE shareholders with 49%. This arrangement granted Endeavor majority control and ownership of the combined company.
The plaintiffs argue that WWE was worth more than the final deal reflected and contend that its shareholders should have held between 53% and 57% of TKO. They are suing for the difference between what they believe they should have received and the actual distribution. They cite internal Endeavor presentations from the week before the deal was finalized as evidence. One document dated March 22, 2023, stated that “if we wait until after the media rights deal has been renegotiated, this merger will move away from us as the relative ownership will no longer be in our favor.”
The report was authored in 2026 by financial economist James L. Canessa, who the plaintiffs retained. If the plaintiffs succeed in obtaining monetary damages, any awarded amount will be proportionately distributed to shareholders who held WWE stock during the relevant period, which is yet to be determined.
It is important to note that the expert report from the defendants' team disagrees with Canessa’s findings, arguing that his analysis does not take into account the potential synergies from cost savings, such as staff layoffs, and the additional revenue streams that WWE and UFC could unlock together. Their report indicates that when these synergies are considered, WWE’s share could have been as low as 48.1%, suggesting that shareholders received a more-than-fair deal.
