Lawsuit Filed Challenging WWE's Merger with TKO

A recent lawsuit filed in Delaware accuses Vince McMahon and other WWE executives of causing harm to the company's shareholders due to WWE's merger with Endeavor, as reported by Bloomberg Law. The suit claims that this merger led to a decrease in share value and was a strategy for McMahon to maintain his control over WWE. Paul Levesque and Nick Khan are also named in the lawsuit, but neither Endeavor nor TKO are listed as defendants.

The lawsuit contends that the merger with TKO was part of McMahon's efforts to consolidate his authority over WWE amid growing dissatisfaction among shareholders and ongoing government investigations. It argues that the merger process was biased, favoring Endeavor and excluding other potential buyers who might challenge McMahon. Since McMahon holds the majority of WWE shares, the merger proceeded without a shareholder vote, leading to what the complaint describes as an "unfair price" for the merger.

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— Ben Jordan Kerin Nov 28, 2023 05:18PM