Big Law

WWE-UFC Merger Is Challenged in a Shareholder Lawsuit

A pension fund sued Vince McMahon and other senior leaders of World Wrestling Entertainment Inc., challenging its $21.4 billion merger with Ultimate Fighting Championship, the mixed martial arts giant owned by media and talent conglomerate Endeavor Group Holdings Inc.

The shareholder lawsuit, filed in Delaware, says McMahon “used his domineering personality and control over WWE” to orchestrate an unfair transaction after storming back to its helm early this year from a six-month exile tied to allegations that he spent decades sexually harassing and abusing female subordinates.

McMahon, “maneuvering to secure his power and control over the company in the face of mounting stockholder discontent and government investigations,” spurned higher offers in favor of a deal with Endeavor CEO Ari Emanuel, his “longtime friend,” that would keep him in charge of his wrestling empire, the suit says.

Read the source article at Bloomberg Law

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