Earlier today, WWE released its second quarter 2023 results, and CEO Nick Khan and President/CFO Frank Riddick held an investor call shortly after. While announced for the call, CCO Paul Levesque did not make any comments, and there were no words from Vince McMahon, either. Among the report’s highlights was a 25% increase over last year’s second quarter, with the company pulling in $410.3 million in revenue, a new quarterly record. It was also noted that WWE Smackdown has seen a 26% increase in viewership compared to last year, along with WWE Raw seeing a 19% bump.
During the call, Khan and Riddick fielded various questions about the company’s financial stability and future, with largely positive responses. Still, there was one issue that Khan declined to comment on. In a Form 10-Q filing with the Securities and Exchange Commission, the following was laid out regarding McMahon and his ongoing legal issues.
“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.”
While the timing around the search warrant and federal grand jury subpoena may sound eerily similar to what WWE Hall of Famer Donald Trump is going through at the moment, the search warrant and subpoena to McMahon could be in regard to the Wall St. Journal’s report that the federal government is still actively looking into McMahon and WWE’s use of funds.
McMahon recently underwent major surgery on his spine that reportedly lasted for more than five hours. At this time, he is at home recovering, and Khan asked everyone to respect his privacy.