The ongoing WWE shareholder lawsuit has taken a significant turn, with former WWE Chief Brand Officer Stephanie McMahon and TKO CEO Ari Emanuel now slated to be deposed under oath. Stephanie McMahon’s deposition is set for October 24, 2025, while Ari Emanuel’s deposition will follow on December 2, 2025, according to industry insiders and recent court filings[1][2].
Background of the Shareholder Lawsuit
The lawsuit, filed in November 2023 primarily by the Ohio Laborers’ Pension Fund and other WWE shareholders, alleges that WWE Chairman Vince McMahon manipulated the 2023 merger between WWE and Endeavor (forming the holding company TKO Group Holdings) to maintain control of the company rather than maximizing shareholder value. The plaintiffs argue that McMahon bypassed competing bidders who might have ousted him from power, facilitating a deal with Endeavor that ensured his influence persisted despite earlier controversies surrounding him[1][2].
These accusations highlight alleged breaches of fiduciary duty by McMahon and the WWE board of directors during the merger negotiations process. There are also claims that the timing and structure of the merger were influenced by the emergence of sexual misconduct allegations against Vince McMahon, which reportedly pressured him to finalize the deal swiftly[2].
Alongside Stephanie McMahon and Ari Emanuel, former WWE executives such as Frank Riddick and Brad Blum are also scheduled for depositions as part of the discovery phase, where evidence and testimonies are collected[1].
What Does the Deposition Mean?
A deposition is a formal process in which witnesses are questioned under oath outside of court, and their testimonies can be used in later motions or at trial. Although deposition transcripts are not automatically made public, excerpts often become part of the court record, especially if the case proceeds to trial[1][2].
The depositions of McMahon and Emanuel are expected to shed light on the decision-making and internal negotiations that shaped WWE’s merger with Endeavor. As key figures—Stephanie as a former WWE board member and executive, and Emanuel as the CEO of the merged parent company TKO—they hold critical insight into the merger’s controversial timing and terms[1][4].
According to a WWE insider familiar with the situation, “Stephanie’s deposition will be pivotal in understanding how much influence the McMahon family exerted behind the scenes during the merger, especially in light of Vince’s return to power earlier in 2023.” This source added, “Ari Emanuel’s testimony will likely provide clear answers on the Endeavor side—how they evaluated the WWE deal and their strategy for controlling the merged entity.”
The Broader Legal and Corporate Context
This shareholder lawsuit is one of multiple legal challenges related to WWE’s recent leadership and corporate changes. Vince McMahon also faces a separate federal investigation over sexual misconduct allegations made by former employees, adding a complex backdrop to the merger dispute[2].
The plaintiffs in the shareholder lawsuit contend that McMahon’s urgent desire to merge with Endeavor was motivated partly to shield himself from fallout tied to these allegations, which surfaced publicly in 2022–2023. The lawsuit claims this compromised the shareholders’ interests by prioritizing McMahon’s personal agenda above maximizing company value[2].
Industry analysts suggest these depositions could reveal significant behind-the-scenes power struggles and decision-making dynamics. “The merger created one of the largest sports and entertainment conglomerates, but it came at a high cost to transparency and corporate governance,” noted a senior media analyst following the story. “How marriages between wrestling and entertainment giants manage internal tensions will be under a microscope now”[2].
Impact on WWE Fans and Stockholders
The lawsuit’s developments have sparked intense interest from WWE fans, shareholders, and the broader business community alike. Some longtime supporters express frustration with the McMahon family’s influence, hoping the legal process will bring clarity and reform.
Conversely, insiders emphasize the importance of a thorough investigation before drawing conclusions. As one former WWE executive told Wrestling News, “These depositions are merely steps in a legal process that will take time. It’s too early to say what the ultimate impact will be, but it’s clear this case is exposing cracks in what once seemed like an unshakable empire.”
What to Expect Next
The discovery phase of the shareholder lawsuit remains ongoing, with key depositions scheduled through the end of 2025. This phase is crucial for building both sides’ case and may expose confidential details about WWE’s corporate dealings and governance.
Legal experts anticipate that beyond McMahon and Emanuel, other figures involved in the merger and WWE’s management will also face questioning. The lawsuit could proceed to motions or trial depending on how the discovery unfolds and whether settlements are negotiated[1][2].
Fans and industry watchers will be closely following any public release of deposition excerpts, as these may offer rare insights into WWE’s boardroom deliberations and the true motivations behind one of the most significant mergers in sports entertainment history.
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This article is based on verification from sources including Wrestlenomics, Fightful, Ringside News, and insider commentary gathered as of October 9, 2025.