The legal saga surrounding WWE’s 2023 merger with UFC under TKO Group Holdings has taken a dramatic new turn, as shareholder plaintiffs are now demanding that WWE and TKO hand over all documents tied to federal investigations into former CEO Vince McMahon’s alleged sexual misconduct. The move, detailed in a recent filing with the Delaware Chancery Court, could expose previously hidden communications between WWE leadership and federal authorities, and further complicate the already contentious merger litigation.
Shareholders Push for Full Disclosure
In a filing submitted Friday, shareholder plaintiffs—led by the Laborers’ District Council and Contractors’ Pension Fund of Ohio—asked Vice Chancellor J. Travis Laster to compel WWE, TKO, President Nick Khan, Chief Content Officer Paul Levesque (Triple H), and former board members George Barrios and Michelle Wilson to produce every document they shared with federal investigators between January 2022 and January 2024. The requested materials include any documentation submitted to the Department of Justice and the Securities and Exchange Commission (SEC) in connection with their probes into McMahon’s alleged sexual misconduct and the non-disclosure payments that followed.
Plaintiffs argue that these records are essential to understanding what WWE leadership knew—and when—about the misconduct allegations. The lawsuit alleges that McMahon and others breached their fiduciary duties by steering the Endeavor merger in a direction that kept McMahon in power despite his scandals. The plaintiffs also want access to all related communications with federal agencies, suggesting they believe there may be evidence of a cover-up or deliberate concealment.
The Merger, the Scandal, and the Motive
The shareholder lawsuit, originally filed in November 2023, centers on the claim that McMahon manipulated the sale process to benefit himself at the expense of shareholders. The plaintiffs allege that McMahon’s return to the WWE board in January 2023 and his push for a merger with Endeavor were motivated by a desire to maintain control amid mounting misconduct allegations.
According to the motion, the requested documents are “essential because, among other things, the Sexual Misconduct Requests are highly relevant to McMahon’s incentives, motivations, and actions regarding the Merger.” The plaintiffs argue that McMahon’s state of mind during the merger negotiations is directly tied to the misconduct allegations and the hush money payments.
“McMahon’s actions during this period were not driven by what was best for WWE or its shareholders, but by his own self-preservation,” said a source close to the plaintiffs. “The documents from the federal probes could reveal the full extent of his efforts to protect himself and his position.”
The Role of Federal Investigations
The federal investigations into McMahon’s alleged sexual misconduct and the associated non-disclosure payments have been shrouded in secrecy. While McMahon has not been charged with any crimes, the SEC fined him $400,000 and required him to repay $1.3 million to WWE as part of a settlement in January 2025. The settlement did not require McMahon to admit wrongdoing, but it did highlight the agency’s concerns about the undisclosed hush money deals.
McMahon signed multi-million dollar NDAs, including a $3 million agreement with former employee Janel Grant and another worth $7.5 million with an unidentified former WWE talent. These NDAs were not disclosed to the company or the public until 2022, which required WWE to issue corrections to its financial statements.
The plaintiffs’ new motion is not public, but the filing suggests a dispute with the defendants that they could not resolve on their own. The defendants will have a chance to respond before Laster decides whether to order them to produce any of the requested documents.
Concerns Over Communication Preservation
The plaintiffs have also raised concerns about the defendants’ use of the Signal messaging app, which may have resulted in the executives not preserving communications properly while the M&A process was underway. The defendants argue that these concerns are overstated, but the plaintiffs believe that the use of Signal could have allowed key evidence to be lost or destroyed.
“Proper preservation of communications is critical in any merger, but especially in one as controversial as this,” said a legal expert familiar with the case. “If the defendants were using Signal, it could be a red flag that they were trying to avoid scrutiny.”
McMahon’s Deposition and the Road Ahead
McMahon is scheduled to be deposed on Monday as part of the ongoing discovery phase of the case. His testimony could provide further insight into his motivations and actions during the merger negotiations. The plaintiffs hope that the documents from the federal probes will corroborate their claims and expose any wrongdoing by McMahon and other WWE executives.
“McMahon has denied that his actions were motivated by self-preservation, but the documents from the federal probes could tell a different story,” said a source close to the plaintiffs. “We believe that the truth will come out, and that justice will be served for the shareholders who were harmed by this merger.”
A Backstage Perspective
According to a WWE insider, the company is bracing for the fallout from the plaintiffs’ latest move. “There’s a lot of anxiety backstage about what these documents might reveal,” the insider said. “People are worried that the truth about what happened during the merger could come out, and that it could have serious consequences for the company and its leadership.”
The insider added that many employees are concerned about the potential impact on WWE’s reputation and its relationship with fans. “This is a difficult time for everyone at WWE,” the insider said. “We just want to move forward and focus on the business, but these legal battles are making it hard to do that.”
What’s Next?
The shareholder litigation is expected to continue well into 2025, as both sides escalate efforts to uncover how much of the deal was driven by business—and how much was driven by self-preservation. The plaintiffs’ demand for documents from the federal probes could be a turning point in the case, potentially exposing new evidence and leading to further legal action.
As the legal battle unfolds, the spotlight remains on McMahon, WWE, and the merger with UFC. The outcome could have far-reaching implications for the company, its shareholders, and the future of professional wrestling.
For now, all eyes are on the Delaware Chancery Court and the decision on whether WWE and TKO will be forced to turn over the documents tied to the federal investigations into Vince McMahon’s alleged sexual misconduct. The truth may finally be revealed, and with it, the full story of one of the most controversial mergers in WWE history.