Vince McMahon Retires from WWE Amid Scandal

“Holy shit!”

-WWE Universe (probably)

World Wrestling Entertainment CEO and chairman Vince McMahon announced his retirement on Friday. The publicly traded sports entertainment organization confirmed the move in a press release through their corporate website. Stephanie McMahon and Nick Khan have been named co-CEO’s according to The Wrestling Observer’s Andrew Zarian.

McMahon has been in charge of the company since purchasing the then World Wrestling Federation from his father, Vincent J. McMahon, in February 1980. He oversaw the revival and mainstream acceptance of professional wrestling in the 1980’s with the creation of WrestleMania and the forward thinking of booking Hulk Hogan as his biggest star.  In the mid-to-late 1990’s, after nearly losing the business due to a steroid scandal, McMahon was able to once again create mainstream acceptance for his product which he refered to as “sports entertainment.” The rise of the WWF came to a head on October 19, 1999 when the company became a publically traded entity on the New York Stock Exchange.

In the twenty-three years since, the WWE has transformed into a billion dollar industry with in-ring action, as well as TV and Film, video games, and streaming platforms. The creation of the WWE Universe can be credited to the cerebral business acumen of McMahon. In April 2021, amid the COVID-19 pandemic, McMahon sold WWE’s exclusive streaming rights in North America to NBCUniversal for a reported $1 billion.

McMahon’s retirement comes amid allegations of payoffs for sexual favors from former office and in-ring employees. He was recently forced to take a leave of absence from his postion in the company during the on-going investigation.

This is a developing story…

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