World Wrestling Entertainment stock surged Monday as investors proved optimistic following the Friday retirement of its controversial billionaire CEO and chairman Vince McMahon, even as the company provided a peek at just how deep McMahon's alleged wrongdoing was.
Vince McMahon speaks at a press conference.
The Wall Street Journal reported that McMahon paid over $12 million to four women who accused him of sexual harassment.
The company said in the filing that it had received subpoenas related to the McMahon scandal.
The company reported preliminary financial results from the quarter that ended on June 30 that far exceeded expectations and officially announced McMahon's replacements.
McMahon's son-in-law, Triple H, was tapped to be the wrestling promotion's new creative leader.
Alan Gould upgraded his rating for World Wrestling Entertainment from hold to buy and raised his price target from $90 to $90.
The company's shares rose 8.15% to $71.64 in Monday morning trading.
McMahon transformed the wrestling circuit into a billion dollar business while he was the top executive at World Wrestling Entertainment. The Wall Street Journal reported in June that McMahon paid $3 million to a former employee of the company he had an affair with. According to The Journal, McMahon paid another $9 million to three other women affiliated with the company, including a former wrestler he allegedly coerced into performing oral sex.
Thanks to the performance of the market, we estimate McMahon to be worth over $2 billion.
Vince McMahon has decided to retire from the professional wrestling organization.
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