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WWE Starts Post-Vince McMahon Era With Strong Q2 Numbers; Co-CEO Stephanie McMahon Lauds Father As “True Founder And Entrepreneur”

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Stephanie McMahon, the daughter of former WWE founder Vince McMahon and now the company’s Co-CEO, began the company’s second-quarter earnings call with a tribute to her father as a “true founder and entrepreneur.”Stephanie McMahon and Nick Khan were named Co-CEOs of the company earlier this summer as a board-initiated investigation into Vince McMahon’s conduct began.

After the probe verified claims from numerous women of sexual harassment, retaliation and payoffs, McMahon resigned in July.McMahon and his wife, Linda “poured their heart and soul into building this business and taking WWE from a regional wrestling promotion in the 1980s to the global entertainment enterprise we are today,” Stephanie McMahon said. “He built the foundation we stand on and prepared us for the future.”Prior to the call, WWE had reported strong results for the quarter, which had to be restated due to $14.6 million in “unrecorded payments” made by Vince McMahon to several women.Net income rose to $49 million, or 58 cents a share, from $29.2 million, or 34 cents a share in the year-ago quarter.

Revenue grew to $328.2 million from $265.6 million in the year-ago period.Frank Riddick, the company’s chief financial and administrative officer, said $1.7 million in costs were incurred in the quarter due to the probe of the former CEO.

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