Mark Shapiro Deposition: Vince McMahon “Not Necessary” for TKO Merger

Newly released deposition testimony in the WWE shareholder lawsuit reveals TKO president Mark Shapiro said Vince McMahon’s continued role in the UFC/WWE merger “wasn’t a necessary condition,” adding, “Correct, especially with all the baggage.” Shapiro also testified that keeping McMahon as TKO executive chairman “wasn’t a goal of ours,” a statement that directly contradicts SEC filings asserting McMahon’s role was essential to securing the deal terms.

The September 2023 merger granted McMahon lifetime status as TKO executive chairman, board nomination rights, veto power over certain transactions and an extra six percentage points of the combined company (valued at roughly $1 billion); testimony also showed McMahon initially sought the CEO post. Plaintiffs contend the merger was steered to preserve McMahon’s role despite other offers, while SEC filings claimed McMahon “had not, and was not, requesting such rights” and WWE argued guaranteeing his role persuaded Endeavor to raise WWE’s share from 43% to 49%.

Originally reported by Wrestling Observer: https://www.f4wonline.com/news/wwe/tko-vince-mcmahon-wwe-ufc-merger-contradicts-sec/.