WWE's McMahon subpoenaed by US law enforcement agents

World Wrestling Entertainment said on Wednesday (Aug 2) US federal law enforcement agents executed a search warrant and served a subpoena to Executive Chairman Vince McMahon last month, though no charges were brought against him.

WWE, which reported its second-quarter results on Wednesday, said McMahon has been on a medical leave since July 11 after a major spinal surgery.

Former CEO and Chairman McMahon returned to the company's board in January to help forge a deal with Endeavor Group-owned mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about US$21 billion (S$28 billion).

He had retired in July last year amid allegations of misconduct and paid $17.4 million to the company to cover costs related to an investigation into the case.

He was investigated by WWE's board for agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal reported in June last year.

McMahon is credited with transforming WWE from a regional player in a highly fragmented industry of the 1980s to a global giant.

WWE's second quarter revenue rose 25 per cent to $410.3 million from a year earlier, above estimates of $398.9 million, according to Refinitiv data. Its profit of 91 cents per share was also in-line with estimates.

Shares of the company were up nearly two per cent in premarket trading, after having risen roughly 52 per cent this year.

Revenue from WWE's Live Events segment jumped 51 per cent, thanks to strong demand for its domestic and international events such as WrestleMania, Backlash and Night of Champions.

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