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TKO CEO Ari Emanuel will be deposed under oath by attorneys representing a class of WWE shareholders on December 2, according to new filings in Delaware’s Court of Chancery reviewed by Wrestlenomics.
Emanuel, who negotiated the 2023 merger between Endeavor and WWE that created TKO, is expected to face questions about the terms of the deal and his communications with Vince McMahon leading up to the transaction. Attorneys for the plaintiffs have argued that McMahon favored a sale to Endeavor because he believed Emanuel would allow him to retain power, unlike other potential buyers.
Former co-CEO and board member Stephanie McMahon will be deposed on October 24. She resigned from the company shortly after her father returned to power in January 2023. The plaintiffs’ attorneys may seek to learn what she knew about her father’s return, her own resignation, and internal board discussions about the merger process.
Frank Riddick, a longtime board member and former WWE executive who was initially named as a defendant before being dropped, will be deposed on October 28.
The defendants are Vince McMahon, Nick Khan, Paul Levesque, George Barrios, and Michelle Wilson — all of whom were members of WWE’s board of directors after McMahon returned to the company in January 2023, following his mid-2022 resignation.
Brad Blum, a former executive and close associate of Vince McMahon who now serves as president of McMahon’s new venture, 14TH & I, will be deposed November 14 at WWE headquarters.
Mark Zhu, Executive Vice President of Strategy for TKO and Endeavor, is scheduled for December 5.
As previously reported, other current and former executives and board members have been or will be deposed. Vince McMahon is scheduled for November 12, and Paul Levesque for November 4.
Several depositions have been rescheduled: WWE President Nick Khan is now set for November 19 (previously November 21); WWE executive Alex Varga for October 30 (previously October 8); and TKO Chief Financial Officer Andrew Schleimer for October 23 (previously September 25).
Under Delaware law, the defendants’ attorneys will also be allowed to question each witness. Depositions transcripts do not automatically become part of the public record, but excerpts may be filed later as exhibits in motions or at trial. The case is currently in the discovery phase, where depositions and evidence are collected.
The shareholder plaintiffs, in the case titled In re World Wrestling Entertainment Inc Merger Litigation, allege that Vince McMahon predetermined the process that led to WWE’s merger with Endeavor’s UFC to form TKO. They claim McMahon steered the sale to Ari Emanuel’s Endeavor because he allegedly believed other potential buyers would require his departure from the company due to sexual misconduct allegations against him.
McMahon and WWE are defendants in a separate federal lawsuit brought by former employee Janel Grant, which includes sexual misconduct allegations that the shareholder case says motivated him to drive the merger toward a buyer who would keep McMahon in power.
The plaintiffs in the shareholder case are asking the court for financial damages and other remedies. They claim McMahon and other board members breached their fiduciary duties by manipulating the sale process.
Former WWE executive John Laurinaitis, who was also accused of sexual misconduct during his time with the company, was deposed on September 26.
Filings indicate that representatives for Liberty Media, believed to be a potential bidder, were deposed on September 30. A partner for private equity firm KKR is set to be deposed on October 30.
Brandon Thurston has written about wrestling business since 2015. He operates and owns Wrestlenomics.