Longtime World Wrestling Entertainment businessman Vince McMahon has agreed to pay more than $ 12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal reports.
The amount is significantly larger than previously known.
Four women, all previously affiliated with the WWE, signed agreements with McMahon, 76, that prevent them from talking about their relationship with him, the Journal reported Friday, citing people familiar with the offers and documents it reviewed.
McMahon resigned as WWE CEO and president in mid-June during an investigation into the alleged misconduct, and the Journal reported at the time that he had agreed to pay $ 3 million to a former paralegal who said he was sexually harassing at work.
McMahon will continue to oversee WWE’s creative content during the investigation.
WWE appointed McMahon’s daughter Stephanie as interim CEO and president during the investigation into her alleged misconduct, although she continued to oversee the creative side of the company.
McMahon has been the leader and most recognizable face of the WWE for decades. When he bought what was then the World Wrestling Federation, to his father in 1982, wrestling matches took place in small venues and appeared on local cable channels.
WWE matches are now held in professional sports stadiums and the organization has a significant number of fans abroad. It has a broadcasting partnership with Saudi media company MBC Group.
The organization underwent a seismic transformation under McMahon with events such as WrestleMania, a premium live production that attracts millions of avid viewers.
Revenue last year topped $ 1 billion for the first time and the company has television deals with Fox and NBCUniversal. Last month it announced a multi-year expansion of its original programming partnership with A&E.
WWE stars have become crossover sensations, such as Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, fell 2% on Friday.
There was no immediate response to phone and email messages with a WWE spokesman asking for comments on the report.