Kemo
02-28-2024, 03:02 AM
MLW and WWE were in a legal battle for a long time in an antitrust lawsuit. That ended last year, and then MLW seemed to have a lot more money to spend. Although details of the exact amount of that settlement were not disclosed, that all came to light thanks to TKO's earnings report.
The financial aspects of the antitrust lawsuit settlement between WWE and MLW have finally come to light, shedding new insights into the resolution reached between the two wrestling promotions. In the end, WWE forked over $20 million.
The legal dispute originated in January 2022 when MLW initiated legal action against WWE, alleging that the wrestling giant engaged in coercive practices to dissuade third parties from establishing or maintaining partnerships with MLW. Specifically, MLW cited instances where WWE purportedly interfered with potential agreements involving media outlets like Vice TV and the streaming platform Tubi.
After nearly two years of legal proceedings, WWE and MLW reached a settlement agreement in December 2023, bringing an end to the contentious litigation. While the financial terms of the settlement were initially kept confidential, recent revelations have uncovered crucial details regarding WWE's financial obligation to MLW.
According to TKO Group Holding's 2023 business report, which was unveiled on Tuesday, WWE has committed to paying a substantial sum of $20 million as part of the settlement agreement. This disclosure marks a significant development in the legal saga, providing clarity on the financial repercussions for WWE resulting from the antitrust lawsuit filed by MLW.
"For the twelve-month period ended December 31, 2023, the Company’s consolidated pre-tax results included $34.2 million in costs related to certain litigation matters at UFC and WWE, including the impact of a $20.0 million charge related to the settlement of an antitrust lawsuit at WWE. A reconciliation of Net Income to Adjusted EBITDA for the three and twelve-month periods ended December 31, 2023 and 2022 can be found in the supplemental schedule on page 14 of this release."
MLW was established by Court Bauer, who came from WWE roots. Bauer joined WWE in 1999, where he started as a writer for the Smackdown brand. Later on, he transitioned to the RAW brand and also worked on writing for various pay-per-views events. In 2002, Bauer went on to establish MLW.
Following MLW's initial closure in 2004, Bauer evolved the brand into a radio and podcast network before making a comeback in 2017 as a pro wrestling company.
The promotion is now gearing up for its upcoming event, MLW Intimidation Games 2024, scheduled to take place in Queens, New York, this Thursday, February 29th.
The financial aspects of the antitrust lawsuit settlement between WWE and MLW have finally come to light, shedding new insights into the resolution reached between the two wrestling promotions. In the end, WWE forked over $20 million.
The legal dispute originated in January 2022 when MLW initiated legal action against WWE, alleging that the wrestling giant engaged in coercive practices to dissuade third parties from establishing or maintaining partnerships with MLW. Specifically, MLW cited instances where WWE purportedly interfered with potential agreements involving media outlets like Vice TV and the streaming platform Tubi.
After nearly two years of legal proceedings, WWE and MLW reached a settlement agreement in December 2023, bringing an end to the contentious litigation. While the financial terms of the settlement were initially kept confidential, recent revelations have uncovered crucial details regarding WWE's financial obligation to MLW.
According to TKO Group Holding's 2023 business report, which was unveiled on Tuesday, WWE has committed to paying a substantial sum of $20 million as part of the settlement agreement. This disclosure marks a significant development in the legal saga, providing clarity on the financial repercussions for WWE resulting from the antitrust lawsuit filed by MLW.
"For the twelve-month period ended December 31, 2023, the Company’s consolidated pre-tax results included $34.2 million in costs related to certain litigation matters at UFC and WWE, including the impact of a $20.0 million charge related to the settlement of an antitrust lawsuit at WWE. A reconciliation of Net Income to Adjusted EBITDA for the three and twelve-month periods ended December 31, 2023 and 2022 can be found in the supplemental schedule on page 14 of this release."
MLW was established by Court Bauer, who came from WWE roots. Bauer joined WWE in 1999, where he started as a writer for the Smackdown brand. Later on, he transitioned to the RAW brand and also worked on writing for various pay-per-views events. In 2002, Bauer went on to establish MLW.
Following MLW's initial closure in 2004, Bauer evolved the brand into a radio and podcast network before making a comeback in 2017 as a pro wrestling company.
The promotion is now gearing up for its upcoming event, MLW Intimidation Games 2024, scheduled to take place in Queens, New York, this Thursday, February 29th.