TKO Group Holdings, Inc. announced that Vince McMahon resigned from WWE's parent company the day after a former employee filed a federal lawsuit accusing him and another former executive of serious sexual misconduct, including offering her to a star wrestler for sex. McMahon stepped down from the his position as executive chairman of the board of directors at WWE's parent company, TKO Group Holdings. He continued to deny wrongdoing following the lawsuit filed by Janel Grant, who worked in the company's legal and talent departments.

McMahon was the leader and most recognizable face at WWE for decades. When he purchased what was then the World Wrestling Federation from his father in 1982, wrestling matches took place at small venues and appeared on local cable channels. WWE matches are now held in professional sports stadiums, and the organization has a sizable overseas following.