The Rock’s Massive Equity Deal Revealed in TKO SEC Filing

TKO’s latest SEC filing didn’t just detail revenue numbers — it also pulled back the curtain on WWE’s financial relationship with Dwayne Johnson.

In newly released documents tied to TKO’s earnings report, WWE outlined the structure of its professional agreement with Johnson, including equity compensation, trademark rights, royalties, and board involvement. The filing confirmed Johnson’s formal leadership role within TKO.

“On January 23, 2024, the Company’s board of directors appointed Mr. Johnson as a WWE director designee on the TKO Board.”

One day prior to that appointment, WWE and Johnson entered into what’s referred to as the DJ Services Agreement. Perhaps the most significant detail involves intellectual property. WWE assigned “The Rock” trademark and related IP assets directly to Johnson through one of his affiliates.

“On January 22, 2024, WWE and Mr. Johnson entered into the DJ Services Agreement, pursuant to which Mr. Johnson agreed to provide to WWE certain promotional and other services.”

“WWE assigned to Mr. Johnson (via one of his affiliates) ‘The Rock’ trademark and certain related trademarks, service marks, ring names, taglines and other intellectual property assets.”

Under the agreement, Johnson then licensed that IP — along with his name and likeness — back to WWE for use in certain licensed products for up to 10 years. Compensation for the deal included a substantial equity award.

“Mr. Johnson received an RSU award for an aggregate value of .0 million.”

The company recognized $17.7 million in equity-based compensation expense tied to that award in 2024 and $4.0 million in 2025. In addition to stock compensation, Johnson continues to receive annual royalties from WWE merchandise tied to his likeness and intellectual property. Travel reimbursements were also disclosed.

“The Company paid

“The Company paid $0.9 million of royalties that were earned by Mr. Johnson during each of the years ended December 31, 2025 and 2024.”

“Such reimbursable expenses totaled $0.6 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively.”

.9 million of royalties that were earned by Mr. Johnson during each of the years ended December 31, 2025 and 2024.”

“Such reimbursable expenses totaled

“The Company paid $0.9 million of royalties that were earned by Mr. Johnson during each of the years ended December 31, 2025 and 2024.”

“Such reimbursable expenses totaled $0.6 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively.”

.6 million and .6 million for the years ended December 31, 2025 and 2024, respectively.”

Johnson has been aligned with WWE for decades as both a performer and global ambassador. The filing makes it clear that his current relationship is structured not just around appearances, but around board-level influence, long-term licensing rights, and equity participation.

With “The Rock” trademark now officially assigned to Johnson and licensed back to WWE, the arrangement formalizes his brand control while keeping WWE tied to one of its most recognizable names.

Do you think giving The Rock ownership of his trademark while licensing it back to WWE was a smart business move — or does it signal even bigger long-term plans? Let us know your thoughts below.