earnings

Floyd Mayweather Jr., one of history’s most successful professional boxers, is suing Showtime and a former executive at the company for $340 million, accusing them of depriving him of a “significant portion of his career earnings.”

The 48-year-old retired athlete alleges in the complaint that Showtime “through a complex web of hidden accounts, unauthorized transactions, and deliberate concealment of financial records,” wrongly paid some of his earnings to his former manager, Al Haymon.

The lawsuit, filed Tuesday in Los Angeles County Superior Court, is aimed at the Paramount-owned network and its former president of Showtime Sports, Stephen Espinoza. The complaint alleges that Mayweather’s inquiries about his pay were met with conflicting responses from Showtime, including that “critical financial records for Mayweather’s biggest fights were ‘lost’ or inaccessible.”

Haymon is not named as a defendant in the lawsuit.

A spokesperson for Paramount wrote in a statement to The Times that “these baseless claims lack legal or factual merit. We strongly reject them and will respond accordingly through the court process.”

A spokesperson for Haymon Boxing declined to comment on the lawsuit.

Over Mayweather’s 21-year career, the boxer has reportedly earned $1.2 billion. He first met his former manager, Haymon, in 2004. The boxer soon entered a verbal agreement with Haymon, allowing him to be Mayweather’s manager for a 10% fee. According to the suit, Mayweather considered Haymon to be a “father figure and relied on him to manage virtually all aspects of his finances and contracts.” Haymon worked in this role for about 20 years, and over time, the suit alleges, he became the “mastermind of the financial scheme,” engaging in “financial manipulation and self-dealing behind Mayweather’s back.”

In 2013, Mayweather exited a long-term contract with HBO to ink a new exclusive multi-fight deal with Showtime. The complaint states that Haymon’s “scheme” consisted of “diverting portions” of Mayweather’s earnings “under false pretenses that Haymon then kept or controlled,” putting fight revenues into “secret accounts that Mayweather did not know about or have access to,” paying himself large sums of money without Mayweather‘s knowledge and allegedly altering documents to cover up these actions.

Mayweather’s new team reached out to Showtime in 2024 for documentation of fight revenues and expenses. According to the lawsuit, his team was told the documents were “‘lost in a flood’ or stored off-site and not readily accessible.”

Mayweather also alleges Showtime still owes him $20 million from his 2015 fight against Andre Berto. The payout was originally meant to come from the proceeds of the Manny Pacquiao fight that year.

The lawsuit contends that by wiring Mayweather’s earnings to accounts inaccessible tothe boxer and saying that key documents are missing, both “Showtime and Espinoza enabled Haymon’s scheme and stymied Mayweather’s efforts to uncover the truth.”

A record fiscal quarter for Walt Disney Co.’s theme parks division was dampened slightly by a streaming aquisition and a protracted fight with YouTube, the Burbank media and entertainment giant reported Monday.

Disney recorded overall revenue of about $26 billion in the three-month period that ended Dec. 27, up 5% compared to the previous year. Disney’s income before income taxes totaled nearly $3.7 billion, a 1% jump from the same time period last year. Earnings per share were $1.34 for the quarter, down from $1.40.

Disney Chief Executive Bob Iger said in a statement that he was “pleased” with the company’s start to the fiscal year and nodded at the transition ahead to a new CEO.

“As we continue to manage our company for the future, I am incredibly proud of all that we’ve accomplished over the past three years,” he said.

It was a big quarter for Disney’s experiences division, which includes its theme parks, cruise line and Aulani resort and spa in Hawaii.

The sector reported $10 billion in revenue, aided by a 1% bump in attendance at its domestic theme parks and higher guest spending. The launch of the new Disney Destiny cruise ship in November also helped boost operating income to $3.3 billion, a 6% boost compared to the previous year.

Disney’s box office success with billion-dollar hits like “Zootopia 2” and “Avatar: Fire and Ash” helped propel revenue for its entertainment division by 7% to $11.6 billion. But costs related to its acquisition of a majority stake in FuboTV, as well as higher marketing costs in theatrical distribution and streaming services affected the sector’s operating income, which declined 35% to $1.1 billion.

The dip in operating income from the entertainment sector took a toll on the company’s total segment operating income, which was down 9% to $4.6 billion. That was also partly due to Disney’s contract dispute last fall with YouTube TV, which lasted for nearly 15 days and resulted in a blackout of Disney channels.

The temporary suspension of Disney channels on YouTube TV took a $110 million toll on operating income within Disney’s sports division, which was down 23% to $191 million. Sports revenue for the quarter totaled $4.9 billion, up 1% compared to the previous year.