World Wrestling Entertainment (WWE) has terminated its contract with Hulk Hogan (real name Terry Bollea) over the repeated use of the N-word in an audio.
'' WWE is committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performer and fans worldwide,'' the company issued a statement on Friday. according to a statement from TheWrap.
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Hogan has since apologised, stating the language he used was not reflective of who he is.
''Eight years ago i used offensive language during a conversation. It was unacceptable for me to have used that offensive language, there is no excuse for it, and i apologise for having done it.'' Hogan said in a statement from the people.
'' This is not who i am. I believe strongly that every person in the world is important and should not be treated differently based on race, gender, orientation, religious beliefs or otherwise,'' Hogan said
'' I am disappointed with myself that is used language that is offensive and inconsistent with my own beliefs.''
According to Forbes.com, Hulk Hogan's controversy has cost WWE $50 million. Yesterday, shares of WWE plummeted almost 4%, to $16.60, swiping about $50 million from shareholders. Meanwhile, the overall market and shares of MSG, NBA's New York Knicks and NHL's New York Rangers, slipped 1%.
Hogan is also set to go to trial in a $100 million personal-injury lawsuit against Gawker Media, which posted a video of a sex tape of him. Yesterday, Hogan apologised for his remarks, but the shares fell further in after hours trading last night to 16.00.
source:TheWrap, ihinian.blogspot, forbes
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