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Channing Tatum’s Ex-Wife Jenna Dewan Demands Audit as She Fights for ‘Magic Mike’ Millions in Court
Channing Tatum’s ex-wife, Jenna Dewan, accused him and his team of creating a “complex web of LLCs” and “holding companies” to conceal profits from the Magic Mike empire. She also said she wants an audit done immediately, In Touch can exclusively reveal.
According to court documents obtained by In Touch, Jenna, 43, demanded an audit of the various brand deals that Channing, 44, and his business partners made.
Jenna and Channing split in 2018 but have been unable to hash out a settlement over community property in their divorce.
The biggest issue is the split of profits from the Magic Mike businesses.
Magic Mike is a 2012 film that Channing starred in as a male stripper. The film was a huge hit and led to two sequels, a live show in Vegas, a reality show and several licensing deals.
“The Magic Mike intellectual property and derivative assets which were created during the marriage have since proliferated into a franchise of extremely lucrative live shows and other business activities,” Jenna’s lawyer explained. In her motion, Jenna accused Channing and his partners of creating the LLCs and holding companies to “dilute and conceal the value of, and licensing income therefrom, the community property share of Magic Mike intellectual property and derivative assets.”
Jenna accused Channing of engaging in a variety of self-dealing transactions designed to “disguise Magic Mike intellectual property and derivative asset income as performance and consulting fees and colluding with third-parties to conceal Magic Mike income from her.” Her filing said, “At trial, Jenna intends to present evidence to the Court that the Magic Mike intellectual property that was developed during the parties’ marriage is community in character and since has grown into a multi-million cultural phenomenon.”
In addition, Jenna claimed Channing failed to disclose Magic Mike business opportunities to her after the split.
She said he also deprived the community of its post-separation Magic Mike income due to him exclusively collecting 100 percent of the post-separation profits from the Magic Mike intellectual property and the Magic Mike projects “while Jenna has been systematically excluded from business activities associated with her 50 percent stake in this intellectual property.”
The actress said she is seeking an order that Channing shall “immediately assign and transfer 50 percent to Jenna of all rights, title and interest he possessed and/or held in and to the Magic Mike Enterprise entities at the date of separation of the parties.”
Further, she wants an order that she shall have a 50 percent ownership and “financial share in all revenue generated on the basis of the Magic Mike trademarks, copyrights, and the exclusive right to develop and exploit current and future Magic Mike projects.”
“With respect to Jenna’s one half ownership share of the [Magic Mike intellectual property], Jenna is seeking an order that she shall have financial parity and opportunity parity consistent with the opportunities made available to the other Magic Mike partners, and consistent with the full share financial participation of the other Magic Mike partners notwithstanding any efforts to structure [Magic Mike intellectual property] remuneration in a manner that artificially reduces the [Magic Mike intellectual property revenue] and transfers said revenue to a service-related category, such as producing or consulting fees, in particular, in advance of providing such services,” her lawyer added.
On top of that, Jenna wants an order that the Magic Mike businesses be “subject to immediate audit for financial parity, opportunity parity, and the full share.”
For his part, Channing denied he hid any information from Jenna. He said she was fully aware of all business transactions during the marriage.
The actor told the court he had made “exhaustive efforts to settle all issues in this matter without litigation.”
He said in a declaration, “I have made countless settlement proposals, attended multiple mediations, my attorneys have prepared numerous drafts of proposed judgments, and I have tried to resolve issues with [Jenna].” Channing added, “While we have resolved some issues, the most significant financial issues in the case remain unresolved because [Jenna] continues to delay resolution and provides one reason after another for why this case cannot settle.”
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