In their latest filing with the SEC, WWE reported that CEO & Chairman sold 3,204,472 shares of the company on March 27, 2019 worth approximately $271 million.
The report indicates McMahon sold the shares to primarily fund his other company, Alpha Entertainment which is launching the XFL in 2020.
Vince McMahon has no plans to sell additional shares of WWE stock, and intends to continue in his role as the company’s CEO for the foreseeable future.
The shares sold by Vince McMahon represent approximately 4.1 of the company’s total Class A and Class B common stock.
Following the sale, McMahon owns 28,682,948 shares of the company’s Class B common stock.
Vince McMahon sold $100 Million worth of WWE stock in December 2017 when he initially had plans to launch XFL.
On March 27, 2019, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,204,427 shares of the Company’s Class A common stock in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. Mr. McMahon executed the sale primarily to fund a separate entity from the Company, Alpha Entertainment LLC “Alpha”), which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including launching a professional football league under the name “XFL”. Alpha has announced that this launch will occur in early 2020. Mr. McMahon has informed the Company that he has no current plan to sell additional shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.
The shares sold by Mr. McMahon represent approximately 4.1% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 28,682,948 shares of the Company’s Class B common stock, which represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock. Please credit Heel By Nature if using any quotes.