Vince McMahon, the wrestling legend and mastermind behind WWE, has made a significant move by selling a portion of his TKO shares.
The announcement came on November 9, when it was revealed that McMahon was ready to part ways with hefty 8.4 million of his TKO shares. Fast forward to November 14, and we’ve got the details on the deal – McMahon sold those 8.4 million shares at a price of $76.41 per share, raking in a staggering total of $641,844,000 in net proceeds.
But don’t think Vince is parting with the company entirely. He’s still keeping a firm grip on WWE, holding onto 20,435,207 shares, which translates to roughly 12% of the company’s ownership.
According to the official filing, this transaction was made as part of an underwriting agreement dated November 9, 2023, in which McMahon participated in an underwritten secondary public offering. The shares were sold at a public offering price of $79.80 per share, with an underwriting discount and commission of $3.39 per share, resulting in that net price of $76.41 per share.
It’s worth noting that McMahon’s ownership includes 83,102 restricted stock units (TKO RSUs), with each TKO RSU representing a contingent right to receive one share of the company’s Class A common stock. Additionally, there are 100 shares of the Class A common stock owned individually by McMahon’s wife, Linda McMahon, which he disclaims beneficial ownership of.
This move comes on the heels of a November 7 listing that cited McMahon’s involvement in the TKO board as a potential risk factor. It remains to be seen what impact this sale will have on the future of TKO and Vince McMahon’s role in the company, but one thing’s for sure – the wrestling world will be keeping a close eye on this development.
What are your thoughts on Vince McMahon’s decision to sell a portion of his TKO shares? How do you think this move might impact the future of TKO and the wrestling industry as a whole? Feel free to share your insights and opinions.
November 15, 2023 2:35 pm