In today’s WWE 8-K filing with the Securities and Exchange Commission it was revealed that Vince McMahon, Chairman and CEO of WWE sold 1,547,372 shares of Class A common stock of World Wrestling Entertainment, Inc., in a block trade.
The shares were sold from McMahon’s grantor retained annuity trust (GRAT) which was established for estate planning purposes for the benefit of himself and certain members of his family. Mr. McMahon has no further plans to sell shares of the company’s stock and that he intends to continue in his capacity as the Chairman and Chief Executive Officer for the foreseeable future.
The 1,547,372 shares sold represent approximately 2% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 35,533,375 shares of the Company’s Class B common stock, which represents approximately 85% of the Company’s total voting power and approximately 46.5% of the Company’s total outstanding shares of common stock.
On August 15, WWE Executive Producer Kevin Dunn sold 56,000 WWE shares for a $387,173 payout.