Yesterday, WWE Chairman and CEO Vince McMahon sold 3,340,000 shares of the company’s Class A Common stock for a transaction worth over $100 million. The shares sold represent approximately 4.3% of WWE’s total outstanding shares of Class A and Class B common stock.
According to the Form 8K form filed with the Securities and Exchange Commission, McMahon sold the stocks to fund a separate entity from WWE, Alpha Entertainment LLC, which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including professional football.
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 Chairman and Chief Executive Officer for the foreseeable future.
After the sale, McMahon beneficially owns 32,193,375 shares of the company’s Class B common stock, which represents approximately 82.8% of the Company’s total voting power and approximately 41.8% of the Company’s total outstanding shares of common stock.