Vince McMahon is looking to sell roughly 30% of his current stock in TKO, the parent company of WWE.
TKO announced via press release today that Vince McMahon intends to sell 8.4 million shares of TKO stock very soon. It was also announced that Ariel Emanuel and Mark Shapiro are interested in purchasing some of that stock. The following is an excerpt from that press release:
NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. (NYSE: TKO) (“TKO” or the “Company”), a premium sports and entertainment company, today announced that one of its stockholders, Mr. Vincent K. McMahon (the “Selling Stockholder”), intends to offer for sale in an underwritten secondary offering 8,400,000 shares of the Company’s Class A common stock, par value $0.00001 (the “Class A Common Stock”), pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”), of which the Company intends to repurchase from the underwriter approximately $100.0 million of shares of our Class A Common Stock. The Selling Stockholder will receive all of the net proceeds from this offering.
Ari Emanuel and Mark Shapiro have an interest in purchasing some of Vince McMahon’s stock
No shares are being sold by the Company. In connection with the offering, Ariel Emanuel, the Company’s Chief Executive Officer and director, Mark Shapiro, the Company’s President, Chief Operating Officer and director, and certain other of the Company’s directors have indicated an interest in purchasing up to $1.0 million, $1.0 million and $850.0 thousand, respectively, of the Company’s Class A Common Stock offered in the offering at the public offering price.
READ MORE: TKO States Vince McMahon’s Membership On TKO Board Could Have Adverse Impacts
What do you make of this news? What do you think it means for Vince McMahon to unload this much stock so quickly? Let us know your thoughts by sounding off in the comments section below.
