Chris Harrington is reporting via Twitter that according to Securities and Exchange Commission forms for WWE, Vince McMahon today sold 3.34 million shares of WWE stock to fund his new “Alpha Entertainment” LLC, which he intends to use to pursue projects outside of WWE.
The SEC form reads as follows:
On December 21, 2017, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,340,000 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, which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including professional football. 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 4.3% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. 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.
Vince McMahon just sold 3.34m shares of $WWE to fund his “Alpha Entertainment LLC”. (That would be worth about $105m+ USD at current stock price.)https://t.co/zj12YzrI5W pic.twitter.com/kRVL2aUioN
— Chris Harrington (@mookieghana) December 21, 2017