Kemo
04-27-2024, 05:08 AM
Vince McMahon is selling his remaining shares in TKO Group Holdings, marking the end of his over 50-year association with the pro wrestling business.
It was revealed in a prospectus on Friday that McMahon might sell up to 8.02 million shares he owns, per Sportico. These shares are valued at more than $776 million, based on TKO's closing price of $96.76 on Friday.
It's important to note that the filing simply makes the shares eligible for sale and does not guarantee that they will be sold. However, in the corporate world, such filings generally lead to the actual sale of the listed shares shortly thereafter. That being said, in the business world, shares put up like this usually sell.
McMahon has been inching toward a full departure from WWE for quite some time. Before the announcement on Friday that he might sell all his TKO stock, McMahon had sold $1.365 billion of TKO stock since November. If he sells his remaining shares at market value, he will have made over $2 billion from TKO stock in six months.
If you're wondering if Vince will start a new pro wrestling company, that doesn't seem to be in the cards. Dave Meltzer of the Wrestling Observer Newsletter reports, while Vince is interested in pursuing new business opportunities in the future, starting a new wrestling promotion is not on his agenda. The general consensus in the wrestling community is that it would be impractical for him to start from scratch and compete against an established giant like WWE.
McMahon isn't the only person selling all of their TKO stock, because WWE President Nick Khan is doing the same.
McMahon has been with WWE for decades, first entering the company in the 1960s. After taking ownership from his father, Vince led the company into a global superpower. Bill Simmons' upcoming Netflix docuseries will undoubtably tell that story in full.
In 2022, McMahon resigned from WWE after it was revealed that the company had made payments to settle sexual misconduct claims against him. However, as the main shareholder, he reappointed himself as chairman at the end of the year to help sell the company. In September, Endeavor Group Holdings, the company that owns UFC, bought WWE and formed a new publicly traded company called TKO.
McMahon resigned from his position as executive chairman of TKO in January following a sex trafficking lawsuit that accused him and other executives of sexual coercion and other serious acts. Slim Jim pulled their sponsorship just prior to the 2024 Royal Rumble premium live event, causing TKO CEO Ari Emanuel and TKO President and COO Mark Shapiro to urge McMahon's resignation.
TKO Group Holdings was created after Endeavor Group Holdings acquired WWE the previous year.
It was revealed in a prospectus on Friday that McMahon might sell up to 8.02 million shares he owns, per Sportico. These shares are valued at more than $776 million, based on TKO's closing price of $96.76 on Friday.
It's important to note that the filing simply makes the shares eligible for sale and does not guarantee that they will be sold. However, in the corporate world, such filings generally lead to the actual sale of the listed shares shortly thereafter. That being said, in the business world, shares put up like this usually sell.
McMahon has been inching toward a full departure from WWE for quite some time. Before the announcement on Friday that he might sell all his TKO stock, McMahon had sold $1.365 billion of TKO stock since November. If he sells his remaining shares at market value, he will have made over $2 billion from TKO stock in six months.
If you're wondering if Vince will start a new pro wrestling company, that doesn't seem to be in the cards. Dave Meltzer of the Wrestling Observer Newsletter reports, while Vince is interested in pursuing new business opportunities in the future, starting a new wrestling promotion is not on his agenda. The general consensus in the wrestling community is that it would be impractical for him to start from scratch and compete against an established giant like WWE.
McMahon isn't the only person selling all of their TKO stock, because WWE President Nick Khan is doing the same.
McMahon has been with WWE for decades, first entering the company in the 1960s. After taking ownership from his father, Vince led the company into a global superpower. Bill Simmons' upcoming Netflix docuseries will undoubtably tell that story in full.
In 2022, McMahon resigned from WWE after it was revealed that the company had made payments to settle sexual misconduct claims against him. However, as the main shareholder, he reappointed himself as chairman at the end of the year to help sell the company. In September, Endeavor Group Holdings, the company that owns UFC, bought WWE and formed a new publicly traded company called TKO.
McMahon resigned from his position as executive chairman of TKO in January following a sex trafficking lawsuit that accused him and other executives of sexual coercion and other serious acts. Slim Jim pulled their sponsorship just prior to the 2024 Royal Rumble premium live event, causing TKO CEO Ari Emanuel and TKO President and COO Mark Shapiro to urge McMahon's resignation.
TKO Group Holdings was created after Endeavor Group Holdings acquired WWE the previous year.