Vince McMahon to Sell $700 Million Worth of TKO Stock in Major Deal
TL;DR Summary
Vince McMahon, former CEO of WWE, plans to sell 8.4 million shares of Class A common stock in TKO Group Holdings, the company formed by the merger of WWE and UFC. The stock sale is valued at approximately $713 million and represents about 30% of McMahon's ownership in TKO. TKO intends to repurchase $100 million of its Class A common stock from the underwriters. McMahon stepped down as WWE's CEO in 2022 amid an investigation into alleged hush-money payments. Ariel Emanuel and Mark Shapiro, TKO's CEO and president respectively, have expressed interest in purchasing TKO stock.
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