CEO of World Wrestling Entertainment (WWE) sells $271M worth of stock to bolster XFL reboot

NYSE: WWE | World Wrestling Entertainment, Inc.  News, Ratings, and Charts

WWE – McMahon sold more than 3.2 million shares — about 4.1 percent of WWE’s outstanding shares.

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

World Wrestling Entertainment, Inc. WWE 0.35% closed down 3.8 percent Wednesday and continued marginally lower in after-hours trading after CEO Vince McMahon reported a significant divestment.

What Happened

McMahon sold more than 3.2 million shares — about 4.1 percent of WWE’s outstanding shares — in a block trade in order to bolster his other fledgling venture.

“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 launching a professional football league under the name ‘XFL,’” according to his 8-K filing.

This is the second time McMahon drew from his holdings to fund Alpha Entertainment, a wholly distinct entity from the WWE.

Why It’s Important

By the market’s reaction, WWE investors appeared to interpret the sale to portend more disruptive imminent changes. McMahon assured the company he has no intention to sell additional shares, and he plans to remain CEO and chairman “for the foreseeable future.”

With nearly 28.7 million shares still in hand, McMahon continues to hold 80.1 percent of WWE’s voting power and 36.8 percent of total outstanding shares.

What’s Next

The XFL is scheduled to launch in early 2020 with teams in Dallas, St. Louis, Houston, Los Angeles, New York, Seattle, Tampa Bay and Washington, D.C.

WWE’s stock closed Wednesday’s session at $84.87 per share. The stock is up 134 percent over the past year.


World Wrestling Entertainment Inc. shares were trading at $84.54 per share on Thursday morning, down $0.33 (-0.39%). Year-to-date, WWE has gained 13.30%, versus a 12.50% rise in the benchmark S&P 500 index during the same period.

WWE currently has a StockNews.com POWR Rating of B (Buy), and is ranked #3 of 19 stocks in the Entertainment – Media Producers category.


This article is brought to you courtesy of Benzinga.

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!


Top Stories on StockNews.com

NYSE: RIG | Transocean Ltd (Switzerland)  News, Ratings, and Charts

Where to Find Yield When Interest Rates are at Zero?

One reason investors continue to buy stocks is due to the dividend yield like: RIG.
NYSE: SPY | SPDR S&P 500 News, Ratings, and Charts

How High Can This Market Fly?

Today's featured article covers the SPY and reveals how high the market can fly, due to the perplexing rally of major stock indices during this record-breaking bear market. Continue reading for all the important details
NYSE: SPY | SPDR S&P 500 News, Ratings, and Charts

How to Protect Your Retirement Portfolio From the Coming Market Decline 

Today's featured article covers the SPY and reveals how you can protect your retirement portfolio from the coming market decline. Continue reading for all the important details.
NYSE: MDP | Meredith Corporation  News, Ratings, and Charts

Chart of the Day: Meredith Corp. (NYSE: MDP)

Meredith Corp. (NYSE: MDP) engages in television broadcasting and magazine advertising business
: CGC | Canopy Growth Corporation  News, Ratings, and Charts

What is Wall St. Saying About Canopy Growth?

Last week shares of Canopy Growth (CGC) experienced a significant sell-off after reporting earnings

Read More Stories


More World Wrestling Entertainment, Inc. (WWE) News View All

Event/DateSymbolNews DetailStart PriceEnd PriceChangePOWR Rating
Loading, please wait...
View All WWE News
Page generated in 1.3447 seconds.