World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Vince McMahon plans to sell a substantial chunk of his stake in TKO, the parent company of WWE, the wrestling empire founded by his father, TKO said in a release Thursday
TKO’s stock fell more than 6% on Friday, closing around $79.
McMahon intends to sell 8.4 million of his shares, worth about $700 million. He owned more than 28 million shares as of August, according to a regulatory filing. The company said it and several executives are looking to buy shares from McMahon. The longtime wrestling honcho has a net worth of $2.8 billion, according to Forbes.
The move could be an indication that McMahon, 78, plans to get out of his family business, which has been the dominant player in professional wrestling for about four decades, launching the careers of Dwayne “The Rock” Johnson,…
2023-11-10 16:08:25
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