An amended 13D filing with the Securities and Exchange Commission revealed that Linda E. McMahon and the Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013 (the “GRAT”), of which she is a beneficiary, has converted its remaining 1.55 million Class B Common Shares of World Wrestling Entertainment Inc (NYSE:WWE) into an equal number of Class A Common Shares and then sold all of those shares in a block sale for $10.32 per share. Hence, the GRAT now owns no shares of the company’s outstanding stock.
While the sale was essentially made by Linda’s husband and fellow WWE co-Founder Vince McMahon, as detailed in a separate filing, it results in Ms. McMahon’s beneficial ownership of the company that she ran as its CEO for 12 years falling to 1.5%, well below the 5% threshold to be deemed a significant shareholder. Ms. McMahon, who unsuccessfully ran for the Senate in both 2010 and 2012, has personal ownership of 566,670 Class B Common Shares of WWE (which give her 1.4% of the company’s voting power), and 100 Class A Common Shares.
World Wrestling Entertainment Inc (NYSE:WWE) is a company that produces and casts various entertainment content through several channels and its own WWE Network, to a worldwide audience, with its main focus being the promotion of professional wrestling events. Recently, the company was sued by a dozen retired wrestlers because of the neurological injuries they suffered when participating in its bouts. The WWE banned chair shots to the head in 2008 as both a means to further protect wrestlers and to fit into its new aim of having a PG rating.
Over the past 12 months, the company’s stock has lost 3.69%. In its financial report for the second quarter of 2016, the company disclosed earnings per share of $0.01, missing analysts’ consensus target by $0.01, though revenue of $199 million easily topped the estimates of $181.8 million. Earlier this month, Pacific Crest reiterated its ‘Overweight’ rating on World Wrestling Entertainment’s stock and has a price target of $22 on it, while Benchmark Co. reiterated its ‘Buy’ rating on the stock, with a price target of $21.86.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Linda E. McMahon | 566,770 | 0 | 566,770 | 0 | 566,770 | 1.5% |
| Vincent K. McMahon | 0 | 0 | 0 | 0 | 0 | 0% |
