Vince McMahon Sells 1.55 Million World Wrestling Entertainment Inc (WWE) Shares

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According to a recent 13G filing with the Securities and Exchange Commission, Mr. Vincent K. McMahon has converted (into Class A) and then sold around 1.55 million Class B Common Shares of World Wrestling Entertainment Inc (NYSE:WWE), decreasing his stake in the company to 35.53 million Class B Common Shares, which amass 48% of the company’s outstanding stock. WWE’s Co-Founder, Chairman, and CEO still controls 85% of his company’s voting power through his Class B (voting) shares. The sale netted Mr. McMahon (as he was also colloquially known at times during his performing days) about $32 million, which the filing stated would be used for estate planning purposes. Mr. McMahon has no intention to sell further shares of his company at this time.

The percentage is calculated on an assumed conversion of all of the shares of the company’s Class B Common Stock, to which the filing relates, into Class A Common Stock. The filing also revealed that the number of shares which Mr. McMahon now holds excludes 566,670 shares of Class B Common Stock, and 100 Class A Common Shares owned by his wife and WWE Co-Founder Linda E. McMahon. The move comes a few months after the McMahon’s Trust sold 2.19 million shares. It also comes about one year after their daughter Stephanie McMahon (now Stephanie Levesque) sold 105,000 shares.

World Wrestling Entertainment is a wrestling promotion company that produces and promotes a plethora of creative content through a variety of channels to a global audience, with its main goal being the promotion of professional wrestling competitions. In July, the company was hit with another lawsuit from a group of retired wrestlers for the neurological injuries they suffered while competing in the company’s events. Year-to-date, the company’s stock is up by 17.1%. For the second quarter, WWE reported earnings per share of $0.01, slightly below the consensus estimate of $0.02, and revenue of $199 million, well above 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, and has a price target of $21.86 on its shares.

World Wrestling Entertainment Inc. (WWE), NYSE:WWE,

Some of the investors in our database that were bullish on World Wrestling Entertainment (NYSE:WWE) at the end of the second quarter were David Forster and Peter Wilton’s IBIS Capital Partners, with a position worth $11.04 million, and Dmitry Balyasny’s Balyasny Asset Management, which sold off its position of Put options valued at $442,000 on March 31 and initiated a new long position worth $5.53 million on June 30. Mario Cibelli of Marathon Partners and the similar-sounding Mario Gabelli of GAMCO Investors are two other hedge funds long WWE as of June 30.

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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
Vincent K. McMahon 35,533,375 0 35,533,375 0 35,533,375 48%

Page 1 of 6 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)
                                     August 17, 2016                                    
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
/     /   Rule 13d-1(b)
/     /   Rule 13d-1(c)
/ X /   Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of the section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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