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Vincent McMahon and Linda McMahon’s Trust Sells Shares of World Wrestling Entertainment, Inc. (WWE)

Published on May 18, 2016 at 12:03 pm by Insider Monkey Staff in Hedge Funds, News

According to a recent filing with the US Securities and Exchange Commission, Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013 (which has Vincent McMahon as a special trustee) and Linda E. McMahon unloaded around 2.19 million shares of World Wrestling Entertainment, Inc. (NYSE:WWE) held by the Trust. The class A shares were obtained via the conversion of an equal amount of class B shares and were sold in one transaction at a price of $16.5 per unit. Following the sale, the Trust (GRAT) holds 1.55 million class B shares. Vincent McMahon owns 37.08 million class B shares, which include the shares held by GRAT, while Linda McMahon directly owns 566,670 class B shares and 100 class A shares.

Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013

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Linda E. McMahon and Vincent K. McMahon of the McMahon family are world-known for being professional wrestling and entertainment promoters and for being the majority owners of the famous professional wrestling promotion company, World Wrestling Entertainment, Inc. (NYSE:WWE). Wrestling promotion company produces and markets various original contents through different channels to a global audience, with a major focus on professional wrestling events.  Year-to-date, the company’s stock is down by -4.32%. For the first quarter 2016, the company reported adjusted earnings per share of $0.18 and revenue of $171.1 million, beating estimates of $0.11 and  $169 million, respectively. In January, two former WWE wrestlers filed a lawsuit against the company over severe brain injuries after suffering many concussions in the ring.

According to our database, at the end of March, Ricky Sandler’s Eminence Capital reported the most valuable position in World Wrestling Entertainment (NYSE:WWE), valued at $59.82 million, followed by Thomas E. Claugus’ GMT Capital, with a position worth around $8.29 million. Remaining investors that are bullish on this stock encompass Mario Cibelli’s Marathon Partners, David Forster And Peter Wilton’s IBIS Capital Partners, Cliff Asness’ AQR Capital Management, and Matthew Hulsizer’s PEAK6 Capital Management.

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 2,114,142 0 566,170 1,547,372 2,114,142 5.5%
Vincent K. McMahon 1,547,372 0 1,547,372 0 1,547,372 4.1%

Page 1 of 12 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
WORLD WRESTLING ENTERTAINMENT, INC.
‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑
(Name of Issuer)
Class A Common Stock, $0.01 par value
‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑
(Title of Class of Securities)
98156Q108
‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑
(CUSIP Number)
Linda E. McMahon
c/o McMahon Ventures, LLC
1055 Washington Boulevard, 5th Floor
Stamford, Connecticut 06901
(203) 324-2010
‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
May 16, 2016
‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑
(Date of Event Which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

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Page 2 of 12 – SEC Filing

* 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 disclosures provided in a prior cover page.
The information required on 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 that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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Page 3 of 12 – SEC Filing

SCHEDULE 13D
CUSIP No.
98156Q108
1)
NAME OF REPORTING PERSON
Linda E. McMahon
2)
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
[   ]
(b)
[   ]
3)
SEC USE ONLY
4)
SOURCE OF FUNDS
Not Applicable
5)
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
[   ]
6)
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7)
SOLE VOTING POWER
2,114,142
8)
SHARED VOTING POWER
0              
9)
SOLE DISPOSITIVE POWER
566,170   
10)
SHARED DISPOSITIVE POWER
1,547,372
11)
AGGREGATE AMOUNT BENEFICIALLY OWNED  BY EACH REPORTING PERSON
2,114,142
12)
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[  ]
13)
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%*

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Page 4 of 12 – SEC Filing

14)
TYPE OF REPORTING PERSON
IN
*Based on an assumed conversion of all of the shares of the Issuer’s Class B Common Stock to which this Schedule 13D relates into Class A Common Stock (see “Introductory Note” and Item 5 below for more information).

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Page 5 of 12 – SEC Filing

SCHEDULE 13D
CUSIP No.
98156Q108
1)
NAME OF REPORTING PERSON
Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013
2)
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
[   ]
(b)
[   ]
3)
SEC USE ONLY
4)
SOURCE OF FUNDS
Not Applicable
5)
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
[   ]
6)
CITIZENSHIP OR PLACE OF ORGANIZATION
State of Connecticut
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7)
SOLE VOTING POWER
1,547,372
8)
SHARED VOTING POWER
 0               
9)
SOLE DISPOSITIVE POWER
1,547,372
10)
SHARED DISPOSITIVE POWER
0              
11)
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,547,372
12)
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[  ]
13)
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%*

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Page 6 of 12 – SEC Filing

14)
TYPE OF REPORTING PERSON
OO
*Based on an assumed conversion of all of the shares of the Issuer’s Class B Common Stock to which this Schedule 13D relates into Class A Common Stock (see “Introductory Note” and Item 5 below for more information).

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Page 7 of 12 – SEC Filing

Introductory Note
This Amendment No. 3 (this “Amendment No. 3”), which amends and restates in its entirety the Schedule 13D filed on December 10, 2013, as amended and restated by the amended Schedules 13D/A filed on December 8, 2014 and December 11, 2015 , relates to shares of Class B Common Stock, $.01 par value per share (“Class B Common Stock”), of World Wrestling Entertainment, Inc. (the “Company” or “Issuer”), and is being jointly filed by Linda E. McMahon (“Ms. McMahon”) and the Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013 (the “GRAT” and, together with Ms. McMahon, the “Reporting Persons”), in order to report a decrease in the beneficial ownership by each of the Reporting Persons of greater than 1% of the Class B Common Stock of the Issuer.  On May 16, 2016, the GRAT converted 2,191,894 shares of Class B Common Stock into an equal number of shares of the Company’s Class A Common Stock, par value $.01 per share (“Class A Common Stock”).  On the same day, the GRAT sold all 2,191,894 of those shares of Class A Common Stock in a block sale for $16.50 per share (the “Sale”).
On December 6, 2013, Vincent K. McMahon made a gift of 8,500,000 shares of Class B Common Stock to the GRAT for estate planning purposes.  Ms. McMahon is the trustee of the GRAT and has the sole power to vote the shares of Company common stock held by the GRAT.  Each of Mr. McMahon (as special trustee of the GRAT) and Ms. McMahon has the unilateral power to sell the shares of Company common stock held by the GRAT.  After giving effect to the Sale, Mr. McMahon beneficially owns for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) 37,080,747 shares of Class B Common Stock, which may be converted at any time on a one-for-one basis into 37,080,747 shares of the Company’s Class A Common Stock.  Generally, each share of Class B Common Stock is entitled to ten votes per share.  Mr. McMahon separately reports the beneficial ownership of all 37,080,747  shares of Class B Common Stock, including the 1,547,372 shares held by the GRAT.
This Amendment No. 3 relates to (i) 1,547,372 shares of Class B Common Stock owned of record by the GRAT, (ii) 566,670 shares of Class B Common Stock held directly by Ms. McMahon and (iii) 100 shares of Class A Common Stock held directly by Ms. McMahon.  Assuming the conversion of the shares of Class B Common Stock held by the GRAT, the GRAT would own of record approximately 4.1% of the issued and outstanding shares of the Company’s Class A Common Stock, based on the number of shares of Class A Common Stock outstanding as of May 6, 2016.  Assuming the conversion of the shares of Class B Common Stock beneficially owned by Ms. McMahon, Ms. McMahon would beneficially own approximately 5.5% of the issued and outstanding shares of the Company’s Class A Common Stock, based on the number of shares of Class A Common Stock outstanding as of May 6, 2016.  Assuming the conversion of all of the outstanding shares of Class B Common Stock, Ms. McMahon would

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Page 8 of 12 – SEC Filing

beneficially own approximately 2.8% of the issued and outstanding shares of the Company’s Class A Common Stock, based on the number of shares of Class A and Class B Common Stock outstanding as of May 6, 2016.
Item 1.  Security and Issuer.
This Amended Schedule 13D is filed with respect to the Class A Common Stock but relates to the Class A Common Stock and Class B Common Stock.  The Issuer’s principal executive offices are located at 1241 E. Main Street, Stamford, Connecticut 06902.
Item 2.  Identity and Background.
(a) This statement is being filed on behalf of each of the following Reporting Persons:
(i) Ms. McMahon
(ii) The GRAT
(b) The business address of the principal offices of each of the Reporting Persons is:
c/o McMahon Ventures, LLC
1055 Washington Boulevard, 5th Floor
Stamford, Connecticut 06901


 (c) The present principal occupations of the Reporting Persons are:
(i) Ms. McMahon: Self-employed executive.
(ii) The GRAT: Not Applicable.
(d) During the past five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)  Citizenship:
(i) Ms. McMahon is a citizen of the United States of America.

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Page 9 of 12 – SEC Filing

(ii) The GRAT is an entity organized under the laws of the State of Connecticut.
Item 3.  Source and Amount of Funds or Other Consideration.
Each of the GRAT and Ms. McMahon acquired the shares of Class B Common Stock as the result of a gift of such shares by Mr. McMahon. No monetary consideration was paid for such shares.
Item 4.  Purpose of Transaction.
On May 16, 2016, the GRAT converted 2,191,894 shares of Class B Common Stock into an equal number of shares of the Company’s Class A Common Stock.  On the same day, the GRAT sold all 2,191,894 of those shares of Class A Common Stock in a block sale for $16.50 per share (the “Sale”).  As a result of the Sale, the GRAT owns 1,547,372 shares of the Company’s Class B Common Stock. The Sale reduced the ownership of Class B Common Stock by each of the Reporting Persons by greater than 1% of the outstanding Class B Common Stock of the Issuer.  Ms. McMahon continues to hold the remaining shares of the Issuer for investment purposes only.  Ms. McMahon may purchase additional shares of Class A or Class B Common Stock or similar securities from time to time, either in brokerage transactions in the over-the-counter market or in privately-negotiated transactions.  Any decision to increase her holdings of Class A or Class B Common Stock will depend on various factors, including, but not limited to, the price of the shares of Class A Common Stock, the terms and conditions of the transaction and prevailing market conditions.  The GRAT may acquire beneficial ownership of additional shares of Class B Common Stock from time to time in connection with any future gifts by Mr. McMahon.
Each of the Reporting Persons also may, at any time, subject to compliance with applicable securities laws, dispose of some or all of their Class B Common Stock depending on various factors, including, but not limited to, the price of the shares of the Class A and/or Class B Common Stock, the terms and conditions of the transaction and prevailing market conditions, as well as liquidity, family planning and diversification objectives.
The Reporting Persons intend to participate in and influence the affairs of the Issuer through the exercise of their voting rights with respect to their shares of Class A and Class B Common Stock.
Neither of the Reporting Persons, as stockholders of the Company, has any plan or proposal other than as described herein that relates to or would result in any of the transactions or other matters specified in clauses (a) through (j) of Item 4 of Schedule 13D. Each of the Reporting Persons may, at any time and from time to time, review or reconsider her or its position

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Page 10 of 12 – SEC Filing

and/or change her or its purpose and/or formulate plans or proposals with respect thereto.
Item 5.  Interest in Securities of the Issuer.
(a)(i) According to information provided by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2016, as of May 6, 2016 there were 34,263,955 shares of Class A Common Stock issued and outstanding, and 41,688,704 shares of Class B Common Stock issued and outstanding.  Ms. McMahon may be deemed the beneficial owner for purposes of Section 13(d) of the Exchange Act of (i) 2,114,042 shares of Class B Common Stock, which may be converted at any time on a one-for-one basis into 2,114,042 shares of Class A Common Stock and (ii) 100 shares of Class A Common Stock.  The 2,114,042 shares of Class B Common Stock represent approximately 2.4% of the total number of shares of Class A Common Stock and Class B Common Stock issued and outstanding as of May 6, 2016 (giving effect to the Sale) and 5.4% of the total Class B Common Stock issued and outstanding as of such date. The 100 shares of Class A Common Stock represent approximately 0.0% of the total number of shares of Class A Common Stock and Class B Common Stock issued and outstanding as of May 6, 2016 and 0.0% of the total Class A Common Stock issued and outstanding as of such date.  On an as-converted basis with respect to the Class B Common Stock beneficially owned by Ms. McMahon, the 2,114,142 shares of Class A Common Stock and Class B Common Stock which may be deemed to be beneficially owned by Ms. McMahon represent approximately 5.5% of the total Class A Common Stock issued and outstanding as of such date. Generally, each share of Class B Common Stock is entitled to ten votes per share.  Accordingly, the 2,114,042 shares of Class B Common Stock and 100 shares of Class A Common Stock beneficially owned by Ms. McMahon generally represent approximately 4.9% of the Issuer’s total voting power.
(ii) After the Sale, the GRAT may be deemed the beneficial owner for purposes of Section 13(d) of the Exchange Act of 1,547,372 shares of Class B Common Stock, which may be converted at any time on a one-for-one basis into 1,547,372 shares of Class A Common Stock. Giving effect to the Sale, such shares represent approximately 2.0% of the total number of shares of Class A Common Stock and Class B Common Stock issued and outstanding as of May 6, 2016, 3.9% of the total Class B Common Stock issued and outstanding as of such date, 4.1% of the total Class A Common Stock issued and outstanding as of such date (on an as-converted basis for the Class B Common Stock held by the GRAT) and approximately 3.6% of the Issuer’s total voting power.
(b)(i) Ms. McMahon, as trustee of the GRAT, may be deemed to have the sole power to direct the voting of and shared unilateral power to direct the sale of the 1,547,372 shares of Class B Common Stock owned by the GRAT.  Ms. McMahon may also be deemed to have the sole power to direct the voting and the disposition

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Page 11 of 12 – SEC Filing

of the 566,670 shares of Class B Common Stock and 100 shares of Class A Common Stock owned directly by Ms. McMahon.
(ii) The GRAT may be deemed to have the sole power to direct the voting and the disposition of the 1,547,372 shares of Class B Common Stock held by the GRAT.
(c) On May 16, 2016, the GRAT converted 1,547,372 shares of Class B Common Stock into an equal number of shares of the Company’s Class A Common Stock (the “Conversion”).  On the same day, the GRAT sold all 1,547,372 of those shares of Class A Common Stock in a block sale for $16.50 per share (the “Sale”).  Except for the Conversion and Sale, there have been no transactions with respect to the shares of the Issuer’s Class A or Class B Common Stock during the sixty (60) days prior to the date of this Amendment No. 3 by Ms. McMahon or the GRAT.
(d) Not applicable
(e) As a result of the Sale, as of May 16, 2016 the GRAT is no longer a 5% beneficial owner of the Issuer.
Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
The information disclosed under the Introductory Note to this Amendment No. 3 is incorporated by reference.
Except as described above, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among Ms. McMahon, the GRAT and any other person with respect to any securities of the Issuer, including but not limited to, transfer or voting of any of the shares (including as a result of any pledge), finders’ fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding
of proxies.
Item 7.  Material to be Filed as Exhibits.
The following is filed herewith as an exhibit to this amended Schedule 13D/A:
1. Agreement for Joint Filing of Schedule 13D (incorporated by reference to Exhibit 1 to the Reporting Persons’ Schedule 13D jointly filed with the Securities and Exchange Commission on December 10, 2013)
2. Power of Attorney (incorporated by reference to Exhibit 2 to the Reporting Persons’ Schedule 13D

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Page 12 of 12 – SEC Filing

jointly filed with the Securities and Exchange Commission on December 10, 2013)
SIGNATURE
         After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
May 17, 2016
/s/ Paul C. Cancilla                                    
Name:  Paul C. Cancilla
Title: Attorney-in-Fact, on behalf
of Linda E. McMahon, individually
Vincent K. McMahon 2013 Irrev.
Trust U/A dtd. December 5, 2013
/s/ Paul C. Cancilla                                       
Name: Paul C. Cancilla
Title: Attorney-in-Fact, on behalf
of Linda E. McMahon, as Trustee of
the Vincent K. McMahon 2013 Irrev.
Trust U/A dtd. December 5, 2013

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