WWE CEO Vince McMahon has reportedly sold 1.547 million shares of WWE stock for a big $32 million dollar payday. According to SEC filling, the reason for the sale was due to estate planning purposes and asset diversification.
Here are the details:
On August 17, 2016, the Vincent K. McMahon 2013 Irrev. Trust U/A dtd. December 5, 2013 (the “GRAT”) sold 1,547,372 shares of Class A common stock of World Wrestling Entertainment, Inc. (the “Company”) in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. The GRAT was established by Vincent K. McMahon (“Mr. McMahon”), the Company’s Chairman and Chief Executive Officer, for estate planning purposes for the benefit of Mr. McMahon and certain members of Mr. McMahon’s family. The GRAT sale was executed for liquidity and asset diversification. After the sale, the GRAT owns no Company common stock. Mr. McMahon has informed the Company that he has no further plans to sell shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.
The 1,547,372 shares sold by the GRAT represent approximately 2% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 35,533,375 shares of the Company’s Class B common stock, which represents approximately 85% of the Company’s total voting power and approximately 46.5% of the Company’s total outstanding shares of common stock.