Endeavor Management Team To Buy Shares In TKO Group Holdings As Former WWE Chief Vince McMahon Sells Almost One-Third Of His Stake
09.11.2023 - 22:51
/ deadline.com
Vince McMahon, the longtime former CEO of WWE, is selling nearly one-third of his stake in TKO Group Holdings.
The wrestling impresario is unloading 8.4 million shares, which had a market value of around $700 million as of Thursday’s close. Last summer, McMahon was listed as owning 28 million shares in TKO, the newly formed parent of WWE and UFC. Endeavor, which owns the UFC, holds a 51% controlling interest in TKO, which began trading last September.
In connection with McMahon’s sale, an SEC filing said, Endeavor, CEO Ari Emanuel; President and COO Mark Shapiro; and other members of Endeavor’s board of directors have “indicated an interest” in picking up TKO shares worth $100 million. Emanuel and Shapiro are in line to buy $1 million in stock apiece, with an unnamed director ticketed for $850,000.
No shares are being sold by the company as part of the transaction, a press release noted.
TKO went public earlier this year as a vehicle for the combination of ring sports giants. Not long after the IPO, Endeavor revealed it was assessing its strategic options, including potentially going private. The parent of WME and IMG went public in 2021.
Earlier this week, TKO reported its first quarterly numbers, with results buoyed by media rights, content fees, live events and sponsorship. WWE’s financials were a bit softer, with executives citing the timing of certain events during the quarter ending September 30.
By providing your information, you agree to our Terms of Use and our Privacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
By providing your information, you agree to