World Wrestling Entertainment Inc. Chairman and CEO Vincent McMahon sold 3,340,000 shares of the company's class A common stock in a block trade.
McMahon sold the shares to fund a separate entity from the company, Alpha Entertainment LLC, which McMahon formed to explore investment opportunities across the sports and entertainment landscapes, including professional football, according to a Dec. 21 SEC filing.
The shares sold by McMahon represent approximately 4.3% of the company's total outstanding shares of class A and class B common stock. McMahon now owns 32,193,375 shares of the company's class B common stock, representing about 82.8% of the company's total voting power and approximately 41.8% of the company's total outstanding shares of common stock.
The WWE CEO has no current plans to sell additional shares of the company's stock, and he intends to continue being WWE's chairman and CEO, according to the filing.