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It was reported that WWE President Vince McMahon had sold 3 million WWE shares this week in order to raise money for the XFL.
The president of the WWE sold 3.2 million shares in order to generate $ 270 million capital of his new company, Alpha Entertainment, which revives the XFL in 2020. Thus, the action of WWE fell 1% after the market closed, according to SeekingAlpha.com.
featured the following statement:
On March 27, 2019, Vincent K. McMahon ("Mr. McMahon"), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the "Company") , sold 3,204,427 Clbad A Common Shares of the Company in a block transaction pursuant to the provisions of Rule 144 of the Securities Act of 1933, as amended. Mr. McMahon made the sale primarily to fund a separate entity, Alpha Entertainment LLC "Alpha", created by Mr. McMahon to explore investment opportunities in the sports and entertainment industries, notably by launching a professional football league under the name "XFL". Alpha announced that this launch would take place in early 2020. Mr. McMahon informed the company that he currently had no plans to sell additional shares of the company and that he intended to continue as Chairman and Chief Executive Officer of the Company. in the foreseeable future.
The shares sold by Mr. McMahon represent approximately 4.1% of the Clbad A and Clbad B common shares outstanding. Following the sale, Mr. McMahon is the beneficial owner of 28 682,948 Clbad B common shares, representing approximately 80.1% of the total voting rights of the Company and approximately 36.8% of the total outstanding shares of the Company.
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