Former WWE chief executive officer Vince McMahon began eyeing the UFC as a partner for his wrestling promotion when he watched UFC 276 in July 2022.
Nine months later, it was announced that WWE would be sold to UFC's parent company Endeavor for $9.3 billion. And less than half a year from then, the two merged into one group called TKO.
Related: Inside Haley Cavinder's decision to return to basketball including next steps with WWE
McMahon became the executive chairman of TKO, only a year after he had stepped down as the WWE CEO due to an investigation into accusations of sexual misconduct made by women who also alleged he gave hush money to cover up the incidents.
But McMahon returned in January to guide the eventual sale, and he gained more than just a new title from the sale. He also acquired 28 million in TKO shares, about 30% of which he is now selling, according to a report by Variety.
The 78-year-old is selling 8.4 million shares of Class A common stock in TKO Group Holdings at a $79.80 per share, which would make the sale worth $670.3 million.
Related: Bud Light makes a huge branding move after signing a new deal
TKO said about $100 million of the shares sold by McMahon are going to be repurchased by the company. TKO CEO and director Ariel Emanuael and president, COO, and director Mark Shapiro are both purchasing $1 million in TKO stock in moves that are reportedly connected to McMahon's sale.
A few other company directors also purchased about $850,000 worth of shares.
TKO stock opened at $77.24 on Nov. 10. The stock is down about 25% since it opened at $102 per share on Sept. 12.
Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
