Vince McMahon To Sell 3.5 Million Shares Of WWE Stock Through Morgan Stanley
Photo Credit: Alpha Entertainment
According to a recent SEC filing, Vince McMahon is parting with some of his stake in World Wrestling Entertainment Inc. through Morgan Stanley in an effort to provide more liquidity for the company during the COVID-19 coronavirus outbreak.
The filing itself indicates that McMahon has entered into a variable prepaid forward contract that covers around 3.5 million shares of Class B common stock. This contract will allow McMahon to maintain voting and dividend rights in the stock, as well as price appreciation during and after the contract.
This is no doubt an effort to help offset some of the losses that WWE will have to suffer through thanks to the recent COVID-19 outbreak. With the XFL shutting down its season early and tons of WWE shows – including WrestleMania 36 – forced to be held with no audience present, McMahon now has to find other ways to make sure everyone in the company is taken care of, and it looks as if he has.
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