TKO Group falls as McMahon to sell over $700M in stock
TKO Group Holdings (TKO) fell nearly 5% after-hours Thursday after the company announced that large shareholder Vincent McMahon plans to sell 8,400,000 shares of common stock in a secondary offering.
The value of the stock sale is $713.16 million based on Thursday's closing price of $84.90.
As part of the announcement, the company plans to repurchase approximately $100.0 million of shares from the underwriter.
Further, Ariel Emanuel, the CEO and director, Mark Shapiro, the President, COO and director, and certain other of the Company’s directors have indicated an interest in purchasing up to $1.0 million, $1.0 million and $850.0 thousand, respectively, of the Company’s stock offered in the offering at the public offering price.
Morgan Stanley is the book-running manager of the offering and MUFG Securities is co-manager.
TKO Group, which runs the WWE and UFC, was forged from a merger that closed in September of this year.
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