Vince McMahon Sells 1.55 Million World Wrestling Entertainment Inc (WWE) Shares

According to a recent 13G filing with the Securities and Exchange Commission, Mr. Vincent K. McMahon has converted (into Class A) and then sold around 1.55 million Class B Common Shares of World Wrestling Entertainment Inc (NYSE:WWE), decreasing his stake in the company to 35.53 million Class B Common Shares, which amass 48% of the company’s outstanding stock. WWE’s Co-Founder, Chairman, and CEO still controls 85% of his company’s voting power through his Class B (voting) shares. The sale netted Mr. McMahon (as he was also colloquially known at times during his performing days) about $32 million, which the filing stated would be used for estate planning purposes. Mr. McMahon has no intention to sell further shares of his company at this time.

The percentage is calculated on an assumed conversion of all of the shares of the company’s Class B Common Stock, to which the filing relates, into Class A Common Stock. The filing also revealed that the number of shares which Mr. McMahon now holds excludes 566,670 shares of Class B Common Stock, and 100 Class A Common Shares owned by his wife and WWE Co-Founder Linda E. McMahon. The move comes a few months after the McMahon’s Trust sold 2.19 million shares. It also comes about one year after their daughter Stephanie McMahon (now Stephanie Levesque) sold 105,000 shares.

World Wrestling Entertainment is a wrestling promotion company that produces and promotes a plethora of creative content through a variety of channels to a global audience, with its main goal being the promotion of professional wrestling competitions. In July, the company was hit with another lawsuit from a group of retired wrestlers for the neurological injuries they suffered while competing in the company’s events. Year-to-date, the company’s stock is up by 17.1%. For the second quarter, WWE reported earnings per share of $0.01, slightly below the consensus estimate of $0.02, and revenue of $199 million, well above the estimates of $181.8 million. Earlier this month, Pacific Crest reiterated its ‘Overweight’ rating on World Wrestling Entertainment’s stock, and has a price target of $22 on it, while Benchmark Co. reiterated its ‘Buy’ rating on the stock, and has a price target of $21.86 on its shares.

World Wrestling Entertainment Inc. (WWE), NYSE:WWE,

Some of the investors in our database that were bullish on World Wrestling Entertainment (NYSE:WWE) at the end of the second quarter were David Forster and Peter Wilton’s IBIS Capital Partners, with a position worth $11.04 million, and Dmitry Balyasny’s Balyasny Asset Management, which sold off its position of Put options valued at $442,000 on March 31 and initiated a new long position worth $5.53 million on June 30. Mario Cibelli of Marathon Partners and the similar-sounding Mario Gabelli of GAMCO Investors are two other hedge funds long WWE as of June 30.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Vincent K. McMahon 35,533,375 0 35,533,375 0 35,533,375 48%

Page 1 of 6 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
WORLD WRESTLING ENTERTAINMENT, INC.
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
     98156Q108    
(CUSIP Number)
                                     August 17, 2016                                    
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
/     /   Rule 13d-1(b)
/     /   Rule 13d-1(c)
/ X /   Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of the section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 2 of 6 – SEC Filing

SCHEDULE 13G/A
CUSIP NO. 98156Q108
1.
Names of Reporting Persons.
Vincent K. McMahon
2.
Check the Appropriate Box if a Member of a Group
(a)  ________
(b)  ________
3. SEC Use Only
4. Citizenship or Place of Organization United States United States
Number of 5. Sole Voting Power 35,533,375
Shares
Beneficially 6. Shared Voting Power 0
Owned by
Each Reporting 7. Sole Dispositive Power 35,533,375
Person
With: 8. Shared Dispositive Power 0
9. Aggregate Amount Beneficially Owned by Each Reporting Person 35,533,375
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares
11. Percent of Class Represented by Amount in Row (9) 48%*
12. Type of Reporting Person IN
*Based on an assumed conversion of all of the shares of the Issuer’s Class B Common Stock to which this Schedule 13D relates into Class A Common Stock (see “Introductory Note” for more information).

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Page 3 of 6 – SEC Filing

SCHEDULE 13G/A
CUSIP NO. 98156Q108
Explanatory Note
This amended Statement on Schedule 13G relates to the 35,533,375 shares of the Class B Common Stock, $.01 par value per share (“Class B Common Stock”), of World Wrestling Entertainment, Inc. (the “Company”) beneficially owned by Vincent K. McMahon.  Mr. McMahon beneficially owns approximately 93.6% of the issued and outstanding shares of Class B Common Stock and approximately 85% of the Company’s total voting power.  Class B Common Stock is fully convertible into the Company’s Class A Common Stock, par value $.01 per share (“Class A Common Stock”), on a one-for-one basis, at any time at the option of the holder. Assuming the conversion of the shares of Class B Common Stock beneficially owned by Mr. McMahon as of the date hereof, Mr. McMahon would beneficially own approximately 48% of the issued and outstanding shares of the Company’s Class A Common Stock, based on the number of shares of Class A Common Stock outstanding as of July 27, 2016. The number of shares reported herein as beneficially owned by Mr. McMahon excludes 566,670 shares of Class B Common Stock and 100 shares of Class A Common Stock owned by Linda E. McMahon and Mr. McMahon disclaims beneficial ownership of those shares.
Item 1.
(a)
Name of Issuer
World Wrestling Entertainment, Inc.
 (b) Address of Issuer’s Principal Executive Offices
1241 East Main Street
Stamford, Connecticut 06902
Item 2.
 (a) Name of Person Filing
Vincent K. McMahon
 (b) Address of Principal Business Office or, if none, Residence
c/o World Wrestling Entertainment, Inc.
1241 East Main Street
Stamford, Connecticut 06902
 (c) Citizenship
United States of America

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Page 4 of 6 – SEC Filing

SCHEDULE 13G/A
CUSIP NO. 98156Q108
(d) Title of Class of Securities
Class A Common Stock, $0.01 par value
(e) CUSIP Number
98156Q108
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)  /   / Broker or dealer registered under section 15 of the Act;
(b)  /   / Bank as defined in section 3(a)(6) of the Act;
 (c)  /   / Insurance company as defined in section 3(a)(19) of the Act;
 (d)  /   / Investment company registered under section 8 of the Investment Company Act of 1940;
 (e)  /   / An investment adviser in accordance with §240.13d-1(b)(l)(ii)(E);
 (f)  /   / An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
 (g)  /   / A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
 (h)  /   / A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
 (i)  /   / A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
(j)  /   / A non-U.S. institution, in accordance with §240.13d-1(b)(l)(ii)(J);
(k)  /   / Group, in accordance with §240.13d-1(b)(l)(ii)(K)
Item 4. Ownership
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
 (a) Amount beneficially owned: 35,533,375

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Page 5 of 6 – SEC Filing

SCHEDULE 13G/A
CUSIP NO. 98156Q108
(b) Percent of class: 48%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 35,533,375
(ii) Shared power to vote or to direct the vote 0
(iii) Sole power to dispose or to direct the disposition of 35,533,375
(iv)
Shared power to dispose or to direct the disposition of
0
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof, the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  [     ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.

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Page 6 of 6 – SEC Filing

SCHEDULE 13G/A
CUSIP NO. 98156Q108
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
August 18, 2016                                       
Date
 /s/ Vincent K. McMahon
Name:  Vincent K. McMahon
Page 6 of 6 Pages

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