Vince McMahon plans to sell a substantial chunk of his stake in TKO, the parent company of WWE, the wrestling empire founded by his father.
TKO’s stock fell 5% after the closing bell Thursday. The stock closed at $84.90 during regular trading.
McMahon intends to sell 8.4 million of his shares, TKO said in a release Thursday. He owned more than 28 million shares as of August, according to a regulatory filing.
The move could be an indication that McMahon plans to get out of his family business, which has been the dominant player in professional wrestling for about four decades.
Earlier this year, WWE merged with UFC to form TKO, which is majority owned by Endeavor Group.
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