TKO drops as Vince McMahon sells block of stock

Endeavor group

05/03/2024 12:37

** Shares of World Wrestling Entertainment parent TKO Group
 TKO.N  down 4.5% at $78.01 before the bell on unregistered
block trade
    ** Sources say Morgan Stanley re-offering 5.35 mln shares in
range of $79-$81.67 vs stock's last sale of $81.67 on Mon
    ** Vince McMahon is the seller, per SEC filing late Mon
    ** TKO has ~171.9 mln shares outstanding, per LSEG data
    ** In late Jan, McMahon resigned from TKO and WWE, which he
founded, over a sexual assault lawsuit
    ** TKO was formed in 2023 when McMahon hammered out a deal
between WWE and Endeavor Group-owned  EDR.N  mixed martial arts
franchise Ultimate Fighting Championship (UFC) to merge into
~$21 bln entertainment giant
    ** Through close on Mon, TKO's stock has lost ~18% since it
began trading as a new co in Sept

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))