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Vince McMahon plans to unload a big chunk of his shares in WWE parent TKO

World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.

Ethan Miller | Getty Images

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.

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.

TKO’s stock fell 5% after the closing bell Thursday.

The move could be an indication that McMahon plans to get out of his family business.

Earlier this year, WWE merged with UFC to form TKO, which is majority owned by Endeavor Group.

This is breaking news. Please check back for updates.

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