TKO Group Holdings, Inc. (TKO), a sports and entertainment company, Tuesday announced that it entered into an accelerated share repurchase or ASR agreement to buy back $800 million of its outstanding Class A common stock.
Further, the entertainment firm has also entered into a 10b5-1 trading plan to repurchase up to $200 million of its outstanding Class A common stock.
Under the ASR agreement, the company will pay $800 million to Morgan Stanley & Co. LLC and will expect to receive an initial delivery of 3,136,179 shares of Class A common stock. The total number of shares will be based on the volume-weighted average price of Class A common stock on specified dates during the term of the ASR Agreement.
Transactions under the ASR agreement are surmised to be completed in June with repurchases taking place under the 10b5-1 Plan once the ASR agreement is completed.
In pre-market activity, TKO shares were trading at $205.91, up 0.88% on the New York Stock Exchange.
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