NBC acquired the stake two years ago when it joined forces with the firm to launch the doomed XFL.
The NFL rival failed miserably to capture the public imagination, despite the best efforts of WWE supremo Vince McMahon. It collapsed last year amid falling TV audience figures after just one season.
WWE repurchased 2.3 million Class A common shares at $12 per share at a total cost of $27.7m.
The total number of common shares outstanding is now 70.6 million shares as compared to 72.9 million prior to the repurchase.
Said Linda E. McMahon, chief executive officer: "We believe this is an excellent transaction for the company and its shareholders. With approximately $292m (EUR317.32m) in cash balances, we have the resources to effect such a transaction without compromising our overall business strategy or our financial condition as we continue to generate significant free cash flow."
The WWE recently lost the right to use the WWF name following a legal battle with the World Wildlife Fund.
