45.25 +0.32 (0.71%)
Pre-market: 8:56AM EST
|Bid||0.00 x 1100|
|Ask||46.95 x 1000|
|Day's range||43.91 - 45.07|
|52-week range||40.24 - 100.45|
|Beta (5Y monthly)||1.20|
|PE ratio (TTM)||52.86|
|Earnings date||22 Apr 2020 - 26 Apr 2020|
|Forward dividend & yield||0.48 (1.07%)|
|Ex-dividend date||11 Mar 2020|
|1y target est||57.63|
Unfortunately for some shareholders, the World Wrestling Entertainment (NYSE:WWE) share price has dived 31% in the...
Los Angeles Mayor Eric Garcetti, Inglewood Mayor James T. Butts Jr. and WWE® (NYSE: WWE) are proud to announce that SoFi Stadium and Hollywood Park in Los Angeles will host WWE’s pop-culture extravaganza, WrestleMania, on Sunday, March 28, 2021.
(Bloomberg Opinion) -- When professional sport has to choose between money and ethics, there’s usually only one winner.Amnesty International has dubbed it sportswashing: the practice of exploiting athletic events or investments to whitewash dubious human rights or criminal records. The group counts Russia’s hosting of the 2018 World Cup soccer tournament and 2014 Winter Olympics as examples, as well as Abu Dhabi’s ownership of City Football Group Ltd., the parent company of Manchester City Football Club. But England’s Premier League now has an opportunity to make a stand that could satisfy both financial and ethical imperatives.You see, Saudi Arabia’s sovereign wealth fund was reported last month to be in advanced talks to acquire Newcastle United Football Club for a reported 340 million pounds ($440 million). But at the same time, a company broadcasting in the kingdom is one of the biggest pirates of television programming in the world, not least of top soccer games.Is the Premier League likely to make a stand on Saudi Arabia’s human rights record, whether it be the alleged torture and assassination of political opponents, the persecution of LGBT communities or airstrikes in Yemen? It’s certainly hard to imagine. After all, the U.K. exports almost $3 billion of goods a year to Saudi Arabia. Why, the Premier League might ask, should it balk on principle when plenty of other industries sell their products there?That’s where the piracy comes in. When it comes to broadcasting, perhaps the biggest thorn in professional soccer’s side is a firm called BeoutQ. According to Qatari broadcaster BeIN Media, which holds the Premier League rights in the Middle East, the mysterious company takes its feed, superimposes its logo and then broadcasts it all through Arabsat, a Riyadh-based satellite network. So BeIN becomes Beout, geddit? Presumably the Q stands for Qatar — no-one said trolling had to be funny. (Arabsat, more than a third owned by Saudi, has denied broadcasting BeoutQ; and the head of the Saudi soccer federation has said the government isn’t involved in any piracy.)The transgressions might seem like another manifestation of the ongoing tensions between Saudi Arabia and neighboring Qatar — BeIN Media hasn’t been able to broadcast into Saudi Arabia since 2018. But it’s also costing the Premier League and a slew of others money. BeoutQ also pirates content from the British Broadcasting Corp. and Comcast Corp.’s Sky. Indeed, when BeIN decided not to renew its $30 million-a-year contract with Liberty Media Corp.’s Formula One competition last year, it cited the losses it was enduring from BeoutQ’s piracy.BeIN’s existing Premier League deal is worth $140 million a season, according to sports-rights publication Sportcal, equivalent to about 10% of the league’s overseas income. That would be a big hit for the Premier League were it to decide not to renew the deal because of the piracy. Which makes the Saudi interest in Newcastle United, a club which has fallen on harder times under the ownership of retail billionaire Mike Ashley, an important bargaining chip.Earlier efforts to tackle the problem have failed. The Premier League, alongside world governing body FIFA, European governing body UEFA, Spain’s La Liga, Italy’s Serie A and Germany’s Bundesliga, strongly condemned the intellectual property theft last year, noting they had failed to find a single law firm in Saudi Arabia willing to pursue the matter through available legal channels. They called on Saudi authorities to do something fast, given that the piracy remained rampant. To own a football team in the U.K., you have to pass the Owners’ and Directors’ Test, formerly known as the fit-and-proper person test. Its disqualifying conditions include any conviction for “dishonestly receiving a programme broadcast from within the U.K.” That might provide a little wiggle room for the Saudis to pass the test, but if the Premier League and the Football Association, soccer’s governing body in the U.K., have any gumption whatsoever, they should absolutely give it a shot. There are hundreds of millions of pounds of income at stake.Saudi Arabia may, in a sense, just be following archrival Qatar’s lead. Qatar’s own sovereign wealth fund acquired French team Paris Saint-Germain back in 2011, and the nation is set to host the World Cup in 2022. Indeed, BeIN CEO Nasser Al-Khelaifi is also the CEO of Paris Saint-Germain and is a member of the UEFA executive committee.Plenty of others have readily accepted lucrative contracts with Saudi investors and venues — boxer Anthony Joshua enjoyed a reported $70 million payday for his December fight with Andy Ruiz, dubbed Clash on the Dunes; the mythic Dakar Rally off-track motor race roared across the kingdom’s deserts in January for its first Middle East edition; Spanish soccer’s Super Cup also took place in Saudi Arabia this season; and World Wrestling Entertainment Inc. has a 10-year deal to host events there.Any move from the Premier League might stop short of demonstrating a strong and principled backbone. But the franchise does have the opportunity and the financial motive to extract some concessions from Saudi Arabia.To contact the author of this story: Alex Webb at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
XFL football returns this weekend for the fist time in 19 years. Commissioner Oliver Luck says it's here to stay.
World Wrestling Entertainment's (WWE) fourth-quarter revenues increase year over year. Notably, higher revenues at the Media segment contribute to the company's top line.
(Bloomberg) -- Continued hardships for World Wrestling Entertainment Corp. pushed shares to the lowest since May 2018 as the company’s financial outlook underscored the struggle it faces to re-energize fans.Investors had already been bracing for a disappointment after WWE warned that 2019 earnings were lower than previously forecast, spurring a management reshuffle. Thursday’s plunge came after the company forecast first-quarter operating income between $60 million and $65 million, trailing Wall Street’s estimate of $67.5 millionWWE’s outlook came with the caveat that it’s “subject to considerable uncertainty,” an indication that efforts to improve fan enthusiasm and increase the money generated from its content remain in limbo. Management is pursuing strategic alternatives for its WWE Network streaming service as well as distribution agreements in the Middle East and India, said interim Chief Financial Officer Frank Riddick.Thursday’s drop pushed the decline since the Jan. 30 earnings warning to 31%.“While we expect 2020 will ultimately come in above the guidance range assuming a successful TV deal renewal in India, this is nonetheless a negative surprise,” John Belton, an analyst at Evercore, wrote in a note calling the company’s forecast a “stone cold stunner.” What plans are being considered for the WWE Network will get full focus on the company’s earnings call, he added.Read more: McMahon Forces WWE Executives to Tap Out After Earnings SlipVince McMahon, the pro-wrestling giant’s chief executive officer, fired two of his top executives a week ago as earnings were dimmed by lower live event ticket sales and a decline in streaming subscriptions. The absence of a wrestling video series on Facebook Watch also added to the blow, the company said. The shakeup rattled investor confidence, wiping out more than $1 billion of the company’s market value the next day.Rosenblatt says “it will be crucial for them to answer how much for the lower expected guide is driven by strategic alternatives for the WWE Network versus increased investment.”(Updates with context, analyst comments)To contact the reporter on this story: Kamaron Leach in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Richard RichtmyerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Today we'll look at World Wrestling Entertainment, Inc. (NYSE:WWE) and reflect on its potential as an investment...
World Wrestling's (WWE) fourth-quarter 2019 results are likely to reflect gains from higher adjusted OIBDA. However, softness in subscriber base poses a threat.
(Bloomberg) -- World Wrestling Entertainment Inc. plunged as much as 28% on Friday, erasing more than $1 billion in market value, after Chief Executive Officer Vince McMahon ousted two of the company’s top executives.The news prompted multiple downgrades on Wall Street as several analysts said they have lost confidence in the company’s financial projections. The stock drop was WWE’s biggest decline in nearly six years, sending the shares to their lowest levels since May 2018.Evercore ISI, John BeltonBelton cut his rating to in line from outperform and reduced his price target to $50 from $80, saying “the release announcing the changes was vague.”He believes the timing of these developments, which follow months of uncertainty surrounding several key strategic and financial initiatives, may imply expectations for 2020 adjusted operating income must be cut further. McMahon cited “different views on how to best achieve strategic priorities moving forward” as the reason for the changes.Loop Capital, Alan GouldGould cut WWE to hold from buy, saying he has “diminished confidence” in his estimates given the sudden change. His price target on the stock is now $50, down from $80.He believes McMahon “was not pleased with the results of the international TV deals” and “wanted to reinvest more of the growing cash flow back into the business.”Gould lowered his 2020 estimate for adjusted earnings before interest, tax, depreciation and amortization, also known as Ebitda, to $350 million from $390 million. He sees room for number to be less “depending on how successful the renegotiation of the international contracts were and the level of discretionary investment spending.”Citigroup, Jason BazinetBazinet said Wall Street “may interpret the departures as a new risk to consensus 2020 Ebitda forecasts.”He suspects that the co-presidents “may have wanted to gradually reinvest incremental US media rights revenues, while Mr. McMahon may want to make more aggressive investments.”MKM Partners, Eric HandlerHandler was more optimistic, saying “a change in the C-Suite does not necessarily mean more bad news is coming.” He has a buy rating on WWE and a $92 price target.“Given the known step-up in the domestic TV rights deal, we do not believe the company is in a ‘precarious’ financial position.”To contact the reporter on this story: Kamaron Leach in New York at email@example.comTo contact the editor responsible for this story: Catherine Larkin at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- World Wrestling Entertainment Inc. ousted two of its top executives after 2019 earnings came in at the low end of estimates, a shake-up that has rattled investor confidence in the pro-wrestling giant.Shares of WWE plunged as much as 24% to $47.50 in extended trading after the company announced the departure of Co-Presidents George Barrios and Michelle Wilson, effective immediately. The stock hasn’t traded that low since May 2018.Frank Riddick, a board member for more than 11 years, has been named interim chief financial officer, WWE said Thursday. He’ll report to Chairman and Chief Executive Officer Vince McMahon, the billionaire who often serves as the face of the company.“The board and I decided a change was necessary,” McMahon said in a statement. “We have different views on how best to achieve our strategic priorities.”Writing on WallThe reshuffling follows a difficult stretch for WWE, whose stock was crowned only two years ago by KeyBanc Capital Markets as “one to own in media.”After a string of negative headlines in 2019, investors had grown concerned about both WWE’s upcoming contract renewals and a public-relations fallout surrounding the treatment of its wrestlers. The stock suffered its worst annual return since 2014, falling 13% last year while the S&P Midcap 400 Index added 24%.Media reports had hinted that management was struggling to renew distribution contracts overseas, including international deals in key regions such as the Middle East. And earlier in the year, John Oliver, the comedian and late-night talk show host, had criticized WWE’s McMahon in a segment on “Last Week Tonight.”Read more: WWE Plunges Most Since 2014 as Delayed TV Deal Slams ForecastOliver said that wrestlers were dying at a faster rate than professional football players, and that WWE failed to provide health insurance because the company deemed its talent independent contractors. WWE later rebuffed Oliver’s assertions, pointing to its “longstanding” talent wellness initiative. The program offers wrestlers a yearly physical and testing for brain function and substance abuse.Better Days Ahead?In recent months, Wall Street had seemed to grow more optimistic about WWE -- following the expansion of a live event partnership in Saudi Arabia and an agreement with Fox Corp. to air “Friday Night Smackdown” in the U.S.Event programming, encouraging long-term TV contracts and relatively predictable revenue alongside cash flow growth makes the company “well positioned,” Alan Gould, an analyst at Loop Capital Markets, said in a note last month.Approximately 90% of analysts on Wall Street recommend a buy-equivalent rating on the stock, according to data compiled by Bloomberg. And some of the company’s initiatives, like its streaming-based WWE Network, appear promising.But the Stamford, Connecticut-based company offered a dimmer outlook on Thursday. It now expects to report 2019 adjusted earnings of $180 million, down from as much $190 million as previously forecast. The new projection trails the nearly $186.6 million that consensus estimates were calling for.WWE is scheduled to release its final results on Feb. 6.Energizing FansThe company is working to re-energize fans with new talent -- and some well-known names from the past.Terry “Hulk Hogan” Bollea, arguably the biggest star to come out of the wrestling industry next to Dwayne “The Rock” Johnson, is making a bid for a comeback in 2020.“Wrestlmania is right around the corner Brother!” Hogan, 65, teased in a social media post this month on Twitter.But McMahon will need more than wrestling veterans to get the company back on track.The executive said Thursday that WWE is up to the challenge.“The board and I have great confidence in our collective abilities to create compelling content, engage our global fan base across platforms, increase revenues and drive shareholder value,” he said.(Updates shares in second paragraph.)To contact the reporters on this story: Kamaron Leach in New York at email@example.com;Christopher Palmeri in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
WWE (NYSE: WWE) announced that its Board of Directors today declared the Company’s regular quarterly dividend of $0.12 per share for all Class A and B shares of common stock. The record date for the dividend will be March 13, 2020 and the payment date will be March 25, 2020.
WWE (NYSE: WWE) announced that it will report its fourth quarter and full year 2019 results on Thursday, February 6, 2020 before the opening of the market. The Company’s Chairman & CEO, Vincent K. McMahon, and Co-Presidents, George A. Barrios and Michelle D. Wilson, will host a conference call beginning at 11:00 a.m. ET to discuss the results.
In this article we are going to estimate the intrinsic value of World Wrestling Entertainment, Inc. (NYSE:WWE) by...
WWE (NYSE: WWE) announced that its Co-President, George A. Barrios, will participate in a fireside chat at the 22nd Annual Needham Growth Conference in New York City on Wednesday, January 15, 2020.
WWE (NYSE: WWE) announced that its Co-President, George A. Barrios, will participate in a fireside chat at the Citi 2020 Global TMT West Conference in Las Vegas on Tuesday, January 7, 2020.
It hasn't been the best quarter for World Wrestling Entertainment, Inc. (NYSE:WWE) shareholders, since the share price...