Bloomberg News

WWE Renews Drop as Officials Say TV Accord Fell Short of Goals

May 19, 2014

World Wrestling Entertainment Inc. (WWE:US) resumed its decline after officials said their new online network may have hurt the company in negotiations to renew a cable television agreement.

WWE, producer of live and televised wrestling events, fell 2.8 percent to $10.95 at 1:02 p.m. in New York, after losing as much as 4.4 percent to $10.77. WWE fell 43 percent on May 16 after the company said the online WWE Network won’t make up for lost pay-per-view and video on-demand business until 2015.

A new cable TV deal with Comcast Corp. (CMCSA:US)’s NBCUniversal fell short of what WWE had sought, officials said on a call today. On May 15, the Stamford, Connecticut-based company also announced a renewed deal to broadcast “Monday Night Raw” and “Friday Night Smackdown” on NBC’s USA and Syfy channels.

“We were a little disappointed in our NBCU deal quite frankly, but when you add up all our television deals we nearly doubled,’ Vince McMahon, chairma and chief executive officer, said on the call. ‘‘We’re at about $200 million, so internationally we did a lot better than we did domestically.

To contact the reporter on this story: Cliff Edwards in San Francisco at cedwards28@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net Rob Golum


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • WWE
    (World Wrestling Entertainment Inc)
    • $14.45 USD
    • 0.78
    • 5.4%
  • CMCSA
    (Comcast Corp)
    • $51.3 USD
    • 0.62
    • 1.21%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus