WWE News: Revised business outlook includes revealing numbers regarding television agreement with NBCU, leads to negative reaction from traders
WWE issued a revised business outlook on Thursday after announcing their new multi-year television agreement with NBCUniversal. WWE states their belief that they have the potential to double or triple 2012 earnings by 2015 via television renewals and the WWE Network.
"We continue to achieve significant increases in the value of our largest television agreements, a key component of our business plan" stated Vince McMahon. "The rising value of our content coupled with the global expansion of WWE Network will provide the foundation for long-term growth that continues to transform our business over the coming years." Read the revised business outlook at Corporate.WWE.com.
Powell's POV: WWE notes that it hopes to increase the average annual value of their "key television agreements" to $200 million, which would be an increase of $90 million. The news has not been well received, as WWE stock was down $4.83 in after hours trading at the time of this update. It appears Vince McMahon will have to make good on his vow to let a conference call caller put him in a hammerlock if the company failed to double its television rights revenue.
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