By Jason Powell, ProWrestling.net Editor (@prowrestlingnet)
WWE issued the following press release on Monday to announce Stephanie McMahon and Nick Khan as co-CEO’s, and Paul Levesque as the head of creative.
STAMFORD, Conn.–(BUSINESS WIRE)– WWE® (NYSE: WWE) and its Board of Directors today announced the appointment of Stephanie McMahon and Nick Khan as co-Chief Executive Officers. Ms. McMahon has also been appointed Chairwoman of the Board, and Mr. Khan will continue to serve as a member of the Board. These appointments follow Vince McMahon’s retirement announcement on Friday, July 22.
“We are grateful for the opportunity to lead WWE together with our unmatched management team,” said Ms. McMahon and Mr. Khan. “We recognize this is a tremendous opportunity and responsibility, and we look forward to serving the WWE Universe.”
Additionally, WWE executive Paul Levesque will assume all responsibilities related to WWE’s creative, in addition to his regular duties.
Below are preliminary financial results for the second quarter 2022. Further details regarding these matters can be found in the Form 8-K filed today by the Company with the SEC.
Preliminary Second Quarter 2022 Financial Results
Our financial statements for the quarter ended June 30, 2022 are not yet complete. Accordingly, we are presenting preliminary estimates of certain financial results that we expect to report for the quarter ended June 30, 2022. The preliminary financial results are subject to revision as we prepare our financial statements and disclosures for the quarter ended June 30, 2022, and such revisions may be significant. The preliminary financial results should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles (“GAAP”). Based on the foregoing, the Company expects revenue, operating income and Adjusted OIBDA to be approximately $328 million, $70 million and $92 million, respectively, for the three months ended June 30, 2022. These amounts compare to revenue, operating income and Adjusted OIBDA of $266 million, $46 million and $68 million, respectively, for the three months ended June 30, 2021. Adjusted OIBDA for the three months ended June 30, 2022 is above the high end of the Company’s guidance range of $80 – $90 million.
Powell’s POV: This was an interesting approach to announcing the Levesque news. The headline of the press release focused only on McMahon and Khan being named co-CEO’s, which was actually announced last week. Meanwhile, it was announced last week that Levesque was taking over as the head of talent relations, but nothing was included about his creative duties. Assuming he’s up for the challenge physically, I think WWE made the right hire. Levesque did some great things with the black and gold version of NXT, and I am anxious to see what he can do with the main roster.