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WWE NEWS: Stock Price drops again following CNBC Report

Oct 22, 2014 - 3:37:08 PM
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By James Caldwell, PWTorch assistant editor

WWENetwork_104.jpg



Wednesday Update: WWE's stock price continued a mid-week decline to a two-month low on Wednesday.

Shares of WWE closed at $12.84, the lowest point since the beginning of August. The stock price was down seven percent from Tuesday's close of $13.82, which was down four percent from Monday.

This follows a poor business report Tuesday on CNBC concerning the viability of WWE Network, which is now the core of WWE's business model.

Tuesday Report

WWE's stock price was hammered on Tuesday after a portfolio manager expressed concerns over WWE Network business in an interview on CNBC.

Nathaniel August of Mangrove Partners said subscriber growth numbers for WWE are not strong enough at this stage of the game, which prompted a sell-off of WWE stock on Tuesday afternoon.

Shares closed at $13.82, down 4.4 percent from Monday's closing price. WWE topped $14-per-share on Monday, but quickly returned to levels from the previous month.

August's viewpoint on Network business leads into WWE releasing the latest Network subscriber count next Thursday, October 30 when WWE reports third quarter financials.

The portfolio manager does not see WWE reaching its short-term goals to break even on the Network, which has contributed to WWE turning to advertising to supplement Network revenue.

WWE executive Stephanie McMahon commented on the decision to include ads on the pay service in an interview with Yahoo Sports.

"The strategy is obviously a business decision to have limited advertising on the WWE Network," McMahon said. "We want subscribers to know that there won’t be commercial breaks during scheduled programming, so your shows won’t be interrupted. It’s going to be very limited advertising in between the shows themselves. There will also be the occasional advertising before our video on demand content, but not before every video."

McMahon also previewed upcoming additions to the Network library: "We are going to be rolling out more video on demand content from our library and we are excited for that. New shows, new programming, we have the announcements rolling out."

Essentially, WWE hopes the ads will make up for lackluster Network revenue and the new content will help entice new or returning Network subscriptions. Whether or not that makes a difference on October 30 remains to be seen.


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