SPOTLIGHTED PODCAST ALERT (YOUR ARTICLE BEGINS A FEW INCHES DOWN)...
By James Caldwell, PWTorch assistant editor
WWE reported Second Quarter 2016 revenue of $199.0 million, a record for the company.
Concerning last year’s WrestleMania quarter, WWE reported then-record quarterly revenue of $176.2 million in First Quarter 2015.
This year’s record was based on the strength of WrestleMania 32. But, WM32 was also a very expensive event, as it ate away at profits.
WWE reported Net Income of $0.8 million, which compares to $5.1 million for a non-WrestleMania Second Quarter last year.
Specific to WrestleMania, WWE reported that Mania reduced the Media division’s operating profit by $17.5 million “as the event’s production costs more than offset its related pay-per-view revenue.”
WWE also reported quarter-ending paid Network subscribers of 1.51 million. However, WWE is anticipating a slight decline to 1.49 in the third quarter.
WWE CEO Vince McMahon remains optimistic about the long-term vision for the company.
“I continue to be pleased with the execution of our strategy to optimize the long-term value of our content,” said McMahon in Thursday’s financial announcement. “Progress on this objective is evidenced by the continued year-over-year growth of WWE Network, the transition of Smackdown to a live format every week, and the completion of our first exclusive content agreement in China.”
More Details to follow & unpack @ WWE Q2 2016 Central.
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