CEO Vince McMahon has basically agreed to sell 15% of his stock in the company he founded, contributing to one analyst’s decision to slap a “sell” rating on the shares Wednesday
“Wrestlemania will not be the same spectacle it typically is out of the Orlando Performance Center as opposed to Tampa Stadium in front of 70,000+ live fans,” he said. WWE was forced to move Wrestlemania to the Orlando Center and air the event without fans. The show will generate less revenue and likely less ongoing WWE Network subscribers. It’s been a driver, responsible for the largest number of gross adds each year to the WWE Network and a recurring monthly revenue generator.
He also noted that ratings have been slipping on Raw and NXT. He’s concerned WWE won’t be able to continue to provide live weekly TV shows if its stars are getting sick or if the government requires social distancing. WWE pulled its financial guidance on March 12, as many other companies have done. Gould has lowered estimates, particularly the second quarter, due to the coronavirus impact.Read More About:
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