WWE

WWE shares fall dramatically but Vince McMahon remains defiant

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The WWE has endured a huge blow with a 50% loss in shares because of a poor renegotiated TV deal that has failed to impress investors, according to reports.

Monday Night Raw and Friday Night Smackdown are two of the most popular shows that the US cable network NBC Universal paid for when they signed a multi-year contract Thursday.

However, it's reported that "limited visibility has put of stakeholders, even though the company made $106 million in revenue from domestic television right last year. The wrestling organization's shares fell by around 47% Friday, which means a loss of millions of dollars in market value.

Despite launching it's own 24/7 online channel called the WWE network, it seems that it has failed in its bid to attract the one million customers the company needs to balance the books.

Chairman Vince McMahon, however, still believes that the new deal will give the company a good foundation from which to build the product. He says the deal gives them the "foundation for long-term growth that continues to transform our business over the coming years".

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Topics:
Wrestlemania
WWE
SmackDown
Raw

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