WWE® Statement on Potential Impact of COVID-19
March 12 2020 - 6:30PM
Business Wire
WWE (NYSE: WWE) today communicated perspective regarding the
potential impact of COVID-19 on the Company’s financial
performance.
WWE has substantial financial resources, both available cash and
debt capacity, which currently total more than $0.5 billion, to
manage the challenges ahead. The fundamentals of the Company’s
business remain strong reflecting the passion of WWE’s fans and the
quality of its content. Management continues to believe the Company
is well positioned to take full advantage of the changing media
landscape and increasing value of live sports rights over the
longer term.
The health and safety of WWE’s fans, performers and employees
are the Company’s top priorities and management is monitoring the
situation closely domestically and internationally.
The potential impact of COVID-19, and corresponding changes in
the way WWE operates, may adversely impact the Company’s business
including, but not limited to, its live event ticket sales and the
sale of merchandise at those events. It should be noted that the
Company may be directed to cancel, postpone or relocate certain
upcoming events and the number of these changes is unknown at this
time. The Company is currently unable to quantify the potential
financial impact of COVID-19, but the financial impact to the
Company may be material. Accordingly, the Company is withdrawing
its previously announced first quarter and full year 2020 guidance
due to the increased uncertainty of the financial impact of
COVID-19 to the Company.
About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated
media organization and recognized leader in global entertainment.
The Company consists of a portfolio of businesses that create and
deliver original content 52 weeks a year to a global audience. WWE
is committed to family friendly entertainment on its television
programming, pay-per-view, digital media and publishing platforms.
WWE’s TV-PG, family-friendly programming can be seen in more than
800 million homes worldwide in 28 languages. WWE Network, the
first-ever 24/7 over-the-top premium network that includes all live
pay-per-views, scheduled programming and a massive video-on-demand
library, is currently available in more than 180 countries. The
Company is headquartered in Stamford, Conn., with offices in New
York, Los Angeles, London, Mexico City, Mumbai, Shanghai,
Singapore, Dubai, Munich and Tokyo.
Additional information on WWE (NYSE: WWE) can be found at
wwe.com and corporate.wwe.com. For information on our global
activities, go to http://www.wwe.com/worldwide/.
Trademarks: All WWE programming,
talent names, images, likenesses, slogans, wrestling moves,
trademarks, logos and copyrights are the exclusive property of WWE
and its subsidiaries. All other trademarks, logos and copyrights
are the property of their respective owners.
Forward-Looking Statements: This
press release contains forward-looking statements pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of
1995, which are subject to various risks and uncertainties. These
risks and uncertainties include, without limitation, risks relating
to: the impact of the COVID-19 outbreak on our business, results of
operations and financial condition; entering, maintaining and
renewing major distribution agreements; a rapidly evolving media
landscape; WWE Network (including the risk that we are unable to
attract, retain and renew subscribers); our need to continue to
develop creative and entertaining programs and events; the
possibility of a decline in the popularity of our brand of sports
entertainment; the continued importance of key performers and the
services of Vincent K. McMahon; possible adverse changes in the
regulatory atmosphere and related private sector initiatives; the
highly competitive, rapidly changing and increasingly fragmented
nature of the markets in which we operate and greater financial
resources or marketplace presence of many of our competitors;
uncertainties associated with international markets including
possible disruptions and reputational risks; our difficulty or
inability to promote and conduct our live events and/or other
businesses if we do not comply with applicable regulations; our
dependence on our intellectual property rights, our need to protect
those rights, and the risks of our infringement of others’
intellectual property rights; the complexity of our rights
agreements across distribution mechanisms and geographical areas;
potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events including
without limitation, claims alleging traumatic brain injury; large
public events as well as travel to and from such events; our
feature film business; our expansion into new or complementary
businesses and/or strategic investments; our computer systems and
online operations; privacy norms and regulations; a possible
decline in general economic conditions and disruption in financial
markets; our accounts receivable; our indebtedness including our
convertible notes; litigation; our potential failure to meet market
expectations for our financial performance, which could adversely
affect our stock; Vincent K. McMahon exercises control over our
affairs, and his interests may conflict with the holders of our
Class A common stock; a substantial number of shares are eligible
for sale by the McMahons and the sale, or the perception of
possible sales, of those shares could lower our stock price; and
the volatility of our Class A common stock. In addition, our
dividend is dependent on a number of factors, including, among
other things, our liquidity and historical and projected cash flow,
strategic plan (including alternative uses of capital), our
financial results and condition, contractual and legal restrictions
on the payment of dividends (including under our revolving credit
facility), general economic and competitive conditions and such
other factors as our Board of Directors may consider relevant.
Forward-looking statements made by the Company speak only as of the
date made and are subject to change without any obligation on the
part of the Company to update or revise them. Undue reliance should
not be placed on these statements. For more information about risks
and uncertainties associated with the Company’s business, please
refer to the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Risk Factors” sections of
the Company’s SEC filings, including, but not limited to, our
annual report on Form 10-K and quarterly reports on Form 10-Q.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200312005868/en/
Investors: Michael Weitz
203-352-8642 Michael Guido 203-352-8779
Media: Matthew Altman
203-352-1177
World Wrestling Entertai... (NYSE:WWE)
Historical Stock Chart
From Aug 2024 to Sep 2024
World Wrestling Entertai... (NYSE:WWE)
Historical Stock Chart
From Sep 2023 to Sep 2024