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WWE News: WWE releases Q4-2011 financial report - revenue down $10 million, McMahon softens Network stance

Feb 23, 2012 - 8:06:38 AM
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By James Caldwell, PWTorch assistant editor

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WWE reported Thursday fourth quarter 2011 revenue of $112.9 million, down 7.8 percent compared to $122.5 million in the prior year quarter. WWE also reported an operating loss of $13.1 million, compared to operating income of $14.4 million in Q4-2010.

WWE reported the revenue decrease was "driven by declines across all of our operating segments." North America revenue was down 9.0 percent, "led by declines in WWE Studios, Television, and WWE.com businesses." International revenue was down 5.0 "primarily due to a decline in Licensing business, which was partially offset by increased revenue in Live Events."

According to WWE CEO Vince McMahon in an earnings press release, the disparity in revenue and income was due to three items - impairment charges due to the "weak performance" of WWE Studios movies, withholding "several hours" of TV content (Superstars and NXT) for "distribution on other platforms," and start-up expenses with WWE's "emerging content and distribution strategy" (WWE Network).

McMahon noted WWE is addressing WWE Studios, whose poor performance led to a $12.2 million impairment charge. McMahon did not specify the changes, but he said WWE has "taken several measures to improve the profitability of our movie business."

McMahon added that continuing to invest money in content distribution is "the most potent approach" to create earnings growth. WWE reported that $4.0 million was spent on Network-related expenses during Q4.

“In 2011, we evaluated several paths for creating new programs and distributing all of our content in a way that optimizes its value. Executing this strategy effectively, including the potential creation of a WWE Network, has the power to transform our business,” McMahon said.

Caldwell's Analysis: Most interesting is McMahon softening his verbiage on the Network describing plans as the "potential creation" of a Network. It will be interesting to see what he says about the Network during the quarterly conference call, especially with the launch date pushed back to fall 2012 and mentions of the Network pulled from WWE TV.


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