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WWE NEWS: WWE addresses Video Game business & future

Feb 28, 2013 - 7:47:16 AM
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By James Caldwell, PWTorch assistant editor

WWE2K_1.jpg



WWE broke down the state of their Video Game business during the transition from THQ to Take-Two in their Fourth Quarter 2012 earnings report Thursday:

- WWE said they are estimating an "economic loss" of $4.0-5.0 million due to the inability to collect revenue from THQ in the first quarter of 2013. However, they believe the loss will not have a "material adverse effect" on WWE's "business, financial condition, or results of operations."

- In Q1-2013, WWE will recognized $8.0 million in revenue "relating to the unrecognized portion of an advance received when WWE entered into the license agreement with THQ in 2009."

- WWE essentially said they had to help THQ launch last year's "WWE '13" video game because of THQ's financial condition. WWE said they set aside $1.7 million in bad debt related to "sponsorship agreements and various services WWE provided to THQ in support of WWE '13."

- Related to the new video game deal with Take-Two, WWE said they "entered into a multi-year agreement with Take-Two Interactive Software, Inc. (Take-Two) to be WWE's video game licensee." WWE did not address when the first video game will launch under the Take-Two umbrella.


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