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WWE NEWS: Inside WWE's 10-Q filing - formally addresses current lawsuits, impact of new TV deals, how much did WWE receive in Production credits?, jump in U.K. market, more

May 4, 2015 - 10:54:34 AM
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By James Caldwell, PWTorch assistant editor

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WWE released their 10-Q quarterly financial report over the weekend, which went into further detail on their First Quarter 2015 financial position. Additional highlights:

- (Lawsuits): WWE formally addressed the First Qyarter lawsuit filed by Cassandra Frazier, the widow of Nelson Frazier, Jr. (Viscera/Mabel), alleging that "traumatic brain injuries" and accumulated wrestling injuries contributed to Frazier's "fatal heart attack."

WWE says they "removed the lawsuit to the United States District Court for the Western District of Tennessee and then moved to transfer to the U.S. District Court for the District of Connecticut based on forum-selection clauses in the decedent’s contracts with WWE." WWE added that "the company believes these claims are without merit and intends to vigorously defend itself against them."

WWE used the same verbiage to address three concussion-related lawsuits filed by Billy Jack Haynes, Evan Singleton & Vito LoGrasso, and Luther Reigns & Russ McCullough & Ryan Sakoda. WWE summed up the suits, alleged damages, and relief sought, then similarly concluded: "The company believes these claims are without merit and intends to vigorously defend itself against them."

WWE also addressed the class action suits filed against WWE, Vince McMahon, and George Barrios alleging that management misled investors on the potential value of WWE's TV rights negotiations. WWE interestingly noted that one of the suits was amended on January 5 to include Stephanie McMahon Levesque and marketing executive Michelle Wilson as defendants. WWE said that on March 6, 2015, WWE "filed a motion to dismiss the amended complaint in its entirety." Consistent with the previous two lawsuit categories, WWE wrote: "The company believes the claims are without merit and intends to vigorously defend itself against them."

- (TV Rights Fees): WWE reported a $17.6 million increase in TV Rights Fees in Q1-2015 compared to Q1-2014.

WWE reported that of the total, $16.9 million was from WWE's new TV deals. Specifically "incremental revenue associated with certain key television distribution agreements, many of which became effective in the latter half of 2014 or the first quarter of 2015."

The remaining $0.7 million was mainly driven by "the timing of Total Divas, for which ten episodes aired in the current quarter compared to three in the prior year quarter."

- (TV Credits): For the quarter, WWE recorded $697,000 in "incentives related to TV production activities." This was part of "various governmental programs that are designed to promote film and television production within the United States." WWE says the amount was recorded to offset production expenses.

WWE says they did not receive any government credits for movie/film production during the quarter.

- (Performance Center): WWE noted that expenses related to operating the Performance Center are lumped in with "Corporate & Other Expenses." This is part of WWE's general business operations that "benefit the company as a while and are therefore not allocated to individual businesses."

WWE reported that the category's expenses were reduced to 22 percent of Q1-2015 revenue, improving on 30 percent in Q1-2014. WWE said was because of the significant increase in the pie (total revenue) during the quarter and "and relatively flat expenses in the period."

- (U.K.): The United Kingdom remained WWE's largest international market in the quarter, largely due to a 73 percent increase in business.

WWE disclosed that "revenues generated from the United Kingdom, our largest international market," totaled $12.21 million, as compared to $7.07 million in Q1-2014.

U.K. business made up 57 percent of the entire Europe/Middle East/Africa segment's $21.62 million.

The increase was mainly due to the WWE Network's expansion into the U.K./Ireland market during the quarter, which included WrestleMania being available to subscribers.


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