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CALDWELL'S TAKE
CALDWELL: Reaction to WWE attempting to clarify business position in Monday's conference call

May 19, 2014 - 11:15:49 AM
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Monday's special WWE conference call with investors will ultimately be remembered for WWE CEO Vince McMahon dropping an s-bomb during a communication malfunction. But, the call also provided a snapshot of WWE having more questions than answers in the "beginning of the beginning" of a new business model.

McMahon, calling in from London prior to WWE taping Raw TV, said WWE wanted to clarify their position after offering either too much or too little information in their revised business outlook released last Friday that pointed to a Net Loss in 2014.

What followed on the conference call was a discussion of hypothetical numbers - costs, expenses, what is "steady-state?" etc. - and potential scenarios all centered on the WWE Network.

It's a muddy picture right now. WWE wanted to clarify matters on Monday, but they do not have enough information to provide, as they are self-admittedly "learning every day" about the Network and its impact on standard business such as Raw and Smackdown, house shows, and licensing.

WWE is confident the new business model will work, as McMahon and financial executive George Barrios book-ended the conference by noting they feel the company is "rock solid" and on the right path.

However, until the numbers clear up, WWE finds double the Network subscribers they currently have, and more hard data can be analyzed, it's likely many investors will sit on the sidelines, especially those who bailed on Thursday and Friday.

Notably, at 11:00 a.m. EST when the conference call started, WWE stock was at $11.69 per share. By 11:36 a.m., the stock was down to $10.81. By the end of the one-hour call, the stock was at $11.13.

WWE management attempted to create more confidence in what they're doing, but investors are down-to-mixed in their reception.

If WWE hits on their metrics over the long haul, current investors could see a nice return 2-5 years from now. And, WWE's business could be healthy on the foundation of an Internet-based Network platform. But, at the moment, there are too many question marks and a lot of numbers colliding together as WWE transitions away from a TV/PPV/Live Event model to a TV/Network model. The result is it's tough to get a read on WWE's true long-term business prospects at this point.


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