Co-CEO’s of the WWE, Stephanie McMahon and Nick Khan were able to beat Wall Street expectations on their revenue for the third quarter, with $304.6 million, and an operating income of $58.9 million. The revenue boost was mainly due to, “primarily due an increase in both domestic and international media rights fees related to the Company’s flagship programs, Raw and SmackDown,” the company stated. An amount of $233 million came from media rights deals, with live events accounting for $35.2 million and consumer products pitching in $36.4 million. They are now telling investors that they are expecting foll year 2022 Adjusted OIBDA to be at the upper end of its $370 million-$385 million range from just a few months ago, including fourth quarter of $83 -$90 million.
However, in its earnings report they also reported an update to the board investigation into former CEO Vince McMahon. McMahon retired during the probe back in July, but still remains the company’s controlling shareholder. The earnings report read, “The Special Committee investigation is now complete and the Special Committee has been disbanded, Management is working with the Board to implement the recommendations of the Special Committee related to the investigation.” The company stated that they spent $17.7 million on costs that were due to the investigation in quarter three and $19.4 million total so far.
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