*Update* WWE Calls Emergency Conference Call To Address Investment Concern
WWE stock took a massive turn for the worse today, as it dropped as much as 48% in share value. That value has improved, WND reported that the figure was 42.29%. As of 22:55 GMT, WWE Stock is at $11.27, a loss of 43.45% from yesterday. As a result of today stock movement, WWE has released a press release regarding an emergency Business Conference Call which will be held by CEO Vince McMahon and Chief Strategy and Financial Officer George Barrios on Monday 19th May 2014. The statement is below.
WWE® to Host Business Outlook Conference Call
STAMFORD, Conn., May 16, 2014 (BUSINESS WIRE) — WWE announced that it will host a conference call on Monday, May 19, 2014 to discuss the Company’s 2014 and 2015 Business Outlook. The Company’s Chairman & CEO, Vincent K. McMahon, and the Company’s Chief Strategy & Financial Officer, George Barrios, will host the conference call beginning at 11:00 a.m. ET.
All interested parties are welcome to listen to a live web cast that will be hosted through the Company’s web site at corporate.wwe.com . Participants can access the conference call by dialing 1-888-424-8151 or 1-847-585-4422 using the passcode: 7849998. Please reserve a line 15 minutes prior to the start time of the conference call.
The Company’s Business Outlook release to be referenced during the call is available at ir.corporate.wwe.com . A replay of the call will be available after the conference call concludes, and can be accessed on the Company’s web site.
It is important to note that this week Lemelson Capital, announced that they purchased a stake in World Wrestling Entertainment. In a statement today, Lemelson Capital have asked the board of directors to remove “the executive management team” following a “period of consistent losses, execution issues and material misstatements.” They are concerned by way the WWE have been explaining and promoting the WWE Network to investors. WWE is expected to lose between $45 million and $52 million throughout 2014.
Today’s news is very concerning to WWE investors. It is expected that Mondays the conference call will reiterate Vince McMahon’s previous statements that WWE is aware that is expected a net loss in 2014, due to the cost of launching the WWE Network, however the long term plan will be for the Network to pay for itself in 2015, providing WWE is able to reach the minimum subscribers. No doubt WWE were forced to react to the alarming reduction in stock value.
Lucas Murrin is a writer for WrestlingNewsDepot.com of the UTN Network. You can follow his twitter @lucasmurrin. Remember to Follow Wrestling New Depot on Twitter at @Wrestling_Depot and “Like” us on Facebook.
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