WWE News: 2013 third quarter financial results released, Vince McMahon comments
WWE has released its third quarter financial results. The company reported revenues of 113.3 million, up from $104.2 million from the same quarter last year. "During the third quarter, our achievements were highlighted by the production and monetization of new content, including the original series, Total Divas, the expansion of pay-per-view distribution on the Sony PlayStation 3 platform, and the formation of new partnerships with blue-chip sponsors such as General Mills and Kraft," Vince McMahon stated in a press release.
"These accomplishments reflect the strength of our brands, including a national television audience that exceeds the annual reach of most other sports and entertainment programs. This strength provides a solid foundation for the renegotiation of our TV contracts and the potential launch of a WWE network. Based on our ability to create powerful, entertaining content and to expand distribution, we strongly believe that we are poised to transform our business."
"Given the rising value of live content that has a broad, loyal following, we are confident that we will be able to negotiate our key domestic agreements by the end of April next year and that our efforts, including the potential launch of a WWE network, will keep us on track to double or triple our 2012 OIBDA results of $63 million by 2015," added George Barrios, Chief Financial Officer. "As we strive to transform our earnings profile, we believe that our 2013 OIBDA results, excluding the impact of film impairments, will fall within the previously communicated range of $40-$50 million."
To read the official press release, visit Marketwatch.com/story/wwer-reports-2013-third-quarter-results-2013-10-31?reflink=MW_news_stmp.
Powell's POV: Vince will be hosting a conference call at 10:00 a.m. CT this morning. I will be covering the call as it happens so be sure to check in for potential WWE Network news along with anything else the chairman chooses to address.
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