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WWE has announced 2022 second quarter revenues of $328+ million, an increase of over $63 million from the same time period in 2021.
Additionally, the current "substantially complete" investigation into now-former chairman and CEO Vince McMahon, including how much they anticipate the investigation to cost, was also addressed.
The numbers were released in a 10-Q filing Monday night. Earlier in the day, WWE announced they will hold their Q2 investors call at 8:30 AM Eastern Tuesday -- a departure from their usual 5 PM Eastern calls.
The reason for the call being delayed are the changes the company is needing to make to past financial statements due to unrecorded expenses by McMahon.
In the filing, they addressed the recent issues and investigations:
McMahon has paid $2.2 million back related to the unrecorded expenses in the first six months of this year and $1.2 million during the first six months of 2021.
It was noted that for the first six months of 2022, Vince McMahon paid $2.2 million related to the previously unrecorded expenses and paid $1.2 million during the first six months of 2021. He has paid, or will pay, the total of $19.6 million they uncovered.
Inside The Numbers
Net media revenue was up to $328+ million, up from last year's $265 million in Q2. Live event revenue ($41+ million up from $9.2 million) and consumer products ($44 million up from $22 million) were the primary drivers. Of that, North American ticket sales were at $34.9 million, up from last year's $6.6 million.
Total live attendance for the quarter was 400,300 over 55 events -- up from 40,400 last year (two nights of WrestleMania in Tampa). Average North American attendance was 6800 while four international events drew an average of 6550. Live event venue merchandise did $7.3 million in revenue.
The release of WWE 2K22 brought in $5.6 million in licensing revenue while trading cards and collectibles helped generate $3.1 million.
WWE will continue to spend on content creation, noting that in the first six months, they spent just under $20 million for A&E, Miz & Mrs., WWE Evil and other shows for the WWE Network, compared to $9.1 million the year prior. They anticipated spending between $20-$30 million on content the rest of the year.
In term of "content production incentives," they received $4 million this year with an expected $10 million the rest of the year.
MLW
WWE addressed the ongoing lawsuit from MLW, who is claiming WWE interfered with a potential Tubi deal and with their Vice TV deal, saying they had moved to dismiss the lawsuit in March with MLW filing their response in April.
"The Company believes that all claims in the lawsuit are without merit and intends to defend itself vigorously against them," it wrote.
Additionally, the current "substantially complete" investigation into now-former chairman and CEO Vince McMahon, including how much they anticipate the investigation to cost, was also addressed.
The numbers were released in a 10-Q filing Monday night. Earlier in the day, WWE announced they will hold their Q2 investors call at 8:30 AM Eastern Tuesday -- a departure from their usual 5 PM Eastern calls.
The reason for the call being delayed are the changes the company is needing to make to past financial statements due to unrecorded expenses by McMahon.
In the filing, they addressed the recent issues and investigations:
Because of the investigation, WWE has suspended its stock repurchase program. As noted in the report, they spent $1.7 million in Q2 in general/admin expenses for the investigation and "currently anticipate spending approximately $10 million during the remainder of the year related to this investigation, the related costs could exceed this estimate."As previously announced, a Special Committee of independent members of the Company’s Board of Directors (the “Special Committee”) was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon. Mr. McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest. The Company has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters. The Special Committee investigation is substantially complete. In addition to the foregoing, from time to time we become a party to other lawsuits and claims. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity.
McMahon has paid $2.2 million back related to the unrecorded expenses in the first six months of this year and $1.2 million during the first six months of 2021.
It was noted that for the first six months of 2022, Vince McMahon paid $2.2 million related to the previously unrecorded expenses and paid $1.2 million during the first six months of 2021. He has paid, or will pay, the total of $19.6 million they uncovered.
Inside The Numbers
Net media revenue was up to $328+ million, up from last year's $265 million in Q2. Live event revenue ($41+ million up from $9.2 million) and consumer products ($44 million up from $22 million) were the primary drivers. Of that, North American ticket sales were at $34.9 million, up from last year's $6.6 million.
Total live attendance for the quarter was 400,300 over 55 events -- up from 40,400 last year (two nights of WrestleMania in Tampa). Average North American attendance was 6800 while four international events drew an average of 6550. Live event venue merchandise did $7.3 million in revenue.
The release of WWE 2K22 brought in $5.6 million in licensing revenue while trading cards and collectibles helped generate $3.1 million.
WWE will continue to spend on content creation, noting that in the first six months, they spent just under $20 million for A&E, Miz & Mrs., WWE Evil and other shows for the WWE Network, compared to $9.1 million the year prior. They anticipated spending between $20-$30 million on content the rest of the year.
In term of "content production incentives," they received $4 million this year with an expected $10 million the rest of the year.
MLW
WWE addressed the ongoing lawsuit from MLW, who is claiming WWE interfered with a potential Tubi deal and with their Vice TV deal, saying they had moved to dismiss the lawsuit in March with MLW filing their response in April.
"The Company believes that all claims in the lawsuit are without merit and intends to defend itself vigorously against them," it wrote.
WWE Q2 finances, Vince McMahon investigation costs, investor call notes
WWE also reported Q2 attendance, video game revenues, and more.
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