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                    WWE Earnings

                    WWE issued their 2019 fourth quarter and full year results ahead of their investor conference call later today. The 2019 full year revenue is the highest in company history at 960.4 Million.

                    While 2019’s overall revenue is up by 30.2 Million from 2018, Live Event revenue decreased by 18.6 Million and Consumer Products revenue decreased by 10.9 Million. To me, this indicates fan interest in WWE is down while the demand for live content has increased in value to media networks like Fox, USA, and the WWE’s international partners. Further evidence to that point comes from a 10% decrease in WWE Network subscriptions for calendar year 2019.

                    The 2020 outlook cites Operating Income Before Depreciation and Amortization (OIBDA) to increase from 180M to 250-300M. The opportunity for this increase comes from potential media deals in India and the Middle East plus alternatives for the WWE Network (most likely a higher cost tier).

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