WWE Second Quarter 2019 Earnings Call Report: Vince Talks Competition, Tiered Network Coming, More
Welcome to Fightful’s live coverage of the WWE second quarter financial call. WWE Chairman and CEO Vince McMahon, Co-President George Barrios, Co-President Michelle Wilson and SVP Financial Planning & Investor Relations Michael Weitz are hosting the call. You can view the press release announcing second quarter financials here. You can listen to the call here.
Vince McMahon opens by going through the following slide. pic.twitter.com/puCWLLoosK
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Vince puts over the Heyman/Bischoff additions, saying it helps short and long term and allows him to focus on bigger picture ideas. Also excited about the Fox debut.
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George Barrios going over the following slide. pic.twitter.com/agSc4QXjFv
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Barrios believes the improvements from April to June have to do with talent getting healthy and storylines coming out of WM.
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Barrios moves on to the following slides. pic.twitter.com/sF9MozhNSK
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Barrios says WWE does not expect to reach a record number of Network subscribers this year but puts over the new Network and mentions free and premium tiers.
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Michelle Wilson jumps on to discuss decline of live events. pic.twitter.com/s1UTdXwemt
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Now looking at revenue. pic.twitter.com/v4u5GgqcBX
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Looking at capital structure and third quarter outlook. pic.twitter.com/LjUxdE8fzl
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WWE is still targeting 1 billion in revenue this year. Mentions that deal with Saudi is in principle and is nonbinding. pic.twitter.com/ttpDgmy3aS
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Q&A portion. Barrios is asked about the Saudi deal. Barrios says they are assuming WWE will hold a second Saudi event later this year reach a media rights deal.
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Barrios gives no quarter about the India TV deal or trends in 2020.
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Vince on Bischoff/Heyman: “I can’t be in the weeds any longer.” Says Heyman/Bischoff will have “a lot of latitude” and puts over their history of success in business and creative.
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Barrios says they will implement the WWE Network free tier first, premium tier second, then localized languages. Hopes to all 3 done in the next 12 months.
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“We have spent more time on storylines, good ones, and talent development.” Vince calls it a “relaunch of content.”
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Vince says WWE will be “edgier but remain PG.” Says they won’t go back to the Attitude. “We’re not going to be doing blood and guts like what’s being done by a potential competitor.” Says they’ve “graduated” from that “crap.” Calls it a “more sophisticated product.”
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Barrios talks about creating content when asked about NXT potentially moving to FoxSports. Basically avoids the question.
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Wilson says Fox will dial up WWE promotion in September. Says SmackDown will be promoted on all major Fox sports and entertainment shows. Fox wants to integrate WWE into their programming.
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Vince says NBCU will “up their promotion efforts” moving forward as well.
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Vince hopes that AEW doesn’t continue with “blood and guts. I can’t speak for TNT, but I can’t imagine they would put up with that.”
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Fightful will have a full report on today’s earnings report and call courtesy of Brandon Howard Thurston later today.
