STAMFORD, Conn., January 30, 2020 – WWE (NYSE: WWE) today announced that Co-Presidents George Barrios and Michelle Wilson will depart the company, effective immediately, and will no longer serve on its Board of Directors.

Frank A. Riddick III, who has served as a member of WWE’s Board of Directors for more than 11 years, has been named interim Chief Financial Officer, reporting to WWE Chairman & CEO Vince McMahon. WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.

WWE remains well positioned to continue its growth and operate effectively against its strategic priorities, including content creation and distribution, digitization, and localization in key markets around the world. The Company expects its full year 2019 Adjusted OIBDA to be approximately $180 million.

“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said McMahon. “I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward.

“We have a deep team of talented, experienced and committed executives across the organization, and the Board and I have great confidence in our collective abilities to create compelling content, engage our global fanbase across platforms, increase revenues, and drive shareholder value.”

Riddick previously served as CEO for FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp., and President/COO of Armstrong World Industries, Inc. He has also served in executive management positions, including Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions during a career that spans 40 years. Riddick also served as Compensation Committee Chairman and member of the Audit Committee as a part of WWE’s Board of Directors.

Wilson gone too. Not good news for WWE at all. Will be interesting to see what Meltzer knows about this. Barrios was a key figure in developing the network, leveraging WWE with TV networks, and monetising the company better than it ever had been. The stock has tanked and looks set to be at least a 52-week low tomorrow.

With the XFL around the corner, the next conference call will be fascinating. Vince is going to face the heat.

So this is pretty clearly a sign that there is some sort of major problem, right? There's no way that two very senior, long term employees, who were basically running the WWE's business would be fired out of nowhere and with no replacement otherwise - especially with Vince shifting his attention over to the XFL.

A World Wrestling Entertainment Inc.(WWE) shareholder is suing Vince McMahon and the WWE over the XFL. They want access to records that detail the company’s involvement with the new XFL.


“The lawsuit, filed Dec. 26 in Delaware Chancery Court by an Oklahoma firefighters pension fund, claims there is “a credible basis to believe” that McMahon and other WWE senior officers breached their duties to investors by diverting valuable resources to the XFL.”

“The suit also suggests that the company’s board members may have failed to conduct appropriate oversight to ensure McMahon didn’t engage in transactions that conflict with WWE’s interests.”

Just because a person files a lawsuit doesn’t mean it has merit. It could be thrown out after a judge looks at it or the judge feels there is something to look into further.

www.xflnewshub.com/xfl-news/wwe-shareholder-sues-vince-mcmahon-and-wwe-over-xfl/

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Well that adds more fuel to this article from a month ago

I doubt it’s tied to XFL.

It’s still shocking though. These two have been in position for so long. I’ve spoken with Wilson a few times and she’s such a smart, strategic person.

Strategic.

Jan 31, 2020 1:54:31 GMT 🤯 said:

Strategic.

Exactly! He gets it.

Can someone explain how thinks affect the average fan?

Jan 31, 2020 13:07:12 GMT nazzer said:

Can someone explain how thinks affect the average fan?

Biggest thing IMO is this re-opens the door to the company being sold.

I thought this was going to be about the Barrio Brothers and now I'm sad that it isn't. But that split second of "The Barrio Brothers were in 2020 WWE?!?" was one of the greatest split seconds of my life.

Jan 31, 2020 13:58:25 GMT KJ said:

Jan 31, 2020 13:07:12 GMT nazzer said:

Can someone explain how thinks affect the average fan?

Biggest thing IMO is this re-opens the door to the company being sold.

Why/how? Vince wanted to sell out but Barrio & Co. were the blocking parties?

Every time news like this pops up I'll admit I get a bit of a chubby. I want there to be chaos and to watch the Empire burn. But I'm never satisfied so I'm sure this is the same.

Jan 31, 2020 16:03:44 GMT 🤯 said:

Jan 31, 2020 13:58:25 GMT KJ said:

Biggest thing IMO is this re-opens the door to the company being sold.

Why/how? Vince wanted to sell out but Barrio & Co. were the blocking parties?

A massive board/leadership change tends to signal further changes.

WWE lost a billion dollar today in value.

Doesn't look like it was anymore more than Vince being Vince. Barrio and Wilson were not behind XFL and Vince called for their resignations for it saying they did not have the same vision he has. Reports are it is chaos in Stamford now. Said thing is, Barrio and Wilson were not wrong, everyone knows XFL is a stupid idea and will just burn money that is better spent on a product that is a known success.  Reports are also that WWE failed to make earnings targets so this will be sold to investors as a remedy.

Reports today that the WWE has lost $1 billion in market value. I’m not privy to how all that nonsense works, and have read that it’s to be expected, but at the same time what matters now is how the company bounces back.

Earnings reports come out next week right? Speculation is that they’re worse than anyone could expect given the recent “parting of ways.” Could be an interesting couple of weeks coming up.

Ya'll are quoting Brad Shepard and that's dangerous.

Unless they've haemmorraged subscribers, surely it can't be that bad. They are propped up by huge TV deals and Saudi money that are in place for the foreseeable future.

I don't know, something is really off with it all. Meltzer says it's Vince scapegoating. Anyway, good time to buy.

The stock selloff was in reaction to the fast management shakeup and part of the general downtrend of WWE. The company seems stronger than ever though. I would expect since this occured in a downselling period of WWE, that people will see this is a good time to invest in them since they will no doubt recover.

I expect it to drop even more though next week when the earning reports come in saying they failed again to meet their goals, and that NXT is underperforming as a show. HHH is pretty damn good at selling the product now and a lot of what WWE has been up to is foundation work for future growth and not short term growth.

Once the tier model of the WWE Network launches I assume they will recover fast.

I saw a rumor that if Vince were to sell, FOX was going to be the buyer. That Smackdown is a trial run for a potential sale. Again just a rumor.

Given how controlling Vince is, I do not think he could ever sell unless he goes utterly mad and all in on XFL.

I see Disney as a more likely suitor for WWE than FOX.

Feb 2, 2020 17:10:30 GMT KJ said:

I see Disney as a more likely suitor for WWE than FOX.

Why's that? I mean, I'm much more confident in Disney running WWE than Fox. But just curious why one suitor makes more sense over another.

I guess Disney having beaucoup bucks plus experience running live events makes them make sense?

Feb 2, 2020 17:41:19 GMT 🤯 said:

Feb 2, 2020 17:10:30 GMT KJ said:

I see Disney as a more likely suitor for WWE than FOX.

Why's that? I mean, I'm much more confident in Disney running WWE than Fox. But just curious why one suitor makes more sense over another.

I guess Disney having beaucoup bucks plus experience running live events makes them make sense?

A couple reasons:

• The back-end streaming service WWE Network launched through (BAMTech) is now owned by Disney. The WWE has since shifted to another provider (owned by IMG, who owns UFC), but BAMTech is the industry leader and is currently driving Disney+, ESPN+, Hulu, HBO Now, MLB, etc. Not having to outsource streaming technology - and instead integrating a massive platform like WWE Network - into their existing infrastructure is a dream come true for cost efficiencies. 
• WWE's deal with FOX is great for them, but I don't see FOX owning its content. The main value of sports (which FOX views WWE as, or so they say) is owning the rights and renewing at variable rates every contract. I don't believe FOX will take on the responsibility of owning a league and running it independently. 
• Back to Point 1, Disney would have THREE clear OTT platforms to distribute WWE content - WWE Network, ESPN+, Hulu - and two of these are already distribution vehicles. And that doesn't even touch the volume of traditional TV Channels they have to push out content. 
• Nobody is better at maximizing the licensing of IP than Disney. The volume of opportunities for toys, merch, tie-ins (WWE cartoons on Disney+?), consumer experiences (WWE Restaurant at Disney World?), etc., is without peer. It's a license to print money.

Feb 2, 2020 18:02:48 GMT KJ said:

Feb 2, 2020 17:41:19 GMT 🤯 said:

Why's that? I mean, I'm much more confident in Disney running WWE than Fox. But just curious why one suitor makes more sense over another.

I guess Disney having beaucoup bucks plus experience running live events makes them make sense?

A couple reasons:

• The back-end streaming service WWE Network launched through (BAMTech) is now owned by Disney. The WWE has since shifted to another provider (owned by IMG, who owns UFC), but BAMTech is the industry leader and is currently driving Disney+, ESPN+, Hulu, HBO Now, MLB, etc. Not having to outsource streaming technology - and instead integrating a massive platform like WWE Network - into their existing infrastructure is a dream come true for cost efficiencies. 
• WWE's deal with FOX is great for them, but I don't see FOX owning its content. The main value of sports (which FOX views WWE as, or so they say) is owning the rights and renewing at variable rates every contract. I don't believe FOX will take on the responsibility of owning a league and running it independently. 
• Back to Point 1, Disney would have THREE clear OTT platforms to distribute WWE content - WWE Network, ESPN+, Hulu - and two of these are already distribution vehicles. And that doesn't even touch the volume of traditional TV Channels they have to push out content. 
• Nobody is better at maximizing the licensing of IP than Disney. The volume of opportunities for toys, merch, tie-ins (WWE cartoons on Disney+?), consumer experiences (WWE Restaurant at Disney World?), etc., is without peer. It's a license to print money.

This is why you should be CEO.

Feb 2, 2020 18:10:30 GMT 🤯 said:

Feb 2, 2020 18:02:48 GMT KJ said:

A couple reasons:

• The back-end streaming service WWE Network launched through (BAMTech) is now owned by Disney. The WWE has since shifted to another provider (owned by IMG, who owns UFC), but BAMTech is the industry leader and is currently driving Disney+, ESPN+, Hulu, HBO Now, MLB, etc. Not having to outsource streaming technology - and instead integrating a massive platform like WWE Network - into their existing infrastructure is a dream come true for cost efficiencies. 
• WWE's deal with FOX is great for them, but I don't see FOX owning its content. The main value of sports (which FOX views WWE as, or so they say) is owning the rights and renewing at variable rates every contract. I don't believe FOX will take on the responsibility of owning a league and running it independently. 
• Back to Point 1, Disney would have THREE clear OTT platforms to distribute WWE content - WWE Network, ESPN+, Hulu - and two of these are already distribution vehicles. And that doesn't even touch the volume of traditional TV Channels they have to push out content. 
• Nobody is better at maximizing the licensing of IP than Disney. The volume of opportunities for toys, merch, tie-ins (WWE cartoons on Disney+?), consumer experiences (WWE Restaurant at Disney World?), etc., is without peer. It's a license to print money.

This is why you should be CEO.

It's just a matter of time ... :lol:

Disney will own the rest of Fox sooner or later anyway <.<

I just do not see a situation where WWE is sold though.

Feb 2, 2020 18:33:36 GMT c said:

Disney will own the rest of Fox sooner or later anyway <.<

I just do not see a situation where WWE is sold though.

Vince wouldn't repeatedly dangle the company out there earnings report after earnings report ("We're open for business") if it wasn't a legitimate option.

Vince is too much of an ego-maniac. If they really weren't for sale, I fully believe he would boldly say "no."

That doesn't mean a sale will happen either way - his ego alone may prevent it. But the WWE is more vulnerable than ever IMO. Its stock has dropped some 40% in a year, and yet the revenues of the TV Deals are still massive. Get some fresh blood in there, and you have a massive opportunity. The value is unreal.

The amount of stock the McMahon family would have to sell though to lose control is crazy. A lot of interesting speculation going on this week about what happens if Vince dies though. It is assumed that when Vince dies, the company will have to be moved to the control of a non-McMahon / HHH party or wallstreet will dump the stock.

Feb 2, 2020 19:39:04 GMT c said:

The amount of stock the McMahon family would have to sell though to lose control is crazy. A lot of interesting speculation going on this week about what happens if Vince dies though. It is assumed that when Vince dies, the company will have to be moved to the control of a non-McMahon / HHH party or wallstreet will dump the stock.

That’s another reason I think they sell before he dies. Good call-out.

Why would Wall Street dump the stock if control isn't moved? I don't understand that part.

Feb 3, 2020 16:14:28 GMT RT said:

Why would Wall Street dump the stock if control isn't moved? I don't understand that part.

They hated the reign of terror.