WWE announces Q2 2019 financial results
WWE today announced the Q2 2019 financial results ending June 30, 2019.
Revenues were $268.9 million as compared to $281.6 million in the prior year quarter due to lower Media, Live Events and Consumer Products business segments. Operating income was $17.1 million, down from $21.2 million in the prior year quarter. Adjusted OIBDA was $34.6 million, which exceeded the Company’s guidance.
“During the quarter, we made progress on key strategic initiatives,” stated Vince McMahon, Chairman and Chief Executive Officer. “We completed content distribution agreements in key international markets, prepared for the next phase of our WWE Network service, and achieved steady improvement in engagement metrics. As indicated previously, we remain excited about the future, particularly with our debut on Fox in October.”
George Barrios, Co-President, added “In the quarter, our earnings exceeded guidance, however we anticipate a portion of this to reverse and we continue to target full-year Adjusted OIBDA of at least $200 million. The guidance presupposes the staging of a second large scale international event and the completion of a media rights deal in the MENA region. As we optimize near-term results, we will continue to focus on content creation, localization and digitization, including the evolution of our direct-to-consumer network, to drive long-term growth.”
During the quarter, WWE announced new broadcast deals with BT Sport in the U.K., Fox Sports in Latin America and PP Sports in China, providing strong platforms for reaching WWE audiences.
The full press release can be read here.