WWE reports Q3 2020 financial results
WWE today announced financial results for its third quarter ended September 30, 2020.
Revenue was $221.6 million, an increase of 19% or $35.3 million compared to the prior year quarter. Operating income was $63.4 million, an increase of nearly 9x or $57.0 million. WWE Network average paid subscribers were 1.6 million, an increase of 6% and eCommerce revenue was $9.1 million, an increase of 60%, offsetting the loss of venue merchandise sales due to 74 fewer events in the quarter.
“Our third quarter financial performance was strong and reflected our ongoing creativity in a challenging environment,” said Vince McMahon, WWE Chairman & CEO. “We continue to adapt our business, as demonstrated by the creation of WWE ThunderDome, focusing on increasing audience interaction and engagement to support the value of our content globally.”
Kristina Salen, WWE Chief Financial Officer, added “In the quarter, we delivered revenue of $221.6 million and Adjusted OIBDA of $84.3 million based on increased rights fees for the Company’s flagship programming. With $638 million in cash and short-term investments at quarter-end, we believe WWE has substantial capital resources to manage challenges that may lie ahead and to deliver on key strategic initiatives.”
The full press release can be accessed at corporate.wwe.com.