TKO stocks take a beating on Wall Street
The TKO stock on the New York Stock Exchange got a total knockout this week as the former WWE stock dropped by around 16% in just two days.
The big change came on Thursday when WWE announced that Smackdown is moving to USA Network next year from FOX and despite previously saying that they could get as much as a 70% increase on TV rights, USA is paying around a 40% increase, down 30% from initial projections.
To make matters worse, Raw and NXT are still without a home for the 2024 season so the expectations are now even higher for these two shows to deliver a higher percentage in TV rights fees.
TKO stocks closed the day on Wednesday at $104 but the following day went down to $85.97 and yesterday closed the trading week with $83.82.
This has been the lowest since March of this year and during the past six months, the stock saw a high of $115.34.