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
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
George Barrios going over the following slide. pic.twitter.com/agSc4QXjFv
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Barrios believes the improvements from April to June have to do with talent getting healthy and storylines coming out of WM.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Barrios moves on to the following slides. pic.twitter.com/sF9MozhNSK
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Michelle Wilson jumps on to discuss decline of live events. pic.twitter.com/s1UTdXwemt
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Now looking at revenue. pic.twitter.com/v4u5GgqcBX
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Looking at capital structure and third quarter outlook. pic.twitter.com/LjUxdE8fzl
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Barrios gives no quarter about the India TV deal or trends in 2020.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
"We have spent more time on storylines, good ones, and talent development." Vince calls it a "relaunch of content."
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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."
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Barrios talks about creating content when asked about NXT potentially moving to FoxSports. Basically avoids the question.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Vince says NBCU will "up their promotion efforts" moving forward as well.
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
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."
— Fightful Wrestling (@FightfulWrestle) July 25, 2019
Fightful will have a full report on today's earnings report and call courtesy of Brandon Howard Thurston later today.
