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Old 05-16-2014, 11:56 PM  
tk13 tk13 is offline
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Vince McMahon lost $350 million today.
And you thought you had a bad day.

http://www.forbes.com/sites/danalexa...lion-in-a-day/

Quote:
WWE CEO Vince McMahon No Longer Billionaire After Losing $350 Million In A Day

Vince McMahon lost $350 million as of market close on Friday, as shares in his WWE took a beating from investors. The stock was down more than 40% since the market open. In fact, the stock, which had closed just below $20 on Thursday, opened down below $11. That immediately knocked the WWE boss out of the billionaire ranks, putting his net worth now at an estimated $750 million.

The stock fell after news that WWE had signed a new television deal with NBCUniversal for less than some investors had hoped. Benchmark analyst Mike Hickey estimated WWE got a 50% raise over its last TV agreement, but he expected the new deal to pay WWE double or triple its previous one.

“The company’s valuation could take a heavy beating this morning, as the new domestic TV deal with NBCUniversal likely disappointed investors,” he wrote in a report downgrading the price target for the company’s stock from $29.12 to $19.96.

WWE executives kept an even tone but offered little additional guidance. “We never commented publicly on the expectation,” said George Barrios, chief strategy and financial officer. “We said we were undervalued by the math that we had done.”

The new TV deal hit at a turbulent time for WWE and McMahon. The company’s shares shot up 89% in the first three months of 2014, and McMahon’s net worth peaked in mid-March at $1.6 billion. But shares dropped 29% the week after WWE announced its new online streaming network had only 667,000 subscribers, taking a $325 million chunk out of McMahon’s fortune. He remained a billionaire until this morning.

Some investors saw the trouble coming. Intrepid Capital Management, once WWE’s largest outside investor, sold its 10% stake in January. Intrepid’s Jayme Wiggins told Forbes in a feature story on McMahon that he thought the billionaire was getting too excited about his new online streaming network.

That concern remains, but Wiggins now has additional questions after reading the company’s financial projections provided in the news release about the TV deal. The online streaming network should break even when it has 1.5 million subscribers, according to Wiggins, but WWE said its operating income will be just $40-$60 million at that point—even with new TV deals that will add $90 million to the company’s revenue.

“The question is why their numbers are so low given this renewal,” Wiggins said. “With the information that they put out there, it seems to imply that their core business isn’t making money.”
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Old 05-17-2014, 12:42 PM   #31
LoneWolf LoneWolf is offline
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Originally Posted by mcaj22 View Post
they are better athletes than anyone on the Chiefs roster.
If you actually believe that, you should shoot yourself in the face.
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Old 05-17-2014, 12:45 PM   #32
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If you actually believe that, you should shoot yourself in the face.
Yeah, that's ridiculous.

"I know that I've got the ability to make millions in the NFL, but I really prefer to wear a speedo and work on my acting skills for 1/10th the salary."
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Old 05-17-2014, 12:47 PM   #33
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This thread has potential.

Jamaal Charles should hang em up and pursue his wrestling career.
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Old 05-17-2014, 12:49 PM   #34
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Quote:
Originally Posted by mcaj22 View Post
they are better athletes than anyone on the Chiefs roster.
WTF???
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Old 05-17-2014, 12:51 PM   #35
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Yeah, that's ridiculous.

"I know that I've got the ability to make millions in the NFL, but I really prefer to wear a speedo and work on my acting skills for 1/10th the salary."
Remember when Hootie said the NBA would take over the NFL? Well the WWE is banned because it wouldn't be fair!!
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Old 05-17-2014, 12:52 PM   #36
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Yeah, that's ridiculous.

"I know that I've got the ability to make millions in the NFL, but I really prefer to wear a speedo and work on my acting skills for 1/10th the salary."
The Rock was an average college football player, but a superstar wrestler and a half-decent actor.
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Old 05-17-2014, 12:53 PM   #37
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The Rock was an average college football player, but a superstar wrestler and a half-decent actor.
Goldberg....remember Lesnar's attempt
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Old 05-17-2014, 12:55 PM   #38
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Quote:
Originally Posted by mcaj22 View Post
they are better athletes than anyone on the Chiefs roster.
Swede!

(Rep to first person who gets that reference)
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Old 05-17-2014, 01:15 PM   #39
LoneWolf LoneWolf is offline
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Swede!

(Rep to first person who gets that reference)
Heartbreak Ridge! Rep it up mother****er!
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Old 05-17-2014, 01:50 PM   #40
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Old 05-17-2014, 02:09 PM   #41
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I believe that before this fall the stock was up close to 90 percent for the year. This is more of a correction than a sign of a troubled business.
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Old 05-17-2014, 02:12 PM   #42
'Hamas' Jenkins 'Hamas' Jenkins is offline
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It's athletic performance art. Do dumb****s like Lone Wolf go to a production of Romeo and Juliet claiming that it's fake because the actress didn't imbibe real poison?
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Old 05-17-2014, 02:12 PM   #43
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Heartbreak Ridge! Rep it up mother****er!
Repped. I assume you know the Chiefs connection?
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Old 05-17-2014, 02:18 PM   #44
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See. Now if it was The Attitude Era this would never happen.
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Old 05-17-2014, 02:23 PM   #45
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See. Now if it was The Attitude Era this would never happen.
This is when I stopped watching WWE.

That was a great time in wrestling.
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