WWE rewards top managers for record revenues

WWE rewards top managers for record revenues - InsideSport

World Wrestling Entertainment has rewarded its key management with promotions following a record 2017 in term of revenues.

WWE Chairman & CEO Vince McMahon has announced that George Barrios and Michelle Wilson have been promoted to Co-Presidents and appointed to WWE’s Board of Directors. The duo was promoted as a token of recognition of their contributions to four years of record revenues and the successful transformation to a multi-platform business model.

The announcement follows record revenue of $211.6 million for the 4th quarter of 2017, a significant 9% increase from the previous one. The operating income was $27m and with Operating Income Before Depreciation and Amortization (OIBDA) reaching $34.8m. WWE Network’s average paid subscribers increased to 1.48 million during Q4 of 2017.

The global leaders in wrestling entertainment have also declared revenue increase of 10% to $801m for 2017 full year, the highest in the Company’s history. Operating income for the year 2017 increased 36% to $75.6 million with adjusted OIBDA of $111.9m (40% increase).

WWE Chairman & CEO, Vince McMahon, “The successful transformation of our business model has put us in a position to capitalize on all that the changing global media landscape has to offer. I am confident that our executive management team, led by Michelle and George, will achieve continued success across key strategic initiatives and ensure our long-term growth.”

WWE, to improve the global reach of WWE content, completed multi-year distribution agreements in France, Japan, South Korea, Australia, Philippines and sub-Saharan Africa among other countries and regions in 2017.

Barrios, who was then WWE’s CFO, had earlier revealed that India is the No. 1 country in WWE video content consumption around the in the world.

Also Read: ‘India No. 1 country in WWE content consumption’

Barrios, who revealed the information to the CNBC host Jim Cramer during the popular finance talk show Mad Money, also said that India has been a pillar of WWE’s global rise along with its seemingly niche content offering.