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.
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.