The company recently released the WWE Network, an all-hours streaming network with live and on-demand content and all of the company's annual pay-per-views for $9.99 a month. But WWE is also in the process of searching for a new cable television partner for its weekly television shows Monday Night Raw and Friday Night Smackdown, neither of which air live on the WWE Network at this time.
WWE's exclusive negotiating window with NBCUniversal, which currently carries the shows, expired in February, according to Variety. The two sides could not come to a deal for the rights to WWE's television programming, so WWE is now negotiating with other companies, though NBCUniversal can still make a deal with the company.
The spike from the rumors sharply declined almost immediately, and the stock closed at $29.76, a mere 0.3% or 9 cents greater than its previous close of $29.67. The stock had a volume of 2,313,427, more than double its average of 994,922.
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TheStreet Ratings team rates WORLD WRESTLING ENTMT INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WORLD WRESTLING ENTMT INC (WWE) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."