WWE revealed their Q2 2022 finances in a new SEC filing made on Monday. The full earnings report will be released later this morning, Tuesday, ahead of the market open. WWE will then hold the quarterly investors call at 8:30am ET, and we will have full coverage as usual.
We noted earlier how the WWE SEC filing included comments on how the company may be hurt creatively and financially by the recent resignation of former Chairman & CEO Vince McMahon.
* WWE announced 2022 Q2 revenues of $328+ million, which is up more than $63 million from the same period in 2021. Net Media revenue was up to $328+ million, up from the $265 million in Q2 2021. Live Event revenue was to $41+ million, up from $9.2 million in the same period in 2021. Consumer products was up to $44 million, up from the $22 million in Q2 2021
* Live event revenue was up due to touring. North American ticket sales were at $34.9 million, up from the $6.6 million for the same period in 2021, when the only live event for that quarter was WrestleMania 37
* WWE drew $73 million in live event venue merchandise. WWE drew 400,300 fans to 55 events in the quarter. This is up from 40,00 for the same quarter in 2021, when the only live event held was WrestleMania 37 in Tampa. WWE drew an average of 6,550 fans to their four international events, while North American events averaged attendance of 6,800 fans
* WWE brought in $5.6 million in licensing revenue from the WWE 2K22 video game. Another $3.1 million was brought in with trading cards and collectibles
* Regarding the ongoing anti-trust lawsuit from MLW, WWE noted how they moved to dismiss the lawsuit on March 15, and how MLW filed their official response on April 22. WWE reiterated how they believe MLW’s claims are without merit, writing, “The Company believes that all claims in the lawsuit are without merit and intends to defend itself vigorously against them.”
* WWE spent just under $20 million on content creation in the first six months, for Miz & Mrs., WWE Evil, their A&E programming, and other shows on Peacock/WWE Network. This is up from the $9.1 million spent in the same period in 2021. WWE is focused on continuing to create content, and they anticipate spending between $20-$30 million on content fo the rest of 2022. WWE received $4 million in content production incentives fo this year so far, and they expect $10 million more for the rest of this year. This is WWE receiving tax cuts and incentives for creating content in certain locales
* Regarding the “substantially complete” investigation into McMahon, the company spent $1.7 million in Q2 for general/admin expenses for the investigation and they currently anticipate they will need to spend approximately $10 million during the rest of 2022 for the investigation, and that related costs will exceed that figure
They wrote, “As previously announced, a Special Committee of independent members of the Company’s Board of Directors was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon. The Special Committee investigation is substantially complete. Mr. McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest. While we currently anticipate spending approximately $10 million during the remainder of the year related to this investigation, the related costs could exceed this estimate.”
* Vince paid back $1.2 million during the first half of 2021, and he’s paid $2.2 million in 2022 so far. He will pay, or has paid, the total sum of $19.6 million of unrecorded expenses, most of which appear to be related to the NDA payments
* WWE wrote on the McMahon situation, “As previously announced, a Special Committee of independent members of the Company’s Board of Directors (the “Special Committee”) was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon. Mr. McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest. The Company has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters. The Special Committee investigation is substantially complete.”
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