A brawl between World Wrestling Entertainment Inc's bears and bulls could r...
- A brawl between World Wrestling Entertainment Inc’s bears and bulls could reach a peak this year as the company renegotiates overseas contracts.
Shares in WWE soared 144 percent in 2018 as U.S. TV license deals that blew past analyst expectations with a 3.6-times hike in average annual value from its previous agreements. While the stock has already risen a lot on expectations for new business, Gabelli Funds analyst Alexandra Cowie says it still has room to gain further.
The creator of Smackdown and Raw TV shows boasted a U.S. cable television viewership second only to the National Football League in 2018, according to Nielsen data. And in India, WWE viewership was second only to cricket, according to the Broadcast Audience Research Council. MKM analyst Eric Handler, who raised his price target for the stock to $110 from $95 on Tuesday, says a possible U.S. deal for a third weekly hour of Smackdown could add $50 million to annual revenue. The company declined to comment on the prospect of an additional hour.
In the United States, live sports have been a key draw for cable TV subscribers, at a time when many consumers are cutting the chord to avoid high monthly fees.Still, about 17 percent of WWE’s float is sold short, according to data from S3 Partners which estimates short seller mark-to-market losses of $359 million since the start of 2018.
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