Author Topic: WWE CEO Vince McMahon Loses $350 Million, A Third Of His Fortune, In A Day  (Read 6348 times)

Nails

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http://www.thepostgame.com/blog/dish/201405/wwe-ceo-vince-mcmahon-loses-350-million-third-his-fortune-one-day





Even for someone who is familiar with beatings, Vince McMahon could not have been prepared for the drubbing that he had in store last week.

According to Forbes, McMahon, the chairman and CEO of WWE, lost $350 million in a span of 24 hours.

The loss was the result of a few factors, including lack of confidence in WWE's new online streaming network and a somewhat lackluster new TV deal. The new online streaming network has only picked up 700,000 subscribers since launching, and WWE said it expects the network to lose between $45 million and $52 million this year.



The new TV deal, while still impressive, is far smaller than what some investors thought. WWE's contract with NBCUniversal to keep its hit shows "Raw" and "Smackdown" is worth around $150 million annually, which is half or one third of what many initially thought it would earn.

Together, the weak performance of the online streaming network and Thursday night's announcement of the new TV deal led WWE's stock to drop $8.86 (from $20.13 to $11.27).

That resulted in a huge loss for McMahon, whose net worth peaked at $1.6 billion in March. Then, Forbes reported, "shares dropped 29% the week after WWE announced its new online streaming network had only 667,000 subscribers, taking a $325 million chunk out of McMahon's fortune."

The stock's next big tumble Friday wiped out another $350 million -- nearly a third of his value.

A lack of confidence in the product and falling shares have dropped his fortune to an estimated $750 million.

hardgainerj

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does he benoit himself in 2014?

HavoX

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I guess we all know who's going to have the last laugh...


SF1900

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Thats because the WWE sucks. From the early 2000s, WWE has gone downhill. Wrestling really sucks now.
X

ESFitness

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just his net-worth on paper from his stock holdings of his company.

I'm sure he's diversified enough that it won't matter and I doubt he's leveraged too bad.

thebrink

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A few boy toys were just saved from this monster

240 is Back

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I wish I was worth only $700 mil after a bad day.

SF1900

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I wish I was worth only $700 mil after a bad day.

But your love for GB is worth way much more than 700 mil
X

240 is Back

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But your love for GB is worth way much more than 700 mil

my love for all things getbig is priceless.  I'm an animal.

G_Thang

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Subtract his core product which existed before him so it's not his actual creation and he fails at every business venture.  XFL, WBF and Online Steaming (How the fuck in the internet and social media age do you cough up 35-42M for a simple stream network?)

Bevo

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Palpatine Q

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I see the financial wizards are all over the case.

Excellent work  ::)

Dopey

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WCW Monday Nitro

Damn I miss that show...     :'(

HavoX

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I wonder why it didn't take off... One ppv buy is > than a year membership.



Oh that's right, wrasslin fans are 8 years old or "not the wifi type of people"

funk51

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F

Man of Steel

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The internets ruined wrasslin.  The storyline buildups of the past are just that....a thing of the past.  

There's no mystery behind anything anymore.  "Who is Iron Sheik really?"  Google him.  "Wonder what's gonna happen on RAW this week?"  Go check Wrestlezone.  

There's a PPV every other week it seems so there's no build, no character development, no story to get behind....it's gone as quickly as it came.  

The whole "wrasslin was only good during the Monday Night Wars and the WWF Attitude Era" is not true.  The 80s were huge in wrasslin and it was fully PG like it is today.  We say everything sucks now because we're so fully desensitized today.  

As fans we're too involved and impatient.....we live in the instant information and instant communication era so we want to spoil everything before it's even scripted LOL.....the whole process sucks.  I use to watch matches build for months and the only time I'd see the wrestlers prior to the matches were during the huge interviews.  Find me a Hulk Hogan, Ric Flair, Rock or Ultimate Warrior interview today.....you can't!!!  There aren't any.

There's no charisma in the wrestlers.  The majority of mic skills suck.  There are no classic interviews anymore...just stupid sidebars and lame, rehased jokes that don't work.  

The truly huge pops during wrestler entrances are gone.  Heck, even the entrance music sucks.

The majority of old school wrestlers were all monsters....huge men.  Today the guys are big, but not monsters.  Where are the Ted Arcidis, Kazs, Hercules Hernandez', Hulk Hogan, Warlords, etc.....once in awhile we get a monster.  The wrasslin ranks used to be packed with em....now we get one once in  a blue moon.

There are no real tag teams anymore.  Gone are the days of the Road Warriors, Midnight Express, Powers of Pain, Horsemen, etc....   There are no true managers either.....no Percy Pringles, no Gary Harts, no Jim Cornettes, no Bobby Heenans.....no nothing.  

"Dream matchups" basically occur on every wrasslin program virtually every week.  We've seen everything before and it's repeated endlessly with subpar talent today.  I'm not saying the wrestlers aren't good athletes, but there's a difference between being a genuine wrestling talent and athleticism.  

There are no more Hulk Hogans, Ultimate Warriors, Ric Flairs, Von Erichs, Harts, Dusty Rhodes, etc......

And where have all the career jobbers gone?  Where are the "Playboy" Buddy Roses or the unnamed yet fully recognizable "ham n eggers" that were beaten endlessly by Koko B. Ware, the Junkyard Dogg and Dino Bravo.

The fun gimmicks are also gone and the internet has ruined that potential.  The fantasy element has left wrasslin because virtually everything can be googled and spoiled so the wrasslin websites cater to that idea because.....well.....wha t else can they do?  Turn off the net LOL?

Wrestling will never be what it was again.  

The Abdominal Snoman

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What's amazing is he was worth 1 Billion 14 years ago. Is he really going to get millions of people to pay $10 a month for a subscription? If so, there are a lot of people out there that should consider suicide by noose :-\

Rambone

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I guess we all know who's going to have the last laugh...





Everybody's got a price!

Mr Anabolic

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WWE stock was in bubble territory way before this happened.  It was only a matter of time.

Here is the chart...

http://stockcharts.com/h-sc/ui?s=WWE&p=D&yr=1&mn=0&dy=0&id=p50423857839

Mr Anabolic

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What's amazing is he was worth 1 Billion 14 years ago. Is he really going to get millions of people to pay $10 a month for a subscription? If so, there are a lot of people out there that should consider suicide by noose :-\

Vince should've bought gold back then.  Would have 6x that amount now.

He also could've bought shares of Apple or Priceline... wow.

Darren Avey

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They need to bring back Max Moon to save the World Wrestling Federation.

BDsauce

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This


Fortress

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What needs to be said has been said in a post a few before mine.

The WWE, and pro wrestling in general, is nothing like it once was.

It's too scripted ... and too by-the-numbers.

True superstars are now very rare in pro wrestling. Legit larger-than-life characters.

Lustral

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Think I'd kill myself if I was only worth $1.3bn.

El Diablo Blanco

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He lost nothing.  It is all computer money, meaningless shit until he decides to cash it out.