News Brief
WWE Slammed
Aug 21, 2002, 12:00 AM
World Wrestling Entertainment Inc. is seeing weaker earnings, as revenues got smacked down by weaker ratings and lower pay-per-view purchases. The company posted a profit for the first quarter ended July 26 of $2.5 million, or 4 cents a share. That's including $2.2 million from settlement of a lawsuit with Parents Television Council, which had blamed the WWE for the deaths of children. A year earlier, the company posted a profit of $12.0 million, or 16 cents a share, helped by one-time gains from licensee sales. Revenues fell to $88.1 million from $90.7 million. The company posted 1.1 million pay-per-view buys, a key driver of its revenue, compared with 1.6 million a year before. The company repeated its expectation for 5.6 million buys for the year.
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