• by Wayne Friedman , May 10, 2016

Along with stronger overall companywide net income results, WWE’s over-the-top TV network, WWE Network, made major gains in paid subscribers and revenue in the first quarter.

The company’s stock witnessed a big 5.5% spike in mid-day Tuesday trading to $18.00.

WWE Network’s revenues sank 3% to $171.1 million, mostly due to the timing of its big “WrestleMania” event. Without that event, WWE’s revenues climbed 13%. Net income grew 42% to $13.9 million versus $9.8 million in the first quarter 2015.

WWE says its OTT channel WWE Network averaged 1.29 million paid subscribers and a 39% increase from the first quarter 2015. It reached 1.47 million total subscribers in the time period. 

WWE Network revenue grew 34% to $38.2 million from $28.6 million in the prior year quarter.

The company says its "network" revenues, which include WWE Network and pay-per-view, gained 7% to $40.3 million.

Its TV revenues, which include program license fee deals to the likes of USA Network, improved 4% to $60.7 million primarily due to increases in distribution agreements.

The company’s live event revenues declined 36% to $25.3 million. Last year’s “WrestleMania” event was in the first quarter 2015 versus this year’s second quarter April 3, 2016 date.

WWE’s digital media grew to $5.4 million from $4.3 million.