No Chance In Hell: WWE’s Vince McMahon Loses $350 Million In One Day
WWE owner Vince McMahon has made a few good investments in the past and some bad ones as well (see XFL.)
Now, Mr. McMahon has to worry about his latest investments in WWE Network as according to Forbes he lost $350 million in a 24 hour span.
As the report states, the deals took him below the billionaire threshold as he is reportedly worth $750 million now.
The stock, which had closed just below $20 on Thursday, opened down below $11. That immediately knocked the WWE boss out of the billionaire ranks, putting his net worth now at an estimated $750 million.
The online streaming network should break even when it has 1.5 million subscribers, according to Wiggins, but WWE said its operating income will be just $40-$60 million at that point—even with new TV deals that will add $90 million to the company’s revenue.
Damn. I would have thought that more people would have signed up for the WWE Network with its awesome pay-per-view deal for six months.
Apparently the WWE/NBCUniversal deal didn’t quite go as well as people thought it would, although it looks like a huge investment on both sides of the deal as he expressed during the press conference.
“We were a little disappointed with our NBCU deal.”
Crazy. How much can change in a day.