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SmackDown!: WWE shares tumble on TV deal worries

Shares of World Wrestling Entertainment smacked down on worries about TV deal, WWE Network

Associated Press

NEW YORK (AP) -- World Wrestling Entertainment shares lost nearly half their value before Friday's opening bell on investor worries about its new TV deal and prospects for its monthly subscription service.

In premarket trading, WWE shares are down $9.58, or 48 percent, to $10.35.

The Stamford, Connecticut-based company said late Thursday that it reached a multi-year deal in principle with Comcast Corp.'s NBCUniversal Cable Entertainment for renewed U.S. licensing. Financial terms weren't disclosed.

WWE is also trying to lure subscribers for its new WWE Network. It hopes to get to 1 million subscribers by the end of the year, but it would still be losing money on pay-per-view wrestling events at that level. The company says it needs 1.3 million to 1.4 million subscribers to offset lost pay-per-view and video on demand business.