WWE will look to build on its post-WrestleMania XL momentum during Fox’s April 12 Friday Night SmackDown telecast after posting its best yearly viewership numbers for its Monday Night Raw earlier this week.

USA Network’s April 8 three-hour Monday Night Raw event — airing a day after WWE’s April 6-7 WrestleMania XL weekend “premium live event” streamed on Peacock — averaged 2.3 million viewers, according to Nielsen numbers published by Cagesideseats.com. It marks the first time the long-running series has hit the 2 million viewer mark this year.

The Monday Night Raw show featured appearances by WWE superstars Cody Rhodes and Dwayne “The Rock” Johnson, who both appeared in WrestleMania XL’s main-event match, in which Rhodes won the WWE Universal Championship from Roman Reigns. Its strong viewership came despite competing against the March Madness men’s championship game between UConn and Purdue, which drew a combined 14.8 million viewers across TBS, TNT and truTV.

Overall, WrestleMania XL’s weekend audience on Peacock was up 41% across both nights compared to last year, according to WWE, although neither the streamer nor WWE released specific numbers. The two-night event was the most socially viewed WrestleMania of all time, with more than 660 million views consumed over the two days, WWE said.

Both Monday Night Raw and Friday Night SmackDown will soon have new distribution homes. USA signed a five-year deal to air SmackDown beginning this October, while Netflix will exclusively stream Monday Night Raw in 2025 as part of a 10-year, $5 billion deal with WWE parent TKO Group Holdings reached this past January.

Peacock will examine the life of WWE wrestler Bray Wyatt in a new documentary set to debut April 1.

The show, Bray Wyatt: Becoming Immortal, looks at the career of the late Windham Rotunda, aka Bray Wyatt, who was considered by observers as one of the most skillful,  tenacious and creative WWE Superstars of all time, according to Peacock. 

The documentary, narrated by Mark William "The Undertaker" Calaway, features interviews from WWE Superstars Hulk Hogan, Jon Cena, Becky Lynch, Triple H and Rotunda's brother Taylor Rotunda, as well as never-before-seen footage from the WWE archives, according to Peacock. 

Netflix’s decision to get into business of streaming WWE wrestling programming could give the streamer’s advertising business a boost, according to Wells Fargo analyst Steven Cahall.

Scaling up its ad tier has been a priority for Netflix, which most recently claimed to have 23 million active monthly users globally. (Netflix might update the figure later Tuesday when it reports fourth-quarter earnings.)

Cahall called the WWE deal “a big move by Netflix into live entertainment, though not quite sports … We think this is part of Netflix’s aim to accelerate ad scale and grow subscriptions and revenue beyond paid sharing.”

WWE’s Raw program, which will move to Netflix in 2025, draws about 1.7 million average weekly viewers on cable TV’s USA, Cahall estimates. That equals 7.2 billion impressions weekly over the Monday-night show’s three hours, which would generate about $200 million in annual ad revenue. 

Also Read: WWE’s ‘Friday Night SmackDown’ To Return to USA Network

For Netflix, which would draw more viewers than cable can, annual ad revenue could reach $260 million a year, which would be about 15% of how much Cahall had expected Netflix’s ad business to generate in 2025.

“We’d guess that ad-free Netflix subs will still get advertising during WWE’s commercial breaks,” the analyst said.

Cahall noted that NBCUniversal broke even on its deal with WWE for Raw. NBCU did not renew Raw but picked up SmackDown, which had been distributed by Fox. NBCU’s Peacock has North American rights to the company’s premium live events such as WrestleMania.

“We think Netflix’ No. 1 focus is driving scale in ads as it needs reach and frequency to carve out a seat at the top table with U.S. ad buyers,” Cahall said. 

While tier pricing can help push subs to AVOD, ad-supported content that runs across tiers is an accelerant to ad scale, especially  in the US where WWE is watched by nearly 2 million viewers for 2-plus hours a couple of nights per week,” Cahall said.

The problem with WWE is that it attracts a narrow, young male demo, so Netflix might need more live content to further expand its audience reach, Cahall said.

“This is hardly a ‘bet the farm’ deal for Netflix,” Cahall said. “It adds to Netflix's ability to continue to look for growth beyond paid sharing as new content equals more ads and/or more subs. The inevitable question is, ‘When will NFLX get into live sports?’ but we think that's still years away given the gap between major sports rights and a WWE deal at $500 million annually.”

Netflix has made a big move into live programming, making a $5 billion deal with TKO Group Holdings’s WWE that will bring the weekly show Raw to the streamer starting in 2025.

Netflix will also become the international home for other WWE shows, including SmackDown and NXT in 2025, plus big events such as WrestleMania, SummerSlam and the Royal Rumble.

Netflix is paying $5 billion over 10 years with an option for another 10 years. Netflix can also opt out after five years, according to documents filed with the Securities & Exchange Commission.

Also Read: WWE’s ‘Friday Night SmackDown’ To Return to USA Network

Netflix has been wary about moving into the expensive arena of live sports and its executives have said they have no plans to stream live sports. Netflix said similar things about not putting advertising on the service. But times change and strategies change and soon Netflix will have both advertising and live sports entertainment.

“We are excited to have WWE Raw, with its huge and passionate multigenerational fan base, on Netflix,” Netflix chief content officer Bela Bajaria said. “By combining our reach, recommendations and fandom with WWE, we’ll be able to deliver more joy and value for their audiences and our members. Raw is the best of sports entertainment, blending great characters and storytelling with live action 52 weeks a year and we’re thrilled to be in this long-term partnership with WWE.”

Also Read: WWE’s ‘NXT’ Will Move to The CW From USA Network in October 2024

Raw has aired 1,600 episodes to date and appears weekly, creating a huge amount of live content 52 weeks a year. Raw was the highest-rated show on NBCUniversal’s USA Network, drawing 17.5 million unique viewers over the years.

“This deal is transformative,” Mark Shapiro, TKO president and chief operating officer, said. “It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years. Our partnership fundamentally alters and strengthens the media landscape, dramatically expands the reach of WWE and brings weekly live appointment viewing to Netflix.”

After competing against each other this past spring, the XFL and the USFL will combine to create one spring football league that hopes to take the field in 2024. 

The USFL and XFL announced Thursday their intent on merging, subject to customary regulatory approvals. "This historic combination will anchor professional spring football with the substantial capabilities and resources to ensure future growth and continue to enhance the development of the collective players, coaches, and staff that are coming together," the entities said in a joint statement. 

The eight-team XFL league, owned actor Dwayne "The Rock" Johnson, Danny Garcia and RedBird Capital Partners, launched its inaugural season this Spring, while the the eight-team USFL -- owned by Fox Corp. --  completed its second season this past May. 

Details regarding the new league -- including when it will begin play, and who will televise the games -- will be announced at a later date. Fox and NBC held the television rights to USFL games, while ABC, ESPN and FX aired XFL games.

The combined league will look to solidify what to date has been a spotty history of spring football in the U.S. The USFL re-launched in 2022 after a previous iteration of the league failed three decades earlier. The XFL initially launched in 2001 as a collaboration between the WWE and NBC before shutting down after one season. The WWE's Vince McMahon resurrected the league in 2020 but shut down operations in the middle of the season due to the COVID-19 pandemic. 

The WWE’s Friday Night SmackDown series will return to USA Network in 2024 as part of a five-year partnership with new WWE owners Endeavor Group Holdings. 

Friday Night SmackDown, which currently runs on Fox broadcasting, aired on NBCUniversal-owned USA Network from 2016 to 2019. The series has performed well for Fox, regularly rating as the top-rated show in the 18-49 viewer demographic, according to the WWE.

Along with pinning down SmackDown rights, USA Network will produce four primetime specials per year that will air on NBC, according to the network.

USA Network currently airs the WWE's Monday Night Raw and WWE NXT series, but those rights are set to expire in 2024.

The WWE's deal with NBCUniversal's Peacock streaming service, which includes the wrestling organization's pay-per-view events, ends in 2026.

“It’s a privilege and thrill to continue NBCU’s decades-long partnership with WWE which has helped cement USA Network’s consistent position as the top-rated cable entertainment network in live viewership” said NBCU Entertainment president Frances Berwick said in a statement. “With Friday nights on USA, primetime specials on NBC, and the WWE hub on Peacock, we’ll continue to use the power of our portfolio to super-serve this passionate fanbase.”

WWE President Nick Khan added: “NBCUniversal has been a tremendous partner of WWE for decades. We are excited to extend this longstanding relationship by bringing SmackDown to USA Network on Friday nights and look forward to debuting multiple WWE special events annually on NBC.”

Former WWE Superstar ‘Stone Cold’ Steve Austin participates in fun challenges and jobs as part of A&E’s new reality series Stone Cold Takes on America, premiering April 30. The series follows Austin as he hits the road to accept challenges from fans to take on everyday tasks as he looks to experience things he missed during his more than two-decade wrestling career. 

Stone Cold Takes on America executive producer and showrunner Mike Nichols talks about the series as well as his experiences in working with the WWE legend as part of an interview with Multichannel News. Here’s what Nichols and A&E want you to know about Stone Cold Takes on America. 

‘Stone Cold Takes On America’ primarily focuses on Steve Austin’s life and experiences post-WWE: “Steve wanted to do something very different in the series. He had this great, rich experience [with WWE], but he missed out on a lot of stuff that everybody else got to do as regular people. So in this series he’s saying, I want to try some things that I missed out while I was living my dream. We’ve seen him wrestle, host shows and do some fun, scripted stuff, but with this series he just wanted to hang out with people. He looks like a hard ass, but in fact he wants everybody around him to be comfortable. He has a terrific sense of humor which we did not see coming and that just made for a fun, lively series.”

Steve Austin steps out of his comfort zone to participate in unique challenges: “He does things you wouldn’t believe that Stone Cold Steve Austin would be doing, and some of the tasks are really tough, physical challenges. He rides trophy trucks and drives dune buggies, which can be dangerous. But then he’s also doing the live weather reports in Reno, and he’s operating a drive through window at a fast food restaurant. Sometimes it’s really adventurous and sometimes it’s very comedic, but it’s his willingness to do those things and put himself out there that makes it fun to watch.”  

Viewers don’t have to be familiar with Steve Austin to watch the series: “If you’re a fan of Steve Austin you will love the series because it’s going to confirm what you were hoping to see. If you’re not a fan of his, you don’t need to be one to like the show, because he’s just fun to watch. He brings this fun energy to everything he does — he’s a guy you want to have a beer with. We would go to different cities and people would be nervous to meet him, but within 10 seconds they were like old friends. He appeals to people whether they know him or not.”

Endeavor Group Holdings is making WWE and UFC into a tag team, with a deal creating a new public company that will operate both combat sports franchises and will be 51% owned by Endeavor and 49% owned by WWE shareholders.

The deal values the new company at $12.1 billion. The combination of WWE and UFC had revenue of $2.4 billion in 2022.

The new company will be led by Ari Emanuel as CEO. Emanuel will also continue in his role as CEO of Endeavor. WWE executive chairman Vince McMahon will be executive chairman of the board and Mark Shapiro will be president and chief operating officer of both Endeavor and the new company. Dana White will continue in his role as president of UFC and Nick Khan will serve as president of WWE. The board of directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.

“This is a rare opportunity to create a global live sports and entertainment pure-play built for where the industry is headed,” Emanuel said. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”

WWE had announced plans to explore strategic alternatives in January, signaling that McMahon, who had grown the company, was ready to sell. 

The deal was timed as WWE media rights come up for renewal. It has deals with NBCUniversal and Fox for its weekly shows Monday Night Raw on USA Network and Friday Night SmackDown on Fox, while live events currently appear on NBCU’s Peacock streaming service. UFC’s events are carried on The Walt Disney Co.’s ESPN and ESPN Plus.

McMahon retired as chairman and CEO of WWE last July amid a probe of payments he made to a WWE employee with whom he allegedly had an affair. McMahon returned to the company as executive chairman and repaid the company $17.4 million to cover the payments and the investigation into the misconduct.

“Given the incredible work that Ari and Endeavor have done to grow the UFC brand — nearly doubling its revenue over the past seven years — and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” McMahon said. 

Under terms of the deal, Endeavor will contribute its UFC unit to the new company. The transaction values WWE at about $106 a share. UFC and WWE will contribute cash to the new company, which will hold $150 million. Shareholders of the new company, excluding Endeavor, are expected to receive a post-closing dividend.

By combining, the companies expect to be able to create cost synergies of $50 million to $100 million. Endeavor also said it expects significant growth across revenue areas including domestic and international media rights, ticket sales and yield optimization, event operations, sponsorship, licensing and premium hospitality. 

The transaction has been unanimously approved by the executive committee of Endeavor’s board of directors and by the board of directors of WWE. 

The deal is expected to close in the second half of 2023, the companies said. ▪️

NBCUniversal-owned streaming service Peacock will offer live weekend coverage of the WWE’s marquee live event, Wrestlemania 39, as the company continues to look for a buyer.

Fox will kick off the weekend’s festivities Friday night with its weekly live Friday Night SmackDown telecast, followed immediately by the WWE Hall of Fame ceremony, which will stream live on Peacock, WWE said. 

On Saturday, Peacock will stream part one of Wrestlemania 39 event live from Los Angeles, leading off with WWE superstar/actor John Cena in a match against United States Champion Austin Theory. The second night of Wrestlemania 39 will stream Sunday night on Peacock. 

Also: Vince McMahon Returns to Board of WWE, Which will Explore 'Strategic Alternatives'

Wrestlemania 39 takes place as WWE executive chairman Vince McMahon explores options to sell the franchise for approximately $9 billion, according to published reports.

The WWE’s deals with Fox for SmackDown and NBCUniversal’s USA Network for Monday Night Raw end in 2024. The WWE’s exclusive streaming deal with Peacock expires in 2026. ■ 

Amazon Studios will look to double down on the dating competition genre with the production of a new series hosted by Brie and Nikki Bella.

The series, Twin Love, explores the love lives of identical twins by placing 10 sets of twins into two houses of “identical” casts to see if the inherent similarities of twins extend to their romantic desires, according to the company. WWE Hall of Famers Brie and Nikki Bella will host the show, which will premiere simultaneously on Prime Video and Freevee.

The series, based on a format created by ITV Studios Netherlands, is produced by Amazon Studios and ITV America’s ITV Entertainment, with Simon Thomas, Bernie Schaeffer, Kenny Rosen and Jessica Nahmias serving as executive producers. 

"Twin Love is a social dating experience like no other, blending the specificity of being a twin - someone born, quite literally, with a biological soulmate - with the universality of being single and searching for lasting romantic love," Amazon Studios head of AVOD Original Content and Unscripted Programming Lauren Anderson said in a statement. “Our goal is to help couples find love in a fun, unique way, and we can't wait to share Twin Love with Prime Video and Freevee audiences this summer."■ 

A&E will once again tag team with WWE on a documentary series, this one featuring iconic company superstar “Stone Cold” Steve Austin. 

The 10-part series, Stone Cold Takes On America debuts April 30 and follows the former WWE wrestler as he takes on challenges from fans that push him out of his comfort zone as he celebrates and learns from new experiences, according to network officials. 

Prior to the Stone Cold Takes On America premiere, A&E will launch the second second season of docuseries WWE’s Most Wanted Treasures, which uncovers the stories behind some of the most memorable items in WWE history.

The two series will follow the February 19 A&E debut of Biography: WWE Legends, i.n its third season, and the sophomore campaign of docuseries WWE Rivals. ■

WWE said it has hired advisers to help the company as it reviews strategic alternatives as previously announced.

The Raine Group will act as a financial adviser, Kirkland & Ellis will be a legal adviser and August LLC will handle strategic communications, according to a filing with the Securities & Exchange Commission.

In the past few weeks, WWE founder Vince McMahon has returned to the company. He has become WWE’s executive chairman and repopulated the board as he announced a strategic review that could lead to the sale. 

“WWE’s upcoming media rights cycle will take place amid a rapidly evolving media and entertainment landscape, and we believe exploring our strategic alternatives at this critical juncture will enable WWE to fully capitalize on the significant value of our intellectual property,” McMahon said. 

“I am highly confident that our outstanding directors, outside advisers and executive team will provide valuable expertise and counsel to help guide the company through this important process while our management team and employee base continue to deliver results and content our fans love,” he said.

WWE said there would be no assurances about the outcome of the strategic review and that it would not comment further until the process concludes. ■

WWE said that its board of directors unanimously elected Vince McMahon executive chairman of the board.

Last week, the wrestling company announced that it would explore “strategic alternatives,” indicating the company could be for sale.

McMahon’s daughter, Stephanie McMahon has resigned as chairwoman and co-CEO of WWE. Nick Khan, who had been co-CEO, will serve as CEO.

Last year, Vince McMahon retired as chairman and CEO of WWE in the wake of investigations into payments made to a former WWE employee with whom McMahon allegedly had an affair. 

McMahon last week returned to the board, bringing two other directors with him and removing three directions using his power as controlling shareholder of the company. Two other directors resigned.

“First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE,“ Vince McMahon said. “Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.

“I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders,” McMahon said.

WWE stock jumped after McMahon’s return and the announcement that the company would explore strategic alternatives. WWE shares hit a 52-week high on Tuesday and closed at $90.24, up 2.73%. 

“Stephanie McMahon is a terrific executive and an even better person. It has been an honor to serve as Co-CEO with her. She will only continue to succeed,” Khan said. “I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.” ■

WWE said Vince McMahon will be returning to the wrestling company’s board of directors and the company will be exploring “strategic alternatives.” 

The news sent WWE stock up more than 16% to $84.19 in early Friday trading -- its highest price in a year.

WWE’s wrestling programming runs on Fox and Comcast’s USA Networks. It also streams via Comcast’s Peacock.

McMahon retired as chairman and CEO of WWE in July amid probes of payments to a former WWE employee with whom McMahon allegedly had an affair. 

When McMahon stepped down, his daughter Stephanie McMahon became chairman and co-CEO with Nick Kahn.

 "WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities," McMahon said.

WWE said that Michelle Wilson and George Barrios were also returning to the company’s board of directors. McMahon as controlling shareholder of the company removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board, Ignace Lahoud and Man Jit Singh also resigned from the Board, effective Friday.

“In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction,” the company said. ■

A&E Network is coming over the top rope with new seasons of Biography: WWE Legends and WWE Rivals starting February 19.

The shows will run back-to-back on what the network is promoting as “WWE Superstar Sunday.”

The shows are being created as part of an ongoing partnership between A&E and WWE.

In its third season, two-hour episodes of Biography: WWE :Legends will tell the personal stories of some of wrestling’s biggest characters using interviews and archival footage.

The season premiere will feature NWO. Later this season Jake the Snake Roberts, Chyna, Dusty Rhodes, Kane and the Iron Sheik will be among the wrestlers profiled.

Also: A&E, WWE Team for New 'Biography' Specials

Season 2 of WWE Rivals returns with former WWE writer Freddie Prinze Jr. One hour episodes will feature adversaries starting with Hulk Hogan versus Andre the Giant. Other pairings this season include “Stone Cold” Steve Austin vs. Bret Hart, Undertaker vs. Mankind, The Rock vs. John Cena, Triple H vs. Batista, Brock Lesnar vs. Roman Reigns, and “Stone Cold” Steve Austin vs. Shawn Michaels.

Biography: WWE Legends and WWE Rivals are produced by WWE for A&E Network. Executive producers for WWE are Kevin Dunn and Chris Kaiser. Executive producers for A&E Network are Elaine Frontain Bryant, Brad Abramson and Jonathan Partridge.

A+E Networks holds worldwide distribution rights. ■

World Wrestling Entertainment said former chairman and CEO Vince McMahon incurred unrecorded expenses totaling about $14.6 million and that the company will be reviewing its financial statements for 2019, 2020 and 2021 to reflect those expenses, which will be paid personally by McMahon. 

Previous reports indicate that some of the payments went to a departing employee with whom McMahon allegedly had an affair. McMahon announced his retirement from WWE on Friday.

The company said an investigation into alleged misconduct by McMahon remains ongoing.

In a filing with the Securities and Exchange Commission, WWE said the payments might not be material in any of the quarters in which they occurred, but if taken as a group, they would be material in the most recent quarter.

The company said it hoped to complete the review and issue financial statements by August 9, but it said there was no assurance it would be able to meet that deadline.

“In light of the Unrecorded Expenses and related facts, the company expects to conclude that its internal control over financial reporting was not effective as a result of one or more material weaknesses,” WWE said. “The company continues to evaluate the appropriate accounting treatment for the Unrecorded Expenses, as well as its internal control over financial reporting and its ultimate conclusions on these topics may differ from what the company currently anticipates.”  ■

Wrestling titan Vince McMahon on Friday announced his retirement as chairman and CEO of WWE. McMahon had “stepped back” from his executive responsibilities last month while charges of misconduct were being investigated.

The Wall Street Journal reported that the board was looking into a secret $3 million settlement McMahon agreed to pay to a departing employee with whom he allegedly had an affair.

Also: WWE Reviews Financial Reports to Reflect Payments By McMahon

When McMahon stepped back, his daughter Stephanie McMahon became interim CEO and chairman. She will serve as chairman and co-CEO now that Vince McMahon has retired. Nick Khan will also be co-CEO.

Earlier on Friday, Stephanie McMahon's husband, Paul “Triple H” Levesque, said he would be resuming his executive position as executive VP of talent relations.

After stepping back, McMahon continued to work on WWE’s content and appeared on Smackdown on Fox. A WWE spokesman Friday said that McMahon is now “fully retired” from the company. 

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand,” McMahon said in a statement. “Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”

While he said the company was in capable hands with his daughter and Khan, “as the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and board of directors for their guidance and support through the years. Then. Now. Forever. Together.”  ■

The first week in July offers a number of original show debuts, including a new Lifetime addition to the Flowers in the Attic franchise.

The four-part Flowers in the Attic: The Origin miniseries debuts July 9 and is a prequel to the original V.C. Andrews-created book and film. The series stars Max Irons, Jemima Rooper, Max Irons, Kelsey Grammer, Harry Hamlin, Kate Mulgrew and T'Shan Williams.  

Also: Five Spot: Tanya Lopez, Executive VP Scripted Content, Lifetime

On July 8, Apple TV Plus will debut crime thriller Black Bird. The series stars Taron Egerton as a criminal facing 10 years in jail who is given an option to enter a maximum-security prison for the criminally insane in an effort to gain a confession from a suspected serial killer. 

Below are video trailers and premiere dates for multiple shows debuting the week of July 5-10 on cable networks and streaming services (for some videos, viewer discretion is advised):

July 6 — Maggie (comedy) — Hulu

July 7 — Moonhaven (sci-fi drama) — AMC Plus

July 8 — Boo, Bitch (comedy) — Netflix

July 8 — Modern Love: Hyderabad (drama) — Prime Video

July 8 — Trigger Point (drama) — Peacock

July 8 — The Sea Beast (animated movie) — Netflix

July 10 — Bridge and Tunnel (returning series) — Epix

July 10 — Supreme Team (documentary) — Showtime

July 10 — Women Who Rock (documentary) — Epix

 July 10 — Biography: WWE Legends (returning series) — A&E

WWE’s board said Vince McMahon has “stepped back” from his responsibilities as CEO and chairman of the company while charges of misconduct are investigated and that Stephanie McMahon will serve as interim CEO and chairman.

The Wall Street Journal reported that the board was looking into a secret $3 million settlement McMahon agreed to pay to a departing employee with whom he allegedly had an affair.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” Vince McMahon said in a statement.

The board said it was investigating McMahon and John Laurinaitis, head of talent relations at WWE. McMahon will retain his role and responsibilities related to WWE’s creative content. WWE said McMahon will appear on Smackdown Friday night on Fox.

In May, McMahon’s daughter, Stephanie McMahon, said she was stepping down from her role as CMO of WWE along with her husband, the wrestler and executive Paul Levesque.

“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company," she said in a statement. “It is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings.” ■

Broadcast networks Fox and NBC on Saturday (April 16) will kick off the opening season of the United States Football League with a rare simulcast of the league's inaugural game, as the USFL looks to succeed where other spring football leagues have failed.

The eight-team, Fox Sports-operated league will play a 10-game regular season -- with all games played at Protective Stadium in Birmingham -- and a three-game postseason that will determine the league's champion. 

Fox Sports and NBC Sports will televise every game via the Fox and NBC broadcast channels, USA Network and FS1 cable channels, and the Peacock streaming service.

Mike Mulvihill, Fox Sports executive vice president and head of strategy and analytics, spoke to Multichannel News senior content producer R. Thomas Umstead about Fox’s operational and programming strategy for the league, as well as how USFL games will differ from the NFL on the field of play. An edited version of the interview appears below.  

Listen to the rest of Multichannel News’ interview with Mulvihill as part of its TV Sportsplay podcast.

Multichannel News: Why is Fox Sports confident that there is viewer demand for pro football in the spring? 

Mike Mulvihill: I think the foremost thing that gives me confidence is that the appetite for spring football has already been pretty well demonstrated. The numbers that we saw in 2020 for the [WWE-owned] XFL were really encouraging. Had the pandemic not turned our world upside down and forced the XFL to suspend operations we would probably be in our third season of XFL football right now. The numbers that they were doing were more than satisfactory – they were doing a little under 2 million viewers for their games on national networks. That’s a pretty good number in the current environment. I think that gives us a good baseline expectation for what we can do.

MCN: How is Fox looking to market and promote the USFL in a very crowded and noisy sports television marketplace? 

MM: I think we can come at that in a couple ways. One is that we’re very fortunate to have not just our own networks, but to have an incredible partner in NBC Sports. To have a scenario where we're able to leverage our own air time and our own promotional vehicles, and also rely on NBC for their own promotional power and production expertise is a really advantageous situation. There have been very few startups that have launched with the full support and the full power of not just one but two major traditional media companies. Hand in hand with that we've developed a schedule that has something like two-thirds of our games on free, over-the-air television networks at a time where a lot of sports content is going to streaming networks. For the viewer right now it’s a little bit tricky to find the content that they’re looking for – they don’t know what streaming platform to go to or what games are on what cable channels. When you have a lot of games on Fox broadcast or on NBC broadcast – the same networks that they go to to watch the NFL every Sunday – that's a huge advantage.

MCN: From an operational standpoint, does Fox’s control of the USFL increase the prospects for the league’s long-term success?  

MM: You raise a great subject, because when people examine the opportunity for success in a spring football league, what they tend to focus on is consumer demand and whether we can  generate an audience. But I think just as important is how we manage costs and how we keep those costs from getting out of control, which I think has been a big issue for previous spring leagues. We feel really confident that the consumer demand is there. Where we think we have a great business advantage is in the fact that we are an owner of the league, and we are able to use the vast resources of a company of this size to help manage the operations of the USFL.

MCN: How will the USFL differ on the field from the NFL? 

MM: I would tell you that probably 95 % of the USFL rule book is identical to the NFL rule book, because we don't feel a need to reinvent the game. When people tune in, we want this product to be instantly recognizable as professional football –  we don't want it to be excessively gimmicky. Where things get a little bit different is after a scoring play, we've got some innovations that we think are going to help keep games close. One of them is that a team can elect to either kick an extra point or try for a two-point conversion. We're actually going to introduce a three-point conversion as well, because when you have a three-point conversion in play that means that a game with a margin that's as much as 18 points is still a two-possession game. We think that's going to keep fans interested. We've got a mechanism in place where rather than attempt an onside kick, we're going to let a team bring their offense on the field and try to convert a fourth and 12 [play] from scrimmage. The play clock will go from a 40-second clock to a 35-second clock – it’s a subtle distinction, but again it should just result in more offensive plays per game. ■ 

A&E and WWE said they will produce more than 130 new hours of WWE-themed programming that will appear exclusively on A&E platforms and be distributed worldwide by A+E Networks under an expanded multi-year deal.

The deal includes 35 new episodes of Biography featuring legendary WWE wrestlers and 24 new episodes of WWE’s Most Wanted Treasures. 

A&E has also ordered 40 hours of the new series with the working title WWE Rivals that will tell the story of some of wrestling's most high-profile feuds.

Other program ideas are also in development.

“The collaboration between these two powerhouse brands has already proven to resonate with audiences and we look forward to working together to create premium content with broad appeal,” said Elaine Frontain Bryant, executive VP and head of programming for A&E. “WWE’s incredible fanbase and talent roster are a great complement to A&E’s unique brand of in-depth storytelling that take fans behind the curtain and we are thankful to the entire WWE team for their partnership.” 

The first season of WWE’s Most Wanted Treasures was A&E’s most-watched new series of last year.

WWE’s Most Wanted Treasures takes viewers on a journey to find some of WWE’s most iconic, lost memorabilia. In each episode, WWE personalities investigate, negotiate, bid and travel across the country to unearth rare items tied to memorable moments in WWE history.

WWE Legends episodes drove Biography to become A&E’s most-watched series in 2021. 

“A&E is an amazing partner with an impressive lineup of signature series across its networks,” said WWE president Nick Khan. “The expansion of our partnership will allow us to continue creating a massive slate of new content with a trusted partner, while further establishing A&E as a destination for WWE fans for years to come.” ■

On the heels of its popular Formula 1: Drive to Survive docuseries, which gave viewers a behind-the scenes look at drivers and racers in the Formula One World Championship, Barclays analyst Kannan Venkateshwar wrote in a report Friday that perhaps Netflix should make the popular racing circuit the target of its next rights purchase.

Analysts have been waiting for years for streamers like Netflix, Amazon Prime Video, Facebook and Google to get serious about sports rights, but so far most have merely dipped their toes, like Amazon renewing its deal for Thursday Night Football rights in 2020  and streaming select Major League Baseball games. And while others have made small investments in sports, for the most part they haven’t yet written the mega-checks that some pundits have said they are capable of. 

In his Friday note to clients, Venkateshwar wondered if the entertainment business is looking at streaming sports all wrong. For one, he said, the industry should stop modeling sports content the same way they have modeled scripted and nonscripted content for decades. And secondly, he said streamers may be looking at the wrong sports.

Venkateshwar argued that one of the biggest issues facing new entrants and sports leagues is that distribution of traditional sports like football, soccer and cricket is that they already are widely distributed around the world. 

“This ironically makes the biggest sports the least scalable,” Venkateshwar wrote, adding that may be why potential new entrants to the sports game like Netflix may find traditional sports the least attractive. 

Part of that is due to the tribal nature of most sports. While streamers have dipped their toe in rights auctions for traditional sports like NFL football, NBA and NCAA basketball, MLB baseball and soccer, which he said has helped drive awareness, but is more similar to “how a Korean show like Squid Game became popular globally.”

Sports, he said, has much deeper cultural connotations compared to storytelling.

“This could be why Turkish shows are a bigger rage in Latin America, at present, than local telenovelas but in terms of sports, it is tough for us to see any sport replacing soccer’s pre-eminence in Latin America or Europe,” Venkateshwar wrote.

But the cultural hold is much less with sports like Formula One Racing, UFC mixed-martial arts events and WWE pro wrestling, which can be an advantage for new entrants. 

“The underlying driver of this scalability is the fact that the connective tissue for consumption of niche sports tends to be inherent to the sport itself rather than underlying cultural storylines,” he wrote. For example, Formula One fans share at least some affinity for cars, their underlying brands and even the individual teams and drivers, all of which are less anchored in any particular culture. 

“This may make live carriage of a sport like Formula One a lot more organic for a service like Netflix, especially given the success of affiliated programming like Drive to Survive,” he wrote. 

But cultural scalability isn’t enough for sports like Formula One and the others, Venkateshwar continued, adding that in order for new distribution channels to open, streamers will need to ramp up the viewing experience, with things like virtual paddock clubs, in-cockpit or VR/AR viewing and virtual and real merchandise.  

“This allows for content continuity without distinct boundaries for a given form of content which is why a sport like Formula One could fit well into services like Fortnite, Roblox or Netflix,” Venkateshwar wrote.

Formula One could be more attractive because it has fewer events (about 22 races this year), global locations, is technology-heavy and has direct participation with global brands. While baseball has more games — about 2,400 each season — they are centered more on local markets. Baseball fans in Arizona don’t watch the Seattle Mariners and vice versa. 

For traditional sports, sports betting is most likely the best experiential enhancement, and many distributors are making inroads in that industry. But for distributors like Netflix, the better path may be through sports like Formula 1. 

“Over the near term, we believe Netflix could make its live sports foray by potentially bidding for Formula One broadcast rights in the US in ’22 and Europe in ‘23/‘24,” Venkateshwar wrote. “As a sport, Formula One happens to be one of the most global in terms of reach across all sports but until recently, it struggled to grow its audience, especially as media rights moved away from broadcast to pay TV in different parts of the world. Over the course of the last year however, the sport appears to have seen a resurgence in interest even from casual fans due to the popularity of Netflix’s documentary Drive to Survive. This synergistic growth of the sport and its content extensions could be a significant opportunity for Netflix to present sports as a continuum in a manner that is unique, without content boundaries.”

According to Barclays, while Formula One has dipped in popularity over the past few years — unique viewership has fallen from 490 million in 2018 to 433 million in 2020 — in the U.S., on the heels of the Netflix docuseries, it has risen. Barclays estimates that Formula One viewership on ESPN has grown from 670,000 viewers in 2019 to 920,000 so far in 2021. 

And in the U.S., Formula One events are attracting new fans. During its Q3 conference call with analysts on Nov. 5, Formula One Group CEO Greg Maffei said of the 400,000 people that went to the U.S. Grand Prix event in Austin, Texas, on Oct. 24 — setting an F1 attendance record —  70% were first-time attendees. The usual mix is about 30% first-timers. 

“We have never seen such a crowd in Austin,” Maffei said on the call.  

Venkateshwar noted if Netflix were to dabble in Formula One, its biggest impact would be on churn, given most fans would already be subscribers. But he added that for every $100 million in annual rights costs and 2% churn, Netflix would need just 136,000 new subscribers to break even. For Formula One and others like UFC and WWE, a relationship with Netflix would be beneficial because it would likely draw fans in from areas outside its normal scope. The analyst noted that 60% of F1’s  media rights revenue comes from five countries which account for 35% of its total viewership. 

“Growing rights fees outside of these markets has been a challenge despite the scale of global viewership, not just for Formula One but also other global sports like WWE and UFC,” he wrote.

World Wrestling Entertainment may have slightly missed revenue targets — and overperformed on cash flow — in the third quarter, but executives spent the majority of a conference call with analysts talking about the potential for big gains in its renewal talks for its flagship shows — Monday Night Raw and SmackDown — which are expected to commence early next year.

WWE reported Q3 revenue of $256 million, about 1% below analysts consensus estimates of $259 million, but beat and raised estimates for cash flow in the period. WWE said adjusted OIBDA for the period was $78 million, 15% above consensus estimates of $68 million and driven by strong live event revenue of $28 million. As a result, WWE increased its full-year AOIBDA estimate to between $305 million and $315 million from the previous mark of $270 million to $300 million.

On a conference call with analysts to discuss results, WWE president and chief revenue officer Nick Khan said rights for Raw will come up for renewal with Hulu during the back half of 2022, while international licensing for its direct-to-consumer offering WWE Network expire at around the same time.

Khan seemed especially encouraged by the Hulu talks, adding that Raw “has a substantial and recurring audience who watch the show via delayed viewing week to week” on the streaming service. He noted that the last time WWE and Hulu negotiated those rights — in 2018 — the streaming landscape was considerably different than today.

Regarding international licensing, Khan said that WWE has a strategy to optimize WWE Network’s value outside the U.S., and a model that programming buyers are responding to.

“As so many U.S.-based companies look to go international overnight, it sets up a competitive global landscape that none of us have seen over the course of our careers,” Khan said on the call. “We continue to believe that will garner great results.”

But the bulk of the optimism was for Raw and SmackDown renewals in the U.S. Khan pointed out that during the last negotiation, WWE was able to more than triple its fees from $130 million for the shows to $470 million.

“We are as bullish now on those rights as we were when we went into the prior negotiations,” Khan said.

The CFO pointed to recent sports rights deals for the NFL, NHL, Major League Baseball, the SEC, La Liga and Wimbledon, and pointed out that other interested players like Amazon Prime Video, Apple TV and Netflix are sniffing around the sports market.

Amazon and Apple are reportedly in the lead among the possible bidders for NFL Sunday Ticket and Netflix chief operating officer Ted Sarandos has said publicly that he would rather own sports properties than run them.

In a research note, Wells Fargo Securities media analyst Steven Cahall said NBCUniversal’s Peacock streaming service is expected to be the bidder to beat for the WWE properties.

“We expect Peacock to go hard for the re-air rights given it already has Raw and NXT on linear + domestic streaming rights on Peacock, so it's really a question about whether media companies compete for the rights against NBCU,” Cahall wrote. “International is tougher to pin down as no comprehensive ex-US OTT rights have ever been struck to our knowledge, so a single deal for WWE Network [outside the continental U.S.] would be truly groundbreaking.

Formed over the summer, and already at work creating an NFT marketplace for one of FOX Broadcasting's biggest properties, The Masked Singer, Fox Entertainment's Blockchain Creative Labs has announced its first big client outside the studio lot, the WWE. 

Also read: Can Fox Mine Digital Gold In NFT Wild West With Eluvio Investment?

In collaboration with Blockchain Creative Labs, the publicly traded WWE will create non-fungible tokens tied to the wrestling company's catalog of digital assets, including those associated to such iconic events
as "WrestleMania" and "SummerSlam."

“Blockchain Creative Labs has quickly become a leader in the space with an incredible executive team that truly understands the NFT arena and its tremendous potential,” said Scott Zanghellini, WWE senior VP of revenue strategy and development. 

"Quickly" is used correctly here. In August, Fox and its Bento Box unit partnered with Blockchain technology Eluvio to create a new unit designed to help creative clients protect and monetize their digital assets, using the etherial "blockchain" computing concept. 

Essentially, instead of having wrestling fans all over the world create on their own JPEG stills, short videos and other digital assets based on WWE talent and events, WWE will create these assets, and allow fans to pay good money for them via NFTs--those digital certificates that say you own something digital on the internet. 

Fox just announced two weeks ago that Blockchain Creative Labs is getting to work on FOX hit reality show The Masked Singer.

"We know WWE’s passionate fan community will love owning authentic digital goods across the organization’s creative universe--from past and present stars to classic, culture-defining moments,” said Scott Greenberg, CEO of Blockchain Creative Labs and Co-Founder/CEO of Bento Box Entertainment. 

Fox and WWE are already in business together.  In October 2019, Fox Sports began airing the two-hour Friday Night SmackDown on its primetime schedule. The show will now be used as a platform to promote WWE's NFT marketplace. 

WWE and Blumhouse Television will develop a scripted series based on WWE chairman Vince McMahon.

The limited scripted series, The United States of America Vs. Vince McMahon, will delve into the government’s 1994 indictment of McMahon for allegedly supplying anabolic steroids to WWE talent, according to the pro wrestling outfit. The series marks the first scripted series for  the WWE and the first scripted portrayal of the organization’s longtime chairman. 

Read Also: WWE to Offer New Year's Day Event 

Blumhouse Productions CEO Jason Blum along with Blumhouse TV President and former USA president Chris McCumber will develop the series. 

“We have a dramatic, riveting saga – one that’s crazier than fiction – that will appeal to the cross-section of Blumhouse and WWE fans,” said McCumber in a statement. “To say I’m thrilled about collaborating again with WWE is an understatement.”

Added WWE Executive Producer and Chief of Global Television Distribution Kevin Dunn: “Jason [Blum], Chris and their team at Blumhouse create amazing work and we look forward to delivering an inside look into one of the most pivotal moments in our company’s history.”

McMahon, Blum, McCumber, Dunn and Jeremy Gold will serve as executive producers for the series, said WWE. 

The WWE will add a New Year's Day pay-per-view event to its current lineup of monthly premium shows.

The show, slated for Jan. 1, 2022, will take place in Atlanta and will be available on the Peacock streaming service as well as through traditional PPV distributors, according to the pro wrestling outfit.

Also Read: WWE Network Content Available on Peacock 

The New Year's Eve event was announced during Fox's SmackDown telecast Friday night.

The event will feature WWE superstars from both the SmackDown and Raw franchises, including WWE Universal Champion Roman Reigns, WWE Champion Bobby Lashley, SmackDown Women's Champion Bianca Belair, Raw Women's Champion Nikki A.S.H, WWE Intercontinental Champion Apollo Crews, and Raw Tag Team Champions AJ Styles and Omos, said the WWE.

“State Farm Arena is a phenomenal venue with a long history of hosting world-class events,” said Scott Zanghellini, WWE senior VP, revenue strategy & development in a statement. “We’re excited to deliver this pay-per-view to the people of Atlanta and the many that travel to the city to celebrate New Year’s.”

Also Read: WWE to Showcase 'SummerSlam' Event On Movie Screens

 The WWE will tag team with Iconic Events Releasing to distribute the pro wrestling outfit’s Aug. 21 SummerSlam pay-per-view event to select movie theaters.

The annual wrestling event will be showcased live in hundreds of theaters around the country, according to WWE. The event, which will be held in Las Vegas in front of a full capacity crowd, will also be streamed on Peacock and made available through traditional pay-per-view providers.

Read Also: WWE Network Content Available on Peacock on March 18

Last year’s SummerSlam was held in the WWE’s Florida-based ThunderDome without live fans. 

“Iconic has a stellar track record of bringing people together to experience live events in a unique manner,” WWE SVP Global Strategy & Business Development Melody Yam said in a statement. “We’re excited to partner with their team to deliver to the WWE Universe a new way to watch our biggest event of the summer live on the big screen.” 

Added Iconic CEO Steve Bunnell: “SummerSlam is a marquee event that demands to be seen on the big screen, with big sound, in an auditorium full of excited fans.”

When choosing which projects to produce, Susan Levison, WWE senior VP and head of WWE Studios, thinks about it from a selling and buying standpoint.  

“We have to be aggressive and constantly talking to the marketplace and pushing our projects forward in that seller mode,” Levison explained. “But we also want to be really thoughtful about the content we pursue and bring a buyer’s discernment to what we develop and produce. Being on both sides of the table has been really helpful in my career and at WWE.” 

Prior to joining the pro wrestling promotion’s production arm in 2019, Levison bought content while working at VH1 and sold content during her tenure at CBS Television Studios.

“We have sold multiple projects in the last year, from animation to light action comedies to documentaries, and we could not have done any of that without Susan’s guidance and oversight,” Richard Lowell, VP of development and production at WWE Studios, said. “As sellers, a lot of preparation goes into a project before we take it out to market. With Susan’s experience from both the buying and selling side, I’ll work hand in hand with her taking her lead on the details to make sure we have the best chance of success in that.”

Wonder Women Los Angeles: Shining Bright in the Hollywood Spotlight

At WWE Studios for just over two years, Levison developed a variety of projects across genres in original scripted and non-scripted formats for global distribution. Highlights include the multi-camera comedy series The Big Show Show, starring WWE superstar The Big Show, and a live-action film titled The Main Event, about an 11-year-old who enters a competition to become the next WWE Superstar. Both the series and film can be found on Netflix.

Netflix “is really excited to be in business with us because they know the extent and the power of our reach,” Levison said. “We have over a billion social media followers across all platforms and are the fourth-largest YouTube channel with over 75 million subscribers.

So, they want to harness the power of the WWE and put our content where viewers can find it.”

By creating shows and movies that appeal to not only core in-ring fans, but also audiences unfamiliar with the pro wrestling brand, WWE Studio content can be found on various networks and streaming service platforms including Netflix, E! and most recently A&E.

Last spring, WWE Studios partnered with the network to launch Most Wanted Treasures starring Stephanie McMahon and Paul “Triple H” Levesque, and Biography: WWE Legends, eight original two-hour documentaries about WWE stars.

Levison’s path to the entertainment industry wasn’t traditional. 

After graduating from California’s Pomona College, she received a master’s degree in English at Boston University with a plan to get a doctorate in poetry. But after quickly realizing that academia didn’t suit her, Levison pursued a career in the television business.

“I had absolutely no idea how to go about it,” she said. “So I went down to the Barnes & Noble and I bought a book on internships.”

Learning on the Agency Side

Levison eventually moved to Los Angeles to intern for film producer Michael Phillips. That was followed by assistant work at CAA.

“I always tell kids who want to get into the entertainment industry to work at an agency, because you’re essentially being paid to go to grad school,” Levison said. “You learn how to be an assistant. You learn how to look at material. You learn how to talk to people. It taught me everything.”

Levison was overseeing upcoming WWE Studio projects that include a multipart documentary chronicling the life of
WWE’s chairman and CEO, Vince McMahon, for Netflix. In addition, the production company in conjunction with Paramount will release the animated feature film Rumble in February 2022. 

“One of the best parts of my job is that we get to develop projects across all genres of storytelling,” Levison said.  “And we aren’t confined to a specific tone. That said, our brand is very much aligned with the idea of putting smiles on people’s faces all around the world. So, we do tend to gravitate towards projects that are inclusive, fun, and really entertain people at a time when people need it so much.” 

WWE has tapped former Fox Sports and ESPN executive Jamie Horowitz as its EVP Development and Digital as part of an expansion of the pro wrestling outfit's  executive leadership team.

Horowitz will oversee WWE’s original content including scripted and unscripted programs for digital and social media, according to the network. Horowitz, who will also be responsible for operating the WWE’s Los Angeles studios, most recently served as EVP of Global content at DAZN, overseeing the company’s original programming and social content initiatives. 

Also Read: WWE Adds Cable Industry Veterans Steve Koonin, Connor Schell to Board

Horowitz also worked at Fox Sports as president of FS1 and at ESPN as EVP of original programming and production. 

As part of its leadership expansion, the WWE has also named Matt Drew as its SVP International, charged with growing WWE's brand and business outside of the US. Most recently DAZN’s EVP of rights acquisition, Drew will also work with other company leaders to devise WWE’s international strategy for live events, digital, consumer products and new revenue opportunities, according to the company.

As general counsel and corporate secretary, Samira Shah will oversee WWE’s legal affairs and serve as principal legal adviser for the company. Shah previously served as general counsel and corporate secretary at Moda Operandi Inc., said WWE. 

WWE said it added cable veterans Steve Koonin and Connor Schell to its board of directors.

Nick Khan, who joined WWE as president and chief revenue officer, last year, was also named a director.

Koonin is CEO of the NBA Atlanta Hawks and State Farm Arena. The joined the Hawks after a long run as president of Turner Entertainment Networks, overseeing TNT, TBS, truTV and TCM.

Also Read: WWE Adds TV Sports Veteran Jamie Horowitz to Executive Ranks

Schell is founder and CEO of a new unscripted content venture with Chernin Entertainments. He was previously executive VP, content at ESPN, which he joined in 2004.

“The addition of Steve, Connor and Nick provides WWE and its board with some of the most accomplished executives in media,” said Vince McMahon, WWE Chairman & CEO. “With such proven track records across our industry, we look forward to their insight and contributions as members of our board.”

Multichannel News is pleased to announce 15 Wonder Women of Los Angeles, who will be celebrated at a virtual event on Monday, June 7.

A diverse group of successful executives in a range of fields at companies involved with programming, streaming technology, advertising and consulting. This is MCN’s third L.A.-based extension of its Wonder Women program. Look for announcements (on mcnwonderwomen.com) coming soon about the 2021 New York Wonder Women, to be celebrated in September, and for a new Wonder Women program centered around San Francisco.

Wonder Women of Los Angeles on June 7 will kick off a packed month of Future events, continuing with the Summer TV Events slate of the TV Data+Measurement Summit on Wednesday, June 9, and TV+Sports Summit on Thursday, June 10, and closing with the Pride TV Summit on Wednesday, June 23.

“These 15 leaders in both traditional and emerging categories of the TV industry are true Wonder Women, whose stories we’re proud to share with our readers and guests at the event on June 7,” Bill Gannon, VP and global editor-in-chief of Multichannel News, Broadcasting+Cable and Next TV, said. “Their wit and wisdom will be a great beginning to our Summer TV Events season.”

Also read: Celebrating Women on Video's Cutting Edge 

In alphabetical order, with links to their bios, these are the 2021 Wonder Women of Los Angeles.

Lauren Anderson, Co-Head of Content and Programming, IMDb TV.

Andrea Clarke-Hall, Head of Global Business Development, Head of Global Business Development, Tubi.

Angela Courtin, Vice President of Brand Marketing, YouTube.

Jackie Donaldson, Vice President of Global Product Strategy, Disney Streaming.

Dee Harris-Lawrence, Showrunner, Executive Producer, David Makes Man, OWN: Oprah Winfrey Network.

Jaya Kolhatkar, Executive Vice President, Data, Disney Direct-to-Consumer & International.

Amy Kuessner, Senior Vice President of Content Strategy and Global Partnership, Pluto TV.

Audrey Lee, Executive Vice President and General Counsel, Starz.

Alison Levin, Vice President of Global Ad Revenue and Marketing Solutions, Roku.

Susan Levison, Senior Vice President and Head of WWE Studios, WWE.

Pooja Midha, Chief Growth Officer, Comcast Advertising.

Cathy Oh, Vice President and Global Head of Marketing and Analytics, Samsung Ads.

Duan Peng, Senior Vice President of Data & Artificial Intelligence, WarnerMedia.

Romina Rosado, Executive Vice President, Entertainment and Content Strategy, NBCUniversal Telemundo Enterprises.

Michelle Wroan, Managing Partner, Los Angeles, KPMG LLP.

Claudine Lilien, who spent 15 years at Fox, has joined WWE as senior VP and head of global sales and partnerships.

In the first quarter, WWE’s advertising and sponsorship media revenue fell 10% to $15.6 million.

Read Also: Former WWE Execs George Barrios, Michelle Wilson to Raise $200 Million Through SPAC

Lilien will oversee the day to day operations of WWE’s sales operations and attempt to expand its roster of sponsors and promotional partnerships. 

She will report to WWE chief brand officer Stephanie McMahon.

At Fox, Lilien was senior VP, client management & solutions, selling sports properties including WWE Friday Night SmackDown, Fox Bet and FoxBet Super 6. 

“Claudine is a seasoned executive with a strong business acumen and outstanding reputation within the sports and entertainment marketplace,” said McMahon. “I am excited for Claudine to lead WWE’s sales division and look forward to her immediate contributions as we continue to deliver tremendous value to our world-class partners.”

USA Network’s weekly WWE NXT wrestling series will move to Tuesday nights from Wednesdays beginning April 13 as part of a multi-year extension, eliminating head-to-head competition with TNT’s rival wrestling outfit All-Elite Wrestling.

The move will give USA Network  two consecutive nights of primetime WWE wrestling series, with NXT following WWE Monday Night Raw. NXT launched in September 2019 and averaged 847,000 total viewers in its Wednesday night timeslot according to USA, but faced stiff competition from TNT's upstart AEW: Dynamite series. 

All new WWE NXT episodes will be available on demand on Peacock, the day after its airing on USA Network.

Read also: WWE Network Content Available on Peacock on March 18

“We are incredibly proud of our three-decade partnership with WWE and in extending USA’s NXT deal, we are further establishing our portfolio as an unrivaled home for quality WWE content,” said NBCUniversal Chairman, Entertainment Networks Frances Berwick in a statement. “By transitioning NXT to a Tuesday timeslot where WWE has performed well in the past, we are giving our passionate fanbase more of what they love with back-to-back nights of exhilarating, live programming.”

Added WWE executive vice president of Global Talent Strategy & Development Paul Levesque: “We are thrilled to continue WWE and NBCUniversal’s longstanding partnership with the extension of NXT on USA Network. The move to Tuesdays provides a new opportunity for us to grow the NXT brand and enables our partner, USA Network, to continue to build its strong portfolio of sports and entertainment programming.”

 A&E Network has teamed with the WWE Studios to develop original Biography-branded documentaries showcasing several WWE Superstars.

The eight-episode, weekly Biography documentary series will launch April 18 and will feature profiles of such WWE superstars as "Stone Cold" Steve Austin, “Macho Man” Randy Savage, “Rowdy” Roddy Piper, Booker T, Shawn Michaels, Bret Hart, Mick Foley and Ultimate Warrior, said the network. 

The biographies will chronicle the success of the WWE athletes and will explore their lasting mark both in sports entertainment and in popular culture, said A&E. 

Following each episode, A&E will premiere an episode of the original WWE’s Most Wanted Treasures series, in which WWE Superstars hunt for some of WWE’s most iconic missing memorabilia including Kane’s original mask, Ric Flair’s Butterfly Robe, Andy Kaufman’s neck brace and Andre The Giant’s passport. 

Read also: WWE Shares Get Slammed on Poor Q4 Earnings Report

“For more than two decades, Biography has been the home for premium non-fiction storytelling and we are excited to expand upon that with this all-encompassing partnership with WWE,” said Elaine Frontain Bryant, A&E Network EVP and Head of Programming. “This one-of-a-kind collaboration gives viewers the ultimate ringside seat as we chronicle the journeys of these cultural icons and the memorabilia that follows.”

Shares of World Wrestling Entertainment fell more than 10% in afternoon trading Friday after the scripted sports giant reported disappointing Q4 results, stoking fears that higher expenses could eat up the benefits of its recent NBCUniversal deal in its first year.

WWE, like every other entertainment company, has been negatively affected by the pandemic. But the wrestling giant has been hit particularly hard as stay-at-home orders basically erased its live event revenue, which fell 97% in Q4 to $700,000 from $27.4 million in the prior year. Overall revenue dropped 26% to $232.2 million in Q4 and Operating Income Before Depreciation and Amortization (OIBDA, a measure of cash flow) fell 52% to $51.2 million. For the full year, revenue rose 1% to $974.2 million, primarily because of increased content licensing fees, and OIBDA increased 59% to $286.2 million, also due to higher licensing fees. 

On a conference call with analysts to discuss Q4 results, WWE chairman and CEO Vince McMahon said he expected a gradual turn to live events and was excited about the NBCU deal. As part of that transaction, subscribers to Peacock’s ad-supported tier can get WWE Network for $4.99 per month, half the $9.99 per month WWE charged.  

“This agreement is really awesome for our WWE fans,” McMahon said of the NBCU deal, adding it gives them greater value. 

But despite that optimism, some analysts feared that management comments on increased expenses and the confusing nature of the NBCU agreement would pressure shares. 

They were right.

 WWE held the analysts’ call at 5 p.m. on Feb. 4 and the next day, the stock was immediately impacted, opening at $53 per share, $3 per share below its previous day’s close of $56. By the afternoon the fall had become more pronounced as shares sank as low as $48.87 each (down 12.7%, or $7.13 each), before closing at $49.22 per share, down 12.1% or $6.78 each, on Feb. 5. 

In a research note, Evercore ISI analyst John Belton wrote that he was encouraged around solid guidance for 2021 and expectations for 2022, but expected investors to react poorly to some management comments around expenses and the NBCU deal.

“With the impact of COVID on WWE’s business better understood and with a guidance range for 2021 adjusted OIBDA established, focus has shifted to the business’s longer term earnings power now that a long-awaited licensing deal for the WWE Network has been reached with Peacock,” Belton wrote. “Unfortunately, we think investors will come out of the 4Q earnings cycle a bit disappointed by some of management’s comments around both higher than expected expense growth expectations beyond this year and the confusing nature of the Peacock agreement, and we are reducing our 2022E adjusted OIBDA forecast by ~4% to reflect this sentiment.”

WWE unveiled the NBCU deal in late January. According to that transaction, NBCU’s Peacock service would get exclusive streaming rights for WWE Network in the U.S. NBCU also would continue to air WWE’s Monday Night Raw on its USA Network. 

WWE had launched the WWE Network in 2014 and had enjoyed some early success. But the streaming service peaked at 2.1 million subscribers in 2018 and by Q4 2019 that number had dropped to 1.5 million. Investors and analysts feared that WWE would throw in the towel on streaming, but Vince McMahon had continued to stress that a big deal was on the way. During a conference call with analysts in February 2020 to discuss Q4 2019 results, McMahon continuously interjected that “the majors” are “clamoring” for WWE content. If the company did decide to do a licensing deal, he said, it could announce it before the end of next month.

“We’d be announcing that deal, if we go that way, in the first quarter,” McMahon said at the time. “That’s how far along we are.”

The pandemic, which began to take hold in March of that year, no doubt put a damper on any deal being finalized. But with the new Peacock deal, there are still questions as to what impact it will have on the overall operations.  

On the Feb. 4 earnings conference call, WWE chief financial officer Kristina Salen said that the first year would be the biggest in terms of revenue from the NBCU deal, because of the valuation for the subscribers and IP that will transfer over to Peacock.

“That will be all recognized in 2021, and then in 2022, you'll have the regular revenue recognition of the ongoing deal,” Salen said on the call. 

She added that WWE expects a “significant” increase in expenses due to higher production costs associated with its ThunderDome virtual video conferencing crowd system for live events and the return of workers from furlough. Despite those increases, Salen said OIBDA is expected to be between $270 million and $305 million in 2021, due to the Peacock deal, more live events and the escalation of core content rights. 

With OIBDA expected to be at best 7% higher or at worst 6% lower in 2021 than in 2020, most analysts saw that as an indication that increased costs would eat up most of the Peacock gains, at least in the first year. 

Belton estimated that about 25% of the revenue in the five-year deal will be realized in year one, adding in his note that under those assumptions, WWE could expect a $30 million OIBDA tailwind in the first year, of which about $15 million potentially reverses in 2022. “From there we believe the agreement will more closely resemble a typical rights deal with contractual annual fee escalators,” he wrote.

Barclays Research media analyst David Joyce, was a little more optimistic, adding that investors likely have “written off” this year, but that the Peacock deal and live events expected to pick up in the second half of the year could bolster the outlook for 2022.

Joyce added that although the Peacock deal reduces optionality for the WWE Network, Comcast NBCU’s stronger balance sheet and distribution strength could open other doors globally. 

“This backstop could also help WWE invest in more of a longer-term fashion in making content better at WWE, something that has been a source of operational volatility,” Joyce wrote.  

In a Jan. 29 research note, Wells Fargo Securities media analyst Steven Cahall wrote that operating expenses will be the key. If 2021 opex is more skewed toward personnel, marketing and content, then 2022 OIBDA could reach $350 million. That estimate rises to around $400 million if 2021 opex guidance is conservative and has a lot of one-time charges.

Cahall added that he's bullish on the stock if it can reach the high end of his 2022 OIBDA forecast. But he cautioned that WWE wasn’t “quite out of the woods.” He pointed out that reaching that level would mean WWE would have to spend more to squeeze higher ratings out of an already corded entertainment field, and noted that in the past, WWE has underperformed investor OIBDA expectations. 

“We think WWE gets the double-whammy up and down: higher multiple when OIBDA estimates move up, lower multiple when estimates come down,” Cahall wrote. “So, where opex goes, likely so goes the stock.” 

Peacock, NBCUniversal’s streaming network said it reached a deal with WWE that gives Peacock exclusive streaming rights to the WWE Network in the U.S.

Financial terms were not disclosed.  According to a report in the Wall Street Journal, the deal covers five years and is worth more than $1 billion.

Also Read: NBCU, Twitter Expand Content, Ad Deal Globally

WWE Network will be available to Peacock Premium subscribers for $4.99 a month, a $5 savings, starting March 18. The subscription includes WWE pay per view events including Wrestlemania.

Read Also: NBCU Plans to Shut Down NBCSN Cable Sports Net 

Comcast and Cox subscribers will get WWE Network free, according to WWE Chief Brand Officer Stephanie McMahon. Those subscribers also get Peacock Premium for no additional fee.

"NBCUniversal has a long-standing relationship with WWE that began nearly 30 years ago with Monday Night Raw on USA. WWE has always tapped into the cultural zeitgeist with spectacular live events and larger-than-life characters, and we are thrilled to be the exclusive home for WWE Network and its millions of fans across the country,” said Rick Cordella, executive VP and chief revenue officer, Peacock. “WWE Network is a transformative addition to the platform and complements Peacock’s massive catalog of iconic movies and shows, as well as the best live news and sports, from NBCUniversal and beyond.” 

WWE Network will provide more than 17,000 hours of new original and library programming on demand and on a full-time linear channel.

“We are thrilled to further the long-standing and trusted partnership WWE has with NBCUniversal,” said Nick Khan, WWE president and chief revenue officer. “Peacock is an innovative platform that will enable us to showcase our most significant events, including WrestleMania, and provide the extraordinary entertainment our fans have come to expect with the combination of premium WWE content, live sports, news, films, and television programs.”

The WWE also released preliminary results for fiscal 2020 and guidance for 2021 that analysts said were in line with expectations.

“On balance, we think this is positive news and is a bullish read on the value of WWE content,” John Belton, analyst at Evercore ISI, said in a note Monday morning.

"However, if the WSJ terms are correct, we have difficulty reconciling this with the new 2021 estimated OIBDA guidance range of $270-$305M,” Belton added. “This could imply a significant increase in year-over-year expenses, some of which is explainable due to COVID-19 related content production changes but still surprising to us “

Steven Cahall of Wells Fargo, noted that the WWE Network had been running at break-even at best. “We value WWE Network at $226 million,” he said, based on about 1.5 million subscribers and $182 million in subscriber and PPV revenue.

Cahall’s thoughts about why WWE won’t be more profitable after the Peacock deal included the notion that Peacock revenue might ramp gradually, that costs from WWE Network would also recede slowly and that WWE would use funds from the licensing deal to invest in more content.

Former WWE executives George  Barrios and Michelle Wilson, about a year after their surprise departure from the scripted sports giant, have formed a Special Purpose Acquisition Corp. -- Isos Acquisition Corp. -- to raise $200 million to purchase a company in the digital media space. 

Isos filed a prospectus with the Securities and Exchange Commission on Jan. 20 to issue 20 million shares at $10 each. The money would be used to purchase a company in the digital media space. Isos has about two years to find a target, at which time they would either make a deal or return the proceeds of the IPO back to shareholders.

Isos believes there is ample opportunity in the digital media space, with the global entertainment and media market expected to grow at an annual rate of 4.9% to reach $42.3 trillion by 2023, according to The Business Research Company Media Investment Global Outlook 2020, which was cited in the prospectus. North America accounted for about one-third of the total addressable market in 2019, or $519 billion, the report stated. 

SPACs, also known as blank check companies, have become a popular method of taking smaller private companies public. Use of the financing vehicle exploded in 2020,  when about 248 SPACs were created, more than four times the 59 formed in 2019, according to SPAC Insider. SPACs raised a total of $83 billion in 2020, compared to $13.6 billion in 2019. So far in 2021, about 59 SPACs have been formed, raising $16.8 billion, according to SPAC Insider. 

Several media companies have used SPACs to go public, including streaming company CuriosityStream and online betting company DraftKings. Severbal former and current media chiefs have formed their own SPACs over the past several months, including former Walt Disney Co., streaming chief  Kevin Mayer; current Dish Network chairman Charlie Ergen and former AT&T Broadband CEO Leo J. Hindery Jr. 

Barrios and Wilson were named co-presidents of WWE in February 2018, but abruptly resigned in January 2020 after what WWE chairman and CEO Vince McMahon said was a failure to see eye-to-eye regarding the company’s future direction. Both had been instrumental in the wrestling giant’s success. WWE stock plummeted on the news of their departure (it was down 23% at one point on Jan. 31, 2020, but has since recovered that lost ground. 

According to the Isos prospectus, the company has attracted some top TV, finance and entertainment executives to its board of directors, including former NBA China CEO and DirecTV EVP Derek Chang; former Sirius XM SVP and head of corporate strategy Barbara Daniels; former Telemundo chief operating officer Jacqueline Hernández; Fandom CEO Perkins Miller; Facebook VP of Global Sports and Media Partnerships Dan Reed; and Boston Consulting Group managing director and senior partner John Rose.

JP Morgan and LionTree Partners are serving as bookrunners for the IPO. LionTree and Apollo Global Management also have agreed to participate financially in the company, with Apollo agreeing to purchase 7.5 million warrants for shares of Isos at $10 each in a private placement once it finds a business target and completes the combination. LionTree has agreed to purchase 1.3 million warrants at $1.50 each (for a total of $7 million) under the same terms. 

Barrios and Wilson formed Isos Capital Management in December, to seek out investments in the sports space. Aside from working together at WWE for about 11 years -- Barrios was hired in 2008, Wilson rejoined the company in 2009 -- the two have extensive experience in the  business and sports space. Barrios was CFO of The New York Times Co. and served stints at HBO and Time Warner before joining WWE. Wilson had worked for McMahon’s first attempt at a professional football league -- XFL -- in 2001, and later worked as a marketing executive at the NBA, US Tennis Association and Nabisco before joining WWE in 2009 as EVP and chief marketing officer.

The two hope to leverage that experience to find an attractive digital media target.

According to the prospectus, Barrios and Wilson were part of a management group that drove WWE’s stock price up 426% in four year (from Jan. 1, 2015 to Dec. 31, 2019), creating $4.8 billion of enterprise value over the same period.

WWE will hold its Wrestlemania 37 event this April in Florida, likely in front of live fans, the organization said Saturday.

The WWE also announced that its 2022 Wrestlemania event will be held in Arlington, Tx. and the 2023 event will take place in Los Angeles.

Wrestlemania 27 will take place on April 10 and April 11 in Tampa Bay's Raymond James Stadium, according to the organization. The move to Florida-- the event was originally slated to be held in Los Angeles -- will give the WWE the opportunity to have live fans attend the event. The organization said it will announce ticket availability and safety protocols for WrestleMania 37 in the coming weeks.

The announcement comes nearly a year after the WWE held its Wrestlemania 36 event without fans in its Orlando studios due to the pandemic. 

Read Also: WWE Extends ‘Wrestlemania’ Event to Two Days 

“On behalf of everyone at WWE, we thank [Florida] Governor DeSantis, [Tampa Bay] Mayor Castor, [Arlington, Tx.] Mayor Williams and [Inglewood, Ca.] Mayor Butts for their graciousness and flexibility in what was a collaborative effort to bring the next three WrestleManias to these iconic stadiums in their world-class cities,” Vince McMahon, WWE Chairman & CEO said in a statement. 

Pro wrestler Jon Huber died Saturday from a reported lung issue, according to The New York Times.

Huber, who wrestled under the names Luke Harper for the WWE and Brodie Lee for All-Elite Wrestling, was a fan favorite as a soft spoken yet imposing presence in the ring, according to the WWE. 

Huber worked at the WWE for seven years before joining the All-Elite Wrestling company in 2020, according to the Times. 

Huber’s wife in an Instagram post said that Huber passed away “after a hard fought battle with a non-COVID related lung issue."

The WWE and AEW also posted social media tributes to Huber, as well as fellow pro wrestlers and personalities.

WWE said that it has elected Erika Nardini, CEO of Barstool Sports, to its board of directors.

“Erika is a seasoned executive with a tremendous track record of building businesses, developing experiences, and engaging different audiences across the media ecosystem,” said Vince McMahon, WWE chairman & CEO. “Her entrepreneurial spirit, business acumen and understanding of today’s consumers will serve as a perfect addition to our board of directors.”

Nardini became Barstool Sports’ first CEO in 2016. During her tenure, the company has launched more than 35 brands in sports, entertainment, female lifestyle and sports betting.

Earlier this year Nardini launched a strategic partnership with casino operator Penn National Gaming. In September, they launched the Barstool Sportsbook.

Before joining Barstool, Nardina held posts at Microsoft, AOL, Demand Media and Yahoo!. She’s on the advisory boards of Premiere Lacrosse League and Food52.

Hyundai is riding shotgun with the WWE in a digital video series called Drive for Better that shows wrestlers working with the automaker and its dealers brightening people’s lives.

The first of 10 episodes had its debut in July and showed tag team Big E and Kofi Kingston picking up a Hyundai Tucson and visiting an 8-year-old New Day fan for a socially distant birthday surprise with a bushel of Mattel toys.

A new episode, premiering Thursday, features WWE Universal Champion Roman Reigns making a virtual visit at the Children’s Hospital of Orange County.

The branded content appears on WWE’s digital platforms and the wrestlers’s social media channels.

“As an official sponsor of WWE, we are excited to be working together to share the personal stories of the Superstars and help put a smile on people’s faces,” said Angela Zepeda, CMO, Hyundai Motor America. “We both believe everyone deserves better and this series is representative of that.” 

The series is part of a broader official sponsorship arrangement that also includes integrations across WWE platforms including WrestleMania, Extreme Rules and SummerSlam pay-per-views on WWE Network.

Hyundai is also the co-presenting partner of WWE Clash of Champions on Sunday, Sept. 27 and will receive weekly exposure in Monday Night Raw and Friday Night SmackDown programming throughout the month of September. 

The campaign will devote cross-platform WWE media assets to support Hyundai Hope On Wheels during Childhood Cancer Awareness Month. They ran a similar program in 2018.

Seven Bucks Companies, the film and TV production entity headed by Dwayne “The Rock” Johnson and his ex-wife Dany Garcia, and RedBird Capital, the private equity company led by former Goldman Sachs partner Gerry Cardinale, have agreed to buy troubled sports league the XFL in a deal valued at about $15 million.

The XFL filed for bankruptcy protection in April, shortly after it canceled its season due to the coronavirus pandemic. At the time, the league reported assets of between $10 million and $50 million. 

The bid came on the day the bankruptcy court was scheduled to begin an auction for the XFL assets. In light of the bid, that auction will not take place.

The XFL, created by World Wrestling Entertainment chairman and CEO Vince McMahon, has struggled to eke out a niche as an alternative to the NFL. While the earlier version of the XFL crashed and burned after one season in 2001 amid low ratings and a string of bad luck, the latest iteration was supposed to be a more serious, fast-paced, fan-centric and family-friendly football league. In June 2018 McMahon hired former NFL and NCAA executive Oliver Luck as commissioner and CEO of the league, and tapped sports business consultant Jeffrey Pollack as president and chief operating officer.

Pollack was in charge of the auction process. In a press release he was pleased with the outcome.

“We are grateful for today’s outcome,” Pollack said. “This is a Hollywood ending to our sale process and it is an exciting new chapter for the league. Dwayne, Dany and Gerry are a dream team ownership group and the XFL is in the best possible hands going forward.”

Johnson and Garcia, a former Merrill Lynch exec, formed Seven Bucks Companies in 2012, which has mainly produced films and television properties for Johnson. This will be the company’s first foray into live sports. 

The deal is expected to close quickly. Seven Bucks said in a press release that the bankruptcy court will hold a hearing to approve the transaction on Aug.7, and with a favorable ruling the deal could close on or shortly after Aug. 21.

“For Dwayne, Gerry and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility” Garcia said in a press release. “Sports and entertainment are the foundations of the businesses I have built. Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”

Johnson, a former professional wrestler, parlayed his fame into a career as an actor and entrepreneur. In addition to starring in blockbuster films like Jumanji and TV shows like HBO series Ballers, he is CEO of Seven Bucks Cos.

“The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that’s rooted deeply in two things - my passion for the game and my desire to always take care of the fans,” Johnson said in a press release. “With pride and gratitude for all that I’ve built with my own two hands, I plan to apply these callouses to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football.”

Cardinale and RedBird have been involved in several sports deals -- it was part of the team that purchased YES Network last year and last month purchased an 85% interest in French soccer club Toulouse. Also in July, RedBird formed a special purpose acquisition corporation -- RedBall Acquisition Corp. -- with Oakland A’s executive Billy Beane to raise $500 million to invest in sports properties. 

“It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL,” Cardinale said in the press release. “Their track record in building dynamic businesses speaks for itself, and their vision and passion for developing the XFL as a world class sports and entertainment property will enable a new future for this organization. As their partner in acquiring and relaunching the XFL, RedBird will bring its own track record and experience in building world class companies in sports and live entertainment to help realize their vision.” 

World Wrestling Entertainment said it has named Kristina Salen as chief financial officer of the scripted sports giant, replacing Frank A. Riddick III, who was serving in an interim role. She will report directly to WWE chairman and CEO, Vince McMahon.

Salen’s appointment is effective Aug. 3, WWE said. Riddick, a WWE board member, took over as interim CFO in January after former co-presidents George Barrios and Michelle Wilson abruptly resigned.

Salen had served as CFO of online retailer Etsy from 2013 to 2017, and in 2017 and 2018 was CFO and chief operating officer of artist services and music distribution company United Masters. Since 2018 she has been CFO of online luxury fashion retailer Moda Operandi and earlier in her career served in financial analyst positions with Oppenheimer Capital, Merrill Lynch Investment Managers and Lazard Freres & Co.

According to Securities and Exchange Commission documents, Salen will receive an annual base salary of $730,000 and will be eligible to earn annual cash incentive awards under WWE’s management incentive plan with a target incentive of 50% of her base salary. She will also receive restricted stock units of WWE’s Class A common stock worth $500,000.

The WWE is offering viewers a free version of its subscription WWE Network streaming service, which will feature more than 15,000 WWE titles, the company said Monday.

The service, which is available through the WWE App, will offer select historical WWE pay-per-view events as well as weekly WWE highlights and recent episodes of Monday Night Raw, Friday Night SmackDown and NXT, said WWE officials. The service will also offer new programming such as Raw Talk, which will air immediately following each RAW episode. 

The service will complement the $9.99 per month WWE Network, which currently has more than 2 million subscribers, and offers library content as well as the WWE’s pay-per-view events. 

“The launch of WWE Network’s Free Version is a key component of our company’s digitization strategy and a new way for all fans to be able to experience premium WWE content,” said Jayar Donlan, WWE Executive Vice President, Advanced Media. “As we continue to re-imagine WWE Network’s offering, the Free Version will serve as an effective way to reach a broader group of consumers and allow them to experience the history and spectacle of WWE.”

The WWE will offer a special Memorial Day video tribute during its May 25 WWE Monday Night Raw telecast on USA Network, the organization said Thursday.

The short video offers a special tribute to the fallen men and women who have served in the United States Armed Forces, according to the WWE. Watch the WWE video tribute below. 

The battle between XFL owner Vince McMahon and Oliver Luck continued to heat up this week, with McMahon claiming his former CEO abandoned his duties as the COVID-19 pandemic canceled the alternative football league’s regular season, used a company-issued iPhone for personal use, and signed troubled players.

Luck, a former NCAA and NFL executive, was hired by McMahon to run the fledgling league in June 2018.  The league launched on Feb. 8, but canceled its season on March 12 because of the pandemic.

On April 9, a day before the rest of the league’s employees were let go,  the XFL fired Luck for what they said was cause, claiming “gross negligence” and a “willful disregard of the lawful instructions of Mr. McMahon” concerning his duties as CEO. The XFL filed for Chapter 11 bankruptcy protection on April 13. 

Luck sued McMahon in Connecticut federal court on April 16, for wrongful termination.

According to an affidavit filed on May 13, Luck claims he is owed no less than $23.8 million, including $800,000 in base salary owed for the remaining two months of the 2020 season, a $2 million guaranteed bonus, $15 million in salary for the remaining three years on his contract and $6 million in guaranteed bonuses for the remaining three years on his employment deal. Luck added that he is also owed additional amounts for benefits through June 30, 2023, according to the contract.

[embed]https://twitter.com/XFLVipers/status/1221889988981329921[/embed]

In the termination letter -- which was filed as an exhibit in Luck’s affidavit -- McMahon and XFL parent Alpha Entertainment claims of “gross negligence” by the former CEO included his decision to sign former Cleveland Browns wide receiver Antonio Callaway to an XFL contract with a “substantial” signing bonus of $125,000. According to the letter, Luck made the signing without permission from McMahon, who had requested he sign off on players with questionable backgrounds. Callaway had past drug use problems (mainly for marijuana) and run-ins with the law.

The letter continued that Luck failed to terminate Callaway immediately, and he was later injured in a practice session with the XFL’s Tampa Bay Vipers, leading to medical and worker’s compensation costs “well in excess of six figures.”

Luck countered that McMahon was well aware of Callaway’s signing, and that the deal was made as part of the XFL owner’s directive to attract higher quality players. Luck added that it was the XFL’s policy to “refrain” from testing for marijuana, and to reject players from the pool that could be drafted only if they had a felony conviction or a conviction for dealing drugs; had multiple misdemeanor convictions establishing a pattern; or if a credible allegation of sexual assault or domestic violence had been made against him.

[embed]https://twitter.com/XFLVipers/status/1223037946418417664[/embed]

“Callaway did not fit into any of those categories and was not disqualified under XFL policies that were in place at the time he was signed to play in the XFL,” Luck claimed in the document.

When McMahon informed Luck during the week of Jan. 26 that he wanted Callaway terminated, Luck said he did just that.

“He [Callaway] never played a down in the XFL,” Luck’s affidavit claims.

McMahon also claimed that Luck “failed to exhibit any of the vigor and work ethic required of a CEO of a start-up enterprise in these trying times,” failing to devote “substantially all of [his] business time to the performance of [his] duties since March 13th, which itself is grossly negligent under the circumstances.”

In his affidavit, Luck said he did return home to Indiana on March 13, but that the league closed its offices on Sunday March 15 and ordered all staff to work from home because of the pandemic. On March 20, Connecticut Gov. Ned Lamont issued a stay-at-home order in the state, asking all non-essential businesses to have their employees work from home.

As far as the cell phone, McMahon claims that when his lawyers asked Lack to return the iPhone issued to him, he failed to do so. Later, McMahon claims, Luck’s attorneys asked bankruptcy court counsel if there was a company policy about personal use of the phone.

“There was such a policy,” McMahon claims in his filing. “Thus, that phone and its contents are now evidence supporting Luck’s termination for cause.”

According to the suit, McMahon -- who also is the chairman, CEO and controlling shareholder of professional wrestling conglomerate WWE -- personally guaranteed Luck’s compensation. That is likely the reason the former CEO is suing McMahon individually instead of the bankrupt league. 

World Wrestling Entertainment said it has initiated a string of cost-cutting measures, including worker furloughs and executive pay cuts, in an effort to shave $4 million per month in expenses amid the COVID-19 pandemic.

In a press release WWE said it has undergone an extensive evaluation of its operations in the past several weeks as the coronavirus has impacted nearly every business segment in the country. As a result, WWE said it would implement several short-term measures to reduce costs and improve cash flow, including:

• Reducing executive and board member compensation;
• Decreasing operating expenses;
• Cutting talent expenses, third party staffing and consulting;
• Deferring spend on the build out of the company’s new headquarters for at least six months.

Related: Trump Puts WWE in Major League Conversation

WWE said it also would furlough a portion of its workforce immediately, but declined to say how many workers would be affected. The company added that it believes the furloughs “will be temporary in nature.”

The company also said that it has come to terms with several wrestlers to release them from their contracts, including stars like Kurt Angle, Drake Maverick (James Curtin), Curt Hawkins (Brian Myers), Karl Anderson (Chad Allegra), Luke Gallows (Drew Hankinson), Heath Slater (Heath Miller), Eric Young (Jeremy Fritz), EC3 (Michael Hutter), Aiden English (Matthew Rehwoldt) and Lio Rush (Lionel Green).

“We wish them all the best in their future endeavors,” WWE said in a press release.

[embed]https://twitter.com/WWE/status/1250477978657665024[/embed]

The moves, especially the decision to suspend construction on its new headquarters in Stamford, Connecticut,  are expected to improve cash flow by $140 million. WWE said it has substantial financial resources -- including available cash and debt capacity of about $500 million -- to weather the economic storm created by the coronavirus pandemic.

The news comes just a few days after the XFL, the alternative football league that was the brainchild of WWE chairman and CEO Vince McMahon, filed for bankruptcy protection. In those documents, it was revealed that WWE owns a 23.5% interest in the XFL. 

WWE said it would offer further details when it reports first quarter results, expected on April 23.

The White House clearly recognizes professional wrestling as a body slamming, turnbuckle-buckling force to be reckoned with. 

In a telephone call with what the White House characterized as "commissioners of major league sports," the President included Vince McMahon, president of WWE (World Wrestling Entertainment).

That was alongside Gary Bettman, commissioner of the NHL; Cathy Engelber, commissioner of the WNBA; Roger Goodell, commissioner of the NFL; Jay Monahan, commissioner of the PGA; Adam Silver, commissioner of the NBA and others. 

Related: ESPN to Air Classic Wrestlemania Events 

According to the White House, Trump discussed the league's approaches to the "all-America" response to COVID-19, while the commissioners "thanked President Trump for his national leadership and for his interest in the sports industry." 

Trump's relationship with McMahon dates back to at least the 1980s, when Wrestlemania was held in Atlantic City. Trump even once helped shave McMahon's head as part of a Wrestlemania stunt.  

The President also named McMahon's wife, Linda, head of the Small Business Administration, though she has departed that post. 

According to reports, Trump told the NFL in the call he hoped it would start its season on time. No word on whether he pushed WWE to get those big bodies back in the squared circle. 

ESPN will jump into the pro wrestling ring, teaming with WWE to telecast encore presentations of classic WrestleMania events beginning Sunday (March 22), the two parties announced Friday.

ESPN will air WrestleMania events in primetime over consecutive Sundays beginning March 22 with the 2014 WrestleMania 30 event. Additional telecasts include 2016’s WrestleMania 32 (March 29) and 2019’s WrestleMania 35 (April 5), said the sports network. The events will also air on the ESPN app. 

“This unique opportunity is a byproduct of the terrific working relationship we’ve enjoyed with WWE over the years and the unprecedented circumstances we all find ourselves in,” said Burke Magnus, executive VP, programming, ESPN in a statement. “WrestleMania is one of the most popular global events in sports and entertainment and the spectacular content it provides will be a treat for fans.”

The ESPN telecasts will lead up to WrestleMania 36, which will be distributed live via pay-per-view and streamed on WWE Network over two days on April 4 and April 5.

“It is a privilege for us to deliver historic WrestleMania content to our world-class partners at ESPN and provide more premium programming to our fans; putting smiles on their faces particularly during this trying time,” said WWE chief brand officer Stephanie McMahon in a statement. “We look forward to celebrating WrestleMania history with ESPN as we head into our two-night pop culture extravaganza on April 4 and 5.”

In other ESPN programming news, the sports network will showcase the high school appearances of such NBA stars as Carmelo Anthony, James Harden and LeBron James as part of an 18-hour block of classic McDonald’s All American Games and Jam Fests on ESPN2.