WWE Renews Drop as Officials Say TV Accord Fell ShortCliff Edwards
World Wrestling Entertainment Inc. resumed its decline after officials said their new online network may have hurt the company in negotiations to renew a cable television agreement.
WWE, producer of live and televised wrestling events, fell 2.8 percent to $10.95 at 1:02 p.m. in New York, after losing as much as 4.4 percent to $10.77. WWE fell 43 percent on May 16 after the company said the online WWE Network won’t make up for lost pay-per-view and video on-demand business until 2015.
A new cable TV deal with Comcast Corp.’s NBCUniversal fell short of what WWE had sought, officials said on a call today. On May 15, the Stamford, Connecticut-based company also announced a renewed deal to broadcast “Monday Night Raw” and “Friday Night Smackdown” on NBC’s USA and Syfy channels.
“We were a little disappointed in our NBCU deal quite frankly, but when you add up all our television deals we nearly doubled,’ Vince McMahon, chairma and chief executive officer, said on the call. ‘‘We’re at about $200 million, so internationally we did a lot better than we did domestically.