Following reports that WWE CEO and Chairman Vince McMahon lost up to $350 million in a 24-hour period, there is fear in the WWE that changes may be coming as McMahon is not happy with the way his management team handled the WWE inking a new television deal with NBCUniversal.
Bill Goldberg Talks Potential WWE Return, Who He'd Like To Face
According to Wrestlingheadlines.com, there was some concern prior to McMahon's WWE Business Outlook conference call on Monday that McMahon's unhappiness over the reported losses in revenue could lead to him making some changes to his team of managers.
The report indicates that McMahon feels that his management team, excluding George Barrios, led him to believe that the WWE would be making more money for its television deal than it actually did. McMahon's displeasure with the figures led to fears that he may start slashing jobs, though no changes have been made yet.
Daniel Bryan Advertised For Monday Night RAW
It is said that when McMahon is unhappy, he works quickly and things change at a rapid pace.
According to Wrestlingheadlines.com, people joked Friday that perhaps the financial troubles mean that the WWE Network may disappear quickly after all the hype surrounding it, however that is highly unlikely to happen.
McMahon has been disappointed with the number of subscriptions the network has garnered as they'd hoped to reach at least a million by now. Forbes reported that McMahon lost as much as $350 million over the span of 24 hours last week due to WWE stock falling and the television revenue being less than stellar.
McMahon painted the 1 million mark as a "break-even" number for the WWE Network, however the streaming service has garnered around 700,000 subscribers since it launched in late February. The company is on a trajectory to lose $45 to $52 million this year due to the lack of subscriptions.
McMahon also isn't pleased with the television deal the company struck with NBCUniversal to retain its flagship Monday Night RAW and SmackDown television shows for the sum of $150 million annually. The deal which the WWE struck with NBCUniversal is reportedly half or one-third of what many originally expected the company to earn.
The combined loss between the lack of WWE Network subscribers, the WWE's stock falling and the missed opportunity of a huge network television deal all led to McMahon losing $350 million, causing a lot of fear that changes may be coming to his management team.
For more coverage, follow us on Twitter @SportsWN and Like Us on Facebook
© Copyright 2024 Sports World News, All rights reserved. Do not reproduce without permission.