Eminence Discloses 9.6% Stake In World Wrestling Entertainment

Eminence Capital, LP acquired 9.6% stake in World Wrestling Entertainment, Inc. (NYSE:WWE) based on its 13G filing with the Securities and Exchange Commission (SEC).

The filing showed that Eminence Capital owns 3,170,863 shares of World Wrestling Entertainment, Inc. (NYSE:WWE).  Ricky Sandler is the chief executive officer and chief investment officer of the hedge fund.

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World Wrestling Entertainment financial results

World Wrestling Entertainment, Inc. (NYSE:WWE) reported its second-quarter financial results on July 31. The integrated media company posted a net loss of $14.5 million or $0.19 per share. During the year-ago quarter, it recorded a net income of $5.2 million or $0.07 per share.

The company said its WWE Network had 700,000 subscribers by the end of the quarter.

Despite reporting losses, Vince McMahon, chairman and CEO of World Wrestling Entertainment, Inc. (NYSE:WWE) said core business metrics of the company remain strong.

According to McMahon, “WWE Network continues to be the single greatest opportunity to transform WWE’s business model. During the quarter, we developed plans to make WWE Network available globally starting August 12, and completed a long-term content deal in Canada with Rogers Communications.”

McMahon added that the management of World Wrestling Entertainment, Inc. (NYSE:WWE) identified efficiencies that would improve the company’s 2015 OIBDA outlook by $30 million.” He expressed optimism regarding the company’s potential to drive long-term growth.

World Wrestling Entertainment announced job cuts

Last month, World Wrestling Entertainment, Inc. (NYSE:WWE) announced its decision to reduce the number of its workforce by 7%. According to the company, the job cuts are part of its strategy to increase profitability.

WWE Network available worldwide

World Wrestling Entertainment, Inc. (NYSE:WWE) announced that the U.S. English language version of WWE Network is now available to viewers in more than 170 countries and territories worldwide.

According to the company, the WWE Network is expected to go live in the United Kingdom by October, and it is planning to do the same in China, India, Italy, Germany, Japan, Malaysia, Thailand and UAE at a later date.

In addition, WWE Network will be available on Sony Internet connected TVs, Blu-ray Disc players, and Blu-ray Home Theater systems tomorrow. It will also be available in Samsung Smart TV devices, Blu-Ray Players and Home Theater systems on Friday.