World Wrestling Entertainment, Inc. (WWE
) announced on Monday that it has updated its FY2013 outlook.
The company now expects to see OIBDA between $40 million and $50 million. This new estimate is a result of recent developments that caused a 5% decline in second half revenue estimates.
George Barrios, CFO of WWE commented: “Our revised 2013 Outlook reflects a relatively moderate change in our second half revenue expectations and our continued investment in the WWE brand and our content.”
“Given the rising value of content in the market place, we believe these investments will maximize WWE's future earnings as we renegotiate our four largest television distribution agreements and potentially launch a WWE Network,” Barrios added.
World Wrestling Entertainment shares were down 13 cents, or 1.28%, during pre-market trading Monday. The stock is up 29% YTD.
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