Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Transition Report | false | |
Entity File Number | 001-16131 | |
Entity Registrant Name | WORLD WRESTLING ENTERTAINMENT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2693383 | |
Entity Address, Address Line One | 1241 East Main Street | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 352-8600 | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | WWE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001091907 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 52,062,642 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in Shares) | 31,099,011 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Consolidated Statements Of Operations [Abstract] | |||||
Net revenues | $ 410,374 | $ 328,135 | $ 707,925 | $ 661,583 | |
Operating expenses | 229,152 | 196,887 | 404,736 | 377,572 | |
Marketing and selling expenses | 25,233 | 20,080 | 41,613 | 38,500 | |
General and administrative expenses | 58,624 | 32,390 | 102,116 | 64,617 | |
Depreciation and amortization | 10,030 | 9,450 | 19,013 | 19,157 | |
Operating income | 87,335 | 69,328 | 140,447 | 161,737 | |
Interest expense | 4,945 | 4,635 | 9,198 | 10,980 | |
Other (expense) income, net | (1,565) | (266) | 888 | 55 | |
Income before income taxes | 80,825 | 64,427 | 132,137 | 150,812 | |
Provision for income taxes | 28,824 | 15,328 | 43,458 | 35,672 | |
Net income | $ 52,001 | $ 49,099 | $ 88,679 | $ 115,140 | |
Earnings per share: basic | $ 0.67 | $ 0.66 | $ 1.16 | $ 1.54 | |
Earnings per share: diluted | $ 0.67 | $ 0.58 | $ 1.18 | $ 1.35 | |
Weighted average common shares outstanding: | |||||
Basic | [1] | 77,861 | 74,299 | 76,160 | 74,539 |
Diluted | 79,295 | 87,857 | 77,478 | 87,736 | |
Dividends declared per common share (Class A and B) | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 | |
[1] The increase in basic common shares outstanding and decrease in shares associated with our convertible debt instruments are associated with the Exchanges and Conversions that occurred during the three and six months ended June 30, 2023. Refer to Note 13, Convertible Debt , for further discussion related to these transactions. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 52,001 | $ 49,099 | $ 88,679 | $ 115,140 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (30) | (128) | (13) | (188) |
Net unrealized holding gains (losses) on available-for-sale debt securities (net of tax expense (benefit) of $45 and $(256),and $265 and $(781), respectively) | 143 | (810) | 841 | (2,473) |
Reclassification adjustment for losses realized in net income from available-for-sale debt securities (net of tax benefit of $0 and $0, and $85 and $0, respectively) | 268 | |||
Total other comprehensive income (loss) | 113 | (938) | 1,096 | (2,661) |
Comprehensive income | $ 52,114 | $ 48,161 | $ 89,775 | $ 112,479 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net unrealized holding gains (losses) on available-for-sale debt securities, tax expense (benefit) | $ 45 | $ (256) | $ 265 | $ (781) |
Reclassification adjustment for losses realized in net income available-for-sale securities, tax expense (benefit) | $ 0 | $ 0 | $ 85 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 317,769 | $ 220,230 |
Short-term investments, net | 206,054 | 258,487 |
Accounts receivable (net of allowance for doubtful accounts and returns of $4,959 and $5,055, respectively) | 161,949 | 112,362 |
Inventory, net | 2,223 | 2,915 |
Prepaid expenses and other current assets | 55,518 | 33,154 |
Total current assets | 743,513 | 627,148 |
Property and equipment, net | 372,355 | 329,141 |
Finance lease right-of-use assets, net | 292,232 | 296,643 |
Operating lease right-of-use assets, net | 14,213 | 16,278 |
Content production assets, net | 10,884 | 16,518 |
Investment securities | 12,007 | 11,797 |
Deferred income tax assets, net | 38,414 | 45,619 |
Other assets, net | 23,602 | 12,425 |
Total assets | 1,507,220 | 1,355,569 |
Current liabilities: | ||
Current portion of long-term debt | 459 | 449 |
Finance lease liabilities | 10,849 | 11,677 |
Operating lease liabilities | 2,738 | 3,604 |
Convertible debt | 4,252 | 214,100 |
Accounts payable and accrued expenses | 129,337 | 122,856 |
Deferred revenues | 49,312 | 79,750 |
Total current liabilities | 196,947 | 432,436 |
Long-term debt | 20,622 | 20,848 |
Finance lease liabilities | 363,661 | 364,900 |
Operating lease liabilities | 12,055 | 13,145 |
Other non-current liabilities | 4,624 | 6,989 |
Total liabilities | 597,909 | 838,318 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Additional paid-in capital | 744,908 | 424,010 |
Accumulated other comprehensive income | 1,258 | 162 |
Retained earnings | 162,316 | 92,335 |
Total stockholders' equity | 909,311 | 517,251 |
Total liabilities and stockholders' equity | 1,507,220 | 1,355,569 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 518 | 433 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 311 | $ 311 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful accounts and returns | $ 4,959 | $ 5,055 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 51,809,054 | 43,317,422 |
Common stock, shares outstanding | 51,809,054 | 43,317,422 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 31,099,011 | 31,099,011 |
Common stock, shares outstanding | 31,099,011 | 31,099,011 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Class A Common Stock [Member] | Common Stock [Member] Class B Common Stock [Member] | Additional Paid-In Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings (Accumulated Deficit) [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance, Shares at Dec. 31, 2021 | 43,733,000 | 31,099,000 | |||||||||
Balance (ASU 2020-06 [Member]) at Dec. 31, 2021 | $ (26,383) | $ 17,609 | $ (8,774) | ||||||||
Balance at Dec. 31, 2021 | $ 438 | $ 311 | $ 422,884 | $ 2,420 | $ (51,393) | $ 374,660 | |||||
Net income | 115,140 | 115,140 | |||||||||
Other comprehensive income (loss) | (2,661) | $ (2,661) | |||||||||
Repurchase and retirements of common stock, Shares | (695,000) | (694,857) | |||||||||
Repurchase and retirements of common stock | $ (7) | (6,439) | (33,560) | $ (40,006) | |||||||
Stock issuances and other, net, Shares | 38,000 | ||||||||||
Stock issuances and other, net | 3,939 | 3,939 | |||||||||
Taxes paid related to net settlement upon vesting of equity awards | (628) | (628) | |||||||||
Cash dividends declared | (17,832) | (17,832) | |||||||||
Stock-based compensation | 16,994 | 16,994 | |||||||||
Balance, Shares at Jun. 30, 2022 | 43,076,000 | 31,099,000 | |||||||||
Balance at Jun. 30, 2022 | $ 431 | $ 311 | 410,367 | (241) | 29,964 | 440,832 | |||||
Balance, Shares at Mar. 31, 2022 | 43,242,000 | 31,099,000 | |||||||||
Balance at Mar. 31, 2022 | $ 433 | $ 311 | 401,762 | 697 | (1,759) | 401,444 | |||||
Net income | 49,099 | 49,099 | |||||||||
Other comprehensive income (loss) | (938) | $ (938) | |||||||||
Repurchase and retirements of common stock, Shares | (170,000) | (170,359) | |||||||||
Repurchase and retirements of common stock | $ (2) | (1,523) | (8,475) | $ (10,000) | |||||||
Stock issuances and other, net, Shares | 4,000 | ||||||||||
Stock issuances and other, net | 500 | 500 | |||||||||
Taxes paid related to net settlement upon vesting of equity awards | (596) | (596) | |||||||||
Cash dividends declared | (8,901) | (8,901) | |||||||||
Stock-based compensation | 10,224 | 10,224 | |||||||||
Balance, Shares at Jun. 30, 2022 | 43,076,000 | 31,099,000 | |||||||||
Balance at Jun. 30, 2022 | $ 431 | $ 311 | 410,367 | (241) | 29,964 | 440,832 | |||||
Balance, Shares at Dec. 31, 2022 | 43,317,000 | 31,099,000 | 43,317,422 | 31,099,011 | |||||||
Balance at Dec. 31, 2022 | $ 433 | $ 311 | 424,010 | 162 | 92,335 | 517,251 | |||||
Net income | 88,679 | 88,679 | |||||||||
Other comprehensive income (loss) | 1,096 | $ 1,096 | |||||||||
Repurchase and retirements of common stock, Shares | 0 | ||||||||||
Stock issuances and other, net, Shares | 33,000 | ||||||||||
Stock issuances and other, net | $ 1 | 1,394 | $ 1,395 | ||||||||
Conversion of convertible debt (See Note 13), Shares | 8,459,000 | ||||||||||
Conversion of convertible debt (See Note 13) | $ 84 | 213,149 | 213,233 | ||||||||
Net proceeds from partial unwind of convertible note hedge and warrants (See Note 13) | 49,080 | 49,080 | |||||||||
Controlling stockholder contributions | 27,388 | 27,388 | |||||||||
Taxes paid related to net settlement upon vesting of equity awards | (3,065) | (3,065) | |||||||||
Cash dividends declared | (18,698) | (18,698) | |||||||||
Stock-based compensation | 32,952 | 32,952 | |||||||||
Balance, Shares at Jun. 30, 2023 | 51,809,000 | 31,099,000 | 51,809,054 | 31,099,011 | |||||||
Balance at Jun. 30, 2023 | $ 518 | $ 311 | 744,908 | 1,258 | 162,316 | 909,311 | |||||
Balance, Shares at Mar. 31, 2023 | 43,347,000 | 31,099,000 | |||||||||
Balance at Mar. 31, 2023 | $ 434 | $ 311 | 464,723 | 1,145 | 120,079 | 586,692 | |||||
Net income | 52,001 | 52,001 | |||||||||
Other comprehensive income (loss) | 113 | $ 113 | |||||||||
Repurchase and retirements of common stock, Shares | 0 | ||||||||||
Stock issuances and other, net, Shares | 3,000 | ||||||||||
Conversion of convertible debt (See Note 13), Shares | 8,459,000 | ||||||||||
Conversion of convertible debt (See Note 13) | $ 84 | 213,149 | $ 213,233 | ||||||||
Net proceeds from partial unwind of convertible note hedge and warrants (See Note 13) | 49,080 | 49,080 | |||||||||
Controlling stockholder contributions | 1,650 | 1,650 | |||||||||
Taxes paid related to net settlement upon vesting of equity awards | (2,985) | (2,985) | |||||||||
Cash dividends declared | (9,764) | (9,764) | |||||||||
Stock-based compensation | 19,291 | 19,291 | |||||||||
Balance, Shares at Jun. 30, 2023 | 51,809,000 | 31,099,000 | 51,809,054 | 31,099,011 | |||||||
Balance at Jun. 30, 2023 | $ 518 | $ 311 | $ 744,908 | $ 1,258 | $ 162,316 | $ 909,311 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net income | $ 88,679 | $ 115,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and impairments of content production assets | 12,963 | 16,934 |
Depreciation and amortization | 20,988 | 23,802 |
Other amortization | 5,513 | 6,583 |
Stock-based compensation | 32,952 | 20,645 |
Provision for (benefit from) deferred income taxes | 6,947 | (1,707) |
Loss on induced conversions of convertible debt | 5,409 | |
Other non-cash adjustments | 3,989 | 1,352 |
Cash provided by (used in) changes in operating assets and liabilities: | ||
Accounts receivable | (50,217) | (10,283) |
Inventory | 588 | 3,473 |
Prepaid expenses and other assets | (19,883) | 1,174 |
Content production assets | (7,289) | (19,930) |
Accounts payable, accrued expenses and other liabilities | 19,392 | (2,606) |
Deferred revenues | (30,438) | (3,834) |
Net cash provided by operating activities | 89,593 | 150,743 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment and other assets | (79,144) | (71,630) |
Purchases of short-term investments | (87,003) | (188,819) |
Proceeds from sales and maturities of short-term investments | 141,182 | 131,974 |
Purchase of investment securities | (210) | (95) |
Proceeds from infrastructure improvement incentives | 4,329 | |
Net cash used in investing activities | (25,175) | (124,241) |
FINANCING ACTIVITIES: | ||
Repayment of long-term debt | (215) | (207) |
Repayment of finance leases | (7,861) | (6,899) |
Dividends paid | (18,698) | (17,832) |
Net proceeds from partial unwind of convertible note hedge and warrants | 49,080 | |
Payments related to induced conversions of convertible debt | (5,409) | |
Proceeds from tenant improvement allowances | 489 | 13,129 |
Proceeds from controlling stockholder contributions | 17,405 | |
Taxes paid related to net settlement upon vesting of equity awards | (3,065) | (628) |
Proceeds from issuance of stock and other | 1,395 | 1,239 |
Repurchase and retirement of common stock | (40,006) | |
Net cash provided by (used in) financing activities | 33,121 | (51,204) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 97,539 | (24,702) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 220,230 | 134,828 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 317,769 | 110,126 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Purchases of property and equipment recorded in accounts payable and accrued expenses (See Note 12) | 13,387 | 28,210 |
Controlling stockholder contributions (See Note 20) | 9,983 | $ 2,700 |
Convertible notes exchanged for common stock (See Note 13) | $ 210,739 |
Basis Of Presentation And Busin
Basis Of Presentation And Business Description | 6 Months Ended |
Jun. 30, 2023 | |
Basis Of Presentation And Business Description [Abstract] | |
Basis Of Presentation And Business Description | 1. B asis of Presentation and Business Description The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” and the “Company” refer to WWE . The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated financial statements are unaudited. All adjustments (consisting of normal and recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2022. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. We are an integrated media and entertainment company, principally engaged in the production and distribution of unique and creative wrestling entertainment content through various channels, including content rights agreements for our flagship programs, Raw and SmackDown , our premium over-the-top network (“WWE Network”), premium live event programming, monetization across social media outlets, live events and the licensing of various WWE themed products. Our operations are organized around the following principal activities: Media : The Media segment reflects the production and monetization of long-form and short-form video content across various platforms, including broadcast and pay television, streaming, as well as digital and social media. Across these platforms, revenues principally consist of content rights fees associated with the distribution of our programming content, subscriptions to WWE Network, and advertising and sponsorships. Live Events : Live events provide ongoing content for our media platforms. Live Event segment revenues consist primarily of ticket sales and the sale of travel packages associated with the Company’s global live events. Consumer Products : The Consumer Products segment engages in the merchandising of WWE branded products, such as video games, toys and apparel, through licensing arrangements and direct-to-consumer sales. Revenues principally consist of royalties and licensee fees related to WWE branded products, and sales of merchandise distributed at our live events and through eCommerce platforms. Beginning July 2022, we launched an exclusive, multi-year partnership with Fanatics to create a new, enhanced experience for WWE fans globally, and transitioned our digital retail platform to Fanatics. In May 2023, we expanded this partnership, and transitioned the operations of our global event merchandise business to Fanatics. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Our significant accounting policies are detailed in Note 2, Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the Company’s significant accounting policies described in our Annual Report on Form 10-K. Operating Expenses Operating expenses consist of our production costs associated with developing our content, venue rental and related costs associated with the staging of our live events, compensation costs for our talent, as well as material and related costs associated with our consumer product merchandise sales. In addition, Operating expenses include the operating costs associated with talent development, data analytics, data engineering, business strategy and real estate and facilities functions. Included within Operating expenses are the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amortization and impairment of content production assets $ 10,442 $ 7,114 $ 12,963 $ 16,934 Depreciation and amortization of WWE Network content delivery and technology assets — 2,227 1,548 4,403 Amortization of right-of-use assets - finance leases of equipment 2,594 2,221 5,172 4,443 Depreciation on equipment used directly to support operations 215 214 427 380 Total depreciation and amortization included in operating expenses $ 13,251 $ 11,776 $ 20,110 $ 26,160 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the depreciation and amortization table noted above. These costs include production-related costs, such as lighting, pyrotechnics and staging, associated with our weekly, in-ring televised programming as well as our premium live events, which are included as a component of our Media segment operating expenses. We also incur event-related costs, such as venue rental, security and travel, associated with our premium live events as well as our televised and non-televised events, which are included as a component of our Live Events segment operating expenses. Talent-related costs primarily associated with our premium live events and televised programming are included within our Media segment, while talent-related costs associated with our non-televised events are included within our Live Events segment. Recent Accounting Pronouncements No recently issued accounting pronouncements materially impacted or are expected to impact our Consolidated Financial Statements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Segment Information | 3. Segment Information The Company currently classifies its operations into three reportable segments: Media, Live Events and Consumer Products. Segment information is prepared on the same basis that our chief operating decision maker, our Chief Executive Officer, manages the segments, evaluates financial results, and makes key operating decisions. Unallocated corporate general and administrative expenses largely relate to corporate functions such as finance, investor relations, community relations, corporate communications, information technology, legal, facilities, human resources and our Board of Directors. These unallocated corporate general and administrative expenses will be shown, as applicable, as a reconciling item in tables where segment and consolidated results are both shown. The Company presents Adjusted OIBDA as the primary measure of segment profit (loss). The Company defines Adjusted OIBDA as operating income before depreciation and amortization, excluding stock-based compensation, certain impairment charges and other non-recurring items that management deems would impact the comparability of results between periods. Adjusted OIBDA includes depreciation and amortization expenses directly related to supporting the operations of our segments, including content production asset amortization, depreciation and amortization of costs related to content delivery and technology assets utilized for WWE Network, as well as amortization of right-of-use assets related to finance leases of equipment used to produce and broadcast our live events. The Company believes the presentation of Adjusted OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decisions about allocating resources. Additionally, we believe that Adjusted OIBDA is a primary measure used by media investors, analysts and peers for comparative purposes. We do not disclose assets by segment information. We do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. The following tables present summarized financial information for each of the Company’s reportable segments: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net revenues: Media $ 320,297 $ 243,059 $ 546,024 $ 521,178 Live Events 61,961 41,007 94,562 64,108 Consumer Products 28,116 44,069 67,339 76,297 Total net revenues $ 410,374 $ 328,135 $ 707,925 $ 661,583 Adjusted OIBDA: Media $ 126,106 $ 90,728 $ 213,935 $ 218,945 Live Events 34,519 13,776 41,494 16,590 Consumer Products 12,492 16,506 34,708 28,379 Corporate ( 32,373 ) ( 29,507 ) ( 65,213 ) ( 60,677 ) Total Adjusted OIBDA $ 140,744 $ 91,503 $ 224,924 $ 203,237 Reconciliation of Total Operating Income to Total Adjusted OIBDA Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Total operating income $ 87,335 $ 69,328 $ 140,447 $ 161,737 Depreciation and amortization 10,030 9,450 19,013 19,157 Stock-based compensation 19,291 11,027 32,952 20,645 Other adjustments (1) 24,088 1,698 32,512 1,698 Total Adjusted OIBDA $ 140,744 $ 91,503 $ 224,924 $ 203,237 (1) Other adjustments for the three months ended June 30, 2023 include $ 18,772 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 5,316 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors. Other adjustments for the six months ended June 30, 2023 include $ 25,452 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 7,060 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors and expenses paid by Mr. McMahon for plaintiffs’ attorneys’ fees in connection with a shareholder lawsuit that was mooted (refer to Note 20, Related Party Transactions , for further information). Other adjustments for the three and six months ended June 30, 2022 include certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
Revenues | 4. Revenues We derive our revenues principally from the following sources: (i) content rights fees associated with the distribution of WWE’s media content, including our weekly flagship programs as well as premium live event and original programming, (ii) subscriptions to WWE Network, (iii) advertising and sponsorship sales, (iv) live event ticket sales, (v) consumer product licensing royalties from the sale by third-party licensees of WWE branded merchandise, including through eCommerce platforms and live event venues, and (vi) prior to May 2023, direct-to-consumer sales of merchandise at our live event venues. Disaggregated Revenues The following table presents our revenues disaggregated by primary revenue sources. Sales and usage-based taxes are excluded from revenues. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net revenues: Media Segment : Network (including pay-per-view) (1) $ 80,121 $ 66,889 $ 131,501 $ 125,668 Core content rights fees (2) 154,758 148,480 308,674 287,559 Advertising and sponsorships (3) 18,890 17,972 34,527 37,739 Other (4) 66,528 9,718 71,322 70,212 Total Media Segment net revenues 320,297 243,059 546,024 521,178 Live Events Segment : North American ticket sales 40,300 34,923 70,464 54,811 International ticket sales 6,432 2,160 6,432 2,160 Advertising and sponsorships (5) 8,805 1,613 9,817 2,758 Other (6) 6,424 2,311 7,849 4,379 Total Live Events Segment net revenues 61,961 41,007 94,562 64,108 Consumer Products Segment : Consumer product licensing 15,695 22,634 42,436 42,640 eCommerce 4,613 12,826 8,431 20,543 Venue merchandise 7,808 8,609 16,472 13,114 Total Consumer Products Segment net revenues 28,116 44,069 67,339 76,297 Total net revenues $ 410,374 $ 328,135 $ 707,925 $ 661,583 (1) Network revenues consist primarily of license fees from the global distribution of WWE Network content associated with our licensed partner agreements. (2) Core content rights fees consist primarily of licensing revenues from the distribution of our flagship programs, RAW and SmackDown , as well as our NXT programming, through global broadcast, pay television and digital platforms. (3) Advertising and sponsorships revenues within our Media segment consist primarily of advertising revenues from the Company’s content on third-party social media platforms and sponsorship fees from sponsors who promote their products utilizing the Company’s media platforms, including promotion on the Company’s digital websites and on-air promotional media spots. (4) Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming content in international markets, scripted, reality and other programming. (5) Advertising and sponsorships revenues within our Live Events segment primarily consists of fees from advertisers and sponsors who promote their products utilizing the Company’s live events (i.e., presenting sponsor of fan engagement events and advertising signage at the event). (6) Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company’s global live events and commissions earned through secondary ticketing. WWE Network subscriptions revenues for international subscribers are recorded over time during the subscription term. In addition, our consumer product licensing revenues, as well as our eCommerce and venue merchandise revenues (beginning in July 2022 and May 2023, respectively) are recorded over time during the licensing period. Other revenue streams identified in the table above are generally recognized at a point-in-time when the performance obligations are satisfied. Remaining Performance Obligations As of June 30, 2023, for contracts greater than one year, the aggregate amount of the transaction price allocated to remaining performance obligations is approximately $ 2,270,000 , comprised of our multi-year content distribution, consumer product licensing and sponsorship contracts. We will recognize rights fees related to our multi-year content distribution contracts as content is delivered to the distributors during the periods 2023 through 2028. We will recognize the revenues associated with the minimum guarantees on our multi-year consumer product licensing arrangements throughout the licensing periods, which range from 2023 through 2031. For our multi-year sponsorship arrangements, we will recognize sponsorship revenues as the sponsorship obligations are satisfied during the periods 2023 through 2028. The transaction prices related to these future obligations generally do not include any amounts of variable consideration related to sales or usage-based royalties earned related to consumer product licensing. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license. For transaction prices related to these future obligations that may contain material amounts of variable consideration related to quantities in a contract, we estimate the quantities each reporting period. Contract Assets and Contract Liabilities (Deferred Revenues) A contract asset results when goods or services have been transferred to the customer, but payment is contingent upon a future event, other than the passage of time. The Company does not have any material contract assets, only accounts receivable as disclosed on our Consolidated Balance Sheets. We record deferred revenues (also referred to as contract liabilities under ASC Topic 606) when cash payments are received or due in advance of our performance. Our deferred revenue balance primarily relates to advance payments received related to our content distribution rights agreements, our consumer product licensing agreements, and our sponsorship and advertising arrangements. The Company’s deferred revenue (i.e., contract liabilities) as of June 30, 2023 and December 31, 2022 was $ 49,312 and $ 79,750 , respectively, and are included within Deferred revenues on our Consolidated Balance Sheets. Revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the respective deferred revenue balance at the beginning of each period was $ 13,033 and $ 8,007 , and $ 59,995 and $ 58,321 , respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share For purposes of calculating basic and diluted earnings per share, we used the following weighted average common shares outstanding (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income for basic earnings per share $ 52,001 $ 49,099 $ 88,679 $ 115,140 Effect of potentially dilutive shares: Interest expense related to the Convertible Notes 1,275 1,562 2,705 3,129 Net income for diluted earnings per share $ 53,276 $ 50,661 $ 91,384 $ 118,269 Weighted average basic common shares outstanding (1) 77,861 74,299 76,160 74,539 Dilutive effect of restricted and performance stock units 1,011 754 906 643 Dilutive effect of convertible debt instruments (1) 420 12,800 409 12,548 Dilutive effect of employee share purchase plan 3 4 3 6 Weighted average dilutive common shares outstanding 79,295 87,857 77,478 87,736 Earnings per share: Basic $ 0.67 $ 0.66 $ 1.16 $ 1.54 Diluted $ 0.67 $ 0.58 $ 1.18 $ 1.35 Anti-dilutive shares (excluded from per-share calculations): Net shares received on purchased call of convertible debt hedge (1) 273 5,146 265 4,949 (1) The increase in basic common shares outstanding and decrease in shares associated with our convertible debt instruments are associated with the Exchanges and Conversions that occurred during the three and six months ended June 30, 2023. Refer to Note 13, Convertible Debt , for further discussion related to these transactions. Effect of Convertible Notes and Related Convertible Note Hedge and Warrants In connection with the issuance of the Convertible Notes, the Company entered into Convertible Note Hedge and Warrant transactions as described further in Note 13, Convertible Debt . The collective impact of the Convertible Note Hedge and Warrants effectively eliminates any economic dilution that may occur from the actual conversion of the Convertible Notes between the conversion price of $ 24.91 per share and the strike price of the Warrants of $ 31.89 per share. Under the if-converted method, diluted earnings per share is calculated assuming that all the Convertible Notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. Prior to actual conversion, for purposes of calculating diluted earnings per share, the denominator also includes the additional shares issued related to the Warrants using the treasury stock method to the extent the average price of our common stock exceeds the strike price of the Warrants of $ 31.89 per share. In addition, prior to actual conversion, the Convertible Note Hedges are not considered for purposes of the calculation of diluted earnings per share, as their effect would be anti-dilutive. The dilution from the Convertible Notes had a $ 0.01 impact diluted earnings per share for the three and six months ended June 30, 2023. The dilution from the Convertible Notes had a $ 0.10 and $ 0.18 impact on diluted earnings per share for the three and six months ended June 30, 2022, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-based Compensation The Company provides for the grant of stock-based awards under our 2016 Omnibus Incentive Plan. We also provide a stock purchase plan for our employees under our 2012 Employee Stock Purchase Plan. Refer to Note 18, Stock-based Compensation , within our Annual Report on Form 10-K for the year ended December 31, 2022 for further information. Stock-based compensation expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Restricted stock units ("RSUs") $ 8,595 $ 5,572 $ 13,300 $ 7,568 Performance stock units ("PSUs") 10,012 4,875 18,066 11,910 Performance stock units tied to relative total shareholder return ("PSU-TSRs") 69 106 137 211 Employee stock purchase plan 470 258 1,148 508 Board of Directors 145 216 301 448 Stock-based compensation expense $ 19,291 $ 11,027 $ 32,952 $ 20,645 Restricted Stock Units The following table summarizes the RSU activity during the six months ended June 30, 2023: Units Unvested at January 1, 2023 467,798 Granted 528,473 Vested ( 62,436 ) Forfeited ( 10,370 ) Dividend equivalents 2,170 Unvested at June 30, 2023 925,635 Performance Stock Units During the first quarter of 2023, the Compensation and Human Capital Committed approved an amendment to the vesting schedules for performance stock units (“PSUs”) under the Company’s 2016 Omnibus Incentive Plan. The vesting of these PSUs are subject to certain performance conditions and a service requirement of typically 3.5 years. For PSUs granted prior to 2023, these awards vest in equal annual installments. For PSUs granted in 2023, these awards vest in their entirety after the service requirement. For PSUs granted prior to 2023, stock compensation costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. For PSUs granted in 2023, stock compensation costs are recognized over the requisite service period using the straight-line method, net of estimated forfeitures. The following table summarizes the PSU activity during the six months ended June 30, 2023: Units Unvested at January 1, 2023 1,015,085 Granted 207,095 Achievement adjustment (1) 64,335 Vested — Forfeited ( 244,861 ) Dividend equivalents 1,378 Unvested at June 30, 2023 1,043,032 (1) During the first quarter of 2023, it was determined that the performance conditions related to 2022 PSU grants were exceeded, which resulted in an achievement adjustment increase in 2023 relating to these PSU grants. Performance Stock Units with a Market Condition Tied to Relative Total Shareholder Return The following table summarizes the PSU-TSR activity during the six months ended June 30, 2023: Units Unvested at January 1, 2023 34,098 Granted — Achievement adjustment (1) 10,229 Vested — Forfeited — Dividend equivalents 27 Unvested at June 30, 2023 44,354 (1) During the first quarter of 2023, it was determined that the percentile ranking of WWE’s total shareholder return performance related to the fourth performance period were met, which resulted in an achievement adjustment increase in 2023 relating to the initial 2018 PSU-TSR grant. |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property And Equipment [Abstract] | |
Property And Equipment | 7. Property and Equipment Property and equipment consisted of the following: As of June 30, December 31, 2023 2022 Land, buildings and improvements $ 163,824 $ 158,806 Equipment and software 170,290 166,249 Corporate aircraft 30,915 32,249 Vehicles 993 993 Projects in progress (1) 221,133 216,710 587,155 575,007 Less: accumulated depreciation and amortization ( 214,800 ) ( 245,866 ) Total $ 372,355 $ 329,141 (1) As of June 30, 2023 and December 31, 2022, our projects in progress balance included $ 206,078 and $ 200,552 , respectively, of capital expenditures related to the Company’s headquarter facility. Depreciation expense for property and equipment totaled $ 7,608 and $ 9,155 , and $ 15,715 and $ 18,471 for the three and six months ended June 30, 2023 and 2022, respectively. During the second quarter of 2023, the Company reclassified asset costs of $ 49,510 related to the Company’s headquarter facility from projects in progress to land, building and improvements. These assets began depreciation on April 18, 2023 when the assets became available for their intended use and resulted in depreciation expense of $ 1,090 for the three and six months ended June 30, 2023. During the first quarter of 2023, the Company reclassified cost and accumulated depreciation of $ 42,176 and $ 39,499 , respectively, related to land, building and improvements associated with our current Stamford, Connecticut headquarter property as held for sale. The net assets held for sale of $ 2,677 are included as a component of Prepaid expenses and other current assets within our Consolidated Balance Sheets as of June 30, 2023. The effect of suspending depreciation on this property held for sale is immaterial to the Company’s results of operations. These assets held for sale are being marketed for sale and it is the Company’s intention to complete the sale of these assets within the next twelve months. The Company capitalizes interest during the construction period for significant long-term projects in progress. During the three and six months ended June 30, 2023 and 2022, the Company capitalized $ 1,731 and $ 1,652 , and $ 3,710 and $ 1,652 , respectively, of interest associated with its projects in progress. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases Information about the Nature of WWE’s Lease Portfolio As of June 30, 2023, the Company’s lease portfolio consists of operating and finance real estate leases for its sales offices, performance centers, warehouses and corporate related facilities. In addition, we have various live event production service arrangements that contain operating and finance equipment leases. With the exception of our global headquarter lease that commenced on July 1, 2019 with an 18 -month free rent period followed by an initial base term of 15 years with options to renew, our other real estate leases have remaining lease terms of approximately one year to nine years , some of which may also include options to extend the leases. Our equipment leases, which are included as part of various operating service arrangements, generally have remaining lease terms of approximately one year to seven years . Generally, no covenants are imposed by our lease agreements. As it relates to the Company’s global headquarter lease, in November 2020 the landlord granted a rent deferral of $ 6,590 for a portion of the rental payments due during 2021. The rent deferral amount will be payable over a five year period from 2022 through 2026. The FASB has provided relief under ASC 842, “ Leases ,” related to the COVID-19 pandemic. Under this relief, companies can make an accounting policy election on how to treat lease concessions resulting directly from COVID-19, provided that the modified lease contract results in total cash flows that are substantially the same or less than the cash flows in the original lease contract. The Company has elected to account for the rent deferral resulting directly from COVID-19 as though the enforceable rights and obligations to the deferral existed in the original lease contract at lease inception, and did not account for the concession as a lease modification. In lieu of applying lease modification accounting, the Company accounted for the rent deferral by accruing an accounts payable during the rent concession periods in 2021 and will relieve the payable during 2022 through 2026 when the deferred rents are due. The amount of this deferral was $ 4,930 as of June 30, 2023, with $ 3,608 included as a component of Other non-current liabilities and $ 1,322 included as a component of Accounts payable and accrued expenses on our Consolidated Balance Sheet. Quantitative Disclosures Related to Leases The following table provides quantitative disclosure about the Company’s operating and financing leases for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease costs Finance lease costs: Amortization of right-of-use assets $ 5,031 $ 4,670 $ 10,045 $ 9,341 Interest on lease liabilities 3,718 3,774 7,464 7,578 Operating lease costs 1,266 1,268 2,607 2,440 Other short-term and variable lease costs 495 439 1,050 1,112 Sublease income (1) — ( 17 ) — ( 43 ) Total lease costs $ 10,510 $ 10,134 $ 21,166 $ 20,428 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3,733 $ 3,774 $ 7,481 $ 7,579 Operating cash flows from operating leases $ 1,160 $ 892 $ 2,191 $ 1,967 Finance cash flows from finance leases $ 3,947 $ 3,464 $ 7,861 $ 6,899 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,136 $ — $ 5,932 $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 74 $ 172 $ 8,679 As of June 30, December 31, 2023 2022 Weighted-average remaining lease term - finance leases 25.9 years 26.4 years Weighted-average remaining lease term - operating leases 6.4 years 6.5 years Weighted-average discount rate - finance leases 4.0 % 4.0 % Weighted-average discount rate - operating leases 3.5 % 3.4 % (1) Sublease income excludes rental income from owned properties . Maturity of lease liabilities as of June 30, 2023 were as follows: Operating Finance Leases Leases 2023 $ 1,798 $ 12,290 2024 2,736 26,039 2025 2,564 22,895 2026 2,333 23,256 2027 2,231 20,622 Thereafter 5,029 520,339 Total lease payment 16,691 625,441 Less: imputed interest ( 1,898 ) ( 250,931 ) Total future minimum lease payments $ 14,793 $ 374,510 |
Content Production Assets, Net
Content Production Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Content Production Assets, Net [Abstract] | |
Content Production Assets, Net | 9. Content Production Assets, Net Content production assets consisted of the following: Predominantly Monetized Individually Predominantly Monetized as a Film Group As of As of June 30, December 31, June 30, December 31, 2023 2022 2023 2022 In release $ 1,794 $ 3,090 $ 35 $ 7 Completed but not released 20 — — — In production 8,900 13,122 125 289 In development 10 10 — — Total $ 10,724 $ 16,222 $ 160 $ 296 As of June 30, 2023, all of the “completed but not released” content assets that are monetized individually are estimated to be amortized over the next 12 months and approximately 77 % of the “in release” content assets monetized individually are estimated to be amortized over the next three years . As of June 30, 2023, all of the “in release” content assets monetized as a film group are estimated to be amortized over the next 12 months. Amortization and impairment of content production assets consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Content production amortization expense - assets monetized individually $ 9,802 $ 5,921 $ 11,638 $ 14,026 Content production amortization expense - assets monetized as a film group 640 1,189 1,325 2,811 Content production impairment charges (1) — — — — Content production development write-offs (2) — 4 — 97 Total amortization and impairment of content production assets $ 10,442 $ 7,114 $ 12,963 $ 16,934 (1) Unamortized content production assets are evaluated for impairment whenever events or changes in circumstances indicate that the fair value of a film predominantly monetized on its own or a film group may be less than its unamortized costs. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that content will not likely air, we will expense the remaining unamortized asset. (2) Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. Amortization and impairment expenses related to content production assets are included in the Company’s Media segment, and as a component of Operating expenses on the Consolidated Statements of Operations. Costs to produce our live event programming are expensed immediately when the event is first broadcast and are not included in the content asset amortization amounts above. |
Investment Securities And Short
Investment Securities And Short-Term Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investment Securities And Short-Term Investments [Abstract] | |
Investment Securities And Short-Term Investments | 10. Investment Securities and Short-Term Investments Investment Securities Included within Investment Securities are the following: As of June 30, December 31, 2023 2022 Nonmarketable equity investments without readily determinable fair values $ 12,007 $ 11,797 Total investment securities $ 12,007 $ 11,797 Nonmarketable Equity Investments Without Readily Determinable Fair Values We evaluate our nonmarketable equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did no t record any impairment charges on these investments during the three and six months ended June 30, 2023 and 2022. In addition, there were no observable price change events that were completed during the three and six months ended June 30, 2023 and 2022. Short-Term Investments Short-term investments consist of available-for-sale debt securities which are measured at fair value and consisted of the following: As of June 30, 2023 As of December 31, 2022 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 67,972 $ — $ ( 581 ) $ 67,391 $ 94,287 $ — $ ( 1,095 ) $ 93,192 Corporate bonds 82,858 — ( 706 ) 82,152 117,947 1 ( 1,435 ) 116,513 Government agency bonds 57,005 — ( 494 ) 56,511 49,494 12 ( 724 ) 48,782 Total $ 207,835 $ — $ ( 1,781 ) $ 206,054 $ 261,728 $ 13 $ ( 3,254 ) $ 258,487 The Company evaluates its individual available-for-sale debt securities that are in an unrealized loss position each reporting period and determines whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The amount of the decline related to credit losses are recorded as a credit loss expense in earnings with a corresponding allowance for credit losses and the amount of the decline not related to credit losses are recorded through other comprehensive income, net of tax. As of June 30, 2023 and 2022, the aggregate total amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value) was insignificant. We did not record an allowance for credit losses on these securities. Accordingly, during the three and six months ended June 30, 2023 and 2022, the entire amount of the decline in fair value below the amortized cost basis was recorded as an unrealized loss, net of tax, in Other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. Unrealized gains are also reflected, net of tax, as Other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. Our U.S. Treasury securities, corporate bonds and government agency bonds are included in Short-term investments, net on our Consolidated Balance Sheets. Realized gains and losses on investments are included within Other income, net in the Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of securities sold. As of June 30, 2023, contractual remaining maturities of these securities are as follows: Maturities U.S. Treasury securities 1 month - 2 years Corporate bonds 1 month - 2 years Government agency bonds 2 months - 1 year During the three and six months ended June 30, 2023 and 2022, we recognized $ 3,682 and $ 614 , and $ 6,883 and $ 876 , respectively, of interest income on our short-term investments. Interest income is reflected as a component of Other income, net on our Consolidated Statements of Operations. The following table summarizes the short-term investment activity: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Proceeds from sales and maturities of short-term investments $ 68,149 $ 84,550 $ 141,182 $ 131,974 Purchases of short-term investments $ 5,793 $ 77,196 $ 87,003 $ 188,819 Gross realized (losses) gains on sale of short-term investments $ — $ — $ ( 354 ) $ — |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 11. Fair Value Measurement Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument’s level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three input levels of the fair value hierarchy are summarized as follows: Level 1- Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2- Inputs other than quoted prices in active markets for similar assets and liabilities that are directly or indirectly observable; or Level 3- Unobservable inputs, such as discounted cash flow models or valuations, in which little or no market data exists. Certain financial instruments are carried at cost on the Consolidated Balance Sheets, which approximates fair value due to their short-term, highly liquid nature. The carrying amounts of cash and cash equivalents, money market accounts, accounts receivable, and accounts payable approximate fair value because of the short-term nature of such instruments. We have classified our investment in U.S. Treasury securities, corporate bonds and government agency bonds, which collectively are investments in available-for-sale debt securities, within Level 2, as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data. The U.S. Treasury securities, corporate bonds and government agency bonds are valued based on model-driven valuations. A third-party service provider assists the Company with compiling market prices from a variety of industry standard data sources, security master files from large financial institutions and other third-party sources that are used to value our corporate bond, U.S. Treasury securities and government agency bond investments. The Company did no t have any transfers between Level 1, Level 2, and Level 3 fair value investments during the periods presented. The fair value measurements of our equity investments without readily determinable fair values and our equity method investments are classified within Level 3 as significant unobservable inputs are used as part of the determination of fair value. Significant unobservable inputs may include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees' capital structure, as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. For our equity investments without readily determinable fair values, the Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did no t record any impairment charges on our investment securities during the three and six months ended June 30, 2023 and 2022. The Company’s long-lived property and equipment and content production assets are required to be measured at fair value on a non-recurring basis if it is determined that indicators of impairment exist. These assets are recorded at fair value only when an impairment is recognized. The Company did no t record any impairment charges on long lived property and equipment during the three and six months ended June 30, 2023 and 2022. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company did not record any impairment charges on content production assets during the three and six months ended June 30, 2023 and 2022. Refer to Note 9, Content Production Assets, Net , for further discussion. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company utilizes a discounted cash flows model to determine the fair value of content production assets where indicators of impairment exist. The fair value of the Company’s debt, consisting of a mortgage loan assumed in connection with a building purchase, is estimated based upon quoted price estimates for similar debt arrangements. At June 30, 2023, the face amount of the mortgage loan approximates its fair value. The convertible debt is not marked to fair value at the end of each reporting period, but instead is reported at amortized cost. As of June 30, 2023 and December 31, 2022, the fair value of the Company’s outstanding convertible debt was $ 17,470 and $ 605,494 , respectively, based on external pricing data, including quoted market prices of these instruments among other factors, and was classified as a Level 2 measurement within the fair value hierarchy. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 12. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: As of June 30, December 31, 2023 2022 Trade related $ 10,328 $ 9,816 Staff related 13,613 13,828 Management incentive compensation 20,673 31,204 Talent related 7,859 6,274 Accrued WWE Network related expenses 3,574 3,331 Accrued event and television production 17,326 11,599 Accrued legal and professional (1) 26,704 14,980 Accrued purchases of property and equipment 13,387 18,567 Accrued income taxes — 1,415 Accrued other (2) 15,873 11,842 Total $ 129,337 $ 122,856 (1) Accrued legal and professional as of June 30, 2023 includes $ 13,362 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor. As of June 30, 2023 and December 31, 2022, accrued legal and professional also includes $ 6,077 and $ 1,992 , respectively, of costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. Additionally, accrued legal and professional as of June 30, 2023 and December 31, 2022 include certain amounts of $ 3,492 and $ 9,125 , respectively, to be paid by the Company's controlling stockholder (refer to Note 20, Related Party Transactions , for further information). (2) Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceeds 5 % of current liabilities. |
Convertible Debt
Convertible Debt | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Debt [Abstract] | |
Convertible Debt | 13. Convertible Debt In December 2016 and January 2017, we issued $ 215,000 aggregate principal amount of 3.375 % convertible senior notes (the “Convertible Notes”). The Convertible Notes are due December 15, 2023 , unless earlier repurchased by us or converted. Interest is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2017. The Convertible Notes are governed by an Indenture between us, as issuer, and U.S. Bank, National Association, as trustee. The Convertible Notes will be our general unsecured obligations and will rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Convertible Notes only after all indebtedness under such secured debt has been repaid in full from such assets. Upon conversion of the Convertible Notes, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of Class A common stock, at our election, at a conversion rate of approximately 40.1405 shares of common stock per $1 principal amount of the Convertible Notes, which corresponds to an initial conversion price of approximately $ 24.91 per share of our Class A common stock. At any time, prior to the close on the business day immediately preceding June 15, 2023, the Convertible Notes will be convertible under the following circumstances: a) During any calendar quarter beginning after the calendar quarter ending on December 31, 2016 (and only during such calendar quarter), if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than or equal to 130 % of the conversion price on each applicable trading day; b) During the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price per $1 principal amount of Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day; c) Upon the occurrence of specified corporate events; or d) On or after June 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes, in multiples of $1 principal amount, at the option of the holder regardless of the foregoing circumstances. On June 14, 2023, the Company notified the remaining holders of our irrevocable election to settle any conversions of the Convertible Notes on or after June 15, 2023 by delivery of the Company’s Class A common stock. As a result, the Company will deliver to converting note holders in respect of each $1 principal amounts of the Convertible Notes being converted a number of shares of the Company’s Class A common stock equal to the conversion rate in effect on the conversion date. As of June 30, 2023, the conversion rate was approximately 40.1405 shares of the Company’s Class A common stock. In May 2023, the Company entered into privately negotiated agreements with certain holders to exchange an aggregate of 6,862,086 shares of the Company’s Class A common stock and $ 3,949 in cash premiums and accrued interest for $ 170,952 principal amount of its outstanding Convertible Notes held by such holders (the “Exchanges”). The Exchanges were accounted for as induced conversions for which we recorded a loss on induced conversions of $ 5,409 , which was included in Other (expense) income, net on the Consolidated Statements of Operations. The loss on induced conversions represented the cash premiums paid to investors in excess of the amount of cash or common stock issuable under the original terms of the Convertible Notes, as well as accrued interest and advisor fees incurred upon execution of the Exchanges. In addition to the Exchanges, holders have converted $ 39,787 aggregate principal amount of the outstanding Convertible Notes (the “Conversions”). In accordance with the original terms of the Convertible Notes, the Company delivered 1,597,068 shares of the Company’s Class A common stock associated with the Conversions during the three months ended June 30, 2023. As of June 30, 2023, since the outstanding Convertible Notes mature on December 15, 2023 and are convertible at the option of the holders, the Convertible Notes are reflected in current liabilities on our Consolidated Balance Sheet. See Note 5, Earnings Per Share , for a description of the dilutive nature of the Convertible Notes. The Convertible Notes consisted of the following components: As of June 30, December 31, 2023 2022 Debt component : Principal $ 4,261 $ 215,000 Less: Unamortized debt issuance costs ( 9 ) ( 900 ) Net carrying amount $ 4,252 $ 214,100 The following table sets forth total interest expense recognized related to the Convertible Notes: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 3.375 % contractual coupon $ 1,326 $ 1,814 $ 3,140 $ 3,628 Amortization of debt issuance costs 656 235 891 470 Interest expense $ 1,982 $ 2,049 $ 4,031 $ 4,098 Convertible Note Hedge & Warrant Transactions In connection with the pricing of the Convertible Notes in December 2016 and January 2017, we entered into convertible note hedge transactions with respect to our Class A common stock (the “Note Hedge”). The Note Hedge transactions cover approximately 8.63 million shares of our Class A common stock and are exercisable upon conversion of the Convertible Notes. The Note Hedge will expire on December 15, 2023, unless earlier terminated. The Note Hedge transactions have been accounted for as part of additional paid-in capital. In connection with entering into the Note Hedge transactions described above, we also concurrently entered into separate warrant transactions (the “Warrants”), to sell warrants to acquire approximately 8.63 million shares of our Class A common stock in connection with the Note Hedge transactions at an initial strike price of approximately $ 31.89 per share, which represents a premium of approximately 60.0 % over the last reported sale price of our Class A common stock of $ 19.93 on December 12, 2016 (initial issuance date of the Convertible Notes). The Warrants transactions have been accounted for as part of additional paid-in capital. In connection with the Exchanges and Conversions, the Company entered into agreements with each of the bank counterparties to unwind a portion of the Note Hedge and Warrants (collectively "the Unwind Agreements"). Pursuant to the terms of the Unwind Agreements, the Company received net cash proceeds of $ 49,080 for the settlement of the Note Hedge and Warrants, which resulted in a corresponding increase in Additional paid-in-capital on our Consolidated Balance Sheet as of June 30, 2023. The Unwind Agreements reduced the number of shares of our Class A common stock covered by each of the Bond Hedge and Warrants, respectively, to approximately 360,000 shares as of June 30, 2023. |
Long-Term Debt And Credit Facil
Long-Term Debt And Credit Facility | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt And Credit Facility [Abstract] | |
Long-Term Debt And Credit Facility | 14. Long-Term Debt and Credit Facility Included within Long-Term Debt are the following: As of June 30, December 31, 2023 2022 Current portion of long-term debt : Mortgage $ 459 $ 449 Total current portion of long-term debt $ 459 $ 449 Long-term debt : Mortgage $ 20,622 $ 20,848 Total long-term debt $ 20,622 $ 20,848 Total $ 21,081 $ 21,297 Revolving Credit Facility In May 2023, the Company amended its $ 200,000 senior unsecured revolving credit facility (the “Revolving Credit Facility”) primarily to replace the London Interbank Offered Rate with the Secured Overnight Financing Rate (“SOFR”) as the rate to which interest payments are indexed. The Revolving Credit Facility has a maturity date of May 24, 2024 . Applicable interest rates for the borrowings under the Revolving Credit Facility are based on the Company’s current consolidated leverage ratio. As of June 30, 2023, the SOFR-based rate plus margin was 6.37 %, and the Company is required to pay a commitment fee calculated at a rate per annum of 0.15 % on the average daily unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures and transactions with affiliates. As of June 30, 2023, the Company was in compliance with the terms of the Revolving Credit Facility and had available debt capacity under the Revolving Credit Facility of $ 200,000 . As of June 30, 2023 and December 31, 2022, there were no amounts outstanding under the Revolving Credit Facility. Mortgage In September 2016, the Company acquired real property and assumed future obligations under a loan agreement, dated June 8, 2015, in the principal amount of $ 23,000 , which loan is secured by a mortgage on the property. The loan bears interest at the rate of 4.50 % per annum and requires monthly interest only payments of $ 86 until June 2018 and interest and principal payments of $ 117 per month thereafter, with a balloon payment upon maturity on July 5, 2025 . Pursuant to the loan agreement, since the assets of WWE Real Estate, a subsidiary of the Company, represent collateral for the underlying mortgage, these assets will not be available to satisfy debts and obligations due to any other creditors of the Company. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 6 Months Ended |
Jun. 30, 2023 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | 15. Concentration of Credit Risk We continually monitor our position with, and the credit quality of, the financial institutions that are counterparties to our financial instruments. Our accounts receivable relates principally to a limited number of distributors, including WWE Network, television, and premium live event distributors, and licensees. We closely monitor the status of receivables with these customers and maintain allowances for anticipated losses as deemed appropriate. We believe credit risk with respect to accounts receivable is limited due to the generally high credit quality of the Company’s major customers. At June 30, 2023 our largest receivable balances from individual customers were 41 % and 17 % of our gross accounts receivable. At December 31, 2022, our largest receivable balance from an individual customer was 19 % of our gross accounts receivable. No other customers individually exceeded 10% of our gross accounts receivable balance. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 16. Income Taxes As of June 30, 2023 and December 31, 2022, we had $ 38,414 and $ 45,619 , respectively, of deferred income tax assets, net, included in our Consolidated Balance Sheets. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (“The Act”). The Act introduced new provisions including a 15% corporate alternative minimum tax for certain large corporations. The Company does not believe it will be subject to such tax in the near future. The Act also imposes a 1% excise tax on certain stock repurchases made by publicly traded companies after December 31, 2022. The total taxable value of shares repurchased will be reduced by the fair market value of any newly issued shares during the taxable year. While additional guidance has not been issued, we are currently evaluating the applicability and the effect of the new law to our future cash flows and, based on our preliminary assessment, we do not expect a material impact on our Consolidated Financial Statements. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax assets will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. As of June 30, 2023, based on current facts and circumstances, management believes that it is more likely than not that the Company will not realize the benefit for a portion of its deferred tax assets associated with foreign tax credits. Accordingly, a partial valuation allowance of $ 5,427 and $ 6,813 has been recorded during the three and six months ended June 30, 2023. The Company will continue to assess the realizability of these deferred assets on a quarterly basis. During the three and six months ended June 30, 2023, in connection with the Exchanges and the Unwind Agreements (as discussed above in Note 13, Convertible Debt ), the Company recorded income tax expense of $ 5,491 primarily related to the cancellation of indebtedness taxable income that was generated by the timing of these transactions as well as the disallowed deduction associated with the loss on induced conversions that was recorded during the period. |
Content Production Incentives
Content Production Incentives | 6 Months Ended |
Jun. 30, 2023 | |
Content Production Incentives [Abstract] | |
Content Production Incentives | 17. Content Production Incentives The Company has access to various governmental programs that are designed to promote content production within the United States of America and certain international jurisdictions. These programs primarily consist of nonrefundable tax credits issued by a jurisdiction on an annual basis for qualifying expenses incurred during the year in the production of certain entertainment content created in whole or in part within the jurisdiction. During the three and six months ended June 30, 2023, the Company recorded content production incentives of $ 1,885 and $ 4,364 related to qualifying content production activities. These incentives are recorded as an offset to production expenses within Operating expenses on our Consolidated Statements of Operations. We did no t record any content production incentives during the three and six months ended June 30, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 18. Commitments and Contingencies Our future commitments related to our operating and finance leases are separately disclosed in Note 8, Leases . Legal Proceedings On January 11, 2022, a complaint was filed against the Company by MLW Media LLC (“MLW”), captioned MLW Media LLC v. World Wrestling Entertainment, Inc. , No. 5:22-cv-00179-EJD (N.D. Cal.) alleging that the Company supposedly interfered with MLW’s contractual relationship with Tubi, a streaming service owned by Fox Corp., and MLW’s prospective economic advantage with respect to its relationship with VICE TV, and supposedly engaged in unfair business practices in violation of the Sherman Antitrust Act and California law. Such supposedly unfair business practices are alleged to include cutting off competitors’ access to licensing opportunities, interfering with contracts, poaching talent, and eliminating price competition. On February 13, 2023, the court dismissed all MLW’s claims, allowing MLW leave to amend. On March 6, 2023, MLW filed its first amended complaint. On April 7, 2023, the Company moved to dismiss all claims asserted in the first amended complaint which was denied by the court on June 15, 2023. WWE’s answer to the amended complaint is due on August 14, 2023 and the court has lifted its stay on discovery. The Company believes that all claims in the lawsuit are without merit and intends to defend itself vigorously against them. As previously disclosed, a Special Committee of independent members of the Company’s Board of Directors (the “Special Committee”) was formed to investigate alleged misconduct by the Company’s then-Chief Executive Officer, Vincent K. McMahon. Mr. McMahon initially resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest and, as of January 9, 2023, serves as Executive Chairman of the Board of Directors. Although the Special Committee investigation is complete, the Company has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas, demands and/or other claims and complaints arising from, related to, or in connection with these matters. On January 13, 2023, two purported stockholders of the Company, Carol Casale and Chrystal Lavalle, filed a derivative complaint in the Delaware Court of Chancery entitled Carol Casale v. Vincent K. McMahon , No. 2023-0039-JTL, purportedly on behalf of the Company, against Mr. McMahon (the “Casale Action”). The plaintiffs alleged that Mr. McMahon breached his fiduciary duties by engaging in alleged misconduct (including the alleged misconduct investigated by the Special Committee), by purportedly failing to disclose that alleged misconduct to the Board of Directors and allegedly frustrating the Board’s investigation thereof, and by later re-appointing himself to the Board via written consent. The plaintiffs sought damages, declaratory relief, their costs and expenses, and other unspecified relief. On March 20, 2023, Mr. McMahon and the Company responded to the complaint in the Casale action. On March 6, 2023, another purported stockholder, Dennis Palkon, filed a derivative complaint in the Delaware Court of Chancery entitled Dennis Palkon v. World Wrestling Entertainment, Inc. , No. 2023-0274-JTL, purportedly on behalf of the Company, against Mr. McMahon, Mr. Barrios, and Ms. Wilson (the “Palkon Action”). The plaintiff alleged that Mr. McMahon breached his fiduciary duties by engaging in misconduct (including the alleged misconduct investigated by the Special Committee) by failing to disclose that alleged misconduct to the Board of Directors and allegedly frustrating the Board’s investigation thereof, and by later re-appointing himself to the Board via written consent. The plaintiff alleged that Mr. Barrios and Ms. Wilson aided and abetted certain of Mr. McMahon’s purported breaches of fiduciary duty. The plaintiff sought damages, declaratory relief, his costs and expenses, and other unspecified relief. By stipulated order entered on May 3, 2023, the Casale Action and the Palkon Action were, among other things, consolidated together and dismissed with prejudice as to the named plaintiffs only on the ground of mootness. The court retained jurisdiction solely for purposes of adjudicating any application related to an award of attorneys’ fees and expenses for counsel for the plaintiffs. Additional information with respect to this Note 18 may be found in Part II, Item 1, Legal Proceedings . In addition to the foregoing, from time to time we become a party to other lawsuits and claims. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 19. Stockholders’ Equity Stock Repurchase Program In February 2019, the Company’s Board of Directors authorized a stock repurchase program of up to $ 500,000 of our common stock. Repurchases may be made from time to time at management’s discretion subject to certain pre-approved parameters and in accordance with all applicable securities and other laws and regulations. The stock repurchase program does not obligate the Company to repurchase any minimum dollar amount or number of shares and may be modified, suspended or discontinued at any time. The Company suspended the stock repurchase program during the second quarter of 2022 and, as a result of the Transaction Agreement, currently has no plans to resume the program. The Company did no t repurchase any shares of common stock in the open market during the three and six months ended June 30, 2023. During the three months ended June 30, 2022, the Company repurchased 170,359 shares of common stock in the open market at an average price of $ 58.70 for an aggregate amount of $ 10,000 . During the six months ended June 30, 2022, the Company repurchased 694,857 shares of common stock in the open market at an average price of $ 57.57 for an aggregate amount of $ 40,006 . As of June 30, 2023, $ 210,924 of common stock remained under the original stock repurchase program authorization. Controlling Stockholder Contributions During the six months ended June 30, 2023, Controlling stockholder contributions in our Consolidated Statements of Stockholders’ Equity include cash capital contributions of $ 17,405 from our controlling stockholder. During the three and six months ended June 30, 2023 and 2022, Controlling stockholder contributions in our Consolidated Statements of Stockholders’ Equity also include non-cash capital contributions of $ 1,650 and $ 0 , and $ 9,983 and $ 2,700 , respectively, from our controlling stockholder. These cash and non-cash capital contributions represent amounts paid personally by Mr. McMahon, our controlling stockholder, to the Company and certain counterparties. See Note 20, Related Party Transactions , for additional information. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related Party Transactions Vincent K. McMahon, who serves as Executive Chairman of the Company’s Board of Directors, controls a substantial majority of the voting power of the issued and outstanding shares of our common stock (“Mr. McMahon”). Through the beneficial ownership of a substantial majority of our Class B common stock, Mr. McMahon can effectively exercise control over our affairs. During the six months ended June 30, 2023 and 2022, Mr. McMahon made payments of $ 8,333 and $ 2,200 , respectively, associated with certain payments that Mr. McMahon agreed to make during the period of 2006 through 2022 (including amounts paid and payable in the future) to certain counterparties. These payments are considered non-cash capital contributions and are included as a component of Controlling stockholder contributions on our Consolidated Statements of Stockholders’ Equity. As of June 30, 2023 and December 31, 2022, total liabilities of $ 3,492 and $ 11,825 , respectively, were included on our Consolidated Balance Sheets related to the future payments owed under these agreements by Mr. McMahon. Additionally, during the six months ended June 30, 2023, Mr. McMahon made a payment of $ 17,405 to reimburse the Company for the costs that have been incurred and paid by the Company, through January 31, 2023, in connection with and/or arising from the investigation conducted by a Special Committee of the Company’s Board of Directors, related revisions to the Company’s financial statements and other matters. Mr. McMahon has agreed to review in good faith and reimburse the Company for additional costs incurred by the Company subsequent to January 31, 2023 (or that have been incurred by the Company and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters. During the six months ended June 30, 2023, the Company incurred $ 2,650 of expenses paid or payable by Mr. McMahon for plaintiffs’ attorneys’ fees in connection with a shareholder lawsuit that was mooted. Other shareholder litigation remains ongoing as described in Note 18, Commitments and Contingencies . |
Basis Of Presentation And Bus_2
Basis Of Presentation And Business Description (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Basis Of Presentation And Business Description [Abstract] | |
Basis of Consolidation | The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” and the “Company” refer to WWE |
Basis Of Accounting | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Operating Expenses | Operating Expenses Operating expenses consist of our production costs associated with developing our content, venue rental and related costs associated with the staging of our live events, compensation costs for our talent, as well as material and related costs associated with our consumer product merchandise sales. In addition, Operating expenses include the operating costs associated with talent development, data analytics, data engineering, business strategy and real estate and facilities functions. Included within Operating expenses are the following: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amortization and impairment of content production assets $ 10,442 $ 7,114 $ 12,963 $ 16,934 Depreciation and amortization of WWE Network content delivery and technology assets — 2,227 1,548 4,403 Amortization of right-of-use assets - finance leases of equipment 2,594 2,221 5,172 4,443 Depreciation on equipment used directly to support operations 215 214 427 380 Total depreciation and amortization included in operating expenses $ 13,251 $ 11,776 $ 20,110 $ 26,160 Costs to produce our live event programming are expensed when the event is first broadcast, and are not included in the depreciation and amortization table noted above. These costs include production-related costs, such as lighting, pyrotechnics and staging, associated with our weekly, in-ring televised programming as well as our premium live events, which are included as a component of our Media segment operating expenses. We also incur event-related costs, such as venue rental, security and travel, associated with our premium live events as well as our televised and non-televised events, which are included as a component of our Live Events segment operating expenses. Talent-related costs primarily associated with our premium live events and televised programming are included within our Media segment, while talent-related costs associated with our non-televised events are included within our Live Events segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No recently issued accounting pronouncements materially impacted or are expected to impact our Consolidated Financial Statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Operating Expenses | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amortization and impairment of content production assets $ 10,442 $ 7,114 $ 12,963 $ 16,934 Depreciation and amortization of WWE Network content delivery and technology assets — 2,227 1,548 4,403 Amortization of right-of-use assets - finance leases of equipment 2,594 2,221 5,172 4,443 Depreciation on equipment used directly to support operations 215 214 427 380 Total depreciation and amortization included in operating expenses $ 13,251 $ 11,776 $ 20,110 $ 26,160 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Summary Of Financial Information For Reportable Segments | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net revenues: Media $ 320,297 $ 243,059 $ 546,024 $ 521,178 Live Events 61,961 41,007 94,562 64,108 Consumer Products 28,116 44,069 67,339 76,297 Total net revenues $ 410,374 $ 328,135 $ 707,925 $ 661,583 Adjusted OIBDA: Media $ 126,106 $ 90,728 $ 213,935 $ 218,945 Live Events 34,519 13,776 41,494 16,590 Consumer Products 12,492 16,506 34,708 28,379 Corporate ( 32,373 ) ( 29,507 ) ( 65,213 ) ( 60,677 ) Total Adjusted OIBDA $ 140,744 $ 91,503 $ 224,924 $ 203,237 |
Reconciliation Of Total Operating Income To Total Adjusted OIBDA | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Total operating income $ 87,335 $ 69,328 $ 140,447 $ 161,737 Depreciation and amortization 10,030 9,450 19,013 19,157 Stock-based compensation 19,291 11,027 32,952 20,645 Other adjustments (1) 24,088 1,698 32,512 1,698 Total Adjusted OIBDA $ 140,744 $ 91,503 $ 224,924 $ 203,237 (1) Other adjustments for the three months ended June 30, 2023 include $ 18,772 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 5,316 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors. Other adjustments for the six months ended June 30, 2023 include $ 25,452 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 7,060 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors and expenses paid by Mr. McMahon for plaintiffs’ attorneys’ fees in connection with a shareholder lawsuit that was mooted (refer to Note 20, Related Party Transactions , for further information). Other adjustments for the three and six months ended June 30, 2022 include certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
Schedule Of Revenues Disaggregated By Source | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net revenues: Media Segment : Network (including pay-per-view) (1) $ 80,121 $ 66,889 $ 131,501 $ 125,668 Core content rights fees (2) 154,758 148,480 308,674 287,559 Advertising and sponsorships (3) 18,890 17,972 34,527 37,739 Other (4) 66,528 9,718 71,322 70,212 Total Media Segment net revenues 320,297 243,059 546,024 521,178 Live Events Segment : North American ticket sales 40,300 34,923 70,464 54,811 International ticket sales 6,432 2,160 6,432 2,160 Advertising and sponsorships (5) 8,805 1,613 9,817 2,758 Other (6) 6,424 2,311 7,849 4,379 Total Live Events Segment net revenues 61,961 41,007 94,562 64,108 Consumer Products Segment : Consumer product licensing 15,695 22,634 42,436 42,640 eCommerce 4,613 12,826 8,431 20,543 Venue merchandise 7,808 8,609 16,472 13,114 Total Consumer Products Segment net revenues 28,116 44,069 67,339 76,297 Total net revenues $ 410,374 $ 328,135 $ 707,925 $ 661,583 (1) Network revenues consist primarily of license fees from the global distribution of WWE Network content associated with our licensed partner agreements. (2) Core content rights fees consist primarily of licensing revenues from the distribution of our flagship programs, RAW and SmackDown , as well as our NXT programming, through global broadcast, pay television and digital platforms. (3) Advertising and sponsorships revenues within our Media segment consist primarily of advertising revenues from the Company’s content on third-party social media platforms and sponsorship fees from sponsors who promote their products utilizing the Company’s media platforms, including promotion on the Company’s digital websites and on-air promotional media spots. (4) Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming content in international markets, scripted, reality and other programming. (5) Advertising and sponsorships revenues within our Live Events segment primarily consists of fees from advertisers and sponsors who promote their products utilizing the Company’s live events (i.e., presenting sponsor of fan engagement events and advertising signage at the event). (6) Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company’s global live events and commissions earned through secondary ticketing. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income for basic earnings per share $ 52,001 $ 49,099 $ 88,679 $ 115,140 Effect of potentially dilutive shares: Interest expense related to the Convertible Notes 1,275 1,562 2,705 3,129 Net income for diluted earnings per share $ 53,276 $ 50,661 $ 91,384 $ 118,269 Weighted average basic common shares outstanding (1) 77,861 74,299 76,160 74,539 Dilutive effect of restricted and performance stock units 1,011 754 906 643 Dilutive effect of convertible debt instruments (1) 420 12,800 409 12,548 Dilutive effect of employee share purchase plan 3 4 3 6 Weighted average dilutive common shares outstanding 79,295 87,857 77,478 87,736 Earnings per share: Basic $ 0.67 $ 0.66 $ 1.16 $ 1.54 Diluted $ 0.67 $ 0.58 $ 1.18 $ 1.35 Anti-dilutive shares (excluded from per-share calculations): Net shares received on purchased call of convertible debt hedge (1) 273 5,146 265 4,949 (1) The increase in basic common shares outstanding and decrease in shares associated with our convertible debt instruments are associated with the Exchanges and Conversions that occurred during the three and six months ended June 30, 2023. Refer to Note 13, Convertible Debt , for further discussion related to these transactions. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Stock-Based Compensation Expense | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Restricted stock units ("RSUs") $ 8,595 $ 5,572 $ 13,300 $ 7,568 Performance stock units ("PSUs") 10,012 4,875 18,066 11,910 Performance stock units tied to relative total shareholder return ("PSU-TSRs") 69 106 137 211 Employee stock purchase plan 470 258 1,148 508 Board of Directors 145 216 301 448 Stock-based compensation expense $ 19,291 $ 11,027 $ 32,952 $ 20,645 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of RSU Activity | Units Unvested at January 1, 2023 467,798 Granted 528,473 Vested ( 62,436 ) Forfeited ( 10,370 ) Dividend equivalents 2,170 Unvested at June 30, 2023 925,635 |
Performance Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of PSU Activity | Units Unvested at January 1, 2023 1,015,085 Granted 207,095 Achievement adjustment (1) 64,335 Vested — Forfeited ( 244,861 ) Dividend equivalents 1,378 Unvested at June 30, 2023 1,043,032 (1) During the first quarter of 2023, it was determined that the performance conditions related to 2022 PSU grants were exceeded, which resulted in an achievement adjustment increase in 2023 relating to these PSU grants. |
Performance Stock Units, Market Condition [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of PSU Activity | Units Unvested at January 1, 2023 34,098 Granted — Achievement adjustment (1) 10,229 Vested — Forfeited — Dividend equivalents 27 Unvested at June 30, 2023 44,354 (1) During the first quarter of 2023, it was determined that the percentile ranking of WWE’s total shareholder return performance related to the fourth performance period were met, which resulted in an achievement adjustment increase in 2023 relating to the initial 2018 PSU-TSR grant. |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | As of June 30, December 31, 2023 2022 Land, buildings and improvements $ 163,824 $ 158,806 Equipment and software 170,290 166,249 Corporate aircraft 30,915 32,249 Vehicles 993 993 Projects in progress (1) 221,133 216,710 587,155 575,007 Less: accumulated depreciation and amortization ( 214,800 ) ( 245,866 ) Total $ 372,355 $ 329,141 (1) As of June 30, 2023 and December 31, 2022, our projects in progress balance included $ 206,078 and $ 200,552 , respectively, of capital expenditures related to the Company’s headquarter facility. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Quantitative Information About Leases | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease costs Finance lease costs: Amortization of right-of-use assets $ 5,031 $ 4,670 $ 10,045 $ 9,341 Interest on lease liabilities 3,718 3,774 7,464 7,578 Operating lease costs 1,266 1,268 2,607 2,440 Other short-term and variable lease costs 495 439 1,050 1,112 Sublease income (1) — ( 17 ) — ( 43 ) Total lease costs $ 10,510 $ 10,134 $ 21,166 $ 20,428 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3,733 $ 3,774 $ 7,481 $ 7,579 Operating cash flows from operating leases $ 1,160 $ 892 $ 2,191 $ 1,967 Finance cash flows from finance leases $ 3,947 $ 3,464 $ 7,861 $ 6,899 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,136 $ — $ 5,932 $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 74 $ 172 $ 8,679 As of June 30, December 31, 2023 2022 Weighted-average remaining lease term - finance leases 25.9 years 26.4 years Weighted-average remaining lease term - operating leases 6.4 years 6.5 years Weighted-average discount rate - finance leases 4.0 % 4.0 % Weighted-average discount rate - operating leases 3.5 % 3.4 % (1) Sublease income excludes rental income from owned properties . |
Maturity Of Lease Liabilities | Operating Finance Leases Leases 2023 $ 1,798 $ 12,290 2024 2,736 26,039 2025 2,564 22,895 2026 2,333 23,256 2027 2,231 20,622 Thereafter 5,029 520,339 Total lease payment 16,691 625,441 Less: imputed interest ( 1,898 ) ( 250,931 ) Total future minimum lease payments $ 14,793 $ 374,510 |
Content Production Assets, Net
Content Production Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Content Production Assets, Net [Abstract] | |
Schedule Of Content Production Assets | Predominantly Monetized Individually Predominantly Monetized as a Film Group As of As of June 30, December 31, June 30, December 31, 2023 2022 2023 2022 In release $ 1,794 $ 3,090 $ 35 $ 7 Completed but not released 20 — — — In production 8,900 13,122 125 289 In development 10 10 — — Total $ 10,724 $ 16,222 $ 160 $ 296 |
Schedule Of Amortization And Impairment Of Content Production Assets | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Content production amortization expense - assets monetized individually $ 9,802 $ 5,921 $ 11,638 $ 14,026 Content production amortization expense - assets monetized as a film group 640 1,189 1,325 2,811 Content production impairment charges (1) — — — — Content production development write-offs (2) — 4 — 97 Total amortization and impairment of content production assets $ 10,442 $ 7,114 $ 12,963 $ 16,934 (1) Unamortized content production assets are evaluated for impairment whenever events or changes in circumstances indicate that the fair value of a film predominantly monetized on its own or a film group may be less than its unamortized costs. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that content will not likely air, we will expense the remaining unamortized asset. (2) Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. |
Investment Securities And Sho_2
Investment Securities And Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Securities And Short-Term Investments [Abstract] | |
Schedule Of Investment Securities | As of June 30, December 31, 2023 2022 Nonmarketable equity investments without readily determinable fair values $ 12,007 $ 11,797 Total investment securities $ 12,007 $ 11,797 |
Schedule Of Short-Term Investments Measured At Fair Value | As of June 30, 2023 As of December 31, 2022 Gross Unrealized Gross Unrealized Amortized Fair Amortized Fair Cost Gain (Loss) Value Cost Gain (Loss) Value U.S. Treasury securities $ 67,972 $ — $ ( 581 ) $ 67,391 $ 94,287 $ — $ ( 1,095 ) $ 93,192 Corporate bonds 82,858 — ( 706 ) 82,152 117,947 1 ( 1,435 ) 116,513 Government agency bonds 57,005 — ( 494 ) 56,511 49,494 12 ( 724 ) 48,782 Total $ 207,835 $ — $ ( 1,781 ) $ 206,054 $ 261,728 $ 13 $ ( 3,254 ) $ 258,487 |
Schedule Of Contractual Maturities Of Short-Term Investment Bonds | Maturities U.S. Treasury securities 1 month - 2 years Corporate bonds 1 month - 2 years Government agency bonds 2 months - 1 year |
Summary Of Short-Term Investment Activity | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Proceeds from sales and maturities of short-term investments $ 68,149 $ 84,550 $ 141,182 $ 131,974 Purchases of short-term investments $ 5,793 $ 77,196 $ 87,003 $ 188,819 Gross realized (losses) gains on sale of short-term investments $ — $ — $ ( 354 ) $ — |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | As of June 30, December 31, 2023 2022 Trade related $ 10,328 $ 9,816 Staff related 13,613 13,828 Management incentive compensation 20,673 31,204 Talent related 7,859 6,274 Accrued WWE Network related expenses 3,574 3,331 Accrued event and television production 17,326 11,599 Accrued legal and professional (1) 26,704 14,980 Accrued purchases of property and equipment 13,387 18,567 Accrued income taxes — 1,415 Accrued other (2) 15,873 11,842 Total $ 129,337 $ 122,856 (1) Accrued legal and professional as of June 30, 2023 includes $ 13,362 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor. As of June 30, 2023 and December 31, 2022, accrued legal and professional also includes $ 6,077 and $ 1,992 , respectively, of costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. Additionally, accrued legal and professional as of June 30, 2023 and December 31, 2022 include certain amounts of $ 3,492 and $ 9,125 , respectively, to be paid by the Company's controlling stockholder (refer to Note 20, Related Party Transactions , for further information). (2) Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceeds 5 % of current liabilities. |
Convertible Debt (Tables)
Convertible Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Debt [Abstract] | |
Schedule Of Convertible Notes | As of June 30, December 31, 2023 2022 Debt component : Principal $ 4,261 $ 215,000 Less: Unamortized debt issuance costs ( 9 ) ( 900 ) Net carrying amount $ 4,252 $ 214,100 |
Schedule Of Interest Expense Recognized | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 3.375 % contractual coupon $ 1,326 $ 1,814 $ 3,140 $ 3,628 Amortization of debt issuance costs 656 235 891 470 Interest expense $ 1,982 $ 2,049 $ 4,031 $ 4,098 |
Long-Term Debt And Credit Fac_2
Long-Term Debt And Credit Facility (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt And Credit Facility [Abstract] | |
Schedule Of Debt | As of June 30, December 31, 2023 2022 Current portion of long-term debt : Mortgage $ 459 $ 449 Total current portion of long-term debt $ 459 $ 449 Long-term debt : Mortgage $ 20,622 $ 20,848 Total long-term debt $ 20,622 $ 20,848 Total $ 21,081 $ 21,297 |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule Of Operating Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Expenses [Line Items] | ||||
Amortization and impairment of content production assets | $ 10,442 | $ 7,114 | $ 12,963 | $ 16,934 |
Depreciation and amortization of WWE Network content delivery and technology assets | 2,227 | 1,548 | 4,403 | |
Amortization of right-of-use assets - finance leases of equipment | 5,031 | 4,670 | 10,045 | 9,341 |
Depreciation on equipment used directly to support operations | 215 | 214 | 427 | 380 |
Total depreciation and amortization included in operating expenses | 13,251 | 11,776 | 20,110 | 26,160 |
Equipment And Software [Member] | ||||
Operating Expenses [Line Items] | ||||
Amortization of right-of-use assets - finance leases of equipment | $ 2,594 | $ 2,221 | $ 5,172 | $ 4,443 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Segment Information [Abstract] | |
Number of reportable segments | 3 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Information For Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 410,374 | $ 328,135 | $ 707,925 | $ 661,583 |
Total Adjusted OIBDA | 140,744 | 91,503 | 224,924 | 203,237 |
Media [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 320,297 | 243,059 | 546,024 | 521,178 |
Total Adjusted OIBDA | 126,106 | 90,728 | 213,935 | 218,945 |
Live Events [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 61,961 | 41,007 | 94,562 | 64,108 |
Total Adjusted OIBDA | 34,519 | 13,776 | 41,494 | 16,590 |
Consumer Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 28,116 | 44,069 | 67,339 | 76,297 |
Total Adjusted OIBDA | 12,492 | 16,506 | 34,708 | 28,379 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Adjusted OIBDA | $ (32,373) | $ (29,507) | $ (65,213) | $ (60,677) |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Total Operating Income To Total Adjusted OIBDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Operating income | $ 87,335 | $ 69,328 | $ 140,447 | $ 161,737 | |
Depreciation and amortization | 10,030 | 9,450 | 19,013 | 19,157 | |
Stock-based compensation | 19,291 | 11,027 | 32,952 | 20,645 | |
Other adjustments | [1] | 24,088 | 1,698 | 32,512 | 1,698 |
Total Adjusted OIBDA | 140,744 | $ 91,503 | 224,924 | $ 203,237 | |
Legal and professional fees | 18,772 | 25,452 | |||
Chief Executive Officer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Legal and professional fees | $ 5,316 | $ 7,060 | |||
[1] Other adjustments for the three months ended June 30, 2023 include $ 18,772 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 5,316 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors. Other adjustments for the six months ended June 30, 2023 include $ 25,452 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor, as well as $ 7,060 of certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors and expenses paid by Mr. McMahon for plaintiffs’ attorneys’ fees in connection with a shareholder lawsuit that was mooted (refer to Note 20, Related Party Transactions , for further information). Other adjustments for the three and six months ended June 30, 2022 include certain costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues [Abstract] | |||||
Remaining performance obligations | $ 2,270,000 | $ 2,270,000 | |||
Contract liabilities | 49,312,000 | 49,312,000 | $ 79,750,000 | ||
Revenue recognized | $ 13,033,000 | $ 8,007,000 | $ 59,995,000 | $ 58,321,000 |
Revenues (Schedule Of Revenues
Revenues (Schedule Of Revenues Disaggregated By Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | $ 410,374 | $ 328,135 | $ 707,925 | $ 661,583 | |
Media [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 320,297 | 243,059 | 546,024 | 521,178 | |
Media [Member] | Network (Including Pay-Per-View) [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [1] | 80,121 | 66,889 | 131,501 | 125,668 |
Media [Member] | Core Content Rights Fees [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [2] | 154,758 | 148,480 | 308,674 | 287,559 |
Media [Member] | Advertising And Sponsorships [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [3] | 18,890 | 17,972 | 34,527 | 37,739 |
Media [Member] | Other Media [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [4] | 66,528 | 9,718 | 71,322 | 70,212 |
Live Events [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 61,961 | 41,007 | 94,562 | 64,108 | |
Live Events [Member] | Ticket Sales [Member] | North America [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 40,300 | 34,923 | 70,464 | 54,811 | |
Live Events [Member] | Ticket Sales [Member] | International [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 6,432 | 2,160 | 6,432 | 2,160 | |
Live Events [Member] | Advertising And Sponsorships [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [5] | 8,805 | 1,613 | 9,817 | 2,758 |
Live Events [Member] | Other Live Events [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | [6] | 6,424 | 2,311 | 7,849 | 4,379 |
Consumer Products [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 28,116 | 44,069 | 67,339 | 76,297 | |
Consumer Products [Member] | Consumer Product Licensing [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 15,695 | 22,634 | 42,436 | 42,640 | |
Consumer Products [Member] | eCommerce [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | 4,613 | 12,826 | 8,431 | 20,543 | |
Consumer Products [Member] | Venue Merchandise [Member] | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||
Net revenues | $ 7,808 | $ 8,609 | $ 16,472 | $ 13,114 | |
[1] Network revenues consist primarily of license fees from the global distribution of WWE Network content associated with our licensed partner agreements. Core content rights fees consist primarily of licensing revenues from the distribution of our flagship programs, RAW and SmackDown , as well as our NXT programming, through global broadcast, pay television and digital platforms. Advertising and sponsorships revenues within our Media segment consist primarily of advertising revenues from the Company’s content on third-party social media platforms and sponsorship fees from sponsors who promote their products utilizing the Company’s media platforms, including promotion on the Company’s digital websites and on-air promotional media spots. Other revenues within our Media segment reflect revenues earned from the distribution of other WWE content, including, but not limited to, certain live in-ring programming content in international markets, scripted, reality and other programming. Advertising and sponsorships revenues within our Live Events segment primarily consists of fees from advertisers and sponsors who promote their products utilizing the Company’s live events (i.e., presenting sponsor of fan engagement events and advertising signage at the event). Other revenues within our Live Events segment primarily consists of the sale of travel packages associated with the Company’s global live events and commissions earned through secondary ticketing. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - 3.375% Convertible Notes [Member] - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Conversion price | $ 24.91 | $ 24.91 | |||
Warrant strike price | 31.89 | 31.89 | $ 31.89 | ||
Impact on diluted EPS | $ 0.01 | $ 0.10 | $ 0.01 | $ 0.18 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income for basic earnings per share | $ 52,001 | $ 49,099 | $ 88,679 | $ 115,140 | |
Interest expense related to the Convertible Notes | 1,275 | 1,562 | 2,705 | 3,129 | |
Net income for diluted earnings per share | $ 53,276 | $ 50,661 | $ 91,384 | $ 118,269 | |
Weighted average basic common shares outstanding | [1] | 77,861 | 74,299 | 76,160 | 74,539 |
Dilutive effect of restricted and performance stock units | 1,011 | 754 | 906 | 643 | |
Dilutive effect of convertible debt instruments | [1] | 420 | 12,800 | 409 | 12,548 |
Dilutive effect of employee share purchase plan | 3 | 4 | 3 | 6 | |
Weighted average dilutive common shares outstanding | 79,295 | 87,857 | 77,478 | 87,736 | |
Basic | $ 0.67 | $ 0.66 | $ 1.16 | $ 1.54 | |
Diluted | $ 0.67 | $ 0.58 | $ 1.18 | $ 1.35 | |
Convertible Notes And Warrants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Anti-dilutive shares (excluded from per-share calculations) | 273 | 5,146 | 265 | 4,949 | |
[1] The increase in basic common shares outstanding and decrease in shares associated with our convertible debt instruments are associated with the Exchanges and Conversions that occurred during the three and six months ended June 30, 2023. Refer to Note 13, Convertible Debt , for further discussion related to these transactions. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Performance Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Requisite service period | 3 years 6 months |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 19,291 | $ 11,027 | $ 32,952 | $ 20,645 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 8,595 | 5,572 | 13,300 | 7,568 |
Performance Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 10,012 | 4,875 | 18,066 | 11,910 |
Performance Stock Units, Market Condition [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 69 | 106 | 137 | 211 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 470 | 258 | 1,148 | 508 |
Board Of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 145 | $ 216 | $ 301 | $ 448 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units, Unvested at January 1, 2023 | 467,798 |
Units, Granted | 528,473 |
Units, Vested | (62,436) |
Units, Forfeited | (10,370) |
Units, Dividend equivalents | 2,170 |
Units, Unvested at June 30, 2023 | 925,635 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of PSU Activity) (Details) - Performance Stock Units (PSUs) [Member] | 6 Months Ended | |
Jun. 30, 2023 shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Unvested at January 1, 2023 | 1,015,085 | |
Units, Granted | 207,095 | |
Units, Achievement adjustment | 64,335 | [1] |
Units, Vested | ||
Units, Forfeited | (244,861) | |
Units, Dividend equivalents | 1,378 | |
Units, Unvested at June 30, 2023 | 1,043,032 | |
[1] During the first quarter of 2023, it was determined that the performance conditions related to 2022 PSU grants were exceeded, which resulted in an achievement adjustment increase in 2023 relating to these PSU grants. |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of PSU-TSR Activity) (Details) - Performance Stock Units, Market Condition [Member] | 6 Months Ended | |
Jun. 30, 2023 shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units, Unvested at January 1, 2023 | 34,098 | |
Units, Granted | ||
Units, Achievement adjustment | 10,229 | [1] |
Units, Vested | ||
Units, Forfeited | ||
Units, Dividend equivalents | 27 | |
Units, Unvested at June 30, 2023 | 44,354 | |
[1] During the first quarter of 2023, it was determined that the percentile ranking of WWE’s total shareholder return performance related to the fourth performance period were met, which resulted in an achievement adjustment increase in 2023 relating to the initial 2018 PSU-TSR grant. |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 7,608 | $ 9,155 | $ 15,715 | $ 18,471 | |
Capitalized interest of projects in progress | 1,731 | $ 1,652 | 3,710 | $ 1,652 | |
Net assets held for sale | 2,677 | 2,677 | |||
Reclassified Cost [Member] | Adoption Impact [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net assets held for sale | $ 42,176 | ||||
Reclassified Accumulated Depreciation [Member] | Adoption Impact [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net assets held for sale | $ 39,499 | ||||
Land, Buildings And Improvements [Member] | Reclassified Cost [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment, asset costs | (49,510) | ||||
Land, Buildings And Improvements [Member] | Stamford, Connecticut Property [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 1,090 | $ 1,090 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Gross | $ 587,155 | $ 575,007 | |
Less: accumulated depreciation and amortization | (214,800) | (245,866) | |
Total | 372,355 | 329,141 | |
Land, Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 163,824 | 158,806 | |
Equipment And Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 170,290 | 166,249 | |
Corporate Aircraft [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 30,915 | 32,249 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 993 | 993 | |
Projects In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | [1] | 221,133 | 216,710 |
Projects In Progress Including Capital Expenditures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | $ 206,078 | $ 200,552 | |
[1] As of June 30, 2023 and December 31, 2022, our projects in progress balance included $ 206,078 and $ 200,552 , respectively, of capital expenditures related to the Company’s headquarter facility. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Nov. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Term of free rent | 18 months | |
Finance lease term | 15 years | |
Deferred rent, including interest | $ 4,930 | $ 6,590 |
Deferred rent repayment term | 5 years | |
Minimum [Member] | Land, Buildings And Improvements [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 1 year | |
Minimum [Member] | Equipment And Software [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 1 year | |
Maximum [Member] | Land, Buildings And Improvements [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 9 years | |
Maximum [Member] | Equipment And Software [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 7 years | |
Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Deferred rent, including interest | $ 3,608 | |
Accounts Payable And Accrued Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Deferred rent, including interest | $ 1,322 |
Leases (Quantitative Informatio
Leases (Quantitative Information About Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Leases [Abstract] | ||||||
Amortization of right-of-use assets | $ 5,031 | $ 4,670 | $ 10,045 | $ 9,341 | ||
Interest on lease liabilities | 3,718 | 3,774 | 7,464 | 7,578 | ||
Operating lease costs | 1,266 | 1,268 | 2,607 | 2,440 | ||
Other short-term and variable lease costs | 495 | 439 | 1,050 | 1,112 | ||
Sublease income | [1] | (17) | (43) | |||
Total lease costs | 10,510 | 10,134 | 21,166 | 20,428 | ||
Operating cash flows from finance leases | 3,733 | 3,774 | 7,481 | 7,579 | ||
Operating cash flows from operating leases | 1,160 | 892 | 2,191 | 1,967 | ||
Finance cash flows from finance leases | 3,947 | 3,464 | 7,861 | 6,899 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,136 | 5,932 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 74 | $ 172 | $ 8,679 | |||
Weighted-average remaining lease term - finance leases | 25 years 10 months 24 days | 25 years 10 months 24 days | 26 years 4 months 24 days | |||
Weighted-average remaining lease term - operating leases | 6 years 4 months 24 days | 6 years 4 months 24 days | 6 years 6 months | |||
Weighted-average discount rate - finance leases | 4% | 4% | 4% | |||
Weighted-average discount rate - operating leases | 3.50% | 3.50% | 3.40% | |||
[1] Sublease income excludes rental income from owned properties |
Leases (Maturity Of Lease Liabi
Leases (Maturity Of Lease Liabilities) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Operating Leases | |
2023 | $ 1,798 |
2024 | 2,736 |
2025 | 2,564 |
2026 | 2,333 |
2027 | 2,231 |
Thereafter | 5,029 |
Total lease payment | 16,691 |
Less: imputed interest | (1,898) |
Total future minimum lease payments | 14,793 |
Finance Leases | |
2023 | 12,290 |
2024 | 26,039 |
2025 | 22,895 |
2026 | 23,256 |
2027 | 20,622 |
Thereafter | 520,339 |
Total lease payment | 625,441 |
Less: imputed interest | (250,931) |
Total future minimum lease payments | $ 374,510 |
Content Production Assets, Ne_2
Content Production Assets, Net (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Content Production Assets, Net [Abstract] | |
Content assets monetized individually amortized over the next three years | 77% |
Content assets monetized, amortization period | 3 years |
Content Production Assets, Ne_3
Content Production Assets, Net (Schedule Of Content Production Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Predominantly Monetized Individually | ||
In release | $ 1,794 | $ 3,090 |
Completed but not released | 20 | |
In production | 8,900 | 13,122 |
In development | 10 | 10 |
Total | 10,724 | 16,222 |
Predominantly Monetized as a Film Group | ||
In release | 35 | 7 |
In production | 125 | 289 |
Total | $ 160 | $ 296 |
Content Production Assets, Ne_4
Content Production Assets, Net (Schedule Of Amortization And Impairment Of Content Production Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Content Production Assets, Net [Abstract] | |||||
Content production amortization expense - assets monetized individually | $ 9,802 | $ 5,921 | $ 11,638 | $ 14,026 | |
Content production amortization expense - assets monetized as a film group | 640 | 1,189 | 1,325 | 2,811 | |
Content production impairment charges | [1] | ||||
Content production development write-offs | [2] | 4 | 97 | ||
Total amortization and impairment of content production assets | $ 10,442 | $ 7,114 | $ 12,963 | $ 16,934 | |
[1] Unamortized content production assets are evaluated for impairment whenever events or changes in circumstances indicate that the fair value of a film predominantly monetized on its own or a film group may be less than its unamortized costs. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that content will not likely air, we will expense the remaining unamortized asset. Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. |
Investment Securities And Sho_3
Investment Securities And Short-Term Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Securities And Short-Term Investments [Abstract] | ||||
Equity investment, impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Short-term investments, interest income | $ 3,682,000 | $ 614,000 | $ 6,883,000 | $ 876,000 |
Investment Securities And Sho_4
Investment Securities And Short-Term Investments (Schedule Of Investment Securities ) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investment Securities And Short-Term Investments [Abstract] | ||
Nonmarketable equity investments without readily determinable fair values | $ 12,007 | $ 11,797 |
Total investment securities | $ 12,007 | $ 11,797 |
Investment Securities And Sho_5
Investment Securities And Short-Term Investments (Schedule Of Short-Term Investments Measured At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 207,835 | $ 261,728 |
Gross Unrealized Gain | 13 | |
Gross Unrealized (Loss) | (1,781) | (3,254) |
Fair Value | 206,054 | 258,487 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,972 | 94,287 |
Gross Unrealized (Loss) | (581) | (1,095) |
Fair Value | 67,391 | 93,192 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 82,858 | 117,947 |
Gross Unrealized Gain | 1 | |
Gross Unrealized (Loss) | (706) | (1,435) |
Fair Value | 82,152 | 116,513 |
Government Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 57,005 | 49,494 |
Gross Unrealized Gain | 12 | |
Gross Unrealized (Loss) | (494) | (724) |
Fair Value | $ 56,511 | $ 48,782 |
Investment Securities And Sho_6
Investment Securities And Short-Term Investments (Schedule Of Contractual Maturities Of Short-Term Investment Bonds) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
US Treasury Securities [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
US Treasury Securities [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Corporate Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 month |
Corporate Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 years |
Government Agency Bonds [Member] | Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 2 months |
Government Agency Bonds [Member] | Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Contractual maturities of bonds | 1 year |
Investment Securities And Sho_7
Investment Securities And Short-Term Investments (Summary Of Short-Term Investment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Securities And Short-Term Investments [Abstract] | ||||
Proceeds from sales and maturities of short-term investments | $ 68,149 | $ 84,550 | $ 141,182 | $ 131,974 |
Purchases of short-term investments | $ 5,793 | $ 77,196 | 87,003 | $ 188,819 |
Gross realized (losses) gains on sale of short-term investments | $ (354) |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value, Assets, Level 1, Level 2 and Level 3 Transfers, Amount | $ 0 | $ 0 | |||
Equity investment, impairment | 0 | $ 0 | 0 | $ 0 | |
Level 2 [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Convertible senior notes | 17,470,000 | 17,470,000 | $ 605,494,000 | ||
Long-Lived Property And Equipment [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Asset impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Schedule Of Accounts Payable And Accrued Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Trade related | $ 10,328 | $ 9,816 | |
Staff related | 13,613 | 13,828 | |
Management incentive compensation | 20,673 | 31,204 | |
Talent related | 7,859 | 6,274 | |
Accrued WWE Network related expenses | 3,574 | 3,331 | |
Accrued event and television production | 17,326 | 11,599 | |
Accrued legal and professional | [1] | 26,704 | 14,980 |
Accrued purchases of property and equipment | 13,387 | 18,567 | |
Accrued income taxes | 1,415 | ||
Accrued other | [2] | 15,873 | 11,842 |
Total | 129,337 | 122,856 | |
Accrued legal and professional fees associated with transaction agreement | 13,362 | ||
Costs associated with investigation by independent committee members of Company's Board of Directors | $ 6,077 | 1,992 | |
Individual accrual categories percentage of current liabilities | 5% | ||
Controlling Stockholder [Member] | |||
Accrued legal and professional | $ 3,492 | $ 9,125 | |
[1] Accrued legal and professional as of June 30, 2023 includes $ 13,362 of legal and professional fees associated with the Company’s strategic alternatives review and recently announced Transaction Agreement with Endeavor. As of June 30, 2023 and December 31, 2022, accrued legal and professional also includes $ 6,077 and $ 1,992 , respectively, of costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of independent members of the Company’s Board of Directors. Additionally, accrued legal and professional as of June 30, 2023 and December 31, 2022 include certain amounts of $ 3,492 and $ 9,125 , respectively, to be paid by the Company's controlling stockholder (refer to Note 20, Related Party Transactions , for further information). Accrued other includes accruals for our international and licensing business activities, as well as other miscellaneous accruals, none of which categories individually exceeds 5 % of current liabilities. |
Convertible Debt (Narrative) (D
Convertible Debt (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2023 USD ($) shares | Jan. 31, 2017 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 12, 2016 $ / shares | |
Debt Instrument [Line Items] | ||||||||
Proceeds from Issuance of Common Stock | $ 1,395,000 | $ 1,239,000 | ||||||
Percentage of warrant strike price in excess of stock price | 60% | |||||||
Share Price | $ / shares | $ 19.93 | |||||||
Initial Purchasers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Convertible note hedge, shares covered by hedge | shares | 8,630,000 | |||||||
Shares issuable under warrant agreement | shares | 8,630,000 | |||||||
Exchanges [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 6,862,086 | |||||||
Induced Conversion of Convertible Debt Expense | $ 3,949,000 | |||||||
Debt Conversion, Original Debt, Amount | 170,952,000 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (5,409,000) | |||||||
Conversions [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Conversion ratio, shares | 40.1405 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,597,068 | |||||||
Debt Conversion, Original Debt, Amount | $ 39,787,000 | |||||||
3.375% Convertible Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.375% | 3.375% | 3.375% | 3.375% | ||||
Amortization of debt issuance costs | $ 656,000 | $ 235,000 | $ 891,000 | $ 470,000 | ||||
Conversion ratio, shares | 40.1405 | |||||||
Conversion price | $ / shares | $ 24.91 | $ 24.91 | ||||||
Long-term debt, convertible notes | $ 4,261,000 | $ 4,261,000 | $ 215,000,000 | |||||
Warrant strike price | $ / shares | $ 31.89 | $ 31.89 | $ 31.89 | |||||
3.375% Convertible Notes [Member] | Initial Purchasers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Convertible debt authorized for issuance | $ 215,000,000 | |||||||
Interest rate | 3.375% | 3.375% | ||||||
Maturity date | Dec. 15, 2023 | |||||||
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Threshold within consecutive trading days | item | 20 | |||||||
Threshold of consecutive trading days | item | 30 | |||||||
3.375% Convertible Notes [Member] | Conversion Scenario 1 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stock price trigger percent | 130% | |||||||
3.375% Convertible Notes [Member] | Conversion Scenario 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Threshold within consecutive trading days | item | 5 | |||||||
Threshold of consecutive trading days | item | 10 | |||||||
Threshold percentage of stock price and conversion rate | 98% | |||||||
Unwind Agreements [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from settlement of equity instruments | $ 49,080,000 | |||||||
Number of shares covered by each agreement | shares | 360,000 | 360,000 |
Convertible Debt (Schedule Of C
Convertible Debt (Schedule Of Convertible Notes) (Details) - 3.375% Convertible Notes [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal | $ 4,261 | $ 215,000 |
Less: Unamortized debt issuance costs | (9) | (900) |
Net carrying amount | $ 4,252 | $ 214,100 |
Convertible Debt (Schedule Of I
Convertible Debt (Schedule Of Interest Expense Recognized) (Details) - 3.375% Convertible Notes [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
3.375% contractual coupon | $ 1,326 | $ 1,814 | $ 3,140 | $ 3,628 |
Amortization of debt issuance costs | 656 | 235 | 891 | 470 |
Interest expense | $ 1,982 | $ 2,049 | $ 4,031 | $ 4,098 |
Interest rate | 3.375% | 3.375% | 3.375% | 3.375% |
Long-Term Debt And Credit Fac_3
Long-Term Debt And Credit Facility (Narrative) (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2022 | Sep. 30, 2016 | |
Mortgage [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 23,000,000 | |||
Interest rate | 4.50% | |||
Monthly installments, interest only | $ 86,000 | |||
Monthly installments, interest and principal | $ 117,000 | |||
Maturity date | Jul. 05, 2025 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility borrowing capacity | $ 200,000,000 | |||
Credit Facility unutilized commitment fee rate | 0.15% | |||
Credit Facility available debt capacity | $ 200,000,000 | |||
Credit Facility maturity date | May 24, 2024 | |||
Credit Facility amount outstanding | $ 0 | $ 0 | ||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility interest rate | 6.37% |
Long-Term Debt And Credit Fac_4
Long-Term Debt And Credit Facility (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 459 | $ 449 |
Long-term debt | 20,622 | 20,848 |
Debt | 21,081 | 21,297 |
Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 459 | 449 |
Long-term debt | $ 20,622 | $ 20,848 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 41% | 19% |
Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | |||
Deferred tax assets, net | $ 38,414 | $ 38,414 | $ 45,619 |
Increase in valuation allowance | 5,427 | 6,813 | |
Income tax expense, cancellation of indebtedness taxable income | $ 5,491 | $ 5,491 |
Content Production Incentives (
Content Production Incentives (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Content Production Incentives [Abstract] | ||||
Content production incentives | $ 1,885,000 | $ 0 | $ 4,364,000 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 28, 2019 | |
Authorized stock repurchase, amount | $ 500,000 | ||||
Repurchase and retirement of common stock, Shares | 0 | 170,359 | 0 | 694,857 | |
Average share price | $ 58.70 | $ 57.57 | |||
Repurchase and retirement of common stock | $ 10,000 | $ 40,006 | |||
Remaining authorized stock repurchase, amount | $ 210,924 | $ 210,924 | |||
Proceeds from controlling stockholder contributions | 17,405 | ||||
Controlling stockholder contributions | 9,983 | 2,700 | |||
Chief Executive Officer [Member] | |||||
Proceeds from controlling stockholder contributions | 17,405 | ||||
Controlling stockholder contributions | $ 1,650 | $ 0 | $ 9,983 | $ 2,700 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Unrecorded expenses liability | $ 3,492 | $ 3,492 | $ 11,825 | ||
Other Significant Noncash Transaction, Value of Consideration Received | 9,983 | $ 2,700 | |||
Proceeds From Contributions From Controlling Stockholder | 17,405 | ||||
Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Unrecorded expenses in period | 8,333 | 2,200 | |||
Other Significant Noncash Transaction, Value of Consideration Received | $ 1,650 | $ 0 | 9,983 | $ 2,700 | |
Proceeds From Contributions From Controlling Stockholder | 17,405 | ||||
Chief Executive Officer [Member] | Shareholder Litigation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Attorney's fees | $ 2,650 |