Ringside Review: Linda McMahon speaks out about WWE troubles
Linda McMahon, the chief executive officer of the WWE, gave a rare interview to the Hartford Courant this week. She made the following statements about the WWE.
Linda said she wanted to be a pediatrician when in school, but couldn’t handle the cries of the children when they were hurt. But she still helps out at the local hospital when she can.
She also said this year has been full of controversy for the WWE, but as long as it doesn’t soil the company’s name on Wall Street, it’s OK.
This year the revenues are down, television ratings are declining, the stock price has fallen, and red ink splashed in the second quarter. They have been slammed by lawsuits and embezzlement from the company. Linda fired the WWE’s chief financial officer and the chief marketing officer last October.
The company is projecting revenues this year of $385 million to $395 million — down from $456 million two years ago. The WWE’s stock is at $9 a share, down about 50 percent from the $17 per share it was going for two years ago. Linda said the company had lost $1.6 million in the second quarter, as opposed to last year when they made $4.8 million in the same quarter.
The World Wildlife Fund won its lawsuit this year for the use of the initials “WWF.” The Switzerland-based conservation organization is still seeking $90 million in damages.
In October, the company paid $13 million to settle a lawsuit filed by the talent agency William Morris, Inc., over commissions.
The WWE lost more than $10 million on the $40 million, 600-seat theme restaurant “The World” in New York’s Times Square. The restaurant’s general manager is awaiting trial on charges he embezzled $400,000.
The company still has big plans for 2003. It has already opened a Los Angeles office to develop WWE Films, naming producer Joel Simon president of the division. They plan on having TV shows and feature films out by the end of 2003.
They will do 360 shows next year in the states, plus eight overseas tours. They will have a wireless phone interactive service, with Single Touch by June.
• In other news, Big Show has been told to pay for the table he broke last week backstage. Paul Heyman has been trying to get him to be more mature, but it doesn’t seem to be working.
• Prowrestling.com says Goldberg will be with the WWE in time to wrestle the Rock by WrestleMania 19.
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