WWE negotiated a 50 percent increase in its TV rights deal with NBCUniversal, but that news has failed to impress the market, to say the least, and stock in the company is in free fall.
Shares in WWE closed Thursday at $19.93, but on the news that the company agreed to a $200 million annual TV rights deal with NBCU, a $90 million increase over its previous deal, WWE opened this morning at $10.58, a nearly 50 percent drop overnight and a loss of two-thirds of value from its 52-week high of $31.96.
Yikes, indeed.
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