WWE Breaks WrestleMania Gate Record, Stock Pops Again
WWE announced Monday that WrestleMania 39 broke the all-time gate receipt record for the promotion’s signature annual event, which is scheduled at SoFi Stadium in Los Angeles in early April. It has already sold more than $18 million worth of tickets, according to two people familiar with the financials. The previous record was $17.3 million in 2016 at WrestleMania 32 at AT&T Stadium in Arlington, Texas.
WWE has not yet announced any of the matches for WrestleMania 39.
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The record comes on the heels of last week’s blockbuster announcement that Vince McMahon was returning to WWE’s board of directors to help “maximize shareholder value.” McMahon, 77, retired from the board six months earlier, amid an investigation into allegations that he made payments to women over alleged sexual misconduct. Using his position as controlling shareholder, McMahon also appointed former WWE co-presidents Michelle Wilson and George Berrios to the board.
Wall Street viewed McMahon’s return as a precursor to a sale, and the stock jumped 15% on Friday. Rights for the WWE’s SmackDown and Raw shows are up for bid later this year, and some investors believe a company might buy WWE outright and gain the intellectual property instead of simply leasing the content for multiple years.
“The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives,” McMahon said in Thursday’s announcement. “My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
The stock continued its gains on Monday, up a further 4% on heavy trading volume.
WWE reported $966 million in revenue for the first nine months of 2022. Media rights were the biggest component, accounting for 78% of revenue, followed by consumer products (12%) and live events (10%). WWE said that 2022 had live-gate records for other events, including Royal Rumble, Survivor Series and Extreme Rules.
McMahon has a net worth of $2.9 billion, according to Forbes.
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