WWE Issues Corporate Statement On Coronavirus’ Impact, Cancels Live Event
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WWE has released a corporate statement on the impact of the Coronavirus.
“WWE today communicated perspective regarding the potential impact of COVID-19 on the Company’s financial performance.
“WWE has substantial financial resources, both available cash and debt capacity, which currently total more than $0.5 billion, to manage the challenges ahead. The fundamentals of the Company’s business remain strong reflecting the passion of WWE’s fans and the quality of its content. Management continues to believe the Company is well positioned to take full advantage of the changing media landscape and increasing value of live sports rights over the longer term.
“The health and safety of WWE’s fans, performers and employees are the Company’s top priorities and management is monitoring the situation closely domestically and internationally.
“The potential impact of COVID-19, and corresponding changes in the way WWE operates, may adversely impact the Company’s business including, but not limited to, its live event ticket sales and the sale of merchandise at those events. It should be noted that the Company may be directed to cancel, postpone or relocate certain upcoming events and the number of these changes is unknown at this time. The Company is currently unable to quantify the potential financial impact of COVID-19, but the financial impact to the Company may be material. Accordingly, the Company is withdrawing its previously announced first quarter and full year 2020 guidance due to the increased uncertainty of the financial impact of COVID-19 to the Company.”
In addition to moving SmackDown to the WWE Performance Center, WWE has canceled their live event set for Youngstown, Ohio, due to Coronavirus concerns. It was set to take place this Sunday on March 15. This comes after Ohio Governor Mike DeWine banned gatherings of over 250 people in the state. Refunds will be given in full for those that had tickets.
No word yet if they’ll also cancel the March 14 show in Toronto.
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