Episode Details

Brandon Thurston reviews the recent events that led up to WWE's decision to cut costs and lay off or furlough workers, as well as the recent closure and bankruptcy of Vince McMahon's XFL.

May 2018: WWE discloses it received a minority stake in Alpha Entertainment related to XFL IP transaction with Alpha.

https://otp.tools.investis.com/clients/us/wwe/SEC/sec-show.aspx?FilingId=12727687&Cik=0001091907&Type=PDF&hasPdf=1

Dec 2017, Nov 2018, Mar 2019: Vince McMahon sells a total of $379.7 million in WWE shares, most if not all, to fund the XFL/Alpha Entertainment

https://twitter.com/wrestlenomics/status/1250129065052422147

Feb 6: Vince McMahon on Q4 earnings call takes XFL questions

https://twitter.com/BrandonThurston/status/1249820096220073985 (AUDIO)

March 10: Oklahoma Firefighters Pension and Retirement System drops lawsuit against WWE

https://twitter.com/wrestlenomics/status/1245030531298967552

March 11: NBA suspends season

March 12: Smackdown proceeds in the PC with no audience

March 12: XFL suspends 2020 regular season

March 12: WWE statement on potential impact of COVID19

https://corporate.wwe.com/investors/news/press-releases/2020/03-12-2020-223008742

-WWE withdraws its earlier Q1 guidance, due to COVID19.

-WWE acknowledges it may be forced to cancel events, Wrestlemania not mentioned specifically.

-WWE doesn’t estimate the potential impact at this time.

-WWE has cash & debt capacity of $500 million.

"The company had guided 2020 adjusted OIBDA of $250M-$300M and contractual revenue growth of about $185M. For Q1, it had forecast OIBDA of $60M-$65M (a fivefold year-over-year increase)."

March 16: Trump issues stay-home guidelines. “Some say July or August”.

March 16: WWE announces Wrestlemania will not take place in Tampa, will instead take place at the PC.

March 24: Vince McMahon puts 3.5 million of his WWE shares into prepaid forward contract with Morgan Stanley

https://otp.tools.investis.com/clients/us/wwe/SEC/sec-show.aspx?FilingId=14033656&Cik=0001091907&Type=PDF&hasPdf=1

March 26: Wrestlemania taping concludes. News breaks Roman Reigns pulls out of Wrestlemania match with Goldberg.

March 31: WWE and Sony finalize renewed India TV deal

https://corporate.wwe.com/investors/news/press-releases/2020/03-31-2020-080031784

March 31: Fox and FITE announce they’ll offer WWE as a PPV. Fox to broadcast 22 hours of WWE library.

April 1: Florida Governor Ron DeSantis issues state-wide stay-at-home order

https://twitter.com/WFLA/status/1245400616253472771 (AUDIO)

April 4: Trump holds call with leaders of sports organizations, including Vince McMahon and Dana White.

April 5: WWE sends internal memo from Paul Levesque that a WWE employee had tested positive for COVID-19

Fightful reported and confirmed with WWE on April 11

April 7: WWE announces its Q1 earnings report and conference call will be April 23 after market close.

April 9: WWE announces it adjourns annual meeting due to COVID19.

April 9: America First Action PAC Announces $26.6M Investment in Battleground States

$18.5 million for Florida: $7.2mm in Tampa, $11.3mm in Orlando markets.

https://www.a1apac.org/news/america-first-action-pac-announces-26.6m-investment-in-battleground-states/

April 9: Gov. DeSantis amends stay-home order

Pro sports were added to a list of essential businesses allowed to stay open in an April 9 memorandum to include “employees at a professional sports and media production with a national audience … only if the location is closed to the general public.”

fox6now.com/2020/04/