STAMFORD, Conn. – Shares of World Wrestling Entertainment Inc. rose Thursday after the professional wrestling company posted strong fourth-quarter results.
WWE said its media division revenue climbed 26 percent as TV rights payments increased.
WWE Network subscribers now have surpassed 1 million after its launch in early 2014, and the company credited subscriber growth to a free monthly promotion in November and a strong "Royal Rumble" event in January 2014 after the quarter ended. Members pay $9.99 per month for access to live events and on-demand programming.
The producer of professional wrestling events and television shows said it lost $1.6 million, or 2 cents per share. If one-time asset impairment costs are excluded the company took a loss of 1 cent per share. The Stamford, Connecticut-based company posted $140.5 million in revenue, up from $118.4 million a year earlier.
Analysts expected a loss of 8 cents per share and $134.4 million in revenue, according to FactSet.
For the full year, the company reported a loss of $30.1 million, or 40 cents per share, on revenue of $542.6 million.
In midday trading, WWE stock gained 58 cents, or 4.3 percent, to $13.95. WWE shares have risen 13 percent since the beginning of the year but are off 39 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WWE at http://www.zacks.com/ap/WWE
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