WWE issued the following:
WWE® Announces Stock Repurchase Program
STAMFORD, Conn.–WWE (NYSE: WWE) today announced that the Company’s Board of Directors has authorized a stock repurchase program of up to $500 million of the Company’s common stock.
Commenting on this announcement, George Barrios, WWE Co-President, said: “The authorization of a stock repurchase program underscores our commitment to the Company’s shareholders. The decision is supported by WWE’s strong financial performance and demonstrates our confidence in the Company’s future. We believe we can continue to invest for future growth, maintain financial flexibility and return excess capital to shareholders, all of which should keep us on the path toward building long-term value.”
The objectives of WWE’s capital deployment strategy are to maintain a strong balance sheet, provide adequate liquidity for investing in growth opportunities (both organic and through acquisitions), and to return excess capital to shareholders. Management plans to repurchase stock opportunistically, i.e., when the repurchase price is below WWE’s intrinsic value as conservatively estimated by management, and the returns of share repurchases compare favorably to other capital allocation alternatives.
Repurchases may be made at management’s discretion from time to time in accordance with all applicable securities and other laws and regulations. The extent to which WWE repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements and other corporate considerations. Repurchases under this program may be funded from one or a combination of existing cash balances, free cash flow and available liquidity sources. The repurchase program does not obligate the Company to repurchase any minimum dollar amount or number of shares and may be modified, suspended or discontinued at any time.
About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The Company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family friendly entertainment on its television programming, pay-per-view, digital media and publishing platforms. WWE’s TV-PG, family-friendly programming can be seen in more than 800 million homes worldwide in 25 languages. WWE Network, the first-ever 24/7 over-the-top premium network that includes all live pay-per-views, scheduled programming and a massive video-on-demand library, is currently available in more than 180 countries. The Company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, London, Mexico City, Mumbai, Shanghai, Singapore, Dubai, Munich and Tokyo.
Additional information on WWE (NYSE: WWE) can be found at wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
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