WWE's Vince McMahon Optimistic Despite Losing $350M in One Day

WWE Chairman Vince McMahon was hit hard in the wallet after the company's stock dropped more than 40 percent, causing him to lose $350 million in just one day. The professional wrestling mogul said goodbye to his billionaire status as his net worth settled at a much lower $750 million. Viewer reception to the new online streaming service has been slow and he believes that WWE's new deal with NBCUniversal disappointed investors. 

"The company's valuation could take a heavy beating this morning, as the new domestic TV deal with NBCUniversal likely disappointed investors," wrote McMahon in a report.

The new deal with NBCUniversal fell short of expectations, bringing in a $60 million increase, short of projections that it would double the previous deal. According to Forbes, the online streaming service has yet to turn a profit with 667,000 subscribers, falling short of the 1.5 million mark of breaking even. 

Despite the bleak start, Vince stayed optimistic in a statement, "The rising value of our content coupled with the global expansion of WWE Network will provide the foundation for long-term growth that continues to transform our business over the coming years."

Source: ibtimes.com