WWE Raised to Buy at Benchmark on Cost-Cutting Initiatives [TheStreet.com]
World Wrestling Entertainment, Inc. Class A (WWE)
Last world wrestling entertainment, inc. class a earnings: 4/23 04:10 pm
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Source: TheStreet.com
Shares of World Wrestling Entertainment(WWEGet ReportThe upgrade comes after WWE recentlyput in place wide-ranging cost cutsWWE "has achieved a significant reduction in monthly cash burn and does not appear to have any near-term liquidity issues,” analyst Mike Hickey wrote.Hickey also called the company's recent cost-cutting moves an "aggressive containment strategy" that is "an acceptable response considering presumed covid-19 negative impact."The firm also estimates that WWE's contractual television-rights fees are worth more than the current enterprise value of the company itself.On Wednesday, WWE said it would also cut expenses related to operations and talent, reduce third-party staffing and consulting, and defer spending on the buildout of its new headquarters for at least six months.The WWE said Kurt Angle, Drake Maverick, Curt Hawkins Karl Anderson, Luke Gallows, Heath Slater, Eric Young, EC3, Aiden English and Lio Rush were all released.The WWE said the actions would save an
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