After WWE announced on Friday that its former long-time Chief Executive Vince McMahon was retiring, the media and entertainment company disclosed on Monday that it will restate financial statements back to 2019.
World Wrestling Entertainment Inc. disclosed Monday that it will restate financial statements back to 2019 after uncovering $14.6 million in “unrecorded expenses” paid out by former long-time Chief Executive Vince McMahon.
Given the need to restate results WWE concluded that internal controls over financial reporting was “not effective” as a result of one or more material weaknesses. In the meantime, the company provided a preliminary update of certain financial results for the second quarter. The included an expectation for revenue of $328 million, up 23.3% from the same period a year ago and above the FactSet consensus of $311.9 million. Operating income before depreciation and amortization is expected to be $92 million, which is above the previously provided guidance range of $80 million to $90 million.
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