WWE® Announces New Global Headquarters in Stamford
March 20 2019 - 4:00PM
Business Wire
WWE (NYSE:WWE) today announced that the company will move its
global headquarters to a new office complex at 677 Washington
Boulevard in Stamford, Connecticut. This move will allow the
company to bring together its operations, including its production
studios and corporate offices at its new site.
“One of the most important elements necessary to execute
WWE’s long-term growth strategy is world-class talent collaborating
seamlessly to create compelling content. Our workplace initiative
will be the foundation to meet these objectives and underpins our
ability to deliver long-term value,” said George Barrios, WWE
Co-President.
The new headquarters will provide the company with work space
suited to its growing and evolving workforce. The site in
Stamford’s central business district provides greater access from
various means of transportation, floor plans which are well-suited
to producing video content and greater flexibility in workplace
design. The Company anticipates that it will move to the new
headquarters in early 2021.
WWE will lease the space for an initial term of approximately
16.5 years commencing no earlier than July 1, 2019, with five
five-year renewal options thereafter. The lease will be accounted
for as a finance lease, with the creation of a lease obligation
(equal to the present value of future lease payments, which would
result in the recognition of interest expense over time) and a
right-of-use lease asset (equal to the lease obligation less tenant
incentives, which is depreciated on a straight-line basis through
depreciation expense). Accordingly, the accounting for the lease
agreement is not expected to have a material impact on Adjusted
OIBDA. Depreciation expense associated with the right-of-use asset
will be reflected in operating income. The Company’s capital
expenditure guidance reflects this initiative. That guidance
estimated capital expenditures of approximately $70 million to $90
million for 2019 with continued spending in 2020 above the historic
range of approximately 4% to 7% of revenue. Additionally, the
company expects to sell its owned and operated corporate facility
at 1241 East Main Street, exit its leased spaces at 1266 East Main
Street, and will evaluate options for its production studio
facilities at 88 and 120 Hamilton Avenue based on strategic,
operating and financial considerations.
Additional information is available on the Company’s website,
corporate.wwe.com/investors.
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/.
Trademarks: All WWE programming,
talent names, images, likenesses, slogans, wrestling moves,
trademarks, logos and copyrights are the exclusive property of WWE
and its subsidiaries. All other trademarks, logos and copyrights
are the property of their respective owners.
Forward-Looking Statements: This
press release contains forward-looking statements pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of
1995, which are subject to various risks and uncertainties. These
risks and uncertainties include, without limitation, risks relating
to: entering, maintaining and renewing major distribution
agreements; WWE Network (including the risk that we are unable to
attract, retain and renew subscribers); our need to continue to
develop creative and entertaining programs and events; the
possibility of a decline in the popularity of our brand of sports
entertainment; the continued importance of key performers and the
services of Vincent K. McMahon; possible adverse changes in the
regulatory atmosphere and related private sector initiatives; the
highly competitive, rapidly changing and increasingly fragmented
nature of the markets in which we operate and greater financial
resources or marketplace presence of many of our competitors;
uncertainties associated with international markets including
possible disruptions and reputational risks; our difficulty or
inability to promote and conduct our live events and/or other
businesses if we do not comply with applicable regulations; our
dependence on our intellectual property rights, our need to protect
those rights, and the risks of our infringement of others’
intellectual property rights; the complexity of our rights
agreements across distribution mechanisms and geographical areas;
potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events
including, without limitation, claims alleging traumatic brain
injury; large public events as well as travel to and from such
events; our feature film business; our expansion into new or
complementary businesses and/or strategic investments; our computer
systems and online operations; privacy norms and regulations; a
possible decline in general economic conditions and disruption in
financial markets; our accounts receivable; our indebtedness
including our convertible notes; litigation; our potential failure
to meet market expectations for our financial performance, which
could adversely affect our stock; Vincent K. McMahon exercises
control over our affairs, and his interests may conflict with the
holders of our Class A common stock; a substantial number of shares
are eligible for sale by the McMahons and the sale, or the
perception of possible sales, of those shares could lower our stock
price; and the volatility of our Class A common stock. In addition,
our dividend is dependent on a number of factors, including, among
other things, our liquidity and historical and projected cash flow,
strategic plan (including alternative uses of capital), our
financial results and condition, contractual and legal restrictions
on the payment of dividends (including under our revolving credit
facility), general economic and competitive conditions and such
other factors as our Board of Directors may consider relevant.
Forward-looking statements made by the Company speak only as of the
date made and are subject to change without any obligation on the
part of the Company to update or revise them. Undue reliance should
not be placed on these statements. For more information about risks
and uncertainties associated with the Company’s business, please
refer to the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Risk Factors” sections of
the Company’s SEC filings, including, but not limited to, our
annual report on Form 10-K and quarterly reports on Form 10-Q.
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version on businesswire.com: https://www.businesswire.com/news/home/20190320005809/en/
Investors:Michael Weitz 203-352-8642Michael Guido
203-352-8779
Media:Matthew Altman 203-352-1177
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