wrestling / Columns
The Hamilton Ave Journal 08.16.08: Volume 1 – Issue 47
THE HAMILTON AVE JOURNAL
By JP Prag
Volume 1 – Issue 47
ABOUT THE JOURNAL
The Hamilton Ave Journal is the only wrestling news report focused solely on the business of wrestling. Here in the Journal we not only look at the stories that are important to the investor and business-minded person, but also delve deeper into stories that most fans of wrestling would overlook. That is because the Journal is about getting the heart of the matters that affect the companies and outlooks of the wrestling world.
And where is Hamilton Ave? That is the location of the WWE Production Studio in Stamford, CT, and thus the most powerful place in the wrestling world. Besides, The East Main Street Journal just does not have the right ring to it.
Who am I? I am JP Prag: consultant, entrepreneur, businessman, journalist, and wrestling fan.
Now, ring the bell because the market is open.
WHAT’S NEWS
The Journal’s front page area known as What’s News isn’t just about telling you what has happened. The stories in this section are about what will have an effect on the wrestling industry, individual federations, and the wallets of the fans.
LEAD STORY: Wrestlers to become employees?
News broke late last week that hidden in the WWE’s Q2 results was a new lawsuit filed against the company by Scott Levy (AKA Raven) and several other unnamed wrestlers. Many readers expressed great interest in the Journal’s take on this turn of events and other writers on the site have held off for the Journal’s perspective.
Although little details are known about the case at this time, Mr. Levy, et al are claiming the WWE erroneously classified them as “independent contractors” instead of “employees”. The WWE contracts talent as “independent contractors” to save a large amount of money. With Employees, a company is required to, according to the IRS:
[W]ithhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.
That means that for several decades the WWE has not paid unemployment, disability, and workman’s compensation taxes because those are not needed for independent contractors. As Eric Bischoff said in his most recent blog:
If, as a result of this recent lawsuit, the IRS determines that WWE’s contract talent are employees and NOT independent contractors, that means that in addition to many other expenses relating to the cost of accounting changes, WWE will be required to contribute approximately 7.5% of the salaries paid to its newly minted talent/employees to OASDI (Old Age and Survivors Disability Insurance).
My guess is that this increased cost of doing business going forward could be easily absorbed.
But what if, the IRS grabs their calculators, calendars, and teams of lawyers looking for press and attention and decides to go back 3, 5, 10 years or whatever the statute of limitations is and calculates monies due plus penalties and interest on the fees paid to former employees?
That is one of the main questions: how far would the IRS go? If on average a wrestler makes $200,000 a year, that means that $15,000 would have to be paid by the WWE in taxes. Multiply that times 80 wrestlers and the total comes out to $1.2 million dollars. That is less than 1/4th of a percentage point of the WWE’s top line for the year, so that is not a major issue. But should they decide to go back ten years, that total becomes $12 million, a nice chunk of change.
But how does that help the former wrestlers doing the suing? Helping the government get an extra few million dollars hardly seems worth the time and effort. Some people have assumed that if they were employees, the WWE would have to give them benefits like health insurance, dental, 401K, stock options, etc…. This is not the case as all of those are optional benefits the company has the right to negotiate or not even put on the table.
Sure, being an employee gives you a lower tax rate (7.5% FICA compared to 15%), so that will result in a bit of refund but hardly a long term impact. No, the large play here is two things: workmen’s compensation/disability and unemployment.
These wrestlers are not the best off financially, otherwise they would not be risking being ostracized from the industry and its biggest employer. But, if they were retro-actively classified as employees, many of them would receive unemployment benefits from when they were cut and other would be on disability for injuries they received while working for the WWE or any of the companies the WWE now owns. Do not forget that the WWE has essentially bought out all of the assets—and liabilities!—of the vast majority of their wrestling competition. They essentially own the history of the business and the responsibilities that go with it.
Should Mr. Levy and his cohorts be successful, they would be in line for some decent government benefits as well as a refund on back taxes already paid. For many of them, even a small amount of regular pay would be extremely beneficial; most especially those who are partially disability or are living with injuries that occurred while in the WWE.
So how does one determine if they are an employee? While Mr. Bischoff tried to use the 17-step test from 1992, the IRS actually uses a 3-prong test nowadays. Should the employer/worker relationship fall into just one of these categories that worker can easily be called an “employee”. Those categories are, according to the IRS:
1. Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job?
2. Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.)
3. Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business?
Let’s break these down one at a time and answer some of the IRS’s sub-questions (IRS questions/comments in italics):
Behavioral
Types of Instructions Given
An employee is generally subject to the business’s instructions about when, where, and how to work. All of the following are examples of types of instructions about how to do work.
The WWE definitely controls where and when their contractors work. They decide what shows they are on and not and if they can take outside bookings. They also control the specific tasks (how a match is laid out, what to say in a promo, etc…) and the sequence of tasks. They also provide much of the supplies, such as outfits and work areas.
Degree of Instruction
Degree of Instruction means that the more detailed the instructions, the more control the business exercises over the worker. More detailed instructions indicate that the worker is an employee. Less detailed instructions reflects less control, indicating that the worker is more likely an independent contractor.
In the past, the WWE would have fallen into the “less-detailed” category, but in recent years that has changed. Writers, producers, agents, managers, etc… all tell wrestlers how to specifically perform their jobs. Having a development system that “trains” the wrestlers in the style and method to work also controls how they are instructed.
Evaluation System
If an evaluation system measures the details of how the work is performed, then these factors would point to an employee.
If the evaluation system measures just the end result, then this can point to either an independent contractor or an employee.
WWE performers are given feedback on their matches, promos, merchandise, backstage behavior, and more. There is no end-result to measure against since it is on-going work.
Training
If the business provides the worker with training on how to do the job, this indicates that the business wants the job done in a particular way. This is strong evidence that the worker is an employee. Periodic or on-going training about procedures and methods is even stronger evidence of an employer-employee relationship. However, independent contractors ordinarily use their own methods.
FCW is enough proof of this one.
Financial Control
Significant investment
An independent contractor often has a significant investment in the equipment he or she uses in working for someone else. However, in many occupations, such as construction, workers spend thousands of dollars on the tools and equipment they use and are still considered to be employees. There are no precise dollar limits that must be met in order to have a significant investment. Furthermore, a significant investment is not necessary for independent contractor status as some types of work simply do not require large expenditures.
WWE workers typically spend a lot of their own money to get where they are and have to pay their own way for training, vitamins, doctors, etc… that could all be considered their “tools”. Then again, the WWE provides everything else from the working environment to e-mail addresses.
Unreimbursed expenses
Independent contractors are more likely to have unreimbursed expenses than are employees. Fixed ongoing costs that are incurred regardless of whether work is currently being performed are especially important. However, employees may also incur unreimbursed expenses in connection with the services that they perform for their business.
Generally, wrestlers pay their own way, although the WWE will book hotels and flights for them. Still, many wrestlers have in their contracts these items as perks. But, even as employee the wrestlers could still pay for flights, hotels, and such and write it off at the end of the year.
Opportunity for profit or loss
The opportunity to make a profit or loss is another important factor. If a worker has a significant investment in the tools and equipment used and if the worker has unreimbursed expenses, the worker has a greater opportunity to lose money (i.e., their expenses will exceed their income from the work). Having the possibility of incurring a loss indicates that the worker is an independent contractor.
In the WWE, workers have a downside guarantee but can still lose out of their expenses are too high.
Services available to the market
An independent contractor is generally free to seek out business opportunities. Independent contractors often advertise, maintain a visible business location, and are available to work in the relevant market.
This is absolutely not possible. Workers have in their contract clauses that do not allow them to even speak to competition while they are under contract to the WWE. And even after release, most of the workers are not available for 90-days due to extended no-compete clauses.
Method of payment
An employee is generally guaranteed a regular wage amount for an hourly, weekly, or other period of time. This usually indicates that a worker is an employee, even when the wage or salary is supplemented by a commission. An independent contractor is usually paid by a flat fee for the job. However, it is common in some professions, such as law, to pay independent contractors hourly.
Even while injured, WWE workers have a downside guarantee. So although they are providing so services, these people are still paid.
Type of Relationship
Written Contracts
Although a contract may state that the worker is an employee or an independent contractor, this is not sufficient to determine the worker’s status. The IRS is not required to follow a contract stating that the worker is an independent contractor, responsible for paying his or her own self employment tax. How the parties work together determines whether the worker is an employee or an independent contractor.
Therefore, the contracts are meaningless in face of other evidence.
Employee Benefits
Employee benefits include things like insurance, pension plans, paid vacation, sick days, and disability insurance. Businesses generally do not grant these benefits to independent contractors. However, the lack of these types of benefits does not necessarily mean the worker is an independent contractor.
And this is the crux of the lawsuit.
Permanency of the Relationship
If you hire a worker with the expectation that the relationship will continue indefinitely, rather than for a specific project or period, this is generally considered evidence that the intent was to create an employer-employee relationship.
Contracts generally have determined lengths of time (3-5 years), but most expect to just negotiate new contracts and continue the relationship.
Services Provided as Key Activity of the Business
If a worker provides services that are a key aspect of the business, it is more likely that the business will have the right to direct and control his or her activities. For example, if a law firm hires an attorney, it is likely that it will present the attorney’s work as its own and would have the right to control or direct that work. This would indicate an employer-employee relationship.
The WWE makes the vast majority of their revenue off of the work of the wrestlers, therefore the activity of the workers would be key to the business.
Overall, the evidence is extremely in favor of Mr. Levy and company. Most likely, the WWE will try to delay this case as much as possible using legal tactics (most likely 3-5 years), but will lose in the end. The other option for the WWE is to settle out of court with all of the individuals. But even if they do that, the case may match the attention of the IRS so much that they will still have to change how they do business.
Right now, the WWE already pays a 40% tax rate, but from 37% last year. The added cost of having employees will take them much higher and pick away at the bottom line even more. Still, the WWE will not be hurt by this since they are still profitable and are sitting on a pile of cash. It will force them to more cash conscious in the long run, but that is not a bad thing for investors and management.
Given the evidence, the Journal is in full-favor of having wrestling employees that are specifically contracted to organizations be classified as employees. This will results in social benefits and long-term saving options that they did not have otherwise. The early death and suicide rate among wrestlers is higher than most other professions, and anything that can help in the long run is beneficial. Although it will still be up to the individual to have a sensible life and save money, at least this way they will be treated with all of the benefits considering their sacrifices.
Those that do not sign with WWE, TNA, or any other organization can continue to operate as independent contractors. There is no danger to smaller independents and therefore makes sense for the longevity of the business.
WWE Q2 Financial Results Supplement
As mentioned by WWE CEO Linda McMahon last week, the WWE would be looking into ways to cut SG&A expenses. As usual, the immediate response was to lay off more wrestlers who were not in high use or who creative had “nothing for”. On the cut this week were:
The first three were development talent. It was quite odd that they were let go since the WWE is trying to expand development to 70 wrestlers. The fact that they were let go means the WWE was not seeing any improvement from them. Stevie Richards has been with the company for a long time and has not accomplished much, but like Nunzio it was surprising that the WWE would not send him to FCW to train the younger talent. The Highlanders are just a surprise in how long they lasted since Robbie showed up on TNA iMPACT over WrestleMania weekend and Rory had been out with injury for a long time. Cherry was a diva without direction but seemed to be the #3 woman face on SmackDown. Considering the WWE just added the Divas belt to SmackDown, it again seems odd to lose one of the contenders in a small pool. Last was Wes Adams, the second referee after Nick Patrick. The WWE has been actively recruiting referees and training them in FCW, so more than likely they are just making space for the newer and cheaper ones.
Meanwhile, despite looking to cut administrative cost the WWE has actually expanded their board of directors. For several years, the board has consisted of eight people, but now three will be added while one leaves. This past week, Robert Bowman decided to step down from the board in what a company spokesperson described as:
“… planned move by Mr. Bowman who has an extremely busy professional schedule as head of MLB.com and director to several other large, active, companies.”
Mr. Bowman was head of the audit committee, which the Journal has taken to task for trying to hide numbers. Taking his place are three men, their profiles in italics provided by RTTNews:
As Eric Bischoff said in his most recent blog:
… [T]he Chairman can stack the deck with a Board of Directors and executive management team that looks more like a friends and family reunion than anything else….
Wrestling industry vs. Wrestling Web Sites
Also mentioned in the WWE’s conference call and in the Q2 results were that website traffic continues to decline. Although the WWE has kept their online divisions profitable through advertising and pay-content, continued lower traffic could have a deteriorating effect in the future. The WWE has been investing heavily in new media the past year, even going so far as to make Joey Styles the head of WWE.com. But much like television ratings, both the WWE and TNA have been struggling with website counts (courtesy of Compete.com):
As can be seen, the WWE did not even get a large jump out of WrestleMania and is down 30% for the year. Nearly 3 million unique visitors is nothing to snip at, but the WWE has not concentrated much energy on increasing hits. Meanwhile, relatively internet friendly TNA has seen a 13% drop already this year. TNA allowed much of their content to be explored off-site (IGN, YouTube, MySpace, etc…) so there has actually been less reasons to go to their site.
Looking at these numbers in conjunction with television ratings, one would judge the wrestling industry to be in a downturn. With that, one would also expect that those site that cover wrestling news like this one would also be hit. That would be true for the most part, except the latter:
Where one site that has recently been caught with their hand in the cookie jar (see this Monday’s Hidden Highlights for more details) is down 68% for the year to around 25,000 unique visitors a month, 411wrestling.com has actually seen a significant increase in readership over the year with a rise of 18% to 145,000 unique readers. Much like WCW towards the end, only watching the competition and trying to poorly replicate them only results in lower ratings and an inferior product.
For further reference:
More interesting by the latter is that Joey Styles used to be partially involved with 1wrestling.com and it is facing a similar curve to the WWE.
All-and-all, wrestling companies and websites that cover them can make claims that the market is down and that is why they are down. But if you provide a superior product and pay attention to customers, even in a tough market significant growth can be accomplished.
TNA comes back to India
TNA has signed a new contract with ESPN STAR Sports to provide, according to TNAWrestling.com:
…exclusive right to broadcast TNA Wrestling across various platforms, including television, mobile and internet. The contract provides ESS broadcast rights across the Indian subcontinent including India, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and Maldives.
Starting in September, ESPN STAR Sports will showcase a comprehensive and entertaining line-up of programming including two popular programs ‘TNA iMPACT!’ & ‘TNA Xplosion’ every week and the big blockbuster fight in the monthly special events. In addition, ESS will showcase more TNA wrestling action every week in the form of original programming custom-produced for sub-continental fans.
This is another example of TNA’s continued global reach and large international expansion despite protracted domestic expansion. TNA has a tour in India a couple of years ago when Sonjay Dutt and Simon Diamond—by themselves—were attracting crowds of up to 5,000 people. Sure, the Great Khali may bring more, but considering the position and size of the company that is quite the accomplishment. Says TNA President Dixie Carter:
“Outside the United States, India is arguably the most important country in the world for televised wrestling, and we are extremely excited to continue bringing TNA’s unique form of entertainment to our fans throughout the Indian Subcontinent. TNA has a great partner with ESPN STAR Sports, and we are determined to build the biggest wrestling brand in India. TNA is committed to growing the brand worldwide, and this agreement is an important step forward for TNA within the international marketplace.”
The Journal would argue that India, China, and the countries of the EU are far more important to TNA than the US is since that is where their real growth and expansion is. TNA should once again consider being less of an “American” company and embrace the true market expansion zones.
Newsbites
Some items of note in the rest of the wrestling business world:
MARKETPLACE
In the Marketplace we look at the trends in television ratings. This section is less for critical analysis by the Journal but more for the reader to see what is really going on and to draw their own conclusions.
As with stocks, here in the Journal we track the progress of television ratings. If ratings are the barometer by which we judge the product, then over the course of 52 weeks we should be able to see patterns, trends, and anomalies. Please note that gaps in the chart below are due to data not being released/available.
For the week ending Thursday August 7, 2008, here are the current standings of our shows:
RAW
Close (This Week’s Rating): 3.1
Open (Last Week’s Rating): 3.4
Percentage Change: ▼ 8.8%
52-Week High: 4.1
52-Week Low: 2.5
All Time High: 8.1
All Time Low: 1.8
SmackDown*
Close (This Week’s Rating): 2.0
Open (Last Week’s Rating): 2.4
Percentage Change: ▼ 16.7%
52-Week High: 2.9
52-Week Low: 1.6
All Time High: 5.8
All Time Low: 1.0
* SmackDown! ratings may include fast overnight if final ratings are not posted. Also, SmackDown! ratings are for the prior week as overnights are not available before this article goes to print.
ECW
Close (This Week’s Rating): 1.2
Open (Last Week’s Rating): 1.5
Percentage Change: ▼ 20.0%
52-Week High: 1.7
52-Week Low: 0.6
All Time High: 2.3
All Time Low: 0.6
TNA iMPACT**
Close (This Week’s Rating): 1.0
Open (Last Week’s Rating): 1.1
Percentage Change: ▼ 9.1%
52-Week High: 1.2
52-Week Low: 0.9
All Time High: 1.2
All Time Low: 0.6
** TNA iMPACT’s are for the prior week as ratings may not be available at the time of the Journal’s posting
Analysis:
As expected, ratings were down across the board due to heavy competition from the Olympic Games. The Olympics have been doing some of the highest television ratings in the event’s history, so it seemed only natural that the shows would lose a bit. The big winner of the bunch was TNA iMPACT which only dropped from a 1.1 to a 1.0 (9.1%), well within their normal range. Just as TNA proved with Thanksgiving, no event can shake their average rating. On the other hand, nothing has worked to increase their ratings either.
Expect ratings to rebound slightly next week before dipping again around Labor Day.
MONEY AND INVESTING
We all know that wrestling is a business, but we don’t often pay attention to what sells and makes money. Money and Investing looks into the top selling items in the world of wrestling and any interesting figures that may have come out this week.
What are the top ten selling items for the WWE? From WWEShopZone.com:
1. Jeff Hardy Armbands ($15)
2. WWE Superstars Spiral Notebook ($5)
3. Hardys Messenger Bag ($35)
4. WWE Superstars Folder ($5)
5. Hardys Purple Logo Pendant ($10)
6. John Cena Camouflage Backpack ($25)
7. WWE Heritage III Chrome Trading Cards ($3)
8. John Cena You Can’t See Me Backpack ($35)
9. Hardys WWE Shop and Jakks Pacific Exclusive Action Figure ($34.99, on sale $24.99)
10. John Cena Cadet Hat ($20)
Over in the WWE, it is still back to school time with backpacks and notebooks controlling the Top Ten, along with only John Cena and the Hardys (4-to-3). John Cena actually added another backpack to the list with his higher priced “You Can’t See Me” version at $35. Jeff Hardy’s $35 Messenger bag continues to hold a high spot at number 3 while John Cena’s new high-priced football jersey has yet to make the list. And the persons most missing in this equation? Why Batista, CM Punk, Triple H, and Edge, of course. The rest of the roster is falling by the wayside with the major selling power of Jeff Hardy and John Cena.
TNA releases a list of Top Ten selling items, but the list has not been updated to current products in quite some time. Until TNA updates the list, the Journal will be take the list of featured products and sorting by most popular. When done so, the list comes up as:
1. TNA Global iMPACT DVD ($19.99)
2. The Phenomenal AJ Styles Deal of the Century ($79.95)
3. Bound for Glory 2008 FanFest Tickets ($40)
4. AJ Styles “Unim Phenomenous” T-Shirt ($19.99)
5. Complete 100 Card Set ($24.99)
6. Nash “Big Sexy Tour” T-shirt ($19.99)
7. Samoa Joe “Drastic Times, Drastic Measures” T-Shirt ($19.99)
8. Sting “Logo” T-Shirt ($19.99)
9. Blaster Pack ($24.99)
10. TNA “Cross The Line” T-Shirt ($19.99)
AJ Styles remains the king of TNA’s Top Ten with two spots, although Spot #2 makes the volume of the rest questionable. As mentioned last week, there are only 100 of the AJ Styles packages, so two weeks in the Top Ten means there has not been a lot of movement. But there was movement on the Bound for Glory FanFest tickets as they jumped up several spots to number 3, another excellent signs for ticket sales for the main event itself.
PERSONAL JOURNAL
Wrestling isn’t just about watching and reading. The best way to be a wrestling fan is to experience it live. Where is wrestling coming to in the next 2 weeks? The Personal Journal answers that question.
Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
17 (Aug) Indianapolis, IN Muskogee, OK |
18
Chicago, IL |
19
Moline, IL |
20 | 21 | 22
Bridgeport, CT Salina, KS |
23
New York City, NY Erie, PA Topeka, KS |
24 Bethlehem, PA Canton, OH Wichita, KS |
25
Wilkes-Barre, PA Orlando, FL |
26
Pittsburgh, PA Orlando, FL |
27 | 28 | 29
Cedar Rapids, IA |
30
Peoria, IL Jonesboro, AK |
Do you know a wrestling event coming up? Send one in to The Hamilton Ave Journal and we’ll be sure to add it to the list.
EDITORIALS
The Editorials section is designed for you, the readers, to respond to the views presented in the Journal, send an important news item, or talk about another overlooked business related item in wrestling. Just beware: the Journal reserves the right to respond back.
From the commentary section last week, some disagreed with the Journal’s assessment of WWE CEO Linda McMahon not being involved enough in company operations—specifically creative. Guest#7357 said:
Linda McMahon doesn’t need to know who John Cena will be facing at the next 3 PPVs, who Paul Burchill’s next opponent is going to be, or what Edge will be doing on the next 2 Smackdown episodes to do the job she’s been doing for over 20 years.
I doubt Michael Hayes could tell you the details about the action figure deal WWE signed with Mattel, but since he doesn’t need to know to do his job, it doesn’t affect his work.
The Journal never claimed that Linda McMahon needed to know every detail of creative, but that she should at least be familiar with the product. On a similar conference call two years ago, an investor asked point blank what is the difference between the brands and Mrs. McMahon could not answer the question. That is a fundamental issue. The Journal does not believe she has an understanding of the product and lets Marketing and Creative determine company direction and Operations takes all the benefits (or as in this past quarter the hit). Then again, Torad believes quite the opposite:
I think Linda’s statements were more likely code for “We’re here to talk financials and business; please don’t ask me about storylines and pushes.” Clearly she’s not writing the shows, but she’s more than likely in-the-loop about who is in line for big pushes, who is main eventing, and the scheduling of big money-matches. Only the stuff at the top, of course, but she’s at least somewhat knowledgeable.
Again, the Journal is not convinced that she is familiar with the product at all. Torad also talked more about using the brands for different audiences instead of making all programming TV-PG, as did Black Scorpion. But Black Scorpion also introduced the concept of bringing back split PPVs:
So there you’d have the shows, Smackdown airing earlier soon as it is to be more kid friendly and feature FIVE PPV’s for RAW, and FIVE PPV’s for Smackdown, not including WrestleMania which would be bi-branded. This would give the WWE two months per show to build to their PPV – Jan we have the Royal Rumble and we see mostly RAW fighters. Feb is Smackdown, and March is usually going to be WrestleMania which will include both. Another bi-branded show could be added to make a full twelve per year. This would help creative and wrestler burnout for wrestling for a PPV and then having another one three weeks later – each roster gets 8 weeks between PPV’s.
PPV’s would remain twelve a year, which is a little less than the current by about two events which most people would be happy about (and gives Larry a break) and in the end, two months of build per PPV = higher buyrates, more interest, and more motivated and rested workers.
As you well know, the WWE used to have separate PPVs for the brands, but since brining them together they have seen an increase in buyrates. Unfortunately, you will have to make a much stronger argument to convince the WWE that an decrease in the number of PPVs and having two-months of build will lead to enough higher buyrates to offset the loss of the additional buyrates they have now plus the two other PPVs. The Journal happens to agree with the plan, especially considering lower worker burnout/injury issues with a lighter schedule and does believe that two-months of build would make better events and higher buyrates.
The problem is that the WWE has shown that they are ineffectual at doing so. In the past, even with 8 weeks between shows the WWE would not start build until 3 weeks before the event. When it has come to the brand extension, the WWE has continued to have the wrong execution of the right idea. While your ideas have merit, the WWE has shown in the past five years that they are thus far incapable of making them a reality.
Of course, the big story last week was around the WWE’s Q2 results. A sampling of thoughts:
The Ratings Killer
Great job summing up the quarterly results JP. Those things are usually boring as hell but you made it readable. Kudos.
Scott NM
I wish I had someone like you to ‘recap’ all of the other conference calls I have to slog through as a part of owning stocks individually. Excellent and compelling work, and I can’t say that about anyone else writing on this site.
And the other questions were about the Raven lawsuit, which was covered above. More than likely we’ll be covering your thoughts on it next week.
Plenty more was written, so be sure to take a look. And of course, a week would not be complete without a good dose of JP Prag’s own HIDDEN HIGHLIGHTS!!
CLOSING BELL
This concludes Issue #47 (Volume 1) of THE HAMILTON AVE JOURNAL. Join us next week as we get ready to ring the bell again.
Till then!