• ON THIS DAY IN WWF HISTORY (February 1, 1987) – WWF Wrestling Challenge
On this day in 1987, the World Wrestling Federation aired an episode of their weekly TV show ‘WWF Wrestling Challenge’.
It was broadcasted from the Hersheypark Arena in Hershey, Pennsylvania and featured pre-taped matches, interviews & storyline segments on the road to the ‘WWF WrestleMania III’ PPV.
The card can be found right here:
1. Hercules Hernandez vs. Don Driggers
2. Billy Jack Haynes vs. Jimmy Jack Funk
3. Adrian Adonis & The Hart Foundation vs. Tony Garea, Paul Roma & Jim Parks
4. Jake Roberts vs. Gary Starr
5. Iron Sheik & Nikolai Volkoff vs. The Islanders
• WWE Loses Over $1 Billion In Market Value
As we noted earlier, WWE Co-Presidents George Barrios and Michelle Wilson are no longer a part of the company and will no longer serve on the Board of Directors.
Below is the official press release from WWE (including Vince McMahon’s statement):
WWE® Announces Management Transition
“STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today announced that Co-Presidents George Barrios and Michelle Wilson will depart the company, effective immediately, and will no longer serve on its Board of Directors.
Frank A. Riddick III, who has served as a member of WWE’s Board of Directors for more than 11 years, has been named interim Chief Financial Officer, reporting to WWE Chairman & CEO Vince McMahon. WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.
WWE remains well positioned to continue its growth and operate effectively against its strategic priorities, including content creation and distribution, digitization, and localization in key markets around the world. The Company expects its full year 2019 Adjusted OIBDA to be approximately $180 million.
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said McMahon. “I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward.
“We have a deep team of talented, experienced and committed executives across the organization, and the Board and I have great confidence in our collective abilities to create compelling content, engage our global fanbase across platforms, increase revenues, and drive shareholder value.”
Riddick previously served as CEO for FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp., and President/COO of Armstrong World Industries, Inc. He has also served in executive management positions, including Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions during a career that spans 40 years. Riddick also served as Compensation Committee Chairman and member of the Audit Committee as a part of WWE’s Board of Directors.”
With these departures, WWE stock price fell down and Bloomberg is reporting that WWE has lost over $1 billion in market value.
WWE’s stock fell down 28% and Loop Capital’s Alan Gould reports that WWE now has “diminished confidence”.
LightShed Partners analyst Brandon Ross said the following about WWE after this fall in market value:
“Television ratings have crumbled, while engagement metrics across the company’s other business units have followed linear TV ratings down. Fans have continuously complained about the quality of the company’s content.”
WATCH: Super Hot Video Of WWE Diva Maria Kanellis’ Juggs Being Groped: