World Wrestling Entertainment Inc. has quietly widened its ring in Stamford by leasing space across the street from its headquarters as it launches ads to promote a planned TV network to debut next year.
WWE first disclosed in 2009 it was working on creating its own network.
“Finally, we”™re rolling out the WWE Network after all these many years,” said Vince McMahon, CEO of WWE, in an August conference call. “In terms of putting it all together, we have I think the most compelling startup network in ”¦ history, which is saying a great deal, because I understand what other networks have started out as. We have an extraordinary leverage with all the content distributors. ”¦ We think, again, that”™s going to be a significant bottom-line number to us going forward.”
McMahon said the WWE network will include an 8 a.m. live show, without immediately specifying where any studio audience show will be taped. A network could represent a significant boost in employment ”“ the sports network Versus employed more than 100 people at last count at its Stamford studios.
Connecticut offers a significant tax credit for film, TV and digital media production performed here. In the first half of 2011, WWE claimed $6 million in tax credits for film and TV work, as it earned $22.9 million on a 7 percent increase in revenue to $262 million.
In addition to its mainstay wrestling events and TV shows, WWE also runs a feature film studio. Since the third quarter last year, WWE Studios has been distributing its movies rather than relying on third parties. In the second quarter it released “That”™s What I Am,” starring Ed Harris as a teacher who pairs mismatched students on a school assignment, with the film addressing teen bullying and prejudice. In August, the film”™s director Michael Pavone left WWE Studios “to pursue other interests” in WWE”™s words. “That”™s What I Am” cost $4.7 million to make; after showing in a handful of theaters, WWE released the movie to DVD and through June the film had produced sales of $1.6 million.
In response to one analyst”™s query, McMahon said WWE had no plans to partner with the mixed martial arts company Ultimate Fighting Championship, which is trying to get its own network up and running.
“Frankly, I think they fell on their butt recently, trying to do (a) network with NBCU Comcast,” McMahon said. “I don”™t know if it makes any sense for them. I can”™t speak to that, but it makes a great deal of sense for us. Again, they”™re totally different than we are. ”¦ We are in the entertainment business. They”™re in the sports business.”
