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.
TheJimCornette GreatBrianLast I guess you were right. They did find more stuff and that the money spent didn't come from Vince's pocket but from the company. This keeps getting interesting every day.🥶
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Source: Variety - 🏆 108. / 63 Read more »
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