Stamford, CT-based World Wrestling Federation
Entertainment (WWFE) said first quarter net earnings rose
22% to $15.2M, or $0.22 a share, from $12.5M, a year ago,
according to Matthew Doman of the HOLLYWOOD REPORTER. The
results were "in line" with Wall Street expectations. WWFE
CEO Linda McMahon "expressed pleasure with the results,
highlighting growth of international revenue and the
potential of the planned XFL." During the quarter, WWFE
received a $30M investment from GE's NBC to jointly own the
XFL. The first quarter results included $1.5M in XFL start-
up costs. WWFE CFO August Liguori said that running the
league will have a net cost of $30M for its first year.
WWFE "expects" the XFL to return a profit "within three
years" (HOLLYWOOD REPORTER, 8/24). DOW JONES reports that
the results "would have been better had it not been" for the
XFL start-up costs. WWFE said the XFL expense reduced
earnings by about $0.02 per share (DOW JONES, 8/23). GAME
PLAN STILL ON FOR XFL: Meanwhile, Liguori said XFL plans are
"still on target," with the league "expected" to see revenue
of $80-85M in FY 2001. BRIDGE NEWS' Jennifer Allen wrote
that the XFL expense outlook "also is on plan." Liguori, on
the company's "targeted" $35-38M, including capital
expenditures: "We are definitely looking at that range."
XFL execs said that they have sold 24% of their ad inventory
for games starting February 3, 2000. They have also
received 30,000 requests online for season tickets, which go
on sale October 1. Season packages for five games cost
$150. McMahon said a "good proportion" of those season
ticket requests have come from Chicago (BRIDGE NEWS, 8/23).
CAUGHT IN THE NICKNAME OF TIME: In Birmingham, Doug
Segrest wrote that the name "Blast" for the Birmingham XFL
team "has gone bust." The nickname "was scratched" after
team and league execs "realized the negative image it
conjured." Tim Berryman, GM of the Birmingham team: "The
fact that the name leaked out turned out to be a positive.
Why should we introduce a name that makes anyone cringe?"
Segrest noted that Birmingham "earned the infamous nickname
Bombingham during the civil rights movement. ... More
recently, the city returned to the national news forefront
with the bombing of a Southside abortion clinic." Berryman
said that the league "will have a new nickname for
Birmingham" at a noon press conference today to unveil team
logos and uniforms off all teams. Other XFL nicknames
reportedly include the Orlando Rage, New York Chaos, Memphis
Maniax and the Las Vegas Snake Eyes (BIRMINGHAM NEWS, 8/23).
