The WWE is "parting ways" with co-Presidents GEORGE BARRIOS and MICHELLE WILSON, according to Alex Weprin of the HOLLYWOOD REPORTER. WWE Chair & CEO VINCE MCMAHON said he "decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward." The company said that it is "now searching for a new CFO and a new chief revenue officer." Weprin noted BOD member FRANK A. RIDDICK III "will be interim CFO." During their tenures, the WWE "dramatically shifted its business strategy by embracing streaming video and launching the WWE Network," which carries the company's pay-per-view events and other content. At the same time, the company has "increased its presence" on linear TV, moving "SmackDown Live" to Fox and signing new deals with NBCUniversal for "Monday Night Raw" and "NXT" (HOLLYWOODREPORTER.com, 1/30). VARIETY's Joe Otterson noted WWE has "seen its stock price fall sharply in recent months amid concerns about soft ratings for its flagship TV shows and rising competition from upstart wrestling organizations like All Elite Wrestling." WWE's "two main shows" -- "Raw" and "SmackDown" -- had "fallen around 20% each" compared to the beginning of '18. Still, "'Raw' remains one of cable's top shows" (VARIETY.com, 1/30).
ON THE DECLINE: BLEACHER REPORT's Joseph Zucker noted just in the last year, WWE began its new TV deals with Fox and USA Network and "moved its NXT weekly show from WWE Network to cable television." The promotion also "expanded its partnership with the Saudi General Entertainment Authority to guarantee two shows in Saudi Arabia" through '27. However, WWE "reported lower revenues in each of the first three quarters" of '19 compared to last year (BLEACHERREPORT.com, 1/30). FORBES' Alfred Konuwa wrote the WWE's move has to be "considered a surprise to the naked eye given the aforementioned success of WWE's now former Co-Presidents." In fact, with WWE in a "yearslong ratings slump, it could be argued that the corporate brain trust of Barrios and Wilson were the MVP's of the entire company given their roles in garnering massive television rights fees despite WWE's annually shrinking audience" (FORBES.com, 1/30).
