Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 30, 2013 | Oct. 30, 2013 | |
Common Class A [Member] | Common Class B [Member] | ||
Entity Registrant Name | 'WORLD WRESTLING ENTERTAINMENTINC | ' | ' |
Entity Central Index Key | '0001091907 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Trading Symbol | 'wwe | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 31,302,790 | 43,797,830 |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues | $113,292 | $104,197 | $389,575 | $368,913 |
Cost of revenues (including amortization and impairments of feature film and television production assets of $12,039 and $2,132, respectively, and $19,485 and $7,776, respectively) | 70,947 | 61,406 | 242,668 | 215,287 |
Selling, general and administrative expenses | 32,640 | 32,459 | 110,976 | 98,920 |
Depreciation and amortization | 6,503 | 5,307 | 17,819 | 14,046 |
Operating income | 3,202 | 5,025 | 18,112 | 40,660 |
Investment income, net | 264 | 635 | 1,102 | 1,679 |
Interest expense | -438 | -457 | -1,270 | -1,354 |
Other income (expense), net | 313 | -203 | -1,420 | -746 |
Income before income taxes | 3,341 | 5,000 | 16,524 | 40,239 |
Provision for income taxes | 902 | 1,473 | 5,870 | 9,440 |
Net income | $2,439 | $3,527 | $10,654 | $30,799 |
Earnings per share: | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted | $0.03 | $0.05 | $0.14 | $0.41 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 75,030 | 74,681 | 74,885 | 74,542 |
Diluted | 75,388 | 74,845 | 75,335 | 74,864 |
Consolidated_Income_Statements1
Consolidated Income Statements [Parenthetical] (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement Parenthetical Abstract | ' | ' | ' | ' |
Amortization Of Feature Film Production Assets | $12,039 | $2,132 | $19,485 | $7,776 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,439 | $3,527 | $10,654 | $30,799 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 73 | 105 | -107 | 180 |
Unrealized holding gain/(loss) - available-for-sale securities (net of tax (benefit)/expense of $49 and $36, respectively, and ($225) and $516, respectively) | 79 | 59 | -367 | 841 |
Reclassification adjustment for gains realized in net income - available-for-sale securities (net of tax expense of $0 and $66, respectively, and $1 and $75, respectively) | 0 | -107 | -1 | -121 |
Total other comprehensive income | 152 | 57 | -475 | 900 |
Comprehensive income | $2,591 | $3,584 | $10,179 | $31,699 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income [Parenthetical] (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized holding gain, net of tax | $49 | $36 | ($225) | $516 |
Reclassification adjustment for gains realized in net income | $0 | $66 | $1 | $75 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic and Diluted | $0.03 | $0.14 | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | $37,081 | $37,081 | $66,048 |
Short-term investments, net | 77,743 | 77,743 | 86,326 |
Accounts receivable (net of allowance for doubtful accounts and returns of $11,513 and $14,691, respectively) | 69,537 | 69,537 | 50,716 |
Inventory | 2,532 | 2,532 | 1,770 |
Deferred income tax assets | 11,048 | 11,048 | 14,403 |
Prepaid expenses and other current assets | 15,536 | 15,536 | 15,269 |
Total current assets | 213,477 | 213,477 | 234,532 |
PROPERTY AND EQUIPMENT, NET | 133,194 | 133,194 | 102,162 |
FEATURE FILM PRODUCTION ASSETS, NET | 17,195 | 17,195 | 23,691 |
TELEVISION PRODUCTION ASSETS | 10,992 | 10,992 | 6,331 |
INVESTMENTS SECURITIES | 7,859 | 7,859 | 5,220 |
OTHER ASSETS | 8,792 | 8,792 | 9,447 |
TOTAL ASSETS | 391,509 | 391,509 | 381,383 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' |
Current portion of long-term debt | 4,228 | 4,228 | 0 |
Accounts payable and accrued expenses | 41,596 | 41,596 | 48,954 |
Deferred income | 30,320 | 30,320 | 28,611 |
Total current liabilities | 76,144 | 76,144 | 77,565 |
LONG-TERM DEBT | 25,164 | 25,164 | 0 |
NON-CURRENT INCOME TAX LIABILITIES | 9,336 | 9,336 | 9,092 |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Additional paid-in capital | 344,939 | 344,939 | 341,762 |
Accumulated other comprehensive income | 3,556 | 3,556 | 4,031 |
Accumulated deficit | -68,381 | -68,381 | -51,815 |
Total stockholders' equity | 280,865 | 280,865 | 294,726 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 391,509 | 391,509 | 381,383 |
Common Class A [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common stock | 308 | 308 | 293 |
Common Class B [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common stock | $443 | $443 | $455 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable (in dollars) | $8,940 | $14,691 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 30,789,056 | 29,253,665 |
Common stock, shares outstanding | 30,789,056 | 29,253,665 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 44,302,830 | 45,500,830 |
Common stock, shares outstanding | 44,302,830 | 45,500,830 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Defecit [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2012 | $294,726 | $293 | $455 | $341,762 | $4,031 | ($51,815) |
Balance (in shares) at Dec. 31, 2012 | ' | 29,254 | 45,501 | ' | ' | ' |
Net income | 10,654 | ' | ' | 0 | ' | ' |
Other comprehensive income | -475 | ' | ' | 0 | -475 | 0 |
Stock issuances, net | -839 | 3 | ' | -842 | 0 | 0 |
Stock issuances, net (in shares) | ' | 337 | ' | ' | ' | ' |
Sale of Class B common stock by shareholder | 0 | 12 | -12 | 0 | 0 | 0 |
Sale of Class B common stock by shareholder (in shares) | ' | 1,198 | -1,198 | ' | ' | ' |
Tax effect from stock-based payment arrangements | 223 | ' | ' | 223 | 0 | 0 |
Dividends paid | -26,967 | ' | 0 | -253 | 0 | -27,220 |
Stock compensation costs | 3,543 | ' | 0 | 3,543 | 0 | 0 |
Balance at Sep. 30, 2013 | $280,865 | $308 | $443 | $344,939 | $3,556 | ($68,381) |
Balance (in shares) at Sep. 30, 2013 | ' | 30,789 | 44,303 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $10,654 | $30,799 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization and impairments of feature film production assets | 19,485 | 7,776 |
Depreciation and amortization | 17,819 | 14,046 |
Amortization of bond premium | 391 | 1,745 |
Amortization of debt issuance costs | 1,559 | 461 |
Stock compensation costs | 3,543 | 2,791 |
Provision of accounts receivable write-offs | -356 | 1,204 |
Services Provided in Exchange for Equity Instruments | -659 | 219 |
Loss on disposal of property and equipment | 335 | 40 |
Benefit from deferred income taxes | 4,040 | 2,052 |
Excess tax benefits from stock-based payment arrangements | -252 | -202 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -17,913 | -2,820 |
Inventory | -761 | -531 |
Prepaid expenses and other assets | -541 | -2,488 |
Feature film production assets | -6,706 | -6,975 |
Television production assets | -8,687 | -5,507 |
Accounts payable and accrued expenses | -11,506 | -1,585 |
Deferred income | 1,709 | -49 |
Net cash provided by operating activities | 12,154 | 40,976 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment and other assets | -18,302 | -26,697 |
Purchase of Corporate Aircraft | -29,730 | 0 |
Purchases of short-term investments | -24,112 | -18,639 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 30,543 | 37,271 |
Payments to Acquire Businesses and Interest in Affiliates | -2,200 | -5,000 |
Proceeds from Sale of Property, Plant, and Equipment | 38 | 0 |
Net cash used in investing activities | -43,763 | -13,065 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from Issuance of Long-term Debt | 29,730 | 0 |
Repayments of long-term debt | -348 | -1,621 |
Dividends paid | -26,967 | -26,845 |
Payments of Debt Issuance Costs | -674 | 0 |
Issuance of stock, net | 640 | 751 |
Excess tax benefits from stock-based payment arrangements | 261 | 6 |
Net cash used in financing activities | 2,642 | -27,709 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -28,967 | 202 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 66,048 | 52,491 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 37,081 | 52,693 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ' | ' |
Non-cash purchase of property and equipment | $1,611 | $1,609 |
Basis_of_Presentation_and_Busi
Basis of Presentation and Business Description | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation and Business Description | ' | |
Basis of Presentation and Business Description | ||
The accompanying consolidated financial statements include the accounts of WWE. “WWE” refers to World Wrestling Entertainment, Inc. and its subsidiaries, unless the context otherwise requires. References to “we,” “us,” “our” and the “Company” refer to WWE and its subsidiaries. We are an integrated media and entertainment company, principally engaged in the development, production and marketing of television, pay-per-view event programming, live events, feature films, licensing of various WWE themed products and the sale of consumer products featuring our brands. Our operations are organized around four principal activities: | ||
Live and Televised Entertainment | ||
• | Revenues consist principally of ticket sales to live events, sales of merchandise at these live events, television rights fees, integrated sponsorships fees, and fees for viewing our pay-per-view and video-on-demand programming. | |
Consumer Products | ||
• | Revenues consist principally of sales of WWE produced content via home entertainment platforms, magazine sales and royalties or license fees related to various WWE themed products such as video games, toys and apparel. | |
Digital Media | ||
• | Revenues consist principally of advertising sales on our websites, rights fees received for digital content, sale of merchandise on our website through our WWEShop internet storefront and sales of various broadband and mobile content. | |
WWE Studios | ||
• | Revenues consist of amounts earned from the distribution of filmed entertainment. | |
All intercompany balances are eliminated in consolidation. The accompanying consolidated financial statements are unaudited. All adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2012. | ||
Recent Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standards update on the reporting of amounts reclassified out of accumulated other comprehensive income, to improve the transparency of reporting. These reclassifications present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income–but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. We adopted this accounting standards update on January 1, 2013 which did not have a material effect on our consolidated financial statements. | ||
In October 2012, the FASB issued an accounting standards update to amend the requirements related to an impairment assessment of unamortized film costs and clarify when unamortized film costs should be assessed for impairment. The update revises the impairment assessment to remove the rebuttable presumption that the conditions leading to the write-off of unamortized film costs after the balance sheet date existed as of the balance sheet date. The update also eliminates the requirement that an entity incorporate into fair value measurements used in impairment tests the effects of any changes in estimates resulting from the consideration of subsequent evidence, if the information would not have been considered by market participants at the measurement date. This standard update is effective for impairment assessments performed on or after December 15, 2012. We adopted this accounting standards update for our film impairment assessment as of December 31, 2012 which did not have a material effect on our consolidated financial statements for the periods presented herein. | ||
In December 2011, the FASB issued an accounting standards update that expands the disclosure requirements for the offsetting of assets and liabilities related to certain financial instruments and derivative instruments. The update requires disclosures to present both gross information and net information for financial instruments and derivative instruments that are eligible for net presentation due to a right of offset, an enforceable master netting arrangement or similar agreement. We adopted this accounting standards update as of January 1, 2013 which did not have a material effect on our consolidated financial statements. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock Based Compensation | ' | |||||||
Stock-based Compensation | ||||||||
Restricted Stock Units | ||||||||
Stock-based compensation costs associated with our restricted stock units ("RSUs") are determined using the fair market value of the Company’s common stock on the date of the grant. These costs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. RSUs typically have a three-year service requirement and vest in equal annual installments and are granted under our 2007 Omnibus Incentive Plan (the "Plan"). Unvested RSUs accrue dividend equivalents at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying RSUs. | ||||||||
The following table summarizes RSUs activity: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2013 | 146,175 | $ | 9.97 | |||||
Granted | 40,477 | $ | 9.31 | |||||
Vested | (60,538 | ) | $ | 10.12 | ||||
Forfeited | (17,582 | ) | $ | 9.38 | ||||
Dividend equivalents | 5,000 | $ | 9.23 | |||||
Unvested at September 30, 2013 | 113,532 | $ | 9.37 | |||||
Performance Stock Units | ||||||||
Stock-based compensation costs associated with our performance stock units ("PSUs") are initially determined using the fair market value of the Company’s common stock on the date the awards are approved by our Compensation Committee (service inception date) and are granted under the Plan. The vesting of these PSUs are subject to certain performance conditions and a service requirement of three and one half years. Until such time as the performance conditions are met, stock compensation costs associated with these PSUs are re-measured each reporting period based upon the fair market value of the Company's common stock and the probability of attainment on the reporting date. Stock compensation costs for our PSUs are recognized over the requisite service period using the graded vesting method, net of estimated forfeitures. Unvested PSUs accrue dividend equivalents once the performance conditions are met at the same rate as are paid on our shares of Class A common stock. The dividend equivalents are subject to the same vesting schedule as the underlying PSUs. | ||||||||
The following table summarizes PSUs activity: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2013 | 685,703 | $ | 8.37 | |||||
Granted | 932,786 | $ | 9.94 | |||||
Vested | (314,008 | ) | $ | 9.35 | ||||
Forfeited | (69,560 | ) | $ | 9.2 | ||||
Dividend equivalents | 25,902 | $ | 9.45 | |||||
Unvested at September 30, 2013 | 1,260,823 | $ | 9.52 | |||||
During the year ended 2012, we awarded 622,700 PSUs which were subject to certain performance conditions. During the three months ended March 31, 2013, the performance conditions were met and we granted 709,186 PSUs at a weighted average grant date fair value of $8.46. During three months ended March 31, 2013, we awarded 804,896 PSUs which are subject to certain performance conditions which have not been met as of September 30, 2013. | ||||||||
Stock-based compensation costs totaled $785 and $1,035 for the three months ended September 30, 2013 and 2012, respectively, and $3,543 and $2,791 for the nine months ended September 30, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
As discussed in Note 1, the Company classifies its operations into four reportable segments: Live and Televised Entertainment, Consumer Products, Digital Media and WWE Studios. | ||||||||||||||||
Beginning in the first quarter of 2013, the Company made changes to its operating plan and management reporting to reflect a change in the measurement used by management to evaluate performance. The Company changed its measure of segment profit (loss) to operating income (loss) before depreciation and amortization or "OIBDA". Prior to 2013, the Company measured segment profit (loss) using operating income. The Company revised its financial information and disclosures for prior periods to reflect the segment disclosures as if the current measure of profit (loss), OIBDA, had been in effect throughout all periods presented. | ||||||||||||||||
The Company presents OIBDA as the primary measure of segment profit (loss). The Company believes the presentation OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate performance and make decisions about allocating resources. The Company defines OIBDA as operating income before depreciation and amortization, excluding feature film amortization and film impairments. | ||||||||||||||||
We do not allocate certain costs included in OIBDA to our reportable segments. These costs are primarily corporate overhead expenses and costs which benefit the Company as a whole and are therefore not allocated to our reportable segments. Starting in the second quarter of 2012, we began allocating certain staff related expenses, specifically stock compensation costs, management incentive compensation and medical benefits in our management reporting and, as such, we included these costs in the calculation of OIBDA for our reportable segments. This change did not have a material impact on our reportable segments' OIBDA. Revenues from transactions between our operating segments are not material. | ||||||||||||||||
The following tables present summarized financial information for each of the Company's reportable segments: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues: | ||||||||||||||||
Live and Televised Entertainment | $ | 89,532 | $ | 79,049 | $ | 294,735 | $ | 271,804 | ||||||||
Consumer Products | 13,339 | 15,834 | 62,247 | 67,419 | ||||||||||||
Digital Media | 8,609 | 7,442 | 26,758 | 22,376 | ||||||||||||
WWE Studios | 1,812 | 1,872 | 5,835 | 7,314 | ||||||||||||
Total net revenues | $ | 113,292 | $ | 104,197 | $ | 389,575 | $ | 368,913 | ||||||||
OIBDA: | ||||||||||||||||
Live and Televised Entertainment | $ | 35,390 | $ | 30,534 | $ | 95,312 | $ | 99,284 | ||||||||
Consumer Products | 5,395 | 6,879 | 36,515 | 37,644 | ||||||||||||
Digital Media | 3,573 | 3,175 | 6,954 | 6,824 | ||||||||||||
WWE Studios | (7,417 | ) | (2,014 | ) | (12,789 | ) | (4,297 | ) | ||||||||
Unallocated Corporate | (27,236 | ) | (28,242 | ) | (90,061 | ) | (84,749 | ) | ||||||||
Total OIBDA | $ | 9,705 | $ | 10,332 | $ | 35,931 | $ | 54,706 | ||||||||
Reconciliation of Total Operating Income to Total OIBDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total operating income | $ | 3,202 | $ | 5,025 | $ | 18,112 | $ | 40,660 | ||||||||
Depreciation and amortization | 6,503 | 5,307 | 17,819 | 14,046 | ||||||||||||
Total OIBDA | $ | 9,705 | $ | 10,332 | $ | 35,931 | $ | 54,706 | ||||||||
Geographic Information | ||||||||||||||||
Net revenues by major geographic region are based upon the geographic location of where our content is distributed. The information below summarizes net revenues to unaffiliated customers by geographic area: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
North America | $ | 87,341 | $ | 79,972 | $ | 304,190 | $ | 278,343 | ||||||||
Europe/Middle East/Africa | 11,249 | 9,465 | 51,406 | 51,584 | ||||||||||||
Asia Pacific | 13,737 | 13,284 | 29,580 | 30,144 | ||||||||||||
Latin America | 965 | 1,476 | 4,399 | 8,842 | ||||||||||||
Total net revenues | $ | 113,292 | $ | 104,197 | $ | 389,575 | $ | 368,913 | ||||||||
Revenues generated from the United Kingdom, our largest international market, totaled $5,249 and $24,777 for the three and nine months ended September 30, 2013, respectively, and $4,809 and $24,387 for the corresponding periods in 2012, respectively. The Company’s property and equipment was almost entirely located in the United States at September 30, 2013 and 2012. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land, buildings and improvements | $ | 105,178 | $ | 97,551 | |||||
Equipment | 103,462 | 93,316 | |||||||
Corporate aircraft | 50,588 | 20,858 | |||||||
Vehicles | 244 | 1,474 | |||||||
259,472 | 213,199 | ||||||||
Less accumulated depreciation | (126,278 | ) | (111,037 | ) | |||||
Total | $ | 133,194 | $ | 102,162 | |||||
Included in Corporate aircraft for the period ended September 30, 2013 is $29,730 of costs related to the acquisition and refurbishment of a 2007 Bombardier Global 5000 aircraft. The aircraft is still being refurbished and has not yet been placed in service. Depreciation expense for property and equipment totaled $6,111 and $16,653 for the three and nine months ended September 30, 2013, respectively, as compared to $5,045 and $13,559 for the corresponding periods in 2012, respectively. |
Feature_Film_Production_Assets
Feature Film Production Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Feature Film Production Assets [Abstract] | ' | ||||||||
Feature Film Production Assets | ' | ||||||||
Feature Film Production Assets, Net | |||||||||
Feature film production assets consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Feature film productions: | |||||||||
In release | $ | 9,620 | $ | 13,238 | |||||
Completed but not released | 4,418 | 7,849 | |||||||
In production | 2,407 | 1,977 | |||||||
In development | 750 | 627 | |||||||
Total | $ | 17,195 | $ | 23,691 | |||||
Approximately 44% of “In release” film production assets are estimated to be amortized over the next 12 months and approximately 78% of “In release” film production assets are estimated to be amortized over the next three years. We anticipate amortizing 80% of our "In release" film production asset within four years as we receive revenues associated with international distribution of our licensed films. | |||||||||
During the nine months ended September 30, 2013, we released three feature films via theatrical distribution, No One Lives, The Call and Dead Man Down, which comprise $2,499 of our “In release” feature film assets, as of September 30, 2013. We also released two feature films, 12 Rounds 2: Reloaded and The Marine 3: Homefront direct to DVD during the nine months ended September 30, 2013 which comprise $2,849 of our "In release" feature film assets as of September 30, 2013. Third-party distributors control the distribution and marketing of these films, and as a result, we recognize revenue on a net basis after the third-party distributor recoups distribution fees and expenses and results are reported to us. Results are typically reported to us in periods subsequent to the initial release of the film. | |||||||||
Unamortized feature film production assets are evaluated for impairment each reporting period. We review and revise estimates of ultimate revenue and participation costs at each reporting period to reflect the most current information available. If estimates for a film’s ultimate revenue are revised and indicate a significant decline in a film’s profitability or if events or circumstances change that indicate we should assess whether the fair value of a film is less than its unamortized film costs, we calculate the film's estimated fair value using a discounted cash flows model. If fair value is less than unamortized cost, the film asset is written down to fair value. | |||||||||
We recorded impairment charges of $6,965 and $11,661 related to our feature films during the three and nine months ended September 30, 2013, respectively. We did not record an impairment charge during the three months ended September 30, 2012. During the nine months ended September 30, 2012, we recorded an impairment charge of $754. These impairment charges represent the excess of the recorded net carrying value over the estimated fair value. | |||||||||
We have capitalized certain script development costs for various other film projects designated as “In development”. Capitalized script development costs are evaluated at each reporting period for impairment and to determine if a project is deemed to be abandoned. During the three and nine months ended September 30, 2013, we did not record any expense related to previously capitalized development costs related to abandoned projects. During the three and nine months ended September 30, 2012, we expensed $448 and $1,045, respectively, of previously capitalized development costs related to abandoned projects. |
Television_Production_Assets
Television Production Assets | 9 Months Ended |
Sep. 30, 2013 | |
Television Production Assets [Abstract] | ' |
Television Production Assets | ' |
Television Production Assets, Net | |
Television production assets consist primarily of episodic television series we have produced for distribution, either on a potential network or through other distribution platforms. Amounts capitalized include development costs, production costs, post-production costs and related production or post-production overhead. We have $10,992 and $6,331 capitalized as of September 30, 2013 and December 31, 2012, respectively, related to this type of programming. Costs to produce our live event programming are expensed when the event is first broadcast. During the three and nine months ended September 30, 2013, we amortized $4,026 related to our television production assets. We did not amortize any expenses during the three and nine months ended September 30, 2012. Unamortized television production assets are evaluated for impairment each reporting period. If conditions indicate a potential impairment, and the estimated future cash flows are not sufficient to recover the unamortized asset, the asset is written down to fair value. In addition, if we determine that a program will not likely air, we will write-off the remaining unamortized asset. During the three and nine months ended September 30, 2013 and 2012, we did not record any impairments related to our television production assets. |
Investment_Securities_and_Shor
Investment Securities and Short-Term Investments | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities and Short-Term Investments | ' | |||||||||||||||||||||||||||||||
Investment Securities and Short-Term Investments | ||||||||||||||||||||||||||||||||
On June 25, 2012, the Company invested $5,000 in Tout Industries, Inc.'s ("Tout") Series B Preferred Stock. On May 30, 2013, the Company made an investment of $2,200 in a live event touring business. Both investments are accounted for under the cost method. We evaluate our cost method investments for impairment if factors indicate that a significant decrease in value has occurred. No such indicators were noted during the three and nine months ended September 30, 2013. Included in Investment Securities in our Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012 are $7,859 and $5,220, respectively, related to these investments. Additionally, the investment in Tout includes shares received in conjunction with a strategic partnership. | ||||||||||||||||||||||||||||||||
Short-term investments measured at fair value consisted of the following: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Amortized | Gain | (Loss) | Fair | Amortized | Gain | (Loss) | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
Municipal bonds | $ | 56,643 | $ | 248 | $ | (173 | ) | $ | 56,718 | $ | 68,517 | $ | 566 | $ | (84 | ) | $ | 68,999 | ||||||||||||||
Corporate bonds | 21,067 | 86 | (128 | ) | 21,025 | 17,182 | 145 | — | 17,327 | |||||||||||||||||||||||
Total | $ | 77,710 | $ | 334 | $ | (301 | ) | $ | 77,743 | $ | 85,699 | $ | 711 | $ | (84 | ) | $ | 86,326 | ||||||||||||||
We classify the investments listed in the above table as available-for-sale securities. Such investments consist primarily of corporate bonds and municipal bonds, including pre-refunded municipal bonds. These investments are stated at fair value as required by the applicable accounting guidance. Unrealized gains and losses on such securities are reflected, net of tax, as other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||||||||||
Our municipal and corporate bonds are included in Short-term investments, net on our Consolidated Balance Sheets. Realized gains and losses on investments are included in earnings and are derived using the specific identification method for determining the cost of securities sold. As of September 30, 2013, contractual maturities of these bonds are as follows: | ||||||||||||||||||||||||||||||||
Maturities | ||||||||||||||||||||||||||||||||
Municipal bonds | 1 month-10 years | |||||||||||||||||||||||||||||||
Corporate bonds | 3 months-5 years | |||||||||||||||||||||||||||||||
The following table summarizes the short-term investment activity: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Proceeds from sale of short-term investments | $ | — | $ | 13,478 | $ | 2,793 | $ | 16,486 | ||||||||||||||||||||||||
Proceeds from maturities and calls of short-term investments | 7,480 | 4,175 | 27,750 | 20,785 | ||||||||||||||||||||||||||||
Gross realized gains on sale of short-term investments | — | 173 | 1 | 196 | ||||||||||||||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement based on assumptions that "market participants" would use to price the asset or liability. Accordingly, the framework considers markets or observable inputs as the preferred source of value followed by assumptions based on hypothetical transactions, in the absence of market inputs. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of assets and liabilities should include consideration of non-performance risk including the Company's own credit risk. | |||||||||||||||||||||||||||||||||
Additionally, the guidance establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument's level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are summarized as follows: | |||||||||||||||||||||||||||||||||
Level 1- | quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||||||||||||||||||
Level 2- | quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or | ||||||||||||||||||||||||||||||||
Level 3- | unobservable inputs, such as discounted cash flow models or valuations | ||||||||||||||||||||||||||||||||
The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: | |||||||||||||||||||||||||||||||||
Fair Value at September 30, 2013 | Fair Value at December 31, 2012 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Municipal bonds | $ | 56,718 | $ | — | $ | 56,718 | $ | — | $ | 68,999 | $ | — | $ | 68,999 | $ | — | |||||||||||||||||
Corporate bonds | 21,025 | — | 21,025 | — | 17,327 | — | 17,327 | — | |||||||||||||||||||||||||
Total | $ | 77,743 | $ | — | $ | 77,743 | $ | — | $ | 86,326 | $ | — | $ | 86,326 | $ | — | |||||||||||||||||
Certain financial instruments are carried at cost on the Consolidated Balance Sheets, which approximates fair value due to their short-term, highly liquid nature. The carrying amounts of cash and cash equivalents, money market accounts, accounts receivable and accounts payable approximate fair value because of the short-term nature of such instruments. | |||||||||||||||||||||||||||||||||
We have classified our investment in municipal and corporate bonds within Level 2 as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data. The municipal and corporate bonds are valued based on model-driven valuations. A third party service provider assists the Company with compiling market prices from a variety of industry standard data sources, security master files from large financial institutions and other third-party sources that are used to value our municipal and corporate bond investments. | |||||||||||||||||||||||||||||||||
The Company also has assets that are required to be measured at fair value on a non-recurring basis if it is determined that indicators of impairment exist. These assets are recorded at fair value only when an impairment is recognized. During the nine months ended September 30, 2013, the Company recorded impairment charges of $11,661 on feature film production assets based on a fair value measurements of $2,363. The Company recorded an impairment charge of $754 during the nine months ended September 30, 2012 on a feature film production asset based on a fair value measurement of $1,000. See Note 5, Feature Film Production Assets, for further discussion. The Company classifies these assets as Level 3 within the fair value hierarchy due to significant unobservable inputs. The Company utilizes a discounted cash flows model to determine the fair value of these impaired films where indicators of impairment exist. The significant unobservable inputs to this model are the Company’s expected cash flows for the film, including projected home video sales, pay and free TV sales and international sales, and a discount rate of 13% that we estimate market participants would seek for bearing the risk associated with such assets. The Company utilizes an independent third party specialist that assists us in gathering the necessary inputs used in our model. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade related | $ | 6,106 | $ | 7,364 | |||||
Payroll and related benefits | 11,380 | 16,099 | |||||||
Talent related | 6,318 | 9,805 | |||||||
Accrued event and television production | 3,918 | 5,122 | |||||||
Accrued home entertainment expenses | 1,599 | 1,989 | |||||||
Accrued legal and professional | 1,727 | 1,243 | |||||||
Accrued purchases of property and equipment and other assets | 1,611 | 1,415 | |||||||
Accrued film liability | 2,875 | 572 | |||||||
Accrued other | 6,062 | 5,345 | |||||||
Total | $ | 41,596 | $ | 48,954 | |||||
Accrued other includes accruals for our publishing and licensing business activities and other miscellaneous accruals, none of which categories individually exceeds 5% of current liabilities. |
Debt
Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Senior Unsecured Revolving Credit Facility | ' | ||||
In 2011, the Company entered into a $200,000 senior unsecured revolving credit facility with a syndicated group of banks, with JPMorgan Chase acting as administrative agent. In April 2013, the Company amended and restated the revolving credit facility. Under the terms of the amended credit facility, (i) the maturity date was extended to September 9, 2016, (ii) changes were made to the applicable margin for borrowings under the facility, and (iii) restrictions on certain financial covenants were amended to provide for greater financial flexibility. Applicable interest rates for the borrowings under the revolving credit facility are based on the Company's current consolidated leverage ratio. As of September 30, 2013, the LIBOR-based rate plus margin was 2.00%. As of September 30, 2013 and December 31, 2012, there were no amounts outstanding under the credit facility. The Company is required to pay a commitment fee calculated at a rate per annum of 0.375% on the average daily unused portion of the credit facility. Borrowings under the credit facility are subject to certain financial covenants and certain restrictions. As of September 30, 2013, the Company is in compliance with the provisions of this credit facility. | |||||
On August 7, 2013, the Company entered into a $31,568 promissory note (the “Note”) with RBS Asset Finance, Inc., for the purchase of a 2007 Bombardier Global 5000 aircraft and refurbishments. The Note bears interest at a rate of 2.18% per annum, is payable in monthly installments of $406 beginning in September 2013 and has a final maturity of August 7, 2020. The Note is secured by a first priority perfected security interest in the newly purchased aircraft. There was $29,392 of borrowings outstanding related to the Note as of September 30, 2013. Under the terms of the Note, the Company has the ability to borrow up to an additional $1,800 for refurbishments to the corporate aircraft. At September 30, 2013, the Company estimates its available debt capacity under the terms of the revolving credit facility to be approximately $120,000. | |||||
As of September 30, 2013, the scheduled principal repayments under our Note obligation for the current year, the subsequent five years and the remaining term of the note thereafter are as follows: | |||||
Remainder of 2013 | $ | 1,048 | |||
31-Dec-14 | 4,251 | ||||
31-Dec-15 | 4,345 | ||||
31-Dec-16 | 4,440 | ||||
31-Dec-17 | 4,538 | ||||
31-Dec-18 | 4,638 | ||||
Thereafter | 7,960 | ||||
$ | 31,220 | ||||
The table above assumes that the Note will not be prepaid prior to its maturity on August 7, 2020. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
We continually monitor our position with, and the credit quality of, the financial institutions that are counterparties to our financial instruments. Our accounts receivable relate principally to a limited number of distributors, including our television, pay-per-view and home video distributors and licensees that produce consumer products containing our intellectual trademarks. We closely monitor the status of receivables with these customers and maintain allowances for anticipated losses as deemed appropriate. At September 30, 2013, we did not have any single customer balance that was greater than 10% of our gross accounts receivable balance. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rate was 36% for the nine months ended September 30, 2013 as compared to 24% for the nine months ended September 30, 2012. During the nine months ended September 30, 2012, we recognized $4,250 of previously unrecognized tax benefits primarily related to the settlement of various audits, including the State of Connecticut, the IRS, and other state and local jurisdictions. Included in the amount recognized was $1,493 of potential interest and penalties related to uncertain tax positions. The recognition of these amounts during the nine months ended September 30, 2012 resulted in an effective tax rate of 24%. | |
At September 30, 2013, we have $1,784 of unrecognized tax benefits, which if recognized, would affect our effective tax rate. The entire amount is classified as Non-current income tax liabilities. At December 31, 2012, we had $2,128 of unrecognized tax benefits. All of this amount was classified as Non-current income tax liabilities. | |
We recognize potential accrued interest and penalties related to uncertain tax positions in income tax expense. We have $599 and $716 of accrued interest and penalties related to uncertain tax positions as of September 30, 2013 and December 31, 2012, respectively. Essentially the entire amounts are included in Non-current income tax liabilities for the periods presented. | |
Based upon the expiration of statutes of limitations and possible settlements in several jurisdictions, we believe it is reasonably possible that the total amount of previously unrecognized tax benefits including interest and penalties may decrease by $720 within twelve months of September 30, 2013. |
Film_and_Television_Production
Film and Television Production Incentives | 9 Months Ended |
Sep. 30, 2013 | |
Film and Television Production Incentives [Abstract] | ' |
Film and Television Production Incentives | ' |
Film and Television Production Incentives | |
The Company has access to various governmental programs that are designed to promote film and television production within the United States of America and certain international jurisdictions. Incentives earned with respect to expenditures on qualifying film, television and other production activities, including qualifying capital projects, are included as an offset to the related asset or as an offset to production expenses when we have reasonable assurance regarding the realizable amount of the incentives. During the three and nine months ended September 30, 2013 and 2012, we received $427 and $864, and $478 and $1,626, respectively, of incentives relating to feature film productions which reduced the related assets. During the three and nine months ended September 30, 2013 and 2012, we received $9,805 and $10,201 and $6,373 and $7,959, respectively, of incentives relating to television production activities that were recorded as an offset to production expenses. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Proceedings | |
We are involved in several litigations and claims that we consider to be in the ordinary course of our business. By its nature, the outcome of litigation is not known but the Company does not currently expect its pending litigation to have a material adverse effect on our financial condition, results of operations or liquidity. We may from time to time become a party to other legal proceedings. |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Based Compensation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
RSU Activity Table [Abstract] | ' | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||
he following table summarizes RSUs activity: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2013 | 146,175 | $ | 9.97 | |||||
Granted | 40,477 | $ | 9.31 | |||||
Vested | (60,538 | ) | $ | 10.12 | ||||
Forfeited | (17,582 | ) | $ | 9.38 | ||||
Dividend equivalents | 5,000 | $ | 9.23 | |||||
Unvested at September 30, 2013 | 113,532 | $ | 9.37 | |||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||
The following table summarizes PSUs activity: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2013 | 685,703 | $ | 8.37 | |||||
Granted | 932,786 | $ | 9.94 | |||||
Vested | (314,008 | ) | $ | 9.35 | ||||
Forfeited | (69,560 | ) | $ | 9.2 | ||||
Dividend equivalents | 25,902 | $ | 9.45 | |||||
Unvested at September 30, 2013 | 1,260,823 | $ | 9.52 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
The following tables present summarized financial information for each of the Company's reportable segments: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues: | ||||||||||||||||
Live and Televised Entertainment | $ | 89,532 | $ | 79,049 | $ | 294,735 | $ | 271,804 | ||||||||
Consumer Products | 13,339 | 15,834 | 62,247 | 67,419 | ||||||||||||
Digital Media | 8,609 | 7,442 | 26,758 | 22,376 | ||||||||||||
WWE Studios | 1,812 | 1,872 | 5,835 | 7,314 | ||||||||||||
Total net revenues | $ | 113,292 | $ | 104,197 | $ | 389,575 | $ | 368,913 | ||||||||
OIBDA: | ||||||||||||||||
Live and Televised Entertainment | $ | 35,390 | $ | 30,534 | $ | 95,312 | $ | 99,284 | ||||||||
Consumer Products | 5,395 | 6,879 | 36,515 | 37,644 | ||||||||||||
Digital Media | 3,573 | 3,175 | 6,954 | 6,824 | ||||||||||||
WWE Studios | (7,417 | ) | (2,014 | ) | (12,789 | ) | (4,297 | ) | ||||||||
Unallocated Corporate | (27,236 | ) | (28,242 | ) | (90,061 | ) | (84,749 | ) | ||||||||
Total OIBDA | $ | 9,705 | $ | 10,332 | $ | 35,931 | $ | 54,706 | ||||||||
Reconciliation of Operating Income to OIBDA [Table Text Block] | ' | |||||||||||||||
Reconciliation of Total Operating Income to Total OIBDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total operating income | $ | 3,202 | $ | 5,025 | $ | 18,112 | $ | 40,660 | ||||||||
Depreciation and amortization | 6,503 | 5,307 | 17,819 | 14,046 | ||||||||||||
Total OIBDA | $ | 9,705 | $ | 10,332 | $ | 35,931 | $ | 54,706 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
The information below summarizes net revenues to unaffiliated customers by geographic area: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
North America | $ | 87,341 | $ | 79,972 | $ | 304,190 | $ | 278,343 | ||||||||
Europe/Middle East/Africa | 11,249 | 9,465 | 51,406 | 51,584 | ||||||||||||
Asia Pacific | 13,737 | 13,284 | 29,580 | 30,144 | ||||||||||||
Latin America | 965 | 1,476 | 4,399 | 8,842 | ||||||||||||
Total net revenues | $ | 113,292 | $ | 104,197 | $ | 389,575 | $ | 368,913 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land, buildings and improvements | $ | 105,178 | $ | 97,551 | |||||
Equipment | 103,462 | 93,316 | |||||||
Corporate aircraft | 50,588 | 20,858 | |||||||
Vehicles | 244 | 1,474 | |||||||
259,472 | 213,199 | ||||||||
Less accumulated depreciation | (126,278 | ) | (111,037 | ) | |||||
Total | $ | 133,194 | $ | 102,162 | |||||
Feature_Film_Production_Assets1
Feature Film Production Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Feature Film Production Assets [Abstract] | ' | ||||||||
Schedule of Feature Film Production Assets | ' | ||||||||
Feature film production assets consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Feature film productions: | |||||||||
In release | $ | 9,620 | $ | 13,238 | |||||
Completed but not released | 4,418 | 7,849 | |||||||
In production | 2,407 | 1,977 | |||||||
In development | 750 | 627 | |||||||
Total | $ | 17,195 | $ | 23,691 | |||||
Investment_Securities_and_Shor1
Investment Securities and Short-Term Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Short-term investments measured at fair value consisted of the following: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Amortized | Gain | (Loss) | Fair | Amortized | Gain | (Loss) | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
Municipal bonds | $ | 56,643 | $ | 248 | $ | (173 | ) | $ | 56,718 | $ | 68,517 | $ | 566 | $ | (84 | ) | $ | 68,999 | ||||||||||||||
Corporate bonds | 21,067 | 86 | (128 | ) | 21,025 | 17,182 | 145 | — | 17,327 | |||||||||||||||||||||||
Total | $ | 77,710 | $ | 334 | $ | (301 | ) | $ | 77,743 | $ | 85,699 | $ | 711 | $ | (84 | ) | $ | 86,326 | ||||||||||||||
Schedule of Contractual Maturities Period for Investment Securities | ' | |||||||||||||||||||||||||||||||
As of September 30, 2013, contractual maturities of these bonds are as follows: | ||||||||||||||||||||||||||||||||
Maturities | ||||||||||||||||||||||||||||||||
Municipal bonds | 1 month-10 years | |||||||||||||||||||||||||||||||
Corporate bonds | 3 months-5 years | |||||||||||||||||||||||||||||||
Schedule of Short-Term Investment Activity [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes the short-term investment activity: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Proceeds from sale of short-term investments | $ | — | $ | 13,478 | $ | 2,793 | $ | 16,486 | ||||||||||||||||||||||||
Proceeds from maturities and calls of short-term investments | 7,480 | 4,175 | 27,750 | 20,785 | ||||||||||||||||||||||||||||
Gross realized gains on sale of short-term investments | — | 173 | 1 | 196 | ||||||||||||||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following assets are required to be measured at fair value on a recurring basis and the classification within the hierarchy was as follows: | |||||||||||||||||||||||||||||||||
Fair Value at September 30, 2013 | Fair Value at December 31, 2012 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Municipal bonds | $ | 56,718 | $ | — | $ | 56,718 | $ | — | $ | 68,999 | $ | — | $ | 68,999 | $ | — | |||||||||||||||||
Corporate bonds | 21,025 | — | 21,025 | — | 17,327 | — | 17,327 | — | |||||||||||||||||||||||||
Total | $ | 77,743 | $ | — | $ | 77,743 | $ | — | $ | 86,326 | $ | — | $ | 86,326 | $ | — | |||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
As of | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade related | $ | 6,106 | $ | 7,364 | |||||
Payroll and related benefits | 11,380 | 16,099 | |||||||
Talent related | 6,318 | 9,805 | |||||||
Accrued event and television production | 3,918 | 5,122 | |||||||
Accrued home entertainment expenses | 1,599 | 1,989 | |||||||
Accrued legal and professional | 1,727 | 1,243 | |||||||
Accrued purchases of property and equipment and other assets | 1,611 | 1,415 | |||||||
Accrued film liability | 2,875 | 572 | |||||||
Accrued other | 6,062 | 5,345 | |||||||
Total | $ | 41,596 | $ | 48,954 | |||||
Debt_Debt_Repayment_Schedule_T
Debt Debt Repayment Schedule (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||
As of September 30, 2013, the scheduled principal repayments under our Note obligation for the current year, the subsequent five years and the remaining term of the note thereafter are as follows: | |||||
Remainder of 2013 | $ | 1,048 | |||
31-Dec-14 | 4,251 | ||||
31-Dec-15 | 4,345 | ||||
31-Dec-16 | 4,440 | ||||
31-Dec-17 | 4,538 | ||||
31-Dec-18 | 4,638 | ||||
Thereafter | 7,960 | ||||
$ | 31,220 | ||||
The table above assumes that the Note will not be prepaid prior to its maturity on August 7, 2020. |
Stock_Based_Compensation_Detai
Stock Based Compensation (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $785 | $1,035 | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $9.31 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | -69,560,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Forfeited in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $9.20 | ' | $9.38 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Dividend Equivalents in Period | ' | ' | ' | ' | ' | 25,902,000 | ' | 5,000,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividends in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $9.45 | ' | $9.23 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | -314,008,000 | ' | -60,538,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $9.35 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $10.12 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | ' | ' | -17,582,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | ' | ' | ' | ' | 709,186 | 932,786,000 | ' | 40,477,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Weighted Average Grant Date Fair Value, | ' | ' | ' | ' | $8.46 | $9.94 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | 1,260,823,000 | 685,703,000 | 113,532,000 | 146,175,000 |
Share-based Compensation | ' | ' | $3,543 | $2,791 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $9.52 | $8.37 | $9.37 | $9.97 |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | 804,896 | ' | 622,700 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Payments to Acquire Productive Assets | ' | ' | $18,302 | $26,697 |
Net revenues | ' | ' | ' | ' |
Net revenues | 113,292 | 104,197 | 389,575 | 368,913 |
Operating Income (loss) | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | ' | 17,819 | 14,046 |
Depreciation, Depletion and Amortization, Nonproduction | 6,503 | 5,307 | 17,819 | 14,046 |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 9,705 | 10,332 | 35,931 | 54,706 |
Live and Televised Entertainment [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 89,532 | 79,049 | 294,735 | 271,804 |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 35,390 | 30,534 | 95,312 | 99,284 |
Consumer Products [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 13,339 | 15,834 | 62,247 | 67,419 |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 5,395 | 6,879 | 36,515 | 37,644 |
Digital Media [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 8,609 | 7,442 | 26,758 | 22,376 |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 3,573 | 3,175 | 6,954 | 6,824 |
WWE Studios [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 1,812 | 1,872 | 5,835 | 7,314 |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | -7,417 | -2,014 | -12,789 | -4,297 |
Corporate Segment [Member] | ' | ' | ' | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | ($27,236) | ($28,242) | ($90,061) | ($84,749) |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Income (Loss) | $3,202 | $5,025 | $18,112 | $40,660 |
Net revenues | 113,292 | 104,197 | 389,575 | 368,913 |
Depreciation, Depletion and Amortization, Nonproduction | 6,503 | 5,307 | 17,819 | 14,046 |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 9,705 | 10,332 | 35,931 | 54,706 |
North America [Member] | ' | ' | ' | ' |
Net revenues | 87,341 | 79,972 | 304,190 | 278,343 |
EMEA [Member] | ' | ' | ' | ' |
Net revenues | 11,249 | 9,465 | 51,406 | 51,584 |
Asia Pacific [Member] | ' | ' | ' | ' |
Net revenues | 13,737 | 13,284 | 29,580 | 30,144 |
Latin America [Member] | ' | ' | ' | ' |
Net revenues | $965 | $1,476 | $4,399 | $8,842 |
Segment_Information_Detail_Tex
Segment Information (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Payments to Acquire Productive Assets | ' | ' | $18,302 | $26,697 |
Revenue, Net | 113,292 | 104,197 | 389,575 | 368,913 |
UNITED KINGDOM | ' | ' | ' | ' |
Revenue, Net | $5,249 | $4,809 | $24,777 | $24,387 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Land, buildings and improvements | $105,178 | $97,551 |
Equipment | 103,462 | 93,316 |
Flight Equipment Owned, Gross | 50,588 | 20,858 |
Vehicles Gross | 244 | 1,474 |
Property, Plant and Equipment, Gross | 259,472 | 213,199 |
Less accumulated depreciation | -126,278 | -111,037 |
Total | $133,194 | $102,162 |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Purchase of Corporate Aircraft | ' | ' | $29,730 | $0 |
Depreciation | $6,111 | $5,045 | $16,653 | $13,559 |
Feature_Film_Production_Assets2
Feature Film Production Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Theatrical Film Costs, Released | $9,620 | $13,238 |
Theatrical Film Costs, Completed and Not Released | 4,418 | 7,849 |
Theatrical Film Costs, Production | 2,407 | 1,977 |
Theatrical Film Costs, Development | 750 | 627 |
Total | $17,195 | $23,691 |
Feature_Film_Production_Assets3
Feature Film Production Assets (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Incentives From Feature Film Productions | $427 | $478 | $864 | $1,626 | ' |
Future Amortization Expense, Percentage, Within Twelve Months | ' | ' | 44.00% | ' | ' |
Future Amortization Expense, Percentage, One Through Three Years | ' | ' | 78.00% | ' | ' |
Future Amortization Expense, Percentage, One Through Four Years | ' | ' | 80.00% | ' | ' |
Theatrical Film Costs, Released (in dollars) | 9,620 | ' | 9,620 | ' | 13,238 |
Asset Impairment Charges (in dollars) | 6,965 | ' | 11,661 | 754 | ' |
Theatrical Film Costs, Production | 2,407 | ' | 2,407 | ' | 1,977 |
Cost of Theatrical Film Development (in dollars) | 0 | 448 | 0 | 1,045 | ' |
Three Films Released [Member] | ' | ' | ' | ' | ' |
Theatrical Film Costs, Released (in dollars) | 2,499 | ' | 2,499 | ' | ' |
Two Films Released [Member] | ' | ' | ' | ' | ' |
Theatrical Film Costs, Released (in dollars) | $2,849 | ' | $2,849 | ' | ' |
Television_Production_Assets_D
Television Production Assets (Detail Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Television Production Assets [Member] | Television Production Assets [Member] | ||
Amortization | ' | ' | $4,026 | $4,026 |
Television Production Assets | $10,992 | $6,331 | ' | ' |
Investment_Securities_and_Shor2
Investment Securities and Short-Term Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Long-term Investments | $7,859 | ' | $7,859 | ' | $5,220 |
Proceeds from Sale of Available-for-sale Securities | 0 | 13,478 | 2,793 | 16,486 | ' |
Amortized Cost | 77,710 | ' | 77,710 | ' | 85,699 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 334 | ' | 711 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -301 | ' | -84 |
Fair Value | 77,743 | ' | 77,743 | ' | 86,326 |
Available-for-sale Securities, Gross Realized Gains | 0 | 173 | 1 | 196 | ' |
Municipal Bonds [Member] | ' | ' | ' | ' | ' |
Amortized Cost | 56,643 | ' | 56,643 | ' | 68,517 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 248 | ' | 566 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -173 | ' | -84 |
Fair Value | 56,718 | ' | 56,718 | ' | 68,999 |
Corporate Debt Securities [Member] | ' | ' | ' | ' | ' |
Amortized Cost | 21,067 | ' | 21,067 | ' | 17,182 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 86 | ' | 145 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -128 | ' | 0 |
Fair Value | $21,025 | ' | $21,025 | ' | $17,327 |
Investment_Securities_and_Shor3
Investment Securities and Short-Term Investments (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Proceeds from Sale of Available-for-sale Securities | $0 | $13,478 | $2,793 | $16,486 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 7,480 | 4,175 | 27,750 | 20,785 |
Available-for-sale Securities, Gross Realized Gains | $0 | $173 | $1 | $196 |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Minimum Period Contractual Maturities Of Investments | '3 months | ' | ' | ' |
Maximum Period Contractual Maturities Of Investments | '5 years | ' | ' | ' |
Municipal Bonds [Member] | ' | ' | ' | ' |
Minimum Period Contractual Maturities Of Investments | ' | ' | '1 month | ' |
Maximum Period Contractual Maturities Of Investments | ' | ' | '10 years | ' |
Investment_Securities_and_Shor4
Investment Securities and Short-Term Investments (Detail Textuals) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Other Investment Companies [Member] | ' |
Schedule of Cost-method Investments [Line Items] | ' |
Cost Method Investments | $2,200 |
Tout Industries [Member] | ' |
Schedule of Cost-method Investments [Line Items] | ' |
Cost Method Investments | $5,000 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Fair Value Disclosure | $77,743 | $86,326 |
Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 56,718 | 68,999 |
Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 21,025 | 17,327 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 77,743 | 86,326 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 56,718 | 68,999 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 21,025 | 17,327 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurement_Detail_
Fair Value Measurement (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Rate | ||||
Proceeds from Sale of Available-for-sale Securities | $0 | $13,478 | $2,793 | $16,486 |
Asset Impairment Charges | 6,965 | ' | 11,661 | 754 |
Fair Value Of Film Production Assets | $2,363 | $1,000 | $2,363 | $1,000 |
Fair Value Inputs, Discount Rate | ' | ' | 13.00% | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Trade related | $6,106 | $7,364 |
Payroll and related benefits | 11,380 | 16,099 |
Talent related | 6,318 | 9,805 |
Accrued event and television production | 3,918 | 5,122 |
Accrued home video liability | 1,599 | 1,989 |
Accrued legal and professional | 1,727 | 1,243 |
Accrued purchases of property and equipment | 1,611 | 1,415 |
Accrued film liability | 2,875 | 572 |
Accrued other | 6,062 | 5,345 |
Total | $41,596 | $48,954 |
Accounts_Payable_and_Accrued_E3
Accounts Payable and Accrued Expenses (Detail Textuals) (Maximum [Member]) | Sep. 30, 2013 |
Maximum [Member] | ' |
Less than Five Percent of Current Liabilities | 5.00% |
Debt_Detail_Textuals
Debt (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Long-Term Debt, Repayment of Principal in Remainder of Current Year | $1,048 | $1,048 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 4,251 | 4,251 |
Long-term Line of Credit, Noncurrent (in dollars) | 200,000 | 200,000 |
Line of Credit Facility, Interest Rate at Period End | 2.00% | 2.00% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | ' |
Debt Instrument, Face Amount | 31,568 | 31,568 |
Debt Instrument, Interest Rate, Stated Percentage | 2.18% | 2.18% |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 4,345 | 4,345 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,440 | 4,440 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4,538 | 4,538 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 4,638 | 4,638 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 7,960 | 7,960 |
Debt Instrument, Face Amount | 31,220 | 31,220 |
Debt Instrument, Periodic Payment, Principal | ' | 406 |
Long-term Debt | 29,392 | 29,392 |
Note Payable, Remaining Borrowing Capacity | 1,800 | 1,800 |
Debt Instrument, Unused Borrowing Capacity, Amount | $120,000 | $120,000 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Detail Textuals) (Accounts Receivable [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Accounts Receivable [Member] | ' |
Concentration Risk, Percentage | 10.00% |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | $1,493 | ' |
Effective Income Tax Rate, Continuing Operations | 36.00% | 24.00% | ' |
Unrecognized Tax Benefit Realized | ' | -4,250 | ' |
Unrecognized Tax Benefits | 1,784 | ' | 2,128 |
Accounts Payable and Accrued Liabilities, Current | 41,596 | ' | 48,954 |
Deferred Tax Liabilities, Noncurrent | 9,336 | ' | 9,092 |
Income Tax Examination, Penalties and Interest Accrued | 599 | ' | 716 |
Unrecognized Tax Benefits Period Estimated Increase Decrease | $720 | ' | ' |
Film_and_Television_Production1
Film and Television Production Incentives (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Incentives From Feature Film Productions | $427 | $478 | $864 | $1,626 |
Television Production Incentives | $9,805 | $6,373 | $10,201 | $7,959 |