Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | |
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 | ' | 33,173,259 | 42,298,437 |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenues | $156,310 | $152,282 | $281,882 | $276,283 |
Cost of revenues (including amortization and impairments of feature film and television production assets of $12,115 and $1,372, respectively, and $16,383 and $7,446, respectively) | 121,747 | 96,855 | 206,463 | 171,721 |
Selling, general and administrative expenses | 49,176 | 40,504 | 97,204 | 78,335 |
Depreciation and amortization | 7,909 | 6,084 | 12,918 | 11,316 |
Operating (loss) income | -22,522 | 8,839 | -34,703 | 14,911 |
Investment income, net | 196 | 390 | 460 | 838 |
Interest expense | -515 | -480 | -990 | -832 |
Other expense, net | 34 | -388 | -39 | -1,733 |
(Loss) income before income taxes | -22,807 | 8,361 | -35,272 | 13,184 |
(Benefit from) provision for income taxes | -8,310 | 3,179 | -12,739 | 4,968 |
Net (loss) income | ($14,497) | $5,182 | ($22,533) | $8,216 |
Earnings per share: | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted | ($0.19) | $0.07 | ($0.30) | $0.11 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 75,148 | 74,821 | 75,146 | 74,810 |
Diluted | 75,148 | 75,368 | 75,146 | 75,305 |
Common Stock, Dividends, Per Share, Declared | $0.12 | $0.12 | $0.24 | $0.24 |
Consolidated_Income_Statements1
Consolidated Income Statements [Parenthetical] (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amortization and Impairments of Feature Film and Television Production Assets | $12,115 | $1,372 | $16,383 | $7,446 |
Amortization of Television Production Assets | ' | ' | ' | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | ($14,497) | $5,182 | ($22,533) | $8,216 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 45 | -92 | 54 | -180 |
Change in unrealized holding gain/(loss) on available-for-sale securities (net of tax (benefit)/expense of $28 and ($267), respectively, $63 and ($274), respectively) | 46 | -438 | 103 | -448 |
Reclassification adjustment for gains realized in net income - available-for-sale securities (net of tax expense of $0 and $1, respectively, and $1 and $1, respectively) | 0 | 1 | -2 | 1 |
Total other comprehensive income | 91 | -529 | 155 | -627 |
Comprehensive income | ($14,406) | $4,653 | ($22,378) | $7,589 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income [Parenthetical] (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized holding gain, net of tax | $28 | ($267) | $63 | ($274) |
Reclassification adjustment for gains realized in net income | $0 | $1 | $1 | $1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies | ' | ' | ' |
Earnings Per Share, Basic and Diluted | ($0.19) | ($0.30) | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | 17,364 | 17,364 | 32,911 |
Short-term investments, net | 61,566 | 61,566 | 76,476 |
Accounts receivable (net of allowance for doubtful accounts and returns of $11,513 and $14,691, respectively) | 53,036 | 53,036 | 59,552 |
Inventory | 4,028 | 4,028 | 2,874 |
Deferred income tax assets | 19,934 | 19,934 | 12,237 |
Prepaid expenses and other current assets | 15,740 | 15,740 | 16,147 |
Total current assets | 171,668 | 171,668 | 200,197 |
PROPERTY AND EQUIPMENT, NET | 121,506 | 121,506 | 133,480 |
FEATURE FILM PRODUCTION ASSETS, NET | 24,178 | 24,178 | 16,018 |
TELEVISION PRODUCTION ASSETS | 8,219 | 8,219 | 10,772 |
INVESTMENTS SECURITIES | 10,738 | 10,738 | 8,299 |
OTHER ASSETS | 25,970 | 25,970 | 9,696 |
TOTAL ASSETS | 362,279 | 362,279 | 378,462 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' |
Current portion of long-term debt | 4,298 | 4,298 | 4,251 |
Accounts payable and accrued expenses | 62,570 | 62,570 | 47,882 |
Deferred income | 31,759 | 31,759 | 30,112 |
Total current liabilities | 98,627 | 98,627 | 82,245 |
LONG-TERM DEBT | 23,759 | 23,759 | 25,385 |
NON-CURRENT INCOME TAX LIABILITIES | 2,304 | 2,304 | 4,884 |
Deferred Revenue, Noncurrent | 6,825 | 6,825 | 0 |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Additional paid-in capital | 352,231 | 352,231 | 346,974 |
Accumulated other comprehensive income | 3,667 | 3,667 | 3,512 |
Accumulated deficit | -125,886 | -125,886 | -85,289 |
Total stockholders' equity | 230,764 | 230,764 | 265,948 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 362,279 | 362,279 | 378,462 |
Common Class A [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common stock | 329 | 329 | 313 |
Common Class B [Member] | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' |
Common stock | $423 | $423 | $438 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable (in dollars) | $10,765 | $9,344 |
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 | 32,860,120 | 31,302,790 |
Common stock, shares outstanding | 32,860,120 | 31,302,790 |
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 | 42,298,437 | 43,797,830 |
Common stock, shares outstanding | 42,298,437 | 43,797,830 |
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, 2013 | $265,948 | $313 | $438 | $346,974 | $3,512 | ($85,289) |
Balance (in shares) at Dec. 31, 2013 | ' | 31,303 | 43,798 | ' | ' | ' |
Net income | -22,533 | ' | ' | 0 | ' | ' |
Other comprehensive income | 155 | ' | ' | 0 | 155 | 0 |
Stock issuances, net | 244 | 1 | ' | 243 | 0 | 0 |
Stock issuances, net (in shares) | ' | 57 | ' | ' | ' | ' |
Sale of Class B common stock by shareholder | 0 | 15 | -15 | 0 | 0 | 0 |
Sale of Class B common stock by shareholder (in shares) | ' | 1,500 | -1,500 | ' | ' | ' |
Tax effect from stock-based payment arrangements | 87 | ' | ' | 87 | 0 | 0 |
Dividends paid | -18,037 | ' | 0 | -27 | 0 | -18,064 |
Stock compensation costs | 4,900 | ' | 0 | 4,900 | 0 | 0 |
Balance at Jun. 30, 2014 | $230,764 | $329 | $423 | $352,231 | $3,667 | ($125,886) |
Balance (in shares) at Jun. 30, 2014 | ' | 32,860 | 42,298 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | ($22,533) | $8,216 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization and impairments of feature film production assets | 2,069 | 7,446 |
Amortization of Television Production Assets | ' | 0 |
Depreciation and amortization | 13,614 | 11,316 |
Amortization of bond premium | 775 | 1,089 |
Amortization of debt issuance costs | 278 | 279 |
Stock compensation costs | 4,900 | 2,758 |
Provision of accounts receivable write-offs | 4 | -184 |
Services Provided in Exchange for Equity Instruments | -439 | -439 |
Loss on disposal of property and equipment | 11 | 323 |
Benefit from deferred income taxes | -15,868 | 2,168 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -145 | 63 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 6,566 | -5,965 |
Inventory | -1,154 | 43 |
Prepaid expenses and other assets | 2,155 | 3,192 |
Feature film production assets | -10,229 | -5,100 |
Television production assets | -11,761 | -3,962 |
Accounts payable and accrued expenses | 4,285 | -10,381 |
Deferred income | 8,472 | -4,970 |
Net cash used in operating activities | -4,686 | 5,892 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment and other assets | -6,266 | -13,139 |
Proceeds From Infrastructure Incentives | 2,937 | ' |
Purchases of short-term investments | -2,511 | -17,374 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 16,813 | 23,063 |
Payments to Acquire Businesses and Interest in Affiliates | -2,000 | -2,200 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 36 |
Net cash used in investing activities | 8,973 | -9,614 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from Issuance of Long-term Debt | 364 | 0 |
Repayments of long-term debt | -1,943 | 0 |
Dividends paid | -18,037 | -17,956 |
Payments of Debt Issuance Costs | 758 | 674 |
Issuance of stock, net | 453 | 326 |
Excess tax benefits from stock-based payment arrangements | 87 | 4 |
Net cash used in financing activities | -19,834 | -18,300 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -15,547 | -22,022 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 32,911 | 66,048 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 17,364 | 44,026 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ' | ' |
Non-cash purchase of property and equipment | $1,270 | $2,554 |
Basis_of_Presentation_and_Busi
Basis of Presentation and Business Description | 6 Months Ended | |
Jun. 30, 2014 | ||
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 production and distribution of content through various channels including our recently launched digital over-the-top WWE Network, television rights agreements, 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 the following four principal activities: | ||
Media Division: | ||
Network | ||
• | Revenues consist principally of subscriptions to WWE Network and fees for viewing our pay-per-view and video-on-demand programming. | |
Television | ||
•Revenues consist principally of television rights fees and television advertising fees. | ||
Home Entertainment | ||
•Revenues consist principally of sales of WWE produced content via home entertainment platforms. | ||
Digital Media | ||
• | Revenues consist principally of advertising sales on our websites, rights fees received for digital content, sales of various broadband and mobile content and magazine publishing. | |
Live Events | ||
•Revenues consist principally of ticket sales and travel packages for live events. | ||
Consumer Products Division: | ||
Licensing | ||
• | Revenues consist principally of royalties or license fees related to various WWE themed products such as video games, toys and apparel. | |
Venue Merchandise | ||
•Revenues consist of sales of merchandise at our live events. | ||
WWEShop | ||
•Revenues consist of sales of merchandise on our website through our WWEShop internet storefront. | ||
WWE Studios | ||
•Revenues consist of amounts earned from the investment in, the production and/or distribution of filmed entertainment. | ||
In our prior reports filed with the Securities Exchange Commission ("SEC") through fiscal year 2013, we presented five reportable segments: Live and Televised Entertainment, Consumer Products, Digital Media, WWE Studios and Unallocated Corporate and Other. Effective January 1, 2014, we now present ten reportable segments. Information presented for the three and six months ended June 30, 2013 included in the unaudited consolidated financial statements herein and elsewhere in this Quarterly Report has been recast to reflect our new segment presentation. See Note 2, Segment Information, for further details on our reportable segments. Such revisions have no impact on our consolidated financial condition, results of operations or cash flows for the periods presented. | ||
Within the Consolidated Statements of Cash Flows from operating activities, certain prior year amounts were reclassified to conform to the current period presentation. | ||
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. All intercompany balances are eliminated in consolidation. | ||
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, 2013. | ||
Recent Accounting Pronouncements | ||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). This ASU will supersede the revenue recognition requirements in ASC 605, “Revenue Recognition”, and most industry-specific guidance. The ASU requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. This standard update is effective for our fiscal year beginning of January 1, 2017. We are currently evaluating the impact of the adoption of this new standard on our consolidated financial statements. |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock Based Compensation | ' | |||||||
Stock-based Compensation | ||||||||
Restricted Stock Units | ||||||||
The Company grants restricted stock units ("RSUs") to officers and employees under the 2007 Amended and Restated Omnibus Incentive Plan (the "2007 Plan"). Stock-based compensation costs associated with our 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 have a service requirement typically over a three-year to three and one half year vesting schedule. We estimate forfeitures based on historical trends when recognizing compensation expense and adjust the estimate of forfeitures when they are expected to differ. 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 the RSU activity during the six months ended June 30, 2014: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2014 | 107,034 | $ | 9.87 | |||||
Granted | 106,296 | $ | 23.28 | |||||
Vested | (28,689 | ) | $ | 10.43 | ||||
Forfeited | (20,733 | ) | $ | 11.89 | ||||
Dividend equivalents | 2,448 | $ | 17.91 | |||||
Unvested at June 30, 2014 | 166,356 | $ | 18.21 | |||||
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 2007 Plan. The vesting of these PSUs are subject to certain performance conditions and a service requirement of approximately 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. The ultimate number of PSUs that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance conditions. 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 the PSU activity during the six months ended June 30, 2014: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2014 | 1,259,629 | $ | 13.46 | |||||
Granted | 278,281 | $ | 11.93 | |||||
Achievement adjustment | (387,633 | ) | $ | 23.99 | ||||
Vested | — | $ | — | |||||
Forfeited | (30,926 | ) | $ | 18.3 | ||||
Dividend equivalents | 12,303 | $ | 15.23 | |||||
Unvested at June 30, 2014 | 1,131,654 | $ | 14.44 | |||||
During the year ended December 31, 2013, we granted 804,896 PSUs which were subject to performance conditions. During the three months ended March 31, 2014, certain performance conditions related to these PSUs were partially met which resulted in a reduction of 387,633 PSUs in 2014 relating to the initial 2013 PSU grant. | ||||||||
During the three months ended March 31, 2014, we granted 278,281 PSUs which are subject to certain performance conditions. | ||||||||
Stock-based compensation costs totaled $1,770 and $1,543 for the three months ended June 30, 2014 and 2013, respectively, and $4,900 and $2,758 for the six months ended June 30, 2014 and 2013, respectively. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
During the first quarter of 2014, the Company launched WWE Network, which changed the way that certain content is delivered to our customers. The launch of WWE Network coupled with the continued convergence within the media landscape, has resulted in a change in the Company’s management reporting to its chief operating decision maker. These changes necessitated a change in the Company’s segment reporting to align with management’s operational view. As discussed in Note 1, the Company currently classifies its operations into ten reportable segments. The ten reportable segments of the Company now include the following: Network (which includes our pay-per-view business), Television, Home Entertainment and Digital Media, individual segments that comprise the Media Division; Live Events; Licensing, Venue Merchandise, WWEShop, individual segments that comprise the Consumer Products Division; WWE Studios and Corporate and Other (as defined below). | ||||||||||||||||
We do not disclose assets by segment information. In general, assets of the Company are leveraged across its reportable segments and we do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. | ||||||||||||||||
The Company presents OIBDA as the primary measure of segment profit (loss). The Company believes the presentation of 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 segment performance and make decisions about allocating resources. The Company defines OIBDA as operating income before depreciation and amortization, excluding feature film and television production asset amortization and impairments. | ||||||||||||||||
We do not allocate certain costs included in OIBDA of our Corporate and Other segment to the other reportable segments. Corporate and Other expense primarily includes corporate overhead and certain expenses related to sales and marketing, including our international offices, and talent development functions, including costs associated with our WWE Performance Center. These costs benefit the Company as a whole and are therefore not allocated. 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues: | ||||||||||||||||
Network | $ | 43,235 | $ | 38,162 | $ | 61,667 | $ | 54,166 | ||||||||
Television | 43,787 | 38,678 | 84,079 | 76,456 | ||||||||||||
Home Entertainment | 5,400 | 7,097 | 15,863 | 14,062 | ||||||||||||
Digital Media | 5,191 | 7,494 | 11,878 | 14,549 | ||||||||||||
Live Events | 40,334 | 41,546 | 62,000 | 62,581 | ||||||||||||
Licensing | 5,443 | 6,641 | 19,523 | 30,663 | ||||||||||||
Venue Merchandise | 6,521 | 6,891 | 11,500 | 12,000 | ||||||||||||
WWEShop | 4,019 | 3,028 | 8,195 | 6,541 | ||||||||||||
WWE Studios | 1,745 | 2,118 | 6,081 | 4,023 | ||||||||||||
Corporate & Other | 635 | 627 | 1,096 | 1,242 | ||||||||||||
Total net revenues | $ | 156,310 | $ | 152,282 | $ | 281,882 | $ | 276,283 | ||||||||
OIBDA: | ||||||||||||||||
Network | $ | (7,347 | ) | $ | 8,241 | $ | (10,936 | ) | $ | 13,220 | ||||||
Television | 11,710 | 11,337 | 22,289 | 23,420 | ||||||||||||
Home Entertainment | 2,855 | 3,095 | 9,146 | 6,284 | ||||||||||||
Digital Media | (843 | ) | 1,096 | (1,193 | ) | 2,416 | ||||||||||
Live Events | 15,487 | 17,135 | 19,299 | 21,542 | ||||||||||||
Licensing | 1,468 | 4,336 | 10,622 | 24,431 | ||||||||||||
Venue Merchandise | 2,604 | 2,715 | 4,693 | 4,531 | ||||||||||||
WWEShop | 1,017 | 368 | 1,671 | 1,158 | ||||||||||||
WWE Studios | (230 | ) | (328 | ) | 1,361 | (5,372 | ) | |||||||||
Corporate & Other | (41,334 | ) | (33,072 | ) | (78,737 | ) | (65,403 | ) | ||||||||
Total OIBDA | $ | (14,613 | ) | $ | 14,923 | $ | (21,785 | ) | $ | 26,227 | ||||||
Reconciliation of Total Operating (Loss) Income to Total OIBDA | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total operating (loss) income | $ | (22,522 | ) | $ | 8,839 | $ | (34,703 | ) | $ | 14,911 | ||||||
Depreciation and amortization | 7,909 | 6,084 | 12,918 | 11,316 | ||||||||||||
Total OIBDA | $ | (14,613 | ) | $ | 14,923 | $ | (21,785 | ) | $ | 26,227 | ||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
North America | $ | 123,258 | $ | 119,025 | $ | 224,976 | $ | 216,849 | ||||||||
Europe/Middle East/Africa | 23,345 | 23,904 | 36,194 | 40,157 | ||||||||||||
Asia Pacific | 8,297 | 7,958 | 17,287 | 15,843 | ||||||||||||
Latin America | 1,410 | 1,395 | 3,425 | 3,434 | ||||||||||||
Total net revenues | $ | 156,310 | $ | 152,282 | $ | 281,882 | $ | 276,283 | ||||||||
Revenues generated from the United Kingdom, our largest international market, totaled $12,463 and $19,535 for the three and six months ended June 30, 2014, respectively, and $11,825 and $19,528 for the corresponding periods in 2013. The Company’s property and equipment was almost entirely located in the United States at June 30, 2014 and 2013. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 105,836 | $ | 106,749 | |||||
Equipment | 111,371 | 107,305 | |||||||
Corporate aircrafts | 31,273 | 51,757 | |||||||
Vehicles | 244 | 244 | |||||||
248,724 | 266,055 | ||||||||
Less accumulated depreciation | (127,218 | ) | (132,575 | ) | |||||
Total | $ | 121,506 | $ | 133,480 | |||||
Depreciation expense for property and equipment totaled $7,499 and $12,106 for the three months and six months ended June 30, 2014, respectively, as compared to $5,696 and $10,542 for the corresponding periods in the prior year. During the first quarter of 2014, the Company received tax credits relating to our infrastructure improvements in conjunction with capital projects to support our increased content production efforts. Depreciation expense for the six months ended June 30, 2014 reflects a benefit of $1,224 from the recognition of the infrastructure tax credit noted above. The credit was used to reduce the carrying value of the assets as of their in-service date and consequently the adjustment to depreciation expense reflects the revised amount incurred to date. The credit was received in the current year, but related to assets placed in service in prior years. Additionally, in conjunction with the anticipated sale of our old Corporate Aircraft, depreciation expense for the six months ended June 30, 2014 includes an adjustment of $1,600 to reduce the carrying value of the asset to its estimated fair value. We have reclassified the remaining carrying value of $3,400 to Prepaid Expenses and Other Current Assets in our Consolidated Balance Sheets as of June 30, 2014 as we anticipate completing the sale of the aircraft within a year. |
Feature_Film_Production_Assets
Feature Film Production Assets | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Feature Film Production Assets [Abstract] | ' | ||||||||
Feature Film Production Assets | ' | ||||||||
Feature Film Production Assets, Net | |||||||||
Feature film production assets consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Feature film productions: | |||||||||
In release | $ | 11,891 | $ | 9,413 | |||||
Completed but not released | 4,014 | 3,130 | |||||||
In production | 7,747 | 2,686 | |||||||
In development | 526 | 789 | |||||||
Total | $ | 24,178 | $ | 16,018 | |||||
Approximately 34% of “In release” film production assets are estimated to be amortized over the next 12 months and approximately 74% 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 six months ended June 30, 2014, we released one feature film via theatrical distribution, Oculus, and one film direct to DVD, Scooby Doo at WrestleMania, which comprises $4,199 of our "In release" feature film assets as of June 30, 2014. Third-party distributors control the distribution and marketing of co-distributed 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. During the six months ended June 30, 2013, we released three feature films via theatrical distribution, No One Lives, The Call and Dead Man Down and two films, 12 Rounds 2: Reloaded and The Marine 3: Homefront direct to DVD, which aggregate $4,013 of our "In release" feature film assets as of June 30, 2014. | |||||||||
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 did not record any impairment charges during the three months ended June 30, 2014 and 2013 related to our feature films. During the six months ended June 30, 2013, we recorded an impairment charge of $4,696 related to the feature film, Dead Man Down. These impairment charges represent the excess of the recorded net carrying value over the estimated fair value. There were no impairment charges recorded during the six months ended June 30, 2014. | |||||||||
We currently have two theatrical films designated as "Completed but not released" and have nine films "In production". We also 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 six months ended June 30, 2014, we expensed $204 and $339, respectively, related to previously capitalized development costs of abandoned projects. We did not incur any comparable expenses in the prior year periods. |
Television_Production_Assets
Television Production Assets | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Television Production Assets [Abstract] | ' | ||||||||
Television Production Assets | ' | ||||||||
Television Production Assets, Net | |||||||||
Television production assets consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Television productions: | |||||||||
In release | $ | 2,964 | $ | 1,365 | |||||
Completed but not released | 1,633 | — | |||||||
In production | 3,622 | 9,407 | |||||||
Total | $ | 8,219 | $ | 10,772 | |||||
Television production assets consist primarily of episodic content series we have produced for distribution through a variety of platforms including on WWE Network. Amounts capitalized primarily include development costs, production costs, production overhead and employee salaries. We have $8,219 and $10,772 capitalized as of June 30, 2014 and December 31, 2013, respectively, related to this type of programming. Costs to produce our live event programming are expensed when the event is first broadcast. Costs to produce episodic programming for television or distribution on WWE Network are amortized in the proportion that revenues bear to management's estimates of the ultimate revenue expected to be recognized from exploitation, exhibition or sale. During the three and six months ended June 30, 2014, we amortized $11,483 and $14,314, of which $7,064 and $8,147 were related to the Network and $4,419 and $6,167 were related to Television programming, respectively. We did not amortize any expenses during the three and six months ended June 30, 2013. 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 six months ended June 30, 2014 and 2013, we did not record any impairments related to our television production assets |
Investment_Securities_and_Shor
Investment Securities and Short-Term Investments | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities and Short-Term Investments | ' | |||||||||||||||||||||||||||||||
Investment Securities and Short-Term Investments | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
On March 14, 2014, the Company invested $2,000 in Series E Preferred Stock of a software application developer. On May 30, 2013, the Company made an investment of $2,200 in a live event touring business. On June 25, 2012, the Company invested $5,000 in Series B Preferred Stock of a mobile video publishing business, ("Investment"). Additionally, this Investment includes shares received in conjunction with a strategic partnership of which approximately $1,098 was in prior periods and $439 was received during the six months ended June 30, 2014. These 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 six months ended June 30, 2014. Included in Investment Securities in our Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013 are $10,738 and $8,299, respectively, related to these investments. Subsequent to the end of the quarter, the Investment initiated a process of obtaining additional financing, which will likely result in a decrease in our fully diluted ownership and a change in our position in the capital structure. See Note 15, Subsequent Events, for additional information. | ||||||||||||||||||||||||||||||||
Short-Term Investments: | ||||||||||||||||||||||||||||||||
Short-term investments measured at fair value consisted of the following: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Amortized | Gain | (Loss) | Fair | Amortized | Gain | (Loss) | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
Municipal bonds | $ | 34,987 | $ | 156 | $ | (7 | ) | $ | 35,136 | $ | 44,636 | $ | 176 | $ | (91 | ) | $ | 44,721 | ||||||||||||||
Corporate bonds | 26,400 | 75 | (45 | ) | 26,430 | 31,825 | 104 | (174 | ) | 31,755 | ||||||||||||||||||||||
Total | $ | 61,387 | $ | 231 | $ | (52 | ) | $ | 61,566 | $ | 76,461 | $ | 280 | $ | (265 | ) | $ | 76,476 | ||||||||||||||
We classify the investments listed in the above table as available-for-sale securities. Such investments consist primarily of corporate 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 June 30, 2014, contractual maturities of these bonds are as follows: | ||||||||||||||||||||||||||||||||
Maturities | ||||||||||||||||||||||||||||||||
Municipal bonds | 1 month-8 years | |||||||||||||||||||||||||||||||
Corporate bonds | 1 month-3 years | |||||||||||||||||||||||||||||||
The following table summarizes the short-term investment activity: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Proceeds from sale of short-term investments | $ | — | $ | 2,793 | $ | 7,778 | $ | 2,793 | ||||||||||||||||||||||||
Proceeds from maturities and calls of short-term investments | $ | 4,005 | $ | 11,485 | $ | 9,035 | $ | 20,270 | ||||||||||||||||||||||||
Gross realized gains on sale of short-term investments | $ | — | $ | 1 | $ | 3 | $ | 1 | ||||||||||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
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 accounting 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 June 30, 2014 | Fair Value at December 31, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Municipal bonds | $ | 35,136 | $ | — | $ | 35,136 | $ | — | $ | 44,721 | $ | — | $ | 44,721 | $ | — | |||||||||||||||||
Corporate bonds | 26,430 | — | 26,430 | — | 31,755 | — | 31,755 | — | |||||||||||||||||||||||||
Total | $ | 61,566 | $ | — | $ | 61,566 | $ | — | $ | 76,476 | $ | — | $ | 76,476 | $ | — | |||||||||||||||||
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 fair value measurements of our investment securities, which are recorded under the cost method, are classified within Level 3 as significant unobservable inputs are used to fair value these assets due to the absence of quoted market prices and inherent lack of liquidity. Significant unobservable inputs include variables such as near-term prospects of the investees, recent financing activities of the investees, and the investees’ capital structure as well as other economic variables, which reflect assumptions market participants would use in pricing these assets. Our investments are recorded at fair value only if an impairment charge is recognized. During the six months ended June 30, 2014 and June 30, 2013 the Company did not record any impairment charges on these assets. Subsequent to the end of the quarter, one of the Company's cost method investees initiated a process of obtaining additional financing, which will likely result in a decrease in our fully diluted ownership and a change in our position in the capital structure. See Note 15, Subsequent Events, for additional information. | |||||||||||||||||||||||||||||||||
The Company's long lived property and equipment, feature film and television production assets 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 three months ended June 30, 2014, the Company recorded an adjustment of $1,600 to reduce the carrying value of our old Corporate Aircraft to its estimated fair value. During the first quarter of 2014, the Company did not record any impairment charges on these assets. During the six months ended June 30, 2013, the Company recorded an impairment charge of $4,696 on a feature film production asset based on a fair value measurement of $989. 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 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 valuation specialist who assists us in gathering the necessary inputs used in our model. | |||||||||||||||||||||||||||||||||
The fair value of the Company’s long-term debt, consisting of a promissory note payable to RBS Asset Finance, Inc. is estimated based upon quoted price estimates for similar debt arrangements. At June 30, 2014, the face amount of the note approximates its fair value. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade related | $ | 5,938 | $ | 8,565 | |||||
Payroll and related benefits | 12,694 | 11,291 | |||||||
Talent related | 12,401 | 6,304 | |||||||
Accrued WWE Network related expenses | 7,105 | 2,477 | |||||||
Accrued event and television production | 5,137 | 4,429 | |||||||
Accrued home entertainment expenses | 879 | 1,341 | |||||||
Accrued legal and professional | 2,416 | 1,903 | |||||||
Accrued purchases of property and equipment | 1,270 | 1,700 | |||||||
Accrued film liability | 2,559 | 2,654 | |||||||
Accrued other | 12,171 | 7,218 | |||||||
Total | $ | 62,570 | $ | 47,882 | |||||
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. The increase in accrued expenses is primarily related to talent related expenses for WrestleMania and for various accrued expenses related to WWE Network operations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Senior Unsecured Revolving Credit Facility | ' |
In September 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. Applicable interest rates for the borrowings under the revolving credit facility are based on the Company's current consolidated leverage ratio. As of June 30, 2014, the LIBOR-based rate plus margin was 2.48%.The Company is also 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. Under the terms of the revolving credit facility, the Company is subject to certain financial covenants and restrictions, including restrictions on our ability to pay dividends and limitations with respect to our indebtedness, liens, mergers and acquisitions, dispositions of assets, investments, capital expenditures, and transactions with affiliates. | |
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. | |
On May 1, 2014, the Company entered into a First Amendment to its Amended and Restated Credit Facility ("the Amendment") and further modified certain financial covenants to provide for greater financial flexibility. The Amendment, among other things, (a) adjusts the consolidated EBITDA calculation for the four quarterly periods in 2014 and the first and second quarters of 2015 by permitting the add-back of WWE Network Expenses subject to specified maximum amounts in such periods, (b) increases the consolidated EBITDA calculation by the amount of any net investments in respect of feature film production, subject to specified maximum amounts for the quarters ending September 30, 2014 and December 31, 2014 and (c) reduces the consolidated fixed charge coverage ratio for four quarters in 2014 and the first two quarters in 2015 such that the consolidated fixed charge coverage ratio may not be less than 1.0:1.0 for the respective quarterly periods ending March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, increasing to 1.10:1.0 for the quarter ending March 31, 2015, to 1.15:1.0 for the quarter ending June 30, 2015, and to 1.25:1.0 for the quarter ending September 30, 2015 and thereafter. The Amendment also includes certain additional allowances for the Company to make investments in special film entities. | |
As of June 30, 2014, the Company is in compliance with the provisions of the Amendment and has available debt capacity under the terms of the revolving credit facility of approximately $120,000. As of June 30, 2014 and December 31, 2013, there were no amounts outstanding under the credit facility. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2014 | |
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 network, 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 June 30, 2014, our largest single customer balance was approximately 12% of our gross accounts receivable balance. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
As of June 30, 2014, we had $19,934 of deferred tax assets, net included in current assets and $5,491 included in Other Assets in our Consolidated Balance Sheets. As of December 31, 2013, we had $12,237 of deferred tax assets, net included in current assets and $2,681 of deferred tax liabilities, net included in Noncurrent Income Tax Liabilities in our Consolidated Balance Sheets. The large increase in our deferred tax asset balance was driven by our operating loss in the current year and associated net operating loss and foreign tax credit carryforwards. | |
The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the net deferred tax assets to the amount that is more likely than not to be realized in future periods. The Company believes that based on past performance, expected future taxable income and prudent and feasible tax planning strategies, it is more likely than not that the net deferred tax asset will be realized. Changes in these factors may cause us to increase our valuation allowance on deferred tax assets, which would impact our income tax expense in the period we determine that these factors have changed. |
Film_and_Television_Production
Film and Television Production Incentives | 6 Months Ended |
Jun. 30, 2014 | |
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 six months ended June 30, 2014, we received $3,080 for infrastructure improvement incentives relating to qualifying capital projects. Of this amount $2,937, was recorded as a reduction in property and equipment. We did not receive any similar incentives for the six months ended June 30, 2013. During the three and six months ended June 30, 2014 and 2013, we received $456 and $437, respectively, of incentives relating to feature film productions which reduced the related assets. During the three and six months ended June 30, 2014, we did not receive any incentives relating to television production activities that was recorded as an offset to production expenses. During the three and six months ended June 30, 2013, we received $395 of incentives related to television production activities that were recorded as an offset to production expenses. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Proceedings | |
On July 26, 2014, the Company received notice of a lawsuit filed in the United States District Court for the District of Connecticut, entitled Warren Ganues and Dominic Varriale, on behalf of themselves and all others similarly situated, v. World Wrestling Entertainment, Inc., Vincent K. McMahon and George A. Barrios, alleging violations of federal securities laws in connection with certain disclosures relating to the negotiation of WWE’s domestic television license and seeking class certification and unspecified damages. The Company believes the claims are without merit and intends to vigorously defend itself against them. | |
In addition to the foregoing, we are involved in several other 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 this 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. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
Investment Securities | |
Subsequent to the end of the quarter, we learned that one of the Company’s cost method investees is in the process of obtaining additional financing, which will likely result in a decrease in our fully diluted ownership and a change in our position in the capital structure. As a result, the Company will reassess the fair value of this investment. If the estimated fair value is less than our current carrying value (approximately $6,500 as of June 30, 2014), the Company will reduce the investment to its estimated fair value, which may have a material adverse impact on our financial statements. | |
Restructuring Plan | |
On July 31, 2014, the Company announced a restructuring plan in support of a cost cutting initiative. Included in this restructuring was the shutdown of our magazine publishing business, a shift in our gamification strategy, and a reduction in our approved headcount. Additionally, the cost cutting initiatives include reducing prospective spending throughout our operations. As a result of these efforts, the Company anticipates recording a one-time pre-tax restructuring charge of approximately $4,500 in the third quarter of 2014, comprised primarily of a cash charge of approximately $2,000 for severance costs and the write-down of certain assets associated with our gamification business resulting in a non-cash charge of approximately $2,500. We anticipate that a majority of cash expenditures related to this restructuring will be paid during the remainder of fiscal 2014. |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Based Compensation (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
RSU Activity Table [Abstract] | ' | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||
he following table summarizes the RSU activity during the six months ended June 30, 2014: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2014 | 107,034 | $ | 9.87 | |||||
Granted | 106,296 | $ | 23.28 | |||||
Vested | (28,689 | ) | $ | 10.43 | ||||
Forfeited | (20,733 | ) | $ | 11.89 | ||||
Dividend equivalents | 2,448 | $ | 17.91 | |||||
Unvested at June 30, 2014 | 166,356 | $ | 18.21 | |||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||
The following table summarizes the PSU activity during the six months ended June 30, 2014: | ||||||||
Units | Weighted-Average Grant-Date Fair Value | |||||||
Unvested at January 1, 2014 | 1,259,629 | $ | 13.46 | |||||
Granted | 278,281 | $ | 11.93 | |||||
Achievement adjustment | (387,633 | ) | $ | 23.99 | ||||
Vested | — | $ | — | |||||
Forfeited | (30,926 | ) | $ | 18.3 | ||||
Dividend equivalents | 12,303 | $ | 15.23 | |||||
Unvested at June 30, 2014 | 1,131,654 | $ | 14.44 | |||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Reconciliation of Operating Income to OIBDA [Line Items] | ' | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||
The following tables present summarized financial information for each of the Company's reportable segments: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues: | ||||||||||||||||
Network | $ | 43,235 | $ | 38,162 | $ | 61,667 | $ | 54,166 | ||||||||
Television | 43,787 | 38,678 | 84,079 | 76,456 | ||||||||||||
Home Entertainment | 5,400 | 7,097 | 15,863 | 14,062 | ||||||||||||
Digital Media | 5,191 | 7,494 | 11,878 | 14,549 | ||||||||||||
Live Events | 40,334 | 41,546 | 62,000 | 62,581 | ||||||||||||
Licensing | 5,443 | 6,641 | 19,523 | 30,663 | ||||||||||||
Venue Merchandise | 6,521 | 6,891 | 11,500 | 12,000 | ||||||||||||
WWEShop | 4,019 | 3,028 | 8,195 | 6,541 | ||||||||||||
WWE Studios | 1,745 | 2,118 | 6,081 | 4,023 | ||||||||||||
Corporate & Other | 635 | 627 | 1,096 | 1,242 | ||||||||||||
Total net revenues | $ | 156,310 | $ | 152,282 | $ | 281,882 | $ | 276,283 | ||||||||
OIBDA: | ||||||||||||||||
Network | $ | (7,347 | ) | $ | 8,241 | $ | (10,936 | ) | $ | 13,220 | ||||||
Television | 11,710 | 11,337 | 22,289 | 23,420 | ||||||||||||
Home Entertainment | 2,855 | 3,095 | 9,146 | 6,284 | ||||||||||||
Digital Media | (843 | ) | 1,096 | (1,193 | ) | 2,416 | ||||||||||
Live Events | 15,487 | 17,135 | 19,299 | 21,542 | ||||||||||||
Licensing | 1,468 | 4,336 | 10,622 | 24,431 | ||||||||||||
Venue Merchandise | 2,604 | 2,715 | 4,693 | 4,531 | ||||||||||||
WWEShop | 1,017 | 368 | 1,671 | 1,158 | ||||||||||||
WWE Studios | (230 | ) | (328 | ) | 1,361 | (5,372 | ) | |||||||||
Corporate & Other | (41,334 | ) | (33,072 | ) | (78,737 | ) | (65,403 | ) | ||||||||
Total OIBDA | $ | (14,613 | ) | $ | 14,923 | $ | (21,785 | ) | $ | 26,227 | ||||||
Reconciliation of Operating Income to OIBDA [Table Text Block] | ' | |||||||||||||||
Reconciliation of Total Operating (Loss) Income to Total OIBDA | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total operating (loss) income | $ | (22,522 | ) | $ | 8,839 | $ | (34,703 | ) | $ | 14,911 | ||||||
Depreciation and amortization | 7,909 | 6,084 | 12,918 | 11,316 | ||||||||||||
Total OIBDA | $ | (14,613 | ) | $ | 14,923 | $ | (21,785 | ) | $ | 26,227 | ||||||
Segment_Information_Schedule_o
Segment Information Schedule of Segment Reporting Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, By Segment, For Revenue and OIBDA [Table Text Block] | ' | |||||||||||||||
The following tables present summarized financial information for each of the Company's reportable segments: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenues: | ||||||||||||||||
Network | $ | 43,235 | $ | 38,162 | $ | 61,667 | $ | 54,166 | ||||||||
Television | 43,787 | 38,678 | 84,079 | 76,456 | ||||||||||||
Home Entertainment | 5,400 | 7,097 | 15,863 | 14,062 | ||||||||||||
Digital Media | 5,191 | 7,494 | 11,878 | 14,549 | ||||||||||||
Live Events | 40,334 | 41,546 | 62,000 | 62,581 | ||||||||||||
Licensing | 5,443 | 6,641 | 19,523 | 30,663 | ||||||||||||
Venue Merchandise | 6,521 | 6,891 | 11,500 | 12,000 | ||||||||||||
WWEShop | 4,019 | 3,028 | 8,195 | 6,541 | ||||||||||||
WWE Studios | 1,745 | 2,118 | 6,081 | 4,023 | ||||||||||||
Corporate & Other | 635 | 627 | 1,096 | 1,242 | ||||||||||||
Total net revenues | $ | 156,310 | $ | 152,282 | $ | 281,882 | $ | 276,283 | ||||||||
OIBDA: | ||||||||||||||||
Network | $ | (7,347 | ) | $ | 8,241 | $ | (10,936 | ) | $ | 13,220 | ||||||
Television | 11,710 | 11,337 | 22,289 | 23,420 | ||||||||||||
Home Entertainment | 2,855 | 3,095 | 9,146 | 6,284 | ||||||||||||
Digital Media | (843 | ) | 1,096 | (1,193 | ) | 2,416 | ||||||||||
Live Events | 15,487 | 17,135 | 19,299 | 21,542 | ||||||||||||
Licensing | 1,468 | 4,336 | 10,622 | 24,431 | ||||||||||||
Venue Merchandise | 2,604 | 2,715 | 4,693 | 4,531 | ||||||||||||
WWEShop | 1,017 | 368 | 1,671 | 1,158 | ||||||||||||
WWE Studios | (230 | ) | (328 | ) | 1,361 | (5,372 | ) | |||||||||
Corporate & Other | (41,334 | ) | (33,072 | ) | (78,737 | ) | (65,403 | ) | ||||||||
Total OIBDA | $ | (14,613 | ) | $ | 14,923 | $ | (21,785 | ) | $ | 26,227 | ||||||
Segment_Information_Schedule_o1
Segment Information Schedule of Revenue from External Customers (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | |||||||||||||||
The information below summarizes net revenues to unaffiliated customers by geographic area: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
North America | $ | 123,258 | $ | 119,025 | $ | 224,976 | $ | 216,849 | ||||||||
Europe/Middle East/Africa | 23,345 | 23,904 | 36,194 | 40,157 | ||||||||||||
Asia Pacific | 8,297 | 7,958 | 17,287 | 15,843 | ||||||||||||
Latin America | 1,410 | 1,395 | 3,425 | 3,434 | ||||||||||||
Total net revenues | $ | 156,310 | $ | 152,282 | $ | 281,882 | $ | 276,283 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 105,836 | $ | 106,749 | |||||
Equipment | 111,371 | 107,305 | |||||||
Corporate aircrafts | 31,273 | 51,757 | |||||||
Vehicles | 244 | 244 | |||||||
248,724 | 266,055 | ||||||||
Less accumulated depreciation | (127,218 | ) | (132,575 | ) | |||||
Total | $ | 121,506 | $ | 133,480 | |||||
Feature_Film_Production_Assets1
Feature Film Production Assets (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Feature Film Production Assets [Abstract] | ' | ||||||||
Schedule of Feature Film Production Assets | ' | ||||||||
Feature film production assets consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Feature film productions: | |||||||||
In release | $ | 11,891 | $ | 9,413 | |||||
Completed but not released | 4,014 | 3,130 | |||||||
In production | 7,747 | 2,686 | |||||||
In development | 526 | 789 | |||||||
Total | $ | 24,178 | $ | 16,018 | |||||
Television_Production_Assets_T
Television Production Assets Television Production Assets (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Television Production Assets [Abstract] | ' | ||||||||
Schedule of Television Production Assets [Table Text Block] | ' | ||||||||
Television production assets consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Television productions: | |||||||||
In release | $ | 2,964 | $ | 1,365 | |||||
Completed but not released | 1,633 | — | |||||||
In production | 3,622 | 9,407 | |||||||
Total | $ | 8,219 | $ | 10,772 | |||||
Investment_Securities_and_Shor1
Investment Securities and Short-Term Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Short-term investments measured at fair value consisted of the following: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Amortized | Gain | (Loss) | Fair | Amortized | Gain | (Loss) | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
Municipal bonds | $ | 34,987 | $ | 156 | $ | (7 | ) | $ | 35,136 | $ | 44,636 | $ | 176 | $ | (91 | ) | $ | 44,721 | ||||||||||||||
Corporate bonds | 26,400 | 75 | (45 | ) | 26,430 | 31,825 | 104 | (174 | ) | 31,755 | ||||||||||||||||||||||
Total | $ | 61,387 | $ | 231 | $ | (52 | ) | $ | 61,566 | $ | 76,461 | $ | 280 | $ | (265 | ) | $ | 76,476 | ||||||||||||||
Schedule of Contractual Maturities Period for Investment Securities | ' | |||||||||||||||||||||||||||||||
As of June 30, 2014, contractual maturities of these bonds are as follows: | ||||||||||||||||||||||||||||||||
Maturities | ||||||||||||||||||||||||||||||||
Municipal bonds | 1 month-8 years | |||||||||||||||||||||||||||||||
Corporate bonds | 1 month-3 years | |||||||||||||||||||||||||||||||
Schedule of Short-Term Investment Activity [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes the short-term investment activity: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Proceeds from sale of short-term investments | $ | — | $ | 2,793 | $ | 7,778 | $ | 2,793 | ||||||||||||||||||||||||
Proceeds from maturities and calls of short-term investments | $ | 4,005 | $ | 11,485 | $ | 9,035 | $ | 20,270 | ||||||||||||||||||||||||
Gross realized gains on sale of short-term investments | $ | — | $ | 1 | $ | 3 | $ | 1 | ||||||||||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
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 June 30, 2014 | Fair Value at December 31, 2013 | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Municipal bonds | $ | 35,136 | $ | — | $ | 35,136 | $ | — | $ | 44,721 | $ | — | $ | 44,721 | $ | — | |||||||||||||||||
Corporate bonds | 26,430 | — | 26,430 | — | 31,755 | — | 31,755 | — | |||||||||||||||||||||||||
Total | $ | 61,566 | $ | — | $ | 61,566 | $ | — | $ | 76,476 | $ | — | $ | 76,476 | $ | — | |||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade related | $ | 5,938 | $ | 8,565 | |||||
Payroll and related benefits | 12,694 | 11,291 | |||||||
Talent related | 12,401 | 6,304 | |||||||
Accrued WWE Network related expenses | 7,105 | 2,477 | |||||||
Accrued event and television production | 5,137 | 4,429 | |||||||
Accrued home entertainment expenses | 879 | 1,341 | |||||||
Accrued legal and professional | 2,416 | 1,903 | |||||||
Accrued purchases of property and equipment | 1,270 | 1,700 | |||||||
Accrued film liability | 2,559 | 2,654 | |||||||
Accrued other | 12,171 | 7,218 | |||||||
Total | $ | 62,570 | $ | 47,882 | |||||
Stock_Based_Compensation_Detai
Stock Based Compensation (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | -30,926 | ' | -20,733 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Forfeited in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $18.30 | ' | $11.89 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Dividend Equivalents in Period | ' | ' | ' | ' | 12,303 | ' | 2,448 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividends in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $15.23 | ' | $17.91 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | 0 | ' | -28,689 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $11.93 | ' | $23.28 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Achievement, Adjustment in Period | ' | ' | ' | ' | -387,633 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Achievement Adjustment, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $23.99 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $0 | ' | $10.43 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | 1,131,654 | 1,259,629 | 166,356 | 107,034 |
Share-based Compensation | $1,770 | $1,543 | $4,900 | $2,758 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $14.44 | $13.46 | $18.21 | $9.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 278,281 | ' | 106,296 | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | 278,281 | 804,896 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Payments to Acquire Productive Assets | ' | ' | $6,266 | $13,139 |
Net revenues | ' | ' | ' | ' |
Net revenues | 156,310 | 152,282 | 281,882 | 276,283 |
Operating Income (loss) | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | ' | 13,614 | 11,316 |
Depreciation, Depletion and Amortization, Nonproduction | 7,909 | 6,084 | 12,918 | 11,316 |
Operating Income Before Depreciation & Amortizaton (OIBDA) | -14,613 | 14,923 | -21,785 | 26,227 |
Network [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 43,235 | 38,162 | 61,667 | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | -7,347 | 8,241 | ' | ' |
Television [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 43,787 | 38,678 | 84,079 | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 11,710 | 11,337 | ' | ' |
Live Events [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | ' | ' | 62,000 | 62,581 |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 15,487 | 17,135 | ' | ' |
Licensing [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 5,443 | 6,641 | 19,523 | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 1,468 | 4,336 | ' | ' |
Venue Merchandise [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 6,521 | 6,891 | 11,500 | ' |
WWEShop [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | ' | ' | 8,195 | ' |
Digital Media [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 5,191 | 7,494 | 11,878 | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | -843 | 1,096 | ' | ' |
Home Entertainment [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | 5,400 | 7,097 | 15,863 | ' |
Operating Income (loss) | ' | ' | ' | ' |
Operating Income Before Depreciation & Amortizaton (OIBDA) | 2,855 | 3,095 | ' | ' |
WWE Studios [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | ' | ' | 6,081 | ' |
Corporate and Other [Member] | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' |
Net revenues | ' | ' | $1,096 | ' |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Income (Loss) | ($22,522) | $8,839 | ($34,703) | $14,911 |
Net revenues | 156,310 | 152,282 | 281,882 | 276,283 |
Depreciation, Depletion and Amortization, Nonproduction | 7,909 | 6,084 | 12,918 | 11,316 |
Operating Income Before Depreciation & Amortizaton (OIBDA) | -14,613 | 14,923 | -21,785 | 26,227 |
North America [Member] | ' | ' | ' | ' |
Net revenues | 123,258 | 119,025 | 224,976 | 216,849 |
EMEA [Member] | ' | ' | ' | ' |
Net revenues | 23,345 | 23,904 | 36,194 | 40,157 |
Asia Pacific [Member] | ' | ' | ' | ' |
Net revenues | 8,297 | 7,958 | 17,287 | 15,843 |
Latin America [Member] | ' | ' | ' | ' |
Net revenues | $1,410 | $1,395 | $3,425 | $3,434 |
Segment_Information_Detail_Tex
Segment Information (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Payments to Acquire Productive Assets | ' | ' | $6,266 | $13,139 |
Revenue, Net | 156,310 | 152,282 | 281,882 | 276,283 |
UNITED KINGDOM | ' | ' | ' | ' |
Revenue, Net | $12,463 | $11,825 | $19,535 | $19,528 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Land, buildings and improvements | $105,836 | $106,749 |
Equipment | 111,371 | 107,305 |
Flight Equipment Owned, Gross | 31,273 | 51,757 |
Vehicles Gross | 244 | 244 |
Property, Plant and Equipment, Gross | 248,724 | 266,055 |
Less accumulated depreciation | -127,218 | -132,575 |
Total | $121,506 | $133,480 |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Depreciation | $7,499 | $5,696 | $12,106 | $10,542 |
Infrastructure Credit, Depreciation Expense | ' | ' | 1,224 | ' |
Impairment of Long-Lived Assets to be Disposed of | $1,600 | ' | ' | ' |
Assets Held-for-sale, Other, Noncurrent | ' | ' | '3400 | ' |
Feature_Film_Production_Assets2
Feature Film Production Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Theatrical Film Costs, Released | $11,891 | $9,413 |
Theatrical Film Costs, Completed and Not Released | 4,014 | 3,130 |
Theatrical Film Costs, Production | 526 | 2,686 |
Theatrical Film Costs, Development | 7,747 | 789 |
Total | $24,178 | $16,018 |
Feature_Film_Production_Assets3
Feature Film Production Assets (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Incentives From Feature Film Productions | $456 | $437 | ' | ' | ' |
Future Amortization Expense, Percentage, Within Twelve Months | ' | ' | 34.00% | ' | ' |
Future Amortization Expense, Percentage, One Through Three Years | ' | ' | 74.00% | ' | ' |
Future Amortization Expense, Percentage, One Through Four Years | ' | ' | 80.00% | ' | ' |
Theatrical Film Costs, Released (in dollars) | 11,891 | ' | 11,891 | ' | 9,413 |
Asset Impairment Charges (in dollars) | ' | ' | ' | 4,696 | ' |
Theatrical Film Costs, Production | 526 | ' | 526 | ' | 2,686 |
Cost of Theatrical Film Development (in dollars) | 204 | 339 | 204 | 339 | ' |
Two Films Released [Member] | ' | ' | ' | ' | ' |
Theatrical Film Costs, Released (in dollars) | 4,199 | ' | 4,199 | ' | ' |
Five Films Released [Member] | ' | ' | ' | ' | ' |
Theatrical Film Costs, Released (in dollars) | ' | $4,013 | ' | $4,013 | ' |
Television_Production_Assets_D
Television Production Assets (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Television Production Assets [Member] | Television Production Assets [Member] | Television Production Assets [Member] | Television Production Assets [Member] | Television Production Assets [Member] | Television Production Assets [Member] | ||
Network [Member] | Network [Member] | Television Programming [Member] | Television Programming [Member] | |||||
Amortization | ' | ' | $11,483 | $14,314 | $7,064 | $8,147 | $4,419 | $6,167 |
Television Production Assets | $8,219 | $10,772 | ' | ' | ' | ' | ' | ' |
Television_Production_Assets_T1
Television Production Assets Television Production Asset Table (Details) (USD $) | 6 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||
Television Production Assets [Abstract] | ' | ' | ||||||||
Schedule of Television Production Assets [Table Text Block] | ' | ' | ||||||||
Television production assets consisted of the following: | ||||||||||
As of | ||||||||||
June 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Television productions: | ||||||||||
In release | $ | 2,964 | $ | 1,365 | ||||||
Completed but not released | 1,633 | — | ||||||||
In production | 3,622 | 9,407 | ||||||||
Total | $ | 8,219 | $ | 10,772 | ||||||
Direct-to-television Film Costs, Released | $2,964 | $1,365 | ||||||||
Direct-to-television Film Costs, Completed and Not Released | 1,633 | 0 | ||||||||
Direct-to-television Film Costs, Production | 3,622 | 9,407 | ||||||||
Television Production Assets | $8,219 | $10,772 |
Investment_Securities_and_Shor2
Investment Securities and Short-Term Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Long-term Investments | $10,738 | ' | $10,738 | ' | $8,299 |
Proceeds from Sale of Available-for-sale Securities | 0 | 2,793 | 7,778 | 2,793 | ' |
Amortized Cost | 61,387 | ' | 61,387 | ' | 76,461 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 231 | ' | 280 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -52 | ' | -265 |
Fair Value | 61,566 | ' | 61,566 | ' | 76,476 |
Available-for-sale Securities, Gross Realized Gains | 0 | 1 | 3 | 1 | ' |
Municipal Bonds [Member] | ' | ' | ' | ' | ' |
Amortized Cost | 34,987 | ' | 34,987 | ' | 44,636 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 156 | ' | 176 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -7 | ' | -91 |
Fair Value | 35,136 | ' | 35,136 | ' | 44,721 |
Corporate Debt Securities [Member] | ' | ' | ' | ' | ' |
Amortized Cost | 26,400 | ' | 26,400 | ' | 31,825 |
Available-for-sale Securities, Gross Unrealized Gains | ' | ' | 75 | ' | 104 |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | -45 | ' | 174 |
Fair Value | $26,430 | ' | $26,430 | ' | $31,755 |
Investment_Securities_and_Shor3
Investment Securities and Short-Term Investments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Proceeds from Sale of Available-for-sale Securities | $0 | $2,793 | $7,778 | $2,793 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 4,005 | 11,485 | 9,035 | 20,270 |
Available-for-sale Securities, Gross Realized Gains | $0 | $1 | $3 | $1 |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Minimum Period Contractual Maturities Of Investments | '1 month | ' | ' | ' |
Maximum Period Contractual Maturities Of Investments | '3 years | ' | ' | ' |
Municipal Bonds [Member] | ' | ' | ' | ' |
Minimum Period Contractual Maturities Of Investments | ' | ' | '1 month | ' |
Maximum Period Contractual Maturities Of Investments | ' | ' | '8 years | ' |
Investment_Securities_and_Shor4
Investment Securities and Short-Term Investments (Detail Textuals) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | ' |
Incremental Cost Method Investment | 0 | 1,098 |
Cost-method Investments [Member] | ' | ' |
Schedule of Cost-method Investments [Line Items] | ' | ' |
Cost Method Investments | $2,000 | ' |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Fair Value Disclosure | $61,566 | $76,476 |
Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 35,136 | 44,721 |
Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 26,430 | 31,755 |
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 | 61,566 | 76,476 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 35,136 | 44,721 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 26,430 | 31,755 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Rate | ||||
Impairment of Long-Lived Assets to be Disposed of | $1,600 | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities | 0 | 2,793 | 7,778 | 2,793 |
Asset Impairment Charges | ' | ' | ' | 4,696 |
Fair Value Of Film Production Assets | ' | $989 | ' | $989 |
Fair Value Inputs, Discount Rate | ' | ' | 13.00% | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Trade related | $5,938 | $8,565 |
Payroll and related benefits | 12,694 | 11,291 |
Talent related | 12,401 | 6,304 |
Accrued WWE Network related expenses | 7,105 | 2,477 |
Accrued event and television production | 5,137 | 4,429 |
Accrued home video liability | 879 | 1,341 |
Accrued legal and professional | 2,416 | 1,903 |
Accrued purchases of property and equipment | 1,270 | 1,700 |
Accrued film liability | 2,559 | 2,654 |
Accrued other | 12,171 | 7,218 |
Total | $62,570 | $47,882 |
Accounts_Payable_and_Accrued_E3
Accounts Payable and Accrued Expenses (Detail Textuals) (Maximum [Member]) | Jun. 30, 2014 |
Maximum [Member] | ' |
Less than Five Percent of Current Liabilities | 5.00% |
Debt_Detail_Textuals
Debt (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Long-term Line of Credit, Noncurrent (in dollars) | $200,000 | $200,000 |
Line of Credit Facility, Interest Rate at Period End | 2.48% | 2.48% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | ' |
Debt Instrument, Covenant Description | ' | 'fixed charge coverage ratio may not be less than 1.0:1.0 for the respective quarterly periods ending March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, increasing to 1.10:1.0 for the quarter ending March 31, 2015, to 1.15:1.0 for the quarter ending June 30, 2015, and to 1.25:1.0 for the quarter ending September 30, 2015 |
Debt Instrument, Face Amount | 31,568 | 31,568 |
Debt Instrument, Interest Rate, Stated Percentage | 2.18% | 2.18% |
Debt Instrument, Periodic Payment, Principal | ' | 406 |
Long-term Debt | 28,057 | 28,057 |
Debt Instrument, Unused Borrowing Capacity, Amount | $120,000 | $120,000 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Detail Textuals) (Accounts Receivable [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Accounts Receivable [Member] | ' |
Concentration Risk, Percentage | 12.00% |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Tax Expense (Benefit) | ($8,310) | $3,179 | ($12,739) | $4,968 | ' |
Deferred Tax Liabilities, Noncurrent | 2,304 | ' | 2,304 | ' | 4,884 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 5,491 | ' | 5,491 | ' | 2,681 |
Deferred Tax Assets, Net of Valuation Allowance, Current | $19,934 | ' | $19,934 | ' | $12,237 |
Film_and_Television_Production1
Film and Television Production Incentives (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Proceeds from Infrastructure Incentives, Gross | ' | ' | $3,080 |
Proceeds From Infrastructure Incentives | ' | ' | 2,937 |
Incentives From Feature Film Productions | 456 | 437 | ' |
Television Production Incentives | ' | $395 | ' |
Subsequent_Events_Details
Subsequent Events (Details) | 0 Months Ended |
Jul. 31, 2014 | |
Cost-method Investments [Member] | ' |
Subsequent Event [Line Items] | ' |
Subsequent Event, Description | '6500 |
Restructuring Charges [Member] | ' |
Subsequent Event [Line Items] | ' |
Subsequent Event, Description | '4500 |
Employee Severance [Member] | Restructuring Charges [Member] | ' |
Subsequent Event [Line Items] | ' |
Subsequent Event, Description | '2000 |
Asset Write-Down [Member] | Restructuring Charges [Member] | ' |
Subsequent Event [Line Items] | ' |
Subsequent Event, Description | '2500 |