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Industry Focus

Bonus: WWE Execs Fired, a Casino Invests in Barstool Sports, and Our Super Bowl LIV Preview

Industry Focus

The Motley Fool

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4.6854 Ratings

🗓️ 1 February 2020

⏱️ 21 minutes

🧾️ Download transcript

Summary

WWE stock plunged more than 20% on Friday following the surprise departure of its co-presidents. Dan Kline joins the show to break down the news, as well as Penn National Gaming’s recent investment in Barstool Sports. Finally, Dan, Austin, and Nick give their picks for the Super Bowl game and some of the most interesting prop bets on the board.

Stocks Mentioned: WWE, PENN, PDYPY, DEAC

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Transcript

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0:00.0

Welcome to this emergency bonus edition of Industry Focus. I'm Nick Saipel. We've pulled

0:10.9

Dan Klein off a cruise ship to let us know what's going on.

0:13.2

Dan, today, W. W. W. S. down 22%. What is going on?

0:17.8

Oh, well, so unexpectedly, absolutely out of nowhere, they fired their presidents.

0:25.0

They had co-presidents who had steadily risen up through the company, a former chief revenue officer,

0:30.5

chief financial officer, and they were sort of the leading forces in the day

0:34.6

to day operations of the company and they were just absolutely kicked out with kind of no

0:39.1

explanation and no reason. Yes we have George Barrios and Michelle Wilson, both of which had had careers at the

0:46.2

W.

0:47.2

I want to say lasting the better part of a decade, maybe longer than that.

0:50.9

And yeah, to your point Dan, it sounds like these folks were fired the quote from Vince McMahon, you know the founder and chairman of the company

0:56.5

said you know I'm grateful for all that was accomplished during their tenure

1:00.0

but the board and I decided that it was necessary as we have different views on how best to achieve

1:05.2

our strategic priorities moving forward. I read that and I hear hey these folks were fired.

1:09.5

Dan you're a shareholder of W. W. W. W. W. W. W. W.

1:14.1

Yeah, no, they were fired. I think there's absolutely no question. They were

1:18.2

pushed out the door and fired. What I don't see is any reason for it. I mean,

1:22.1

look, W. W. W. is in a weird position. Financially they're doing

1:25.7

great because of their new television deals. They will keep doing better as

1:29.8

the demand for their product is on television is going up but their audience is

1:34.5

actually going down they're having trouble selling tickets they're really in a

1:38.7

weird place where people will pay more for their TV product but they're probably

...

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