WWE News: WWE stock skyrockets after SmackDown Live to FOX announcement
This big news for WWE
What's the story?
On Monday morning, Sportskeeda covered the breaking news that SmackDown Live will be heading to FOX in October 2019. As a result of this news, the stock has skyrocketed to an all-time high.
In case you didn't know...
During the WWF Attitude Era, the company issued an initial public offering (IPO) to become a publicly traded company. The stock launched on October 19, 1999, at the price of $24.00 and the overall value of the stock at the time was $172.5 million.
The heart of the matter
At the market's open on Monday morning, the WWE stock was sitting at $51.80 per share. By the market close, that price soared up to $57.86 per share, a 12.52% increase, and an all-time high closing price for the stock.
Many people were wondering if the stock would top $60.00 per share for the first time, but it fell short of that mark on Monday reaching a high of $59.45. The peak happened just about 90 minutes before the markets closed for the day at 4:00 P.M. Eastern Standard Time.
The reports had SmackDown Live moving to Friday nights, and still be live. During the fall that gives the WWE a direct marketing tie-in to Thursday Night Football during the NFL season. Thursday Night Football is moving from CBS to FOX starting with this season in the fall.
It'll be interesting to see if news like this will improve the stock even further when it opens for trading on Tuesday morning.
There will be a lot to sort out between now and October 2019 when SmackDown Live officially moves to FOX. Questions such as if it will air on Friday night and if the WWE will continue the brand split in the wake of co-branded pay per views are questions that will need to be answered in the next 17 months.
Stay tuned to Sportskeeda for further details on this major change in the WWE landscape.
It's definitely a landmark day for Vince McMahon and the WWE as they have two giant network entities hosting their two biggest shows. Though the stock dipped a little just before the market close, I wouldn't be surprised if it opens with a strong gain tomorrow now that all of the pros for moving to FOX on Friday nights are now being discussed.