Wrestling moves: WWE has grown into a media behemoth

1/8/23 7:00PM

Wrestling moves‍

‍Vince McMahon is back on the board at WWE, 6 months after stepping away from the company following hush-money allegations and alleged sexual misconduct.

The announcement of McMahon’s return made WWE shares one of the best performing stocks on Friday, rising nearly 17% amidst reports of a potential sale that the controversial CEO may help to oversee.

‍Heavyweights

‍Originally established as the Capitol Wrestling Corporation in 1953, WWE has long dominated the world of professional wrestling promotion, having kickstarted the careers of stars like Hulk Hogan, Dwayne Johnson and John Cena. Any potential buyers will inherit a content behemoth; WWE matches are broadcast across 180 countries, in 30 different languages, and are available in 1 billion homes around the globe.

Indeed, the company’s media segment is by far its biggest money spinner — in 2021 WWE earned $936m broadcasting its flagship shows like SmackDown, Raw and NXT in the US and around the world. The live entertainment arm, understandably, took a hit in recent years, pulling in just $58m in 2021, less than 50% of 2019’s $126m figure.

Still, after posting its first billion-dollar revenue year in history, it’s clear that WWE continues to have the wider world wrestling industry in a headlock.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.