Shares of World Wrestling Entertainment, Inc. WWE were trading up about 3.2 percent in the late morning. However, the stock tumbled after midday, and is trading down about 0.75 percent in the afternoon hours. So, what happened?
In the early afternoon, the company announced that the 2016 WrestleMania will be completely free for new WWE Network subscribers. In fact, new subscribers will get a free month trial, which will include this year’s Showcase of the Immortals, WrestleMania 32, to be held on April 3.
Related Link: Selling Nostalgia: WWE's Falling Stock, Ratings Drop Spark Shane McMahon's Return
Although the #FreeWrestleMania move is aimed at attracting new subscribers to WWE, investors did not seem particularly pleased with the news about the company giving away its products.
Also quite unhappy with the initiative were day 1 subscribers, who went on Twitter to complain about not getting anything for their loyalty.
Check out some angry tweets below.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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