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TheStreet.com Knocks Out AMCX For WWE Rumor

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On Friday morning, TheStreet.com published that AMC Networks (NASDAQ: AMCX) is not buying World Wrestling Entertainment (NYSE: WWE) despite the intraday spike in WWE shares on Thursday following rumors stemming from a blog post.

WWE is currently negotiating television rights fees for its Raw and Smackdown television shows, as its contract with Comcast's NBCUniversal expired on February 15.

Following Thursday's transaction rumor, shares of WWE spiked to an intraday high of $31.98 before closing at $29.75. In the Betaville blog post, the site's source placed WWE's transaction value between $2.6 and $2.8 billion.

WWE announced an extension for its deal with British cable-TV provider BSkyB in January. The new agreement extends the deal through 2019, giving the United Kingdom and Ireland access to shows including Raw, Smackdown, and Main Event.

Shares of WWE continue to trend upward Friday. The stock is currently up 3.87 percent at $30.90.

Posted-In: Betaville blog Comcast nbcuniversal TheStreet.com WWENews Rumors

 

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