WWE sent out the following press release:
WWE Announces Stock Repurchase Program
February 7, 2019
STAMFORD, Conn.–(BUSINESS WIRE)–
WWE (WWE) today announced that the Company’s Board of Directors has authorized a stock repurchase program of up to $500 million of the Company’s common stock.
Commenting on this announcement, George Barrios, WWE Co-President, said: “The authorization of a stock repurchase program underscores our commitment to the Company’s shareholders. The decision is supported by WWE’s strong financial performance and demonstrates our confidence in the Company’s future. We believe we can continue to invest for future growth, maintain financial flexibility and return excess capital to shareholders, all of which should keep us on the path toward building long-term value.”
The objectives of WWE’s capital deployment strategy are to maintain a strong balance sheet, provide adequate liquidity for investing in growth opportunities (both organic and through acquisitions), and to return excess capital to shareholders. Management plans to repurchase stock opportunistically, i.e., when the repurchase price is below WWE’s intrinsic value as conservatively estimated by management, and the returns of share repurchases compare favorably to other capital allocation alternatives.
Repurchases may be made at management’s discretion from time to time in accordance with all applicable securities and other laws and regulations. The extent to which WWE repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements and other corporate considerations. Repurchases under this program may be funded from one or a combination of existing cash balances, free cash flow and available liquidity sources. The repurchase program does not obligate the Company to repurchase any minimum dollar amount or number of shares and may be modified, suspended or discontinued at any time.