WWE Shares Soar As More People Pay For Its Streaming Network

STAMFORD, CT (AP) — Shares of World Wrestling Entertainment Inc. soared Thursday as the company said more people subscribed to its online video streaming service in the second quarter.

         The producer of professional wrestling events and television shows said WWE Network subscribers rose to 1.16 million between April and June, up 65 percent from the same period a year ago. WWE Network, which launched early last year, charges $10 a month to stream live shows and on-demand video that can be watched on Apple TV, Roku, iPads, Xbox 360 and other devices. WWE expects subscribers to WWE to rise to 1.2 million in the third quarter as it expands into new international markets, including Italy and Malaysia.

         The streaming service, as well as a drop in costs, helped boost its second quarter earnings. The Stamford, Connecticut, company reported second-quarter net income of $5.1 million, after reporting a loss in the same period a year earlier. On a per-share basis, it posted net income of 7 cents.

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         Revenue slipped 4 percent to $150.2 million in the period.

         WWE produces shows and pay-per-view events such as "Raw," ''Total Divas" and "SummerSlam." Last week, the company cut ties with Hulk Hogan, one of its biggest stars, amid a report that the wrestler used racial slurs in a conversation caught on a sex tape.

         Shares of WWE rose $2.44, or 14.8 percent, to $18.92 in midday trading Thursday. Its shares have risen 56 percent over the past year.

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