Uh oh, it looks like the Chairman and CEO of WWE, Vince McMahon, is in a bad mood again.
It has been revealed via THQ’s bankruptcy filings that the company owes $45 million to WWE. The license was something THQ could never take proper advantage of, churning out games running on the same old engine which were neither a critical nor a commercial success.
Upon hearing the THQ news, WWE have sent out a statement revealing that they were listed as an unsecured creditor, which means, they probably will not get the $45 million THQ owes them.
Their stockholders are understandably skeptical of the whole thing, and this statement tries to cool things down a bit.
WWE (NYSE:WWE) is listed in THQ, Inc.’s recent bankruptcy filing as an unsecured creditor holding a claim of approximately $45 million reflecting the entirety of the existing multi-year agreement.
Any impairment of a current THQ account receivable would be immaterial to WWE’s financial statements. Even if the impact of THQ’s bankruptcy were detrimental to WWE, the Company does not believe that the ultimate economic impact for financial statement purposes would materially and adversely affect the results of operations or financial position of WWE in light of the strength of the WWE brand and the historical performance of WWE’s video game business.
It is also being said that Vince is extremely furious (via Dave Meltzer) about the whole thing because they are likely looking at a $45 million loss here. They are trying to salvage as much money as they can from THQ.