Billy Corgan’s Promotion Gets Reality Slot On AMC
Smashing Pumpkins front-man Billy Corgan has gotten the green-light from AMC for a reality show, based around his Chicago independent wrestling promotion Resistance Pro. Variety reports:
Viewers will see Corgan create storylines, choreograph fights and manage intense post-match locker room arguments. Produced by Left/Right (“Small Town Security,” “This American Life,” “Mob Wives”); Executive Producers: Ken Druckerman, Banks Tarver, Billy Corgan, and Ghen Maynard.
Eight 60-minute episodes have been commissioned.
Investment Firm Demands New WWE Ownership
An investment firm that has a large stake in WWE is demanding new management or a sale of the company, after claiming WWE misled shareholders over the WWE Network and other areas of the business.
As noted earlier, the WWE share price tanked over 40% with the renewal of WWE programming with NBCU.
Lemelson Capital Announces Stake In World Wrestling Entertainment And Calls On Board To Pursue New Management Or Ownership
Marlborough, MA, May 16, 2014 — Lemelson Capital, LLC, a private investment management firm, today announced that they had taken a stake in shares of World Wrestling Entertainment (WWE) and called on the Board of Directors to replace the executive management team of the company following a period of consistent losses, execution issues and material misstatements.
Despite the stock’s roughly 63% correction since Lemelson Capital’s original short call less than two months ago (from $30.37 on March 17 to $11.33 as of publication of this release), the firm today also reiterated that fair value of WWE’s common stock is between $8.25 and $11.88.
Lemelson Capital’s original short thesis can be found here:
“WWE has affirmed that even with one million subscribers for its WWE network, the company stands to lose between $45 million and $52 million in FY 2014, which validates the original short thesis,” said Emmanuel Lemelson, Chief Investment Officer of Lemelson Capital Management. “This follows what we believe to be material misrepresentations by the company about both the performance and operating profit model of its WWE network, which the company has wrongly labeled ‘a homerun’,” said Lemelson.
Lemelson Capital today also called on WWE’s Board of Directors to promptly replace the company’s executive management team, or explore the sale of the business, and said that such changes are a necessary component of any successful strategy going forward. “For example, promoting the WWE direct network’s value to shareholders without a fair and accurate discussion of the implications to a traditional network revenue circumvented management’s fiduciary responsibility as stewards of investor’s capital, and is part of what has emerged as a pattern over recent years. Further, there are no pending operational developments in the pipeline to offset these significant losses,” Lemelson added.
Of course WWE is under no obligation to change anything, and the McMahons remain the largest shareholders. A sale is simply not going to happen.
A Corny In The UK Documentary Teaser
Wrestle Talk TV have released the first trailer for the Jim Cornette documentary – A Corny In The UK – that was filmed earlier this year when he visited the UK: