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   March 31, 2015

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WWE stocks bodyslammed, Vince McMahon no longer a billionaire
By QMI Agency

WWE CEO Vince McMahon suffered a big financial hit after losing $350 million in his company's stock value. (QMI Agency/Files)

The WWE suffered a vicious beating outside the squared circle.

A new multi-year TV deal between WWE and NBCUniversal, announced Thursday, failed to impress investors as shares in the company's stock plunged at market's close on Friday.

Investors expected WWE CEO Vince McMahon to sign a deal that would have at least doubled or even tripled the company's rights fees, but instead negotiated a 50% increase.

McMahon reportedly lost $350 million in two days and is now estimated to be worth $750 million.

"The company's valuation could take a heavy beating (Friday) morning, as the new domestic TV deal with NBCUniversal likely disappointed investors," Forbes quoted analyst Mike Hickey's report, which downgraded the company's stock from $29.12 to $19.96.

In addition, the company launched the live streaming WWE Network on Feb. 24 and currently has 667,000 subscribers, far short of the estimated 1.3 million to 1.5 million viewers needed to offset losses to their pay-per-view model.

McMahon first became a billionaire in 2000 before WWE stock dropped a year later. The company's stock didn't fully recover until January of this year, vaulting McMahon to billionaire status for a second time before this latest stock collapse.