WWE Writes Off The Condemned As A Huge Money Loser

– WWE issued the following press release late yesterday, pretty much confirming that “The Condemned” starring Steve Austin was a huge money loser for the company. Here is the release:

WWE Films Updates Expectations For Its Third Feature Film, ”The Condemned”
Tuesday June 19, 6:41 pm ET

STAMFORD, Conn.–(BUSINESS WIRE)–Following successful releases of “See No Evil” and “The Marine,” WWE Films, a wholly-owned subsidiary of World Wrestling Entertainment, Inc. (NYSE:WWE – News), announced today that it has re-evaluated expectations for its feature film, “The Condemned” and has recorded a related impairment charge of $15.7 million.
The charge, which will be included in the second quarter 2007 results, reflects the Company’s revised long-term financial projections for the film, based on the $7.4 million in domestic box office receipts to-date.

Additional information on World Wrestling Entertainment, Inc. (NYSE: WWE – News), can be found at wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.

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