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Fly News Breaks for May 22, 2018
FOXA, WWE
May 22, 2018 | 06:09 EDT
Needham analyst Laura Martin raised her price target on WWE to $70 following press reports that the company will renew its USA Network / NBC deals for 3-times its current value and also license its SmackDown programming to Fox (FOXA) for 3-times its current value. The analyst adds that the new contract payments are expected to begin in Q4 of 2019. Martin also notes that the terms suggest that WWE's direct-to-consumer offering did not cannibalize the US TV license growth, keeping her Buy rating on the shares.
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