WORLD WRESTLING ENTERTAINMENT/BLOOMBERG
The Saudi General Entertainment Authority (GEA) has expanded its live event partnership in the Kingdom with the World Wrestling Entertainment (WWE) to include a second large-scale event corporation.
Investors are said to have grown increasingly concerned about WWE’s progress into the region and a delay in completing the deal in the area contributed to a 16 per cent drop in the stock on 31 October 2019.
Similarly, WWE also slashed its forecast for operating income, in part because of the delay.
WWE and GEA stated that they are also continuing to work towards the completion of a media agreement in the MENA region.
In January 2019, Saudi Arabia sought regional and international investment in its entertainment industry as part of a push to overhaul the economy for life after oil.
Saudi Arabia has loosened the reins on the entertainment industry since Crown Prince Mohammed bin Salman assumed his leadership vowing to reform the energy-dominated economy. Authorities have lifted a 30-year ban on cinemas, while cafes are filled with music previously considered immoral in the conservative Kingdom.