World Wrestling Entertainment lost almost one-quarter of its stock value on Thursday after it said that its new online TV network will need until 2015 to compensate for for lost video-on-demand and pay-per-view sales, Bloomberg reports.
The company said it needs as many as 1.4 million customers to earn enough to replace lost business from those events if they disappear from pay-TV systems, the story reports, citing a release from the company. The WWE Network, however, had only 670,000 subscribers at the end of the first quarter.
In an interview, CFO George Barrios said the company is confident it will reach 1 million subscribers in 2014. He declined to comment on the stock price.