Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

WWE rival sues over alleged illegal wrestling monopoly

Stock MarketsJan 11, 2022 09:42PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Wrestling - WWE Crown Jewel - Tyson Fury v Braun Strowman - King Fahd International Stadium, Riyadh, Saudia Arabia - October 31, 2019 General view before the fight REUTERS/Ahmed Yosri

By Jonathan Stempel

(Reuters) -World Wrestling Entertainment Inc was sued on Tuesday by a smaller rival that accused it of violating federal antitrust law by monopolizing the professional wrestling market.

MLW Media LLC accused WWE and its Chief Executive Vince McMahon of threatening content partners for doing business with MLW, to help protect its 85% share of the U.S. market for professional wrestling broadcasting rights.

The Mamaroneck, New York-based plaintiff said WWE's interference in 2021 caused Vice TV to end talks to air new MLW content, and led to a 40% drop in ticket sales after Fox Corp's Tubi streaming service abandoned a licensing agreement the night before it was to be publicly announced.

MLW also accused Stamford, Connecticut-based WWE of inducing MLW wrestlers to break exclusive contracts and airing MLW footage without permission, to combat a five-year decline in the popularity of its own programs.

WWE's "pattern of predatory and exclusionary conduct" reduces competition and irreparably harms consumers by depriving them of content and keeping prices high, MLW said.

"This anti-competitive behavior has to stop," MLW Chief Executive Court Bauer said in a statement.

The complaint was filed in San Francisco federal court.

In an emailed statement, WWE said it believed MLW's claims had no merit and that it intended to vigorously defend itself. McMahon was not named as a defendant.

MLW said U.S. television rights for two WWE programs, WWE Raw and WWE Smackdown, are worth $470 million.

The lawsuit seeks unspecified triple and other damages.

WWE shares closed Tuesday up 38 cents at $51.54. They have risen 9% in the last year, while the Russell 1000, which includes WWE, is up 21%.

The case is MLW Media LLC v World Wrestling (NYSE:WWE) Entertainment Inc, U.S. District Court, Northern District of California, No. 22-00179.

WWE rival sues over alleged illegal wrestling monopoly
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Oldfashioned Owl
Oldfashioned Owl Jan 11, 2022 9:39PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you smeeeeeellll, what the Rock is cookkkiing!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email