Total revenues for the second quarter ended June 30, 2014 were $156.3 million as compared to $152.3 million in the prior year. Operating loss for the second quarter 2014 was $22.5 million versus income of $8.8 million in the prior year. Net loss was $14.5 million, or $0.19 per share, as compared to net income of $5.2 million, or $0.07 per share, in the prior year. OIBDA was a negative $14.6 million for the current year as compared to positive $14.9 million in the prior year. Excluding items affecting comparability, adjusted Net loss was $13.5 million, or $0.18 per share in the current year quarter, compared to Net income of $5.2 million, or $0.07 per share, in the second quarter last year.

Revenue growth was driven primarily by an increase in Media Division revenues. The ramp up in WWE Network subscription revenue (WWE Network reached 700,000 subscribers at quarter end) was partially offset by lower revenue from the Company's Pay-Per-View, Home Entertainment and Digital Media businesses. Revenues from the Company's Live Events also declined due to the location of WrestleMania and the staging of 11 fewer events in North America. Revenues from outside North America were essentially flat to the prior year quarter.

The decline in profitability year-over-year was driven by the ramp up of WWE Network, investment across WWE to support key content and brand initiatives, and profit declines in other WWE businesses. The ramp up of WWE Network resulted in a $15.5 million reduction in OIBDA as the growth in subscribers and subscription revenue was more than offset by the loss of pay-per-view revenue and increased programming, customer service and marketing costs. Investment in WWE’s content and brand initiatives resulted in an $8.4 million increase in Corporate and Other expenses. In addition, the overall decrease in OIBDA reflected lower revenue from the Company’s video game licensing, webcast pay-per-view events and live events. Based on the increased investment and changes in business mix during the quarter, the Company’s OIBDA margin was (9)% in the current year quarter as compared to 10% in the prior year quarter.

Non-GAAP Measures: Non-GAAP Measures: We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production asset amortization and impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company's business. OIBDA should not be regarded as an alternative to operating income or net income as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA.

Adjusted OIBDA, Adjusted Operating income, Adjusted Net income and Adjusted Earnings per share exclude certain material items, which otherwise would impact the comparability of results between periods. These items include, but are not limited to, non-cash impairments of film, intangible and fixed assets, gains and losses on asset sales, as well as material restructuring charges. The adjusted measures should not be considered as an alternative to net income, cash flows from operations or any other indicator of WWE's performance or liquidity, determined in accordance with U.S. GAAP.

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