Following last week’s Crown Jewel debacle, which left some questions about WWE’s relationship with Saudi Arabia, WWE put out a press release today saying that they and Saudi Arabia have “expanded their live event partnership through 2027 to include a second annual large-scale event.”
WWE has already been running two annual events in Saudi Arabia for the past two years, so this press release is likely just an assurance to WWE’s financial investors that WWE’s big-money deal with the Saudi government is still intact, now with two guaranteed shows per year. At WWE’s investors call on Thursday, when they were asked if there would be two live events in Saudi Arabia per year going forward, WWE said that they couldn’t guarantee that.
WWE also said in the press release that they will “continue to work towards the completion of a media agreement in the MENA region.” The failure to complete a new middle eastern TV deal was seen as one of the reasons why WWE’s stock plummeted after WWE’s financial report was released on Thursday.
Here’s the press release:
WWE AND THE SAUDI GENERAL ENTERTAINMENT AUTHORITY EXPAND EVENT PARTNERSHIP
STAMFORD, CONN. and RIYADH, SAUDI ARABIA, November 4, 2019 – Following the historic Crown Jewel event in Riyadh, WWE (NYSE: WWE) and the Saudi General Entertainment Authority (GEA) have expanded their live event partnership through 2027 to include a second annual large-scale event. WWE and GEA also continue to work towards the completion of a media agreement in the MENA region.
This long-term partnership demonstrates WWE and GEA’s commitment to bring sports entertainment to the region and supports Saudi Arabia’s Vision 2030.