World Wrestling Entertainment, Inc. today reported that net income fell to $8.6 million (11 cents/share) vs. $24.7 million (33 cents/share) a year earlier. A decline of 65.2% from the year earlier quarter. Last quarter marked the fifth straight quarter that the company saw shrinking gross margins as gross margin fell eight percentage points to 38.9% from the year earlier quarter. Over that time, margins have contracted on average 4.5 percentage points per quarter on a year-over-year basis. Vince McMahon, Chairman and Chief Executive Officer said, “Looking ahead, we are optimistic about our longer-term opportunities to leverage our strength as the ‘New WWE’. We are pleased with the strong performance of WrestleMania, which is expected to deliver a 30% increase in domestic pay-per-view buys and reach more than one million buys globally. Further, the successful launch of our new program, Tough Enough showcases the power of our branded programming. We believe the recent adjustment in our dividend will enhance our flexibility to create and monetize new content, to distribute that content on a variety of existing and emerging media platforms and to execute our ‘New WWE’ initiative.”