World Wrestling Entertainment is pretty pleased with its social-media footprint, but hedge-fund manager Emmanuel Lemelson couldn’t care less.
The WWE this week touted its internet popularity at UBS’ media conference, citing billions of YouTube views and hundreds of millions of followers on various social-media platforms. But as far that Lemelson Capital Management chief is concerned, those efforts are a distraction for a company that he thinks should consider itself a content producer and be focusing on the monetization of that content.
Lemelson, which made a killing shorting WWE earlier this year, is now long the stock—and pushing for changes. The hedge fund wants the wrestling giant to put it up for sale, or at least replace CEO Vince McMahon.
“He really needs a professional CEO,” Lemelson said last month.