The bulk of their income is their TV deal. This guy needs better reading comprehension.
For the record, from their annual report:
TV Deal: Television net revenues were $241.7 million, $231.1 million and $176.7 million, representing 33%, 35% and 33% of total net revenues in 2016, 2015 and 2014, respectively
WWE Network: Network subscription net revenues were $168.3 million, $138.8 million and $69.5 million, representing 23%, 21%
and 13% of total net revenues in 2016, 2015 and 2014, respectively.
PPV: Pay-per-view net revenues were $12.6 million, $20.6 million and $45.2 million, representing 2%, 3% and 8% of
total net revenues in 2016, 2015 and 2014, respectively.
DVD/Blu-ray: Home entertainment net revenues were $13.1 million, $13.4 million and $27.3 million, representing 2%, 2% and 5% of total net revenues in 2016, 2015 and 2014, respectively.
Digital Media: Total Digital Media net revenues were $26.9 million, $21.5 million and $20.9 million, representing 4%, 3% and 4% of total net revenues in 2016, 2015 and 2014, respectively
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This totals to: represents 63%, 65% and 63% of our net revenues in 2016, 2015 and 2014, respectively). In other words, half of the bulk of their revenue comes from their TV Deal.
20% of the remaining revenue comes from Merch. 1% from WWE Studios.
Bad ratings will kill their TV deal. Their TV deal is a huge chunk of their revenue. Thus WWE Ratings fucking matter, no matter how much people want to pretend they do not. The effect won't be felt for a while, but it will be felt.
WWE's net income was 33 million USD last year. So they have a bit of a cushion before they have to cut wrestlers and crew or start saving money on developmental or Network productions, but they will have to make cuts when their TV deal gets cut in half along with their ratings.