WWE released the Q1 2021 financial results last night after the close of the market, reporting revenue of $263.5 million, a decrease of 9% or $27.5 million compared to the previous year.

Operating income was $65.1 million though, an increase of 22% or $11.8 million as compared to the same quarter of the previous year. WWE noted that the income was due of upfront revenue related to the delivery of certain WWE Network intellectual property rights.

“During the first quarter, we continued to effectively execute our strategy, demonstrating our ability to adapt to a challenging live event environment and to expand the reach and monetization of our content in a changing media landscape,” said Vince McMahon, WWE Chairman & CEO. “The launch of WWE Network on NBCU’s streaming service, Peacock, the multi-year extension to distribute NXT on USA Network and the successful staging of WrestleMania illustrate the enduring and increasing value of the WWE brand as the foundation for long-term growth.”

Kristina Salen, WWE Chief Financial Officer, added “In the quarter, Adjusted OIBDA results were driven by the recognition of revenue from our Peacock agreement. Although Adjusted OIBDA increased in the quarter, we are not adjusting our previous full year Adjusted OIBDA guidance of $270 million to $305 million at this time, given the uncertainty regarding the timing and pace of return for ticketed audiences and our ability to stage international large-scale events due to COVID-19 restrictions.”

You can read the full press release on corporate.wwe.com.