Where Is the WWE Without Hulk Hogan?

Hulk Hogan was one of the biggest stars, if not the biggest, among the stable of wrestlers the World Wrestling Entertainment Inc. (NYSE: WWE) has had over its decades as the top organization in its industry.

Where has the company gone recently, in terms of Wall Street’s perception? Not much of anywhere, with a share price that has dropped 43% in the past two years. The WWE cut its relationship with Hogan on July 24, 2015, after he made a remark that was appropriately deemed racist. In the process, the WWE lost the most important individual in its history.

In its best days, from 2006 to 2010, the WWE had net income that averaged $50 million. That dropped to a $30 million loss in 2014 and a profit of $24 million in 2015.

The person who has been hurt the most by the “post-Hogan” period at the WWE is CEO Vince McMahon. He owns 94.2% of the Class B shares, according to the most recent proxy. With its shares down to $18 from $30 two years ago, maybe the WWE can get Hogan and McMahon together again.